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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net Income $ 80,723 $ 36,821
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 57,756 54,358
Stock-based compensation expense 3,959 5,185
Gain on sales of real estate investments and non-operating real estate (43,046) (3,026)
Changes in operating assets and liabilities:    
Accrued income and other assets 2,061 2,544
Accounts payable, accrued expenses and prepaid rent 5,221 6,765
Other 278 (87)
NET CASH PROVIDED BY OPERATING ACTIVITIES 106,952 102,560
INVESTING ACTIVITIES    
Real estate development (94,781) (75,768)
Purchases of real estate 24,955 0
Real estate improvements (17,184) (17,753)
Proceeds from sales of real estate investments and non-operating real estate 77,298 5,156
Repayments on mortgage loans receivable 91 87
Changes in accrued development costs 7,469 159
Changes in other assets and other liabilities (11,995) (6,333)
NET CASH USED IN INVESTING ACTIVITIES (64,057) (94,452)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 444,314 273,253
Repayments on unsecured bank credit facilities (388,569) (229,508)
Repayments on secured debt (89,295) (73,031)
Proceeds from Unsecured Debt 105,000 75,000
Repayments on Unsecured Debt (80,000) 0
Debt issuance costs (1,165) (1,767)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (60,418) (56,549)
Proceeds from common stock offerings 29,643 6,233
Proceeds from dividend reinvestment plan 179 189
Other (2,599) (1,597)
NET CASH USED IN FINANCING ACTIVITIES (42,910) (7,777)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (15) 331
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 48 11
CASH AND CASH EQUIVALENTS AT END OF PERIOD 33 342
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $3,737 and $3,903 for 2016 and 2015, respectively $ 25,977 $ 25,958