2023 Q4 Form 10-Q Financial Statement

#000079835923000107 Filed on October 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $64.07M $64.57M
YoY Change -5.57% -1.33%
Cost Of Revenue $26.54M $2.197M
YoY Change -15.95% -14.28%
Gross Profit $37.53M $62.37M
YoY Change 3.47% -0.8%
Gross Profit Margin 58.58% 96.6%
Selling, General & Admin $5.238M $3.832M
YoY Change 59.89% -15.2%
% of Gross Profit 13.96% 6.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.91M $24.97M
YoY Change 3.08% 4.13%
% of Gross Profit 71.7% 40.03%
Operating Expenses $31.85M $28.53M
YoY Change 9.68% 1.03%
Operating Profit $5.674M $17.40M
YoY Change -21.49% 147.4%
Interest Expense -$8.380M $8.556M
YoY Change -11.52% 8.7%
% of Operating Profit -147.69% 49.19%
Other Income/Expense, Net
YoY Change
Pretax Income -$9.885M $9.169M
YoY Change 285.38% -1290.78%
Income Tax
% Of Pretax Income
Net Earnings -$9.764M $7.774M
YoY Change 170.25% -1586.42%
Net Earnings / Revenue -15.24% 12.04%
Basic Earnings Per Share $0.41
Diluted Earnings Per Share -$0.65 $0.41
COMMON SHARES
Basic Shares Outstanding 15.05M shares 14.95M shares
Diluted Shares Outstanding 18.02M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.630M $29.70M
YoY Change -17.48% 98.58%
Cash & Equivalents $8.630M $29.70M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.630M $29.70M
YoY Change -17.48% 98.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.798M $1.810B
YoY Change -10.32% -9.62%
Goodwill $491.0K
YoY Change -43.3%
Intangibles $2.723M
YoY Change 28.93%
Long-Term Investments
YoY Change
Other Assets $639.0K $22.50M
YoY Change -55.41% 1487.58%
Total Long-Term Assets $1.918B $1.849B
YoY Change -5.2% -8.65%
TOTAL ASSETS
Total Short-Term Assets $8.630M $29.70M
Total Long-Term Assets $1.918B $1.849B
Total Assets $1.926B $1.878B
YoY Change -5.26% -7.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.75M $62.67M
YoY Change 6.7% 7.46%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.75M $62.67M
YoY Change 6.7% 7.46%
LONG-TERM LIABILITIES
Long-Term Debt $916.0M $838.7M
YoY Change -9.09% -13.31%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $916.0M $838.7M
YoY Change -9.09% -13.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.75M $62.67M
Total Long-Term Liabilities $916.0M $838.7M
Total Liabilities $978.8M $901.4M
YoY Change -8.22% -12.13%
SHAREHOLDERS EQUITY
Retained Earnings -$548.3M -$527.6M
YoY Change 1.64% 0.51%
Common Stock $1.166B $1.169B
YoY Change -1.0% -3.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $709.8M $733.5M
YoY Change
Total Liabilities & Shareholders Equity $1.926B $1.878B
YoY Change -5.26% -7.86%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$9.764M $7.774M
YoY Change 170.25% -1586.42%
Depreciation, Depletion And Amortization $26.91M $24.97M
YoY Change 3.08% 4.13%
Cash From Operating Activities $12.10M $31.86M
YoY Change -47.43% -7.61%
INVESTING ACTIVITIES
Capital Expenditures $61.65M $14.33M
YoY Change 167.28% -112.48%
Acquisitions
YoY Change
Other Investing Activities -$3.515M $82.46M
YoY Change -3266.67% 6731.57%
Cash From Investing Activities -$65.16M $68.13M
YoY Change 183.88% -159.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.13M -58.10M
YoY Change -322.87% -172.25%
NET CHANGE
Cash From Operating Activities 12.10M 31.86M
Cash From Investing Activities -65.16M 68.13M
Cash From Financing Activities 10.13M -58.10M
Net Change In Cash -42.93M 41.89M
YoY Change 857.57% 3112.12%
FREE CASH FLOW
Cash From Operating Activities $12.10M $31.86M
Capital Expenditures $61.65M $14.33M
Free Cash Flow -$49.55M $17.53M
YoY Change 105319.15% -88.26%

Facts In Submission

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us-gaap Gain Loss Related To Litigation Settlement
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0 usd
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
41623000 usd
csr Fair Value Adjustment Debt
FairValueAdjustmentDebt
0 usd
csr Fair Value Adjustment Debt
FairValueAdjustmentDebt
1224000 usd
csr Noncash Or Part Noncash Acquisition Write Off Of Receivable In Exchange For Property
NoncashOrPartNoncashAcquisitionWriteOffOfReceivableInExchangeForProperty
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
21856000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11891000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Use Of Estimates
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">USE OF ESTIMATES</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MARKET CONCENTRATION RISK</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to increased exposure from economic and other competitive factors specific to markets where we hold a significant percentage of the carrying value of our real estate portfolio. As of September 30, 2023, we held more than 10% of the carrying value of our real estate portfolio in each of the following markets: Minneapolis, Minnesota and Denver, Colorado.</span></div>
CY2023Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Advertising Expense
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us-gaap Advertising Expense
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CY2023Q2 us-gaap Asset Impairment Charges
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CY2023Q2 us-gaap Estimated Insurance Recoveries
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CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
695000 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-2900000 usd
csr Ratio Of Units Exchanged For Shares
RatioOfUnitsExchangedForShares
1
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-523000 usd
us-gaap Net Income Loss
NetIncomeLoss
49482000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1607000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
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us-gaap Dividends Preferred Stock
DividendsPreferredStock
4821000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44661000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
439000 usd
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
3546000 usd
CY2022Q3 csr Payments Of Ordinary Dividends Preferred Unitholders Accrued Amount
PaymentsOfOrdinaryDividendsPreferredUnitholdersAccruedAmount
160000 usd
csr Payments Of Ordinary Dividends Preferred Unitholders Accrued Amount
PaymentsOfOrdinaryDividendsPreferredUnitholdersAccruedAmount
480000 usd
csr Payments Of Ordinary Dividends Preferred Unitholders Accrued Amount
PaymentsOfOrdinaryDividendsPreferredUnitholdersAccruedAmount
480000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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51374000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-19990000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15280000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
csr Incremental Common Shares Attributable To Conversion Of Restricted Stock
IncrementalCommonSharesAttributableToConversionOfRestrictedStock
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15280000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.11
CY2022Q4 csr Noncontrolling Interests In Operating Partnership Units Outstanding
NoncontrollingInterestsInOperatingPartnershipUnitsOutstanding
971000 shares
csr Noncontrolling Interest In Operating Partnership Units Issued
NoncontrollingInterestInOperatingPartnershipUnitsIssued
209000 shares
csr Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
3 apartmentcommunity
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15100000 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15000000 shares
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
842559000 usd
us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
338000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
14200000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
359000 usd
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
65.97
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
842559000 usd
CY2023Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1011777000 usd
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0362
csr Debt Instrument Weighted Average Maturity
DebtInstrumentWeightedAverageMaturity
P6Y11M15D
CY2023Q3 csr Number Of Real Estate Properties Unencumbered
NumberOfRealEstatePropertiesUnencumbered
46 apartmentcommunity
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1486000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
6369000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
35277000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
51590000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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CY2023Q3 csr Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
699171000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
857000 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
211874000 usd
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
104093000 usd
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
22882000 usd
us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
84899000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
13812000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
192229000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
7050000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Financial Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedFinancialLiabilities
1217000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
941000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11100000 usd
CY2023Q3 us-gaap Revenues
Revenues
64568000 usd
CY2023Q3 csr Property Operating Expense
PropertyOperatingExpense
26745000 usd
CY2023Q3 csr Net Operating Income Loss
NetOperatingIncomeLoss
37823000 usd
CY2023Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2197000 usd
CY2023Q3 csr Insurance Gain Loss Casualty
InsuranceGainLossCasualty
-937000 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
24697000 usd
CY2023Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3832000 usd
CY2023Q3 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
11235000 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
8556000 usd
CY2023Q3 csr Interest And Other Income Loss
InterestAndOtherIncomeLoss
330000 usd
CY2023Q3 us-gaap Profit Loss
ProfitLoss
9169000 usd
CY2022Q3 us-gaap Revenues
Revenues
65438000 usd
CY2022Q3 csr Property Operating Expense
PropertyOperatingExpense
27329000 usd
CY2022Q3 csr Net Operating Income Loss
NetOperatingIncomeLoss
38109000 usd
CY2022Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2563000 usd
CY2022Q3 csr Insurance Gain Loss Casualty
InsuranceGainLossCasualty
-276000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
23720000 usd
CY2022Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4519000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
7871000 usd
CY2022Q3 csr Interest And Other Income Loss
InterestAndOtherIncomeLoss
70000 usd
CY2022Q3 us-gaap Profit Loss
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-770000 usd
us-gaap Revenues
Revenues
197241000 usd
csr Property Operating Expense
PropertyOperatingExpense
80714000 usd
csr Net Operating Income Loss
NetOperatingIncomeLoss
116527000 usd
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
7012000 usd
csr Insurance Gain Loss Casualty
InsuranceGainLossCasualty
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us-gaap Depreciation And Amortization
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us-gaap General And Administrative Expense
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15717000 usd
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
71327000 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-2864000 usd
us-gaap Interest Expense
InterestExpense
27516000 usd
csr Interest And Other Income Loss
InterestAndOtherIncomeLoss
674000 usd
us-gaap Profit Loss
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us-gaap Revenues
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188868000 usd
csr Property Operating Expense
PropertyOperatingExpense
79418000 usd
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us-gaap Cost Of Goods And Services Sold
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7537000 usd
csr Insurance Gain Loss Casualty
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us-gaap Depreciation And Amortization
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us-gaap General And Administrative Expense
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us-gaap Gain Loss On Sale Of Investments
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27000 usd
us-gaap Interest Expense
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23147000 usd
csr Interest And Other Income Loss
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1116000 usd
us-gaap Profit Loss
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-15076000 usd
CY2023Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2326408000 usd
CY2023Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
516673000 usd
CY2023Q3 us-gaap Real Estate Investment Property Net
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1809735000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29701000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
22496000 usd
CY2023Q3 us-gaap Other Assets
OtherAssets
16349000 usd
CY2023Q3 us-gaap Assets
Assets
1878281000 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
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2534124000 usd
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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535401000 usd
CY2022Q4 us-gaap Real Estate Investment Property Net
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1998723000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10458000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
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1433000 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
22687000 usd
CY2022Q4 us-gaap Assets
Assets
2033301000 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
-2900000 usd
CY2023Q3 csr Number Of Real Estate Technology Venture Funds With Unfunded Commitments
NumberOfRealEstateTechnologyVentureFundsWithUnfundedCommitments
2 realestatetechnologyventurefund
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
775000 shares
CY2015Q3 csr Share Based Compensation Arrangement By Share Based Payment Award Term Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermOfAward
P10Y
CY2023Q1 us-gaap Share Price
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58.67
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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602000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
709000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2700000 usd
us-gaap Allocated Share Based Compensation Expense
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1900000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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false

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