ASSETSThe accompanying notes are an integral part of these financial statements.December 31, 1996 1995 __________________________________________________________________________________ Rental property Land $ 98,127 $ 38,962 Buildings and improvements 718,466 319,028 Tenant improvements 35,626 28,588 Furniture, fixtures and equipment 1,133 1,097 __________________________________________________________________________________ 853,352 387,675 Less - accumulated depreciation and amortization (68,610) (59,095) __________________________________________________________________________________ Total rental property 784,742 328,580 Cash and cash equivalents (includes $201,269 in overnight investments at December 31, 1996) 204,807 967 Unbilled rents receivable 19,705 18,855 Deferred charges and other assets, net of accumulated amortization 11,840 10,873 Restricted cash 3,160 3,229 Accounts receivable, net of allowance of $189 and $134 2,074 1,445 __________________________________________________________________________________ Total assets $1,026,328 $363,949 __________________________________________________________________________________
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LIABILITIES AND STOCKHOLDERS' EQUITY
__________________________________________________________________________________ Mortgages and loans payable $ 268,010 $135,464 Dividends and distributions payable 17,554 7,606 Accounts payable and accrued expenses 5,068 3,245 Rents received in advance and security deposits 6,025 3,114 Accrued interest payable 1,328 629 __________________________________________________________________________________ Total liabilities 297,985 150,058 __________________________________________________________________________________ Minority interest of unitholders in Operating Partnership 26,964 28,083 __________________________________________________________________________________ Commitments and contingencies Stockholders' equity Preferred stock, 5,000,000 shares authorized, none issued Common stock, $.01 par value, 95,000,000 shares authorized, 36,318,937 and 15,104,725 shares outstanding 363 151 Additional paid-in capital 701,016 185,657 Retained earnings - - __________________________________________________________________________________ Total stockholders' equity 701,379 185,808 __________________________________________________________________________________ Total liabilities and stockholders' equity $1,026,328 $363,949 ===================================================================================