v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Land $ 358,359 $ 383,808
Income producing property 1,891,472 1,999,525
Income producing property, at cost 2,249,831 2,383,333
Accumulated depreciation and amortization (638,522) (618,299)
Net income producing property 1,611,309 1,765,034
Properties under development or held for future development 30,980 30,980
Total real estate held for investment, net 1,642,289 1,796,014
Cash and cash equivalents 7,088 6,144
Restricted cash 2,293 2,465
Rents and other receivables 13,313 12,511
Prepaid expenses and other assets 21,876 28,628
Total assets 1,686,859 1,845,762
Liabilities    
Notes payable, net 523,329 522,953
Line of credit 186,000 176,000
Accounts payable and other liabilities 41,656 36,293
Dividend payable 15,943 15,898
Advance rents 4,761 6,257
Tenant security deposits 5,991 6,283
Total liabilities 777,680 763,684
Shareholders’ equity    
Preferred shares, $0.01 par value; 10,000 shares authorized; no shares issued or outstanding 0 0
Shares of beneficial interest, $0.01 par value; 150,000 shares authorized; 88,161 and 88,029 shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively 882 880
Additional paid in capital 1,744,621 1,740,078
Distributions in excess of net income (825,659) (646,095)
Accumulated other comprehensive loss (10,939) (13,066)
Total shareholders’ equity 908,905 1,081,797
Noncontrolling interests in subsidiaries 274 281
Total equity 909,179 1,082,078
Total liabilities and equity $ 1,686,859 $ 1,845,762

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