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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net Income $ 15,098 $ 13,605
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 31,943 31,175
Depreciation and amortization from discontinued operations 0 382
Stock-based compensation expense 2,327 2,033
Gain on sales of land and real estate investments 0 (2,036)
Changes in operating assets and liabilities:    
Accrued income and other assets 2,745 1,573
Accounts payable, accrued expenses and prepaid rent 743 (5,020)
Other (62) (151)
NET CASH PROVIDED BY OPERATING ACTIVITIES 52,794 41,561
INVESTING ACTIVITIES    
Real estate development (40,165) (24,695)
Purchases of real estate (69,952) (3,475)
Real estate improvements (9,501) (9,398)
Proceeds from sales of real estate investments 0 7,399
Repayments on mortgage loans receivable 52 3
Changes in receivable for development infrastructure cost reimbursements (1,351) 0
Changes in accrued development costs 2,970 (2,699)
Changes in other assets and other liabilities (4,426) (4,770)
NET CASH USED IN INVESTING ACTIVITIES (122,373) (37,635)
FINANCING ACTIVITIES    
Proceeds from bank borrowings 194,775 143,560
Repayments on bank borrowings (94,002) (177,131)
Proceeds from mortgage notes payable 0 54,000
Principal payments on mortgage notes payable (12,296) (58,201)
Debt issuance costs (1,459) (821)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (31,874) (29,717)
Proceeds from common stock offerings 13,877 64,202
Proceeds from exercise of stock options 120 108
Proceeds from dividend reinvestment plan 105 118
Other (915) (100)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 68,331 (3,982)
DECREASE IN CASH AND CASH EQUIVALENTS (1,248) (56)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,258 174
CASH AND CASH EQUIVALENTS AT END OF PERIOD 10 118
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $2,560 and $2,129 for 2013 and 2012, respectively $ 16,657 $ 17,938