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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net income $ 96,094,000 $ 48,399,000 $ 48,473,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 77,935,000 73,290,000 70,314,000
Stock-based compensation expense 4,590,000 6,733,000 5,146,000
Gain, net of loss, on sales of real estate investments and non-operating real estate (42,903,000) (3,026,000) (9,286,000)
Changes in operating assets and liabilities:      
Accrued income and other assets (2,883,000) (2,118,000) (713,000)
Accounts payable, accrued expenses and prepaid rent 5,736,000 6,928,000 2,315,000
Other 295,000 (157,000) (28,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 138,864,000 130,049,000 116,221,000
INVESTING ACTIVITIES      
Real estate development (203,765,000) (95,032,000) (97,696,000)
Purchases of real estate (27,668,000) (31,574,000) (48,805,000)
Real estate improvements (23,671,000) (24,514,000) (20,524,000)
Net proceeds from sales of real estate investments and non-operating real estate 78,780,000 5,156,000 20,625,000
Capital contributions to unconsolidated investment 0 0 (5,132,000)
Repayments on mortgage loans receivable 123,000 116,000 3,902,000
Changes in accrued development costs 3,629,000 (1,705,000) 241,000
Changes in other assets and other liabilities (13,900,000) (8,865,000) (12,181,000)
NET CASH USED IN INVESTING ACTIVITIES (186,472,000) (156,418,000) (159,570,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 608,349,000 420,104,000 350,214,000
Repayments on unsecured bank credit facilities (567,165,000) (368,669,000) (339,765,000)
Proceeds from Issuance of Unsecured Debt 205,000,000 150,000,000 75,000,000
Repayments of Unsecured Debt (80,000,000) 0 0
Repayments on secured debt (92,773,000) (102,337,000) (48,846,000)
Debt issuance costs (1,487,000) (1,952,000) (499,000)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (80,899,000) (75,845,000) (70,456,000)
Proceeds from common stock offerings 59,283,000 6,233,000 78,868,000
Proceeds from dividend reinvestment plan 236,000 256,000 216,000
Other (2,462,000) (1,384,000) (1,380,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 48,082,000 26,406,000 43,352,000
INCREASE IN CASH AND CASH EQUIVALENTS 474,000 37,000 3,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 48,000 11,000 8,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 522,000 48,000 11,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $5,340, $5,257, and $4,942 for 2016, 2015 and 2014, respectively 33,595,000 33,164,000 34,426,000
Fair value of debt assumed by the Company in the purchase of real estate $ 0 $ 0 $ 2,847,000