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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net Income $ 70,053 $ 65,922
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,463 62,101
Stock-based compensation expense 4,033 4,266
Net gain on sales of real estate investments and non-operating real estate (14,359) (21,815)
Gain on casualties and involuntary conversion (1,150) 0
Changes in operating assets and liabilities:    
Accrued income and other assets 628 881
Accounts payable, accrued expenses and prepaid rent 13,997 10,586
Other 1,330 765
NET CASH PROVIDED BY OPERATING ACTIVITIES 141,995 122,706
INVESTING ACTIVITIES    
Development and value-add properties (118,489) (80,462)
Purchases of real estate (52,934) (36,739)
Real estate improvements (26,779) (18,783)
Net proceeds from sales of real estate investments and non-operating real estate 24,508 39,934
Proceeds from casualties and involuntary conversion 1,483 0
Repayments on mortgage loans receivable 1,977 96
Changes in accrued development costs 1,896 2,032
Changes in other assets and other liabilities (9,804) (10,835)
NET CASH USED IN INVESTING ACTIVITIES (178,142) (104,757)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 311,641 281,342
Repayments on unsecured bank credit facilities (336,789) (255,988)
Proceeds from Unsecured Debt 60,000 0
Repayments on Unsecured Debt (50,000) 0
Repayments on secured debt (8,410) (55,478)
Debt issuance costs (1,857) (129)
Distributions paid to stockholders (not including dividends accrued) (45,449) (64,623)
Proceeds from common stock offerings 112,325 78,956
Proceeds from dividend reinvestment plan 166 170
Other (5,239) (2,711)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 36,388 (18,461)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 241 (512)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 16 522
CASH AND CASH EQUIVALENTS AT END OF PERIOD 257 10
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $4,545 and $4,242 for 2018 and 2017, respectively $ 23,112 $ 24,978