v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 669,078 $ 660,198
Buildings and improvements 2,835,540 2,791,728
Construction in progress 327,413 289,057
Furniture, fixtures and equipment 13,059 11,296
Total 3,845,090 3,752,279
Accumulated depreciation and amortization (935,548) (886,886)
Real estate, net 2,909,542 2,865,393
Operating lease right-of-use assets 58,917 65,491
Cash and cash equivalents 48,881 41,373
Restricted cash 29,984 49,267
Tenant and other receivables 26,658 20,672
Receivables arising from the straight-lining of rents 63,842 61,164
Identified intangible assets, net of accumulated amortization of $70,514 and $65,027, respectively 87,591 109,827
Deferred leasing costs, net of accumulated amortization of $21,982 and $22,488, respectively 31,220 27,799
Prepaid expenses and other assets 55,236 70,554
Total assets 3,311,871 3,311,540
Liabilities:    
Mortgages payable, net 1,606,774 1,569,753
Unsecured credit facility 0 50,000
Operating lease liabilities 56,329 62,585
Accounts payable, accrued expenses and other liabilities 97,397 89,982
Identified intangible liabilities, net of accumulated amortization of $59,668 and $50,275, respectively 174,899 177,496
Total liabilities 1,935,399 1,949,816
Commitments and contingencies (Note 10)
Shareholders’ equity:    
Common shares: $0.01 par value; 500,000,000 shares authorized and 125,912,647 and 125,450,684 shares issued and outstanding, respectively 1,257 1,253
Additional paid-in capital 1,163,939 1,149,981
Accumulated other comprehensive (loss) income (703) 177
Accumulated earnings 124,566 126,670
Noncontrolling interests:    
Operating partnership 69,140 65,069
Consolidated subsidiaries 18,273 18,574
Total equity 1,376,472 1,361,724
Total liabilities and equity $ 3,311,871 $ 3,311,540