v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Land $ 384,097 $ 373,171
Income producing property 1,960,020 1,897,835
Income producing property, at cost 2,344,117 2,271,006
Accumulated depreciation and amortization (528,024) (481,588)
Net income producing property 1,816,093 1,789,418
Properties under development or held for future development 30,980 31,260
Total real estate held for investment, net 1,847,073 1,820,678
Cash and cash equivalents 5,984 8,389
Restricted cash 2,554 1,463
Rents and other receivables 17,642 16,346
Prepaid expenses and other assets 26,775 25,730
Total assets 1,900,028 1,872,606
Liabilities    
Notes payable, net 522,345 497,359
Line of credit 157,000 55,000
Accounts payable and other liabilities 38,997 34,386
Dividend payable 15,863 14,934
Advance rents 5,248 1,578
Tenant security deposits 6,225 5,563
Total liabilities 745,678 608,820
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: 87,867 and 87,534 shares issued and outstanding, as of December 31, 2023 and 2022, respectively 879 875
Additional paid in capital 1,735,530 1,729,854
Distributions in excess of net income (569,391) (453,008)
Accumulated other comprehensive loss (12,958) (14,233)
Total shareholders’ equity 1,154,060 1,263,488
Noncontrolling interests in subsidiaries 290 298
Total equity 1,154,350 1,263,786
Total liabilities and equity $ 1,900,028 $ 1,872,606

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