v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 658,707 $ 660,198
Buildings and improvements 2,790,212 2,791,728
Construction in progress 288,768 289,057
Furniture, fixtures and equipment 11,715 11,296
Total 3,749,402 3,752,279
Accumulated depreciation and amortization (891,200) (886,886)
Real estate, net 2,858,202 2,865,393
Operating lease right-of-use assets 63,797 65,491
Cash and cash equivalents 48,049 41,373
Restricted cash 50,043 49,267
Tenant and other receivables 26,934 20,672
Receivable arising from the straight-lining of rents 61,942 61,164
Identified intangible assets, net of accumulated amortization of $64,425 and $65,027, respectively 101,455 109,827
Deferred leasing costs, net of accumulated amortization of $20,008 and $22,488, respectively 28,607 27,799
Prepaid expenses and other assets 72,981 70,554
Total assets 3,312,010 3,311,540
Liabilities:    
Mortgages payable, net 1,567,248 1,569,753
Unsecured credit facility 75,000 50,000
Operating lease liabilities 60,980 62,585
Accounts payable, accrued expenses and other liabilities 81,772 89,982
Identified intangible liabilities, net of accumulated amortization of $53,016 and $50,275, respectively 174,418 177,496
Total liabilities 1,959,418 1,949,816
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,749,490 and 125,450,684 shares issued and outstanding, respectively 1,256 1,253
Additional paid-in capital 1,154,780 1,149,981
Accumulated other comprehensive (loss) income (2) 177
Accumulated earnings 110,970 126,670
Noncontrolling interests:    
Operating partnership 67,262 65,069
Consolidated subsidiaries 18,326 18,574
Total equity 1,352,592 1,361,724
Total liabilities and equity $ 3,312,010 $ 3,311,540