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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 65,923 $ 24,724
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 38,395 36,126
Stock-based compensation expense 3,324 3,607
Gain on sales of real estate investments and non-operating real estate (42,456) (3,026)
Changes in operating assets and liabilities:    
Accrued income and other assets 3,198 2,715
Accounts payable, accrued expenses and prepaid rent (4,149) (4,889)
Other 185 (226)
NET CASH PROVIDED BY OPERATING ACTIVITIES 64,420 59,031
INVESTING ACTIVITIES    
Real estate development (37,669) (48,226)
Real estate improvements (10,759) (11,593)
Proceeds from sales of real estate investments and non-operating real estate 73,467 5,156
Repayments on mortgage loans receivable 60 57
Changes in receivable for development infrastructure cost reimbursements 0 (2,020)
Changes in accrued development costs 905 (147)
Changes in other assets and other liabilities (12,182) (3,720)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 13,822 (60,493)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 168,283 195,545
Repayments on unsecured bank credit facilities (282,802) (161,618)
Repayments on secured debt (9,376) (68,042)
Proceeds from unsecured debt 65,000 75,000
Debt issuance costs (1,164) (585)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (40,119) (37,254)
Proceeds from common stock offerings 24,693 52
Proceeds from dividend reinvestment plan 123 126
Other (2,918) (1,760)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (78,280) 1,464
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (38) 2
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 48 11
CASH AND CASH EQUIVALENTS AT END OF PERIOD 10 13
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $2,353 and $2,494 for 2016 and 2015, respectively $ 17,370 $ 16,985