Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets    
Land $ 614,659 $ 588,025
Income producing property 2,239,917 2,113,977
Net income producing property, at cost 2,854,576 2,702,002
Accumulated depreciation and amortization (745,829) (683,692)
Net income producing property 2,108,747 2,018,310
Properties under development or held for future development 81,765 54,422
Total real estate held for investment, net 2,190,512 2,072,732
Investment in real estate held for sale, net 0 68,534
Cash and cash equivalents 4,810 9,847
Restricted cash 1,352 2,776
Rents and other receivables, net of allowance for doubtful accounts of $2,927 and $2,426, respectively 74,395 69,766
Prepaid expenses and other assets 145,448 125,087
Other assets related to properties held for sale 0 10,684
Total assets 2,416,517 2,359,426
Liabilities    
Notes payable, net 995,130 894,358
Mortgage notes payable, net 60,541 95,141
Line of credit 183,000 166,000
Accounts payable and other liabilities 63,683 61,565
Dividend payable 0 23,581
Advance rents 10,597 12,487
Tenant security deposits 9,857 9,149
Other liabilities related to properties held for sale 0 1,809
Total liabilities 1,322,808 1,264,090
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; 100,000 shares authorized; 79,844 and 78,510 shares issued and outstanding, respectively 798 785
Additional paid in capital 1,526,125 1,483,980
Distributions in excess of net income (450,749) (399,213)
Accumulated other comprehensive income 17,181 9,419
Total shareholders’ equity 1,093,355 1,094,971
Noncontrolling interests in subsidiaries 354 365
Total equity 1,093,709 1,095,336
Total liabilities and equity $ 2,416,517 $ 2,359,426