v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 648,943 $ 660,198
Buildings and improvements 2,813,916 2,791,728
Construction in progress 292,704 289,057
Furniture, fixtures and equipment 12,561 11,296
Total 3,768,124 3,752,279
Accumulated depreciation and amortization (906,157) (886,886)
Real estate, net 2,861,967 2,865,393
Operating lease right-of-use assets 62,116 65,491
Cash and cash equivalents 52,962 41,373
Restricted cash 65,239 49,267
Tenant and other receivables 25,272 20,672
Receivable arising from the straight-lining of rents 62,228 61,164
Identified intangible assets, net of accumulated amortization of $66,352 and $65,027, respectively 95,096 109,827
Deferred leasing costs, net of accumulated amortization of $20,741 and $22,488, respectively 30,356 27,799
Prepaid expenses and other assets 58,315 70,554
Total assets 3,313,551 3,311,540
Liabilities:    
Mortgages payable, net 1,514,237 1,569,753
Unsecured credit facility 90,000 50,000
Operating lease liabilities 59,376 62,585
Accounts payable, accrued expenses and other liabilities 85,910 89,982
Identified intangible liabilities, net of accumulated amortization of $55,347 and $50,275, respectively 171,424 177,496
Total liabilities 1,920,947 1,949,816
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,791,099 and 125,450,684 shares issued and outstanding, respectively 1,256 1,253
Additional paid-in capital 1,159,588 1,149,981
Accumulated other comprehensive (loss) income (190) 177
Accumulated earnings 145,043 126,670
Noncontrolling interests:    
Operating partnership 68,620 65,069
Consolidated subsidiaries 18,287 18,574
Total equity 1,392,604 1,361,724
Total liabilities and equity $ 3,313,551 $ 3,311,540