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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net income $ 8,753,000 $ 26,533,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 6,473,000 5,468,000
Amortization of leasing costs and in-place lease intangibles 3,002,000 2,681,000
Accrued straight-line rental revenue (383,000) (188,000)
Amortization of leasing incentives and above or below-market rents (47,000) 6,000
Accrued straight-line ground rent expense 138,000 66,000
Bad debt expense 68,000 45,000
Noncash stock compensation 411,000 437,000
Impairment charges 4,000 35,000
Noncash interest expense 277,000 191,000
Gain on real estate dispositions (3,395,000) (26,674,000)
Change in the fair value of derivatives (294,000) 2,389,000
Changes in operating assets and liabilities:    
Property assets 1,024,000 218,000
Property liabilities (875,000) (686,000)
Construction assets (13,137,000) 4,857,000
Construction liabilities 5,888,000 (4,070,000)
Net cash provided by operating activities 7,907,000 11,308,000
INVESTING ACTIVITIES    
Development of real estate investments (6,456,000) (19,777,000)
Tenant and building improvements (2,069,000) (1,309,000)
Acquisitions of real estate investments, net of cash received (6,767,000) (165,161,000)
Dispositions of real estate investments 4,441,000 83,748,000
Notes receivable issuances (1,413,000) (2,639,000)
(Decrease) increase in restricted cash (31,000) (13,000)
Leasing costs (493,000) (490,000)
Leasing incentives 0 (22,000)
Contributions to equity method investments (559,000) (5,440,000)
Net cash used for investing activities (13,347,000) (111,103,000)
FINANCING ACTIVITIES    
Proceeds from sales of common stock 3,523,000 10,089,000
Offering costs (161,000) (273,000)
Debt issuances, credit facility and construction loan borrowings 44,952,000 144,684,000
Debt and credit facility repayments, including principal amortization (44,530,000) (54,821,000)
Debt issuance costs (471,000) (442,000)
Redemption of operating partnership units (50,000) 0
Dividends and distributions (9,726,000) (7,621,000)
Net cash (used in) provided by financing activities (6,463,000) 91,616,000
Net decrease in cash and cash equivalents (11,903,000) (8,179,000)
Cash and cash equivalents, beginning of period 21,942,000 26,989,000
Cash and cash equivalents, end of period 10,039,000 18,810,000
Noncash transactions:    
Redeemable noncontrolling interest from development 2,000,000 0
Deferred payment for land acquisition $ 600,000 $ 0