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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
Net income $ 48,399,000 $ 48,473,000 $ 33,225,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization from continuing operations 73,290,000 70,314,000 65,789,000
Depreciation and amortization from discontinued operations 0 0 130,000
Stock-based compensation expense 6,733,000 5,146,000 4,229,000
Gain on sales of land and real estate investments (3,026,000) (9,286,000) (822,000)
Changes in operating assets and liabilities:      
Accrued income and other assets (782,000) 523,000 (1,629,000)
Accounts payable, accrued expenses and prepaid rent 6,928,000 2,315,000 8,906,000
Other (157,000) (28,000) (78,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 131,385,000 117,457,000 109,750,000
INVESTING ACTIVITIES      
Real estate development (95,032,000) (97,696,000) (76,240,000)
Purchases of real estate (31,574,000) (48,805,000) (72,397,000)
Real estate improvements (24,514,000) (20,524,000) (20,807,000)
Proceeds from sales of real estate investments 5,156,000 20,625,000 4,273,000
Capital contributions to unconsolidated investment 0 (5,132,000) 0
Repayments on mortgage loans receivable 116,000 3,902,000 463,000
Changes in accrued development costs (1,705,000) 241,000 509,000
Changes in other assets and other liabilities (8,865,000) (12,181,000) (11,912,000)
NET CASH USED IN INVESTING ACTIVITIES (156,418,000) (159,570,000) (176,111,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 420,104,000 350,214,000 424,375,000
Repayments on unsecured bank credit facilities (368,669,000) (339,765,000) (411,583,000)
Repayments on secured debt (102,337,000) (48,846,000) (107,953,000)
Proceeds from unsecured debt 150,000,000 75,000,000 175,000,000
Debt issuance costs (1,952,000) (499,000) (2,222,000)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (75,845,000) (70,456,000) (64,798,000)
Proceeds from common stock offerings 6,233,000 78,868,000 53,247,000
Proceeds from exercise of stock options 0 0 120,000
Proceeds from dividend reinvestment plan 256,000 216,000 206,000
Other (2,720,000) (2,616,000) (1,281,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 25,070,000 42,116,000 65,111,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 37,000 3,000 (1,250,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 11,000 8,000 1,258,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 48,000 11,000 8,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $5,257, $4,942, and $5,064 for 2015, 2014 and 2013, respectively 33,164,000 34,426,000 32,880,000
Fair value of debt assumed by the Company in the purchase of real estate $ 0 $ 2,846,000 $ 0