v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Land $ 383,808 $ 384,097
Income producing property 1,999,525 1,960,020
Income producing property, at cost 2,383,333 2,344,117
Accumulated depreciation and amortization (618,299) (528,024)
Net income producing property 1,765,034 1,816,093
Properties under development or held for future development 30,980 30,980
Total real estate held for investment, net 1,796,014 1,847,073
Cash and cash equivalents 6,144 5,984
Restricted cash 2,465 2,554
Rents and other receivables 12,511 17,642
Prepaid expenses and other assets 28,628 26,775
Total assets 1,845,762 1,900,028
Liabilities    
Notes payable, net 522,953 522,345
Line of credit 176,000 157,000
Accounts payable and other liabilities 36,293 38,997
Dividend payable 15,898 15,863
Advance rents 6,257 5,248
Tenant security deposits 6,283 6,225
Total liabilities 763,684 745,678
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: 88,029 and 87,867 shares issued and outstanding, as of December 31, 2024 and 2023, respectively 880 879
Additional paid in capital 1,740,078 1,735,530
Distributions in excess of net income (646,095) (569,391)
Accumulated other comprehensive loss (13,066) (12,958)
Total shareholders’ equity 1,081,797 1,154,060
Noncontrolling interests in subsidiaries 281 290
Total equity 1,082,078 1,154,350
Total liabilities and equity $ 1,845,762 $ 1,900,028

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