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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES      
Net income $ 88,636,000 $ 83,589,000 $ 96,094,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 91,704,000 83,874,000 77,935,000
Stock-based compensation expense 5,283,000 5,521,000 4,590,000
Net gain on sales of real estate investments and non-operating real estate (14,359,000) (22,148,000) (42,903,000)
Gain on casualties and involuntary conversion (1,245,000) 0 0
Changes in operating assets and liabilities:      
Accrued income and other assets (4,091,000) (5,034,000) (2,883,000)
Accounts payable, accrued expenses and prepaid rent (2,682,000) 8,333,000 5,736,000
Other 1,485,000 879,000 295,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 164,731,000 155,014,000 138,864,000
INVESTING ACTIVITIES      
Development and value-add properties (167,667,000) (124,938,000) (203,765,000)
Purchases of real estate (57,152,000) (55,195,000) (27,668,000)
Real estate improvements (37,502,000) (27,385,000) (23,809,000)
Net proceeds from sales of real estate investments and non-operating real estate 24,508,000 42,710,000 78,780,000
Proceeds from casualties and involuntary conversion 1,635,000 0 0
Repayments on mortgage loans receivable 1,987,000 171,000 123,000
Changes in accrued development costs 5,711,000 (144,000) 3,629,000
Changes in other assets and other liabilities (12,955,000) (14,645,000) (13,762,000)
NET CASH USED IN INVESTING ACTIVITIES (241,435,000) (179,426,000) (186,472,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 448,100,000 391,617,000 608,349,000
Repayments on unsecured bank credit facilities (448,709,000) (387,298,000) (567,165,000)
Proceeds from Unsecured Debt 60,000,000 60,000,000 205,000,000
Repayments on Unsecured Debt (50,000,000) 0 (80,000,000)
Repayments on secured debt (11,289,000) (58,209,000) (92,773,000)
Debt issuance costs (1,922,000) (380,000) (1,487,000)
Distributions paid to stockholders (not including dividends accrued) (71,294,000) (86,725,000) (80,899,000)
Proceeds from common stock offerings 157,319,000 109,207,000 59,283,000
Proceeds from dividend reinvestment plan 221,000 228,000 236,000
Other (5,364,000) (4,534,000) (2,462,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 77,062,000 23,906,000 48,082,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 358,000 (506,000) 474,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 16,000 522,000 48,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 374,000 16,000 522,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $6,334, $5,765, and $5,340 for 2018, 2017 and 2016, respectively $ 33,458,000 $ 33,634,000 $ 33,595,000