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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net Income $ 49,483,000 $ 47,012,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,037,000 44,493,000
Stock-based compensation expense 2,960,000 2,823,000
Net gain on sales of real estate investments and non-operating real estate (11,406,000) (10,308,000)
Gain on casualties and involuntary conversion on real estate assets (100,000) (1,150,000)
Changes in operating assets and liabilities:    
Accrued income and other assets 2,167,000 2,111,000
Accounts payable, accrued expenses and prepaid rent 3,792,000 (12,075,000)
Other 454,000 828,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 98,387,000 73,734,000
INVESTING ACTIVITIES    
Development and value-add properties (115,666,000) (61,023,000)
Purchases of real estate (62,068,000) (27,660,000)
Real estate improvements (16,963,000) (16,126,000)
Net proceeds from sales of real estate investments and non-operating real estate 18,102,000 16,826,000
Proceeds from casualties and involuntary conversion on real estate assets 187,000 890,000
Repayments on mortgage loans receivable 19,000 1,958,000
Changes in accrued development costs 2,061,000 7,350,000
Changes in other assets and other liabilities (10,514,000) (5,240,000)
NET CASH USED IN INVESTING ACTIVITIES (184,842,000) (83,025,000)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 377,133,000 216,672,000
Repayments on unsecured bank credit facilities (376,983,000) (233,989,000)
Proceeds from Unsecured Debt 80,000,000 60,000,000
Repayments on Unsecured Debt 0 (50,000,000)
Repayments on secured debt (51,085,000) (5,570,000)
Debt issuance costs (168,000) (1,845,000)
Distributions paid to stockholders (not including dividends accrued) (53,161,000) (45,449,000)
Proceeds from common stock offerings 113,436,000 74,789,000
Proceeds from dividend reinvestment plan 109,000 112,000
Other (2,874,000) (5,193,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 86,407,000 9,527,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (48,000) 236,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 374,000 16,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 326,000 252,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amount capitalized of $3,921 and $3,003 for 2019 and 2018, respectively 16,266,000 16,528,000
Cash paid for operating lease liabilities 636,000 0
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 15,435,000 $ 0