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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 83,589,000 $ 96,094,000 $ 48,399,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 83,874,000 77,935,000 73,290,000
Stock-based compensation expense 5,521,000 4,590,000 6,733,000
Gain, net of loss, on sales of real estate investments and non-operating real estate (22,148,000) (42,903,000) (3,026,000)
Changes in operating assets and liabilities:      
Accrued income and other assets (5,034,000) (2,883,000) (2,118,000)
Accounts payable, accrued expenses and prepaid rent 8,333,000 5,736,000 6,928,000
Other 879,000 295,000 (157,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES 155,014,000 138,864,000 130,049,000
INVESTING ACTIVITIES      
Real estate development (124,938,000) (203,765,000) (95,032,000)
Purchases of real estate (55,195,000) (27,668,000) (31,574,000)
Real estate improvements (26,158,000) (23,778,000) (25,062,000)
Net proceeds from sales of real estate investments and non-operating real estate 42,710,000 78,780,000 5,156,000
Repayments on mortgage loans receivable 171,000 123,000 116,000
Changes in accrued development costs (144,000) 3,629,000 (1,705,000)
Changes in other assets and other liabilities (15,872,000) (13,793,000) (8,317,000)
NET CASH USED IN INVESTING ACTIVITIES (179,426,000) (186,472,000) (156,418,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 391,617,000 608,349,000 420,104,000
Repayments on unsecured bank credit facilities (387,298,000) (567,165,000) (368,669,000)
Proceeds from Unsecured Debt 60,000,000 205,000,000 150,000,000
Repayments on Unsecured Debt 0 (80,000,000) 0
Repayments on secured debt (58,209,000) (92,773,000) (102,337,000)
Debt issuance costs (380,000) (1,487,000) (1,952,000)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (86,725,000) (80,899,000) (75,845,000)
Proceeds from common stock offerings 109,207,000 59,283,000 6,233,000
Proceeds from dividend reinvestment plan 228,000 236,000 256,000
Other (4,534,000) (2,462,000) (1,384,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 23,906,000 48,082,000 26,406,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (506,000) 474,000 37,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 522,000 48,000 11,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 16,000 522,000 48,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $5,765, $5,340, and $5,257 for 2017, 2016 and 2015, respectively $ 33,634,000 $ 33,595,000 $ 33,164,000