Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets    
Land $ 566,807 $ 526,572
Income producing property 2,392,415 2,055,349
Income producing property, at cost 2,959,222 2,581,921
Accumulated depreciation and amortization (693,610) (669,281)
Net income producing property 2,265,612 1,912,640
Properties under development or held for future development 124,193 87,231
Total real estate held for investment, net 2,389,805 1,999,871
Investment in real estate held for sale, net 57,028 203,410
Cash and cash equivalents 12,939 6,016
Restricted cash 1,812 1,624
Rents and other receivables 65,259 63,962
Prepaid expenses and other assets 95,149 123,670
Other assets related to properties sold or held for sale 6,336 18,551
Total assets 2,628,328 2,417,104
Liabilities    
Notes payable, net 996,722 995,397
Mortgage notes payable, net 47,074 48,277
Line of credit 56,000 188,000
Accounts payable and other liabilities 71,136 57,946
Dividend payable 24,668 24,022
Advance rents 9,353 9,965
Tenant security deposits 10,595 9,501
Other liabilities related to properties sold or held for sale 718 15,518
Total liabilities 1,216,266 1,348,626
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; 82,099 and 79,910 shares issued and outstanding, as of December 31, 2019 and December 31, 2018 respectively 821 799
Additional paid in capital 1,592,487 1,526,574
Distributions in excess of net income (183,405) (469,085)
Accumulated other comprehensive income 1,823 9,839
Total shareholders’ equity 1,411,726 1,068,127
Noncontrolling interests in subsidiaries 336 351
Total equity 1,412,062 1,068,478
Total liabilities and equity $ 2,628,328 $ 2,417,104