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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net Income $ 12,973 $ 21,830
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 20,225 19,162
Stock-based compensation expense 2,357 2,790
Gain on sales of real estate investments and non-operating real estate 40 (11,342)
Changes in operating assets and liabilities:    
Accrued income and other assets 1,625 1,504
Accounts payable, accrued expenses and prepaid rent (13,671) (15,267)
Other 264 (24)
NET CASH PROVIDED BY OPERATING ACTIVITIES 23,813 18,653
INVESTING ACTIVITIES    
Real estate development (22,178) (16,598)
Purchases of real estate (20,611) 0
Real estate improvements (4,270) (6,054)
Proceeds from sales of real estate investments and non-operating real estate 773 18,974
Repayments on mortgage loans receivable 32 30
Changes in accrued development costs 5,153 (724)
Changes in other assets and other liabilities (3,266) (2,392)
NET CASH USED IN INVESTING ACTIVITIES (44,367) (6,764)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 84,734 76,646
Repayments on unsecured bank credit facilities (76,518) (60,309)
Repayments on secured debt (3,526) (4,656)
Debt issuance costs (87) (289)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (21,515) (20,413)
Proceeds from common stock offerings 39,456 0
Proceeds from dividend reinvestment plan 57 64
Other (2,525) (2,968)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 20,076 (11,925)
DECREASE IN CASH AND CASH EQUIVALENTS (478) (36)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 522 48
CASH AND CASH EQUIVALENTS AT END OF PERIOD 44 12
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $1,646 and $1,162 for 2017 and 2016, respectively $ 7,721 $ 8,835