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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net Income $ 47,012 $ 49,950
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 44,493 41,090
Stock-based compensation expense 2,823 3,087
Net gain (loss) on sales of real estate investments and non-operating real estate (10,308) (21,815)
Gain on casualties and involuntary conversion (1,150) 0
Changes in operating assets and liabilities:    
Accrued income and other assets 2,111 1,539
Accounts payable, accrued expenses and prepaid rent (12,075) (7,310)
Other 828 654
NET CASH PROVIDED BY OPERATING ACTIVITIES 73,734 67,195
INVESTING ACTIVITIES    
Real estate development (61,023) (47,767)
Purchases of real estate (27,660) (36,739)
Real estate improvements (16,126) (11,106)
Net proceeds from sales of real estate investments and non-operating real estate 16,826 39,934
Proceeds from casualties and involuntary conversion 890 0
Repayments on mortgage loans receivable 1,958 64
Changes in accrued development costs 7,350 2,826
Changes in other assets and other liabilities (5,240) (7,572)
NET CASH USED IN INVESTING ACTIVITIES (83,025) (60,360)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 216,672 193,658
Repayments on unsecured bank credit facilities (233,989) (217,640)
Proceeds from Unsecured Debt 60,000 0
Repayments of Unsecured Debt (50,000) 0
Repayments on secured debt (5,570) (7,098)
Debt issuance costs (1,845) (110)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock) (45,449) (42,690)
Proceeds from common stock offerings 74,789 69,105
Proceeds from dividend reinvestment plan 112 113
Other (5,193) (2,617)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 9,527 (7,279)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 236 (444)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16 522
CASH AND CASH EQUIVALENTS AT END OF PERIOD 252 78
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $3,003 and $2,958 for 2018 and 2017, respectively $ 16,528 $ 17,160