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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Real estate investments    
Property owned $ 2,534,124 $ 2,271,170
Less accumulated depreciation (535,401) (443,592)
Total property owned 1,998,723 1,827,578
Mortgage loans receivable 0 43,276
Total real estate investments 1,998,723 1,870,854
Cash and cash equivalents 10,458 31,267
Restricted cash 1,433 7,358
Other assets 22,687 30,582
TOTAL ASSETS 2,033,301 1,940,061
LIABILITIES    
Accounts payable and accrued expenses 58,812 62,403
Revolving lines of credit 113,500 76,000
Notes payable, net of unamortized loan costs of $993 and $656, respectively 399,007 299,344
Mortgages payable, net of unamortized loan costs of $3,615 and $3,187, respectively 495,126 480,703
TOTAL LIABILITIES 1,066,445 918,450
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SERIES D PREFERRED UNITS (Cumulative convertible preferred units, $100 par value, 166 units issued and outstanding at December 31, 2022 and 2021, aggregate liquidation preference of $16,560) 16,560 25,331
Investors Real Estate Trust shareholders’ equity    
Series C Preferred Shares of Beneficial Interest (Cumulative redeemable preferred shares, no par value, 3,881 shares issued and outstanding at December 31, 2022 and 2021, aggregate liquidation preference of $97,036) 93,530 93,530
Common Shares of Beneficial Interest (Unlimited authorization, no par value, 15,020 shares issued and outstanding at December 31, 2022 and 15,016 shares issued and outstanding at December 31, 2021) 1,177,484 1,157,255
Accumulated distributions in excess of net income (539,422) (474,318)
Accumulated other comprehensive income (loss) (2,055) (4,435)
Total shareholders’ equity 729,537 772,032
Noncontrolling interests – Operating Partnership and Series E preferred units 220,132 223,600
Noncontrolling interests – consolidated real estate entities 627 648
TOTAL EQUITY 950,296 996,280
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 2,033,301 $ 1,940,061