Consolidated Balance Sheets (amounts in thousands, except per share amounts) Common stock of $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2017 – 39,570; 2016 – 39,221 25 (audited) (audited) (audited) (audited) ASSETS Investments: LIABILITIES Land 124,041 $ 116,096 $ Bank borrowings 96,500 $ 107,100 $ Buildings and improvements 1,262,335 1,185,467 Senior unsecured notes, net of debt issue Accumulated depreciation and amortization (304,117) (275,861) costs: 2017 - $1,131; 2016 - $1,009 571,002 502,291 Operating real estate property, net 1,082,259 1,025,702 Total Debt 667,502 609,391 Properties held-for-sale, net of accumulated depreciation: 2017 - $1,916; 2016 - $0 3,830 - Accrued interest 5,276 4,675 Real property investments, net 1,086,089 1,025,702 Accrued incentives and earn-outs 8,916 12,229 Mortgage loans receivable, net of loan loss Accrued expenses and other liabilities 25,228 28,553 reserve: 2017 - $2,255; 2016 - $2,315 223,907 229,801 Total liabilities 706,922 654,848 Real estate investments, net 1,309,996 1,255,503 Notes receivable, net of loan loss reserve: 2017 - $166; 2016 - $166 16,402 16,427 Investments in unconsolidated joint ventures 29,898 25,221 EQUITY Investments, net 1,356,296 1,297,151 Stockholders' equity: Common stock (1) 396 392 Other assets: Capital in excess of par value 856,992 839,005 Cash and cash equivalents 5,213 7,991 Cumulative net income 1,100,783 1,013,443 Debt issue costs related to bank borrowings 810 1,847 Cumulative distributions (1,203,011) (1,112,792) Interest receivable 15,050 9,683 Total stockholders' equity 755,160 740,048 Straight-line rent receivable, net of allowance for doubtful accounts: 2017 - $814; 2016 - $960 64,490 55,276 Non-controlling interests 3,488 - Prepaid expenses and other assets 23,711 22,948 Total equity 758,648 740,048 Total assets 1,465,570 $ 1,394,896 $ Total liabilities and equity 1,465,570 $ 1,394,896 $ December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016
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