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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES      
Net income $ 123,340,000 $ 88,636,000 $ 83,589,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 104,724,000 91,704,000 83,874,000
Stock-based compensation expense 6,838,000 5,283,000 5,521,000
Net gain on sales of real estate investments and non-operating real estate (41,151,000) (14,359,000) (22,148,000)
Gain on casualties and involuntary conversion on real estate assets (180,000) (1,245,000) 0
Changes in operating assets and liabilities:      
Accrued income and other assets (5,558,000) (4,091,000) (5,034,000)
Accounts payable, accrued expenses and prepaid rent 6,514,000 (2,682,000) 8,333,000
Other 1,385,000 1,485,000 879,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 195,912,000 164,731,000 155,014,000
INVESTING ACTIVITIES      
Development and value-add properties (318,288,000) (167,667,000) (124,938,000)
Purchases of real estate (142,712,000) (57,152,000) (55,195,000)
Real estate improvements (37,775,000) (37,502,000) (27,385,000)
Net proceeds from sales of real estate investments and non-operating real estate 66,737,000 24,508,000 42,710,000
Proceeds from casualties and involuntary conversion on real estate assets 723,000 1,635,000 0
Repayments on mortgage loans receivable 915,000 1,987,000 171,000
Changes in accrued development costs (3,644,000) 5,711,000 (144,000)
Changes in other assets and other liabilities (9,293,000) (12,955,000) (14,645,000)
NET CASH USED IN INVESTING ACTIVITIES (443,337,000) (241,435,000) (179,426,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 932,658,000 448,100,000 391,617,000
Repayments on unsecured bank credit facilities (1,015,678,000) (448,709,000) (387,298,000)
Proceeds from unsecured debt 290,000,000 60,000,000 60,000,000
Repayments on unsecured debt (75,000,000) (50,000,000) 0
Repayments on secured debt (55,593,000) (11,289,000) (58,209,000)
Debt issuance costs (893,000) (1,922,000) (380,000)
Distributions paid to stockholders (not including dividends accrued) (108,795,000) (71,294,000) (86,725,000)
Proceeds from common stock offerings 284,710,000 157,319,000 109,207,000
Proceeds from dividend reinvestment plan 212,000 221,000 228,000
Other (4,346,000) (5,364,000) (4,534,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 247,275,000 77,062,000 23,906,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (150,000) 358,000 (506,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 374,000 16,000 522,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 224,000 374,000 16,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $8,453, $6,334, and $5,765 for 2019, 2018 and 2017, respectively 30,839,000 33,458,000 33,634,000
Cash paid for operating lease liability 1,314,000 0 0
NON-CASH OPERATING ACTIVITY      
Operating lease liabilities arising from obtaining right of use assets $ 15,435,000 $ 0 $ 0