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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net Income $ 72,058 $ 70,053
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 77,027 67,463
Stock-based compensation expense 4,177 4,033
Net gain on sales of real estate investments and non-operating real estate (11,406) (14,359)
Gain on casualties and involuntary conversion on real estate assets (100) (1,150)
Changes in operating assets and liabilities:    
Accrued income and other assets 2,137 628
Accounts payable, accrued expenses and prepaid rent 25,547 13,997
Other 1,256 1,330
NET CASH PROVIDED BY OPERATING ACTIVITIES 170,696 141,995
INVESTING ACTIVITIES    
Development and value-add properties (191,872) (118,489)
Purchases of real estate (94,414) (52,934)
Real estate improvements (27,796) (26,779)
Net proceeds from sales of real estate investments and non-operating real estate 18,102 24,508
Proceeds from casualties and involuntary conversion on real estate assets 187 1,483
Repayments on mortgage loans receivable 30 1,977
Changes in accrued development costs 3,946 1,896
Changes in other assets and other liabilities (16,169) (9,804)
NET CASH USED IN INVESTING ACTIVITIES (307,986) (178,142)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 660,431 311,641
Repayments on unsecured bank credit facilities (716,155) (336,789)
Proceeds from Unsecured Debt 190,000 60,000
Repayments on Unsecured Debt (75,000) (50,000)
Repayments on secured debt (53,301) (8,410)
Debt issuance costs (252) (1,857)
Distributions paid to stockholders (not including dividends accrued) (80,110) (45,449)
Proceeds from common stock offerings 213,562 112,325
Proceeds from dividend reinvestment plan 162 166
Other (2,291) (5,239)
NET CASH PROVIDED BY FINANCING ACTIVITIES 137,046 36,388
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (244) 241
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 374 16
CASH AND CASH EQUIVALENTS AT END OF PERIOD 130 257
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $6,067 and $4,545 for 2019 and 2018, respectively 23,229 23,112
Cash paid for operating lease liabilities 962 0
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 15,435 $ 0