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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net Income $ 49,950 $ 65,923
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization from continuing operations 41,090 38,395
Stock-based compensation expense 3,087 3,324
Gain, net of loss, on sales of real estate investments and non-operating real estate (21,815) (42,456)
Changes in operating assets and liabilities:    
Accrued income and other assets 1,539 3,198
Accounts payable, accrued expenses and prepaid rent (7,310) (4,149)
Other 654 185
NET CASH PROVIDED BY OPERATING ACTIVITIES 67,195 64,420
INVESTING ACTIVITIES    
Real estate development (47,767) (37,669)
Purchases of real estate (36,739) 0
Real estate improvements (10,817) (11,048)
Net proceeds from sales of real estate investments and non-operating real estate 39,934 73,467
Repayments on mortgage loans receivable 64 60
Changes in accrued development costs 2,826 905
Changes in other assets and other liabilities (7,861) (11,893)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (60,360) 13,822
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 193,658 168,283
Repayments on unsecured bank credit facilities (217,640) (282,802)
Repayments on secured debt (7,098) (9,376)
Proceeds from Issuance of Unsecured Debt 0 65,000
Debt issuance costs (110) (1,164)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (42,690) (40,119)
Proceeds from common stock offerings 69,105 24,693
Proceeds from dividend reinvestment plan 113 123
Other (2,617) (2,918)
NET CASH USED IN FINANCING ACTIVITIES (7,279) (78,280)
DECREASE IN CASH AND CASH EQUIVALENTS (444) (38)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 522 48
CASH AND CASH EQUIVALENTS AT END OF PERIOD 78 10
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $2,958 and $2,353 for 2017 and 2016, respectively $ 17,160 $ 17,370