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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net Income $ 36,821 $ 35,617
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 54,358 52,101
Stock-based compensation expense 5,185 4,005
Gain on sales of land and real estate investments (3,026) (7,610)
Changes in operating assets and liabilities:    
Accrued income and other assets 3,559 2,373
Accounts payable, accrued expenses and prepaid rent 6,765 8,658
Other (87) (53)
NET CASH PROVIDED BY OPERATING ACTIVITIES 103,575 95,091
INVESTING ACTIVITIES    
Real estate development (75,768) (80,748)
Purchases of real estate 0 (41,751)
Real estate improvements (17,753) (12,931)
Proceeds from sales of land and real estate investments 5,156 17,269
Repayments on mortgage loans receivable 87 118
Changes in accrued development costs 159 7,483
Changes in other assets and other liabilities (6,333) (15,705)
NET CASH USED IN INVESTING ACTIVITIES (94,452) (126,265)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 273,253 251,033
Repayments on unsecured bank credit facilities (229,508) (255,465)
Repayments on secured debt (73,031) (43,268)
Proceeds from unsecured debt 75,000 75,000
Debt issuance costs (1,767) (434)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (56,549) (52,231)
Proceeds from common stock offerings 6,233 59,110
Proceeds from dividend reinvestment plan 189 154
Other (2,612) (2,410)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (8,792) 31,489
INCREASE IN CASH AND CASH EQUIVALENTS 331 315
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11 8
CASH AND CASH EQUIVALENTS AT END OF PERIOD 342 323
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $3,903 and $3,682 for 2015 and 2014, respectively $ 25,958 $ 26,788