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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net Income $ 21,830 $ 10,061
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 19,162 18,142
Stock-based compensation expense 2,790 2,043
Gain on sales of real estate investments and non-operating real estate (11,342) (123)
Changes in operating assets and liabilities:    
Accrued income and other assets 1,504 1,362
Accounts payable, accrued expenses and prepaid rent (15,267) (10,349)
Other (24) (40)
NET CASH PROVIDED BY OPERATING ACTIVITIES 18,653 21,096
INVESTING ACTIVITIES    
Real estate development (16,598) (18,036)
Real estate improvements (5,804) (2,790)
Proceeds from sales of real estate investments and non-operating real estate 18,974 158
Repayments on mortgage loans receivable 30 29
Changes in accrued development costs (724) (2,257)
Changes in other assets and other liabilities (2,642) (3,550)
NET CASH USED IN INVESTING ACTIVITIES (6,764) (26,446)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 76,646 139,931
Repayments on unsecured bank credit facilities (60,309) (124,972)
Repayments on secured debt (4,656) (63,119)
Proceeds from unsecured debt 0 75,000
Debt issuance costs (289) (562)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (20,413) (18,984)
Proceeds from common stock offerings 0 52
Proceeds from dividend reinvestment plan 64 63
Other (2,968) (1,897)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (11,925) 5,512
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (36) 162
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 48 11
CASH AND CASH EQUIVALENTS AT END OF PERIOD 12 173
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $1,162 and $1,179 for 2016 and 2015, respectively $ 8,835 $ 9,700