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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES    
Net Income $ 24,724 $ 17,756
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 36,126 34,322
Stock-based compensation expense 3,607 2,824
Gain on sales of land and real estate investments (3,026) (95)
Changes in operating assets and liabilities:    
Accrued income and other assets 3,346 2,202
Accounts payable, accrued expenses and prepaid rent (4,889) (3,123)
Other (226) (80)
NET CASH PROVIDED BY OPERATING ACTIVITIES 59,662 53,806
INVESTING ACTIVITIES    
Real estate development (48,226) (56,125)
Purchases of real estate 0 (41,751)
Real estate improvements (11,593) (9,912)
Proceeds from sales of land and real estate investments 5,156 3,471
Repayments on mortgage loans receivable 57 78
Changes in receivable for development infrastructure cost reimbursements (2,020) 0
Changes in accrued development costs (147) 12,076
Changes in other assets and other liabilities (3,720) (4,610)
NET CASH USED IN INVESTING ACTIVITIES (60,493) (96,773)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 195,545 165,969
Repayments on unsecured bank credit facilities (161,618) (112,529)
Repayments on secured debt (68,042) (11,152)
Proceeds from unsecured debt 75,000 0
Debt issuance costs (585) (42)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (37,254) (34,183)
Proceeds from common stock offerings 52 37,033
Proceeds from dividend reinvestment plan 126 103
Other (2,391) (2,221)
NET CASH PROVIDED BY FINANCING ACTIVITIES 833 42,978
INCREASE IN CASH AND CASH EQUIVALENTS 2 11
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11 8
CASH AND CASH EQUIVALENTS AT END OF PERIOD 13 19
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $2,494 and $2,336 for 2015 and 2014, respectively $ 16,985 $ 17,350