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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net Income $ 46,785,000 $ 49,483,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 56,462,000 51,037,000
Stock-based compensation expense 3,421,000 2,960,000
Net gain on sales of real estate investments and non-operating real estate 0 (11,406,000)
Gain on casualties and involuntary conversion on real estate assets (161,000) (100,000)
Changes in operating assets and liabilities:    
Accrued income and other assets 570,000 2,167,000
Accounts payable, accrued expenses and prepaid rent 8,460,000 3,792,000
Other 1,145,000 454,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 116,682,000 98,387,000
INVESTING ACTIVITIES    
Development and value-add properties (104,863,000) (115,666,000)
Purchases of real estate (6,231,000) (62,068,000)
Real estate improvements (18,167,000) (16,963,000)
Net proceeds from sales of real estate investments and non-operating real estate 0 18,102,000
Proceeds from casualties and involuntary conversion on real estate assets 242,000 187,000
Repayments on mortgage loans receivable 14,000 19,000
Changes in accrued development costs (181,000) 2,061,000
Changes in other assets and other liabilities (17,475,000) (10,514,000)
NET CASH USED IN INVESTING ACTIVITIES (146,661,000) (184,842,000)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 318,115,000 377,133,000
Repayments on unsecured bank credit facilities (363,787,000) (376,983,000)
Proceeds from Unsecured Debt 100,000,000 80,000,000
Repayments on secured debt (4,465,000) (51,085,000)
Debt issuance costs (584,000) (168,000)
Distributions paid to stockholders (not including dividends accrued) (59,157,000) (53,161,000)
Proceeds from common stock offerings 44,381,000 113,436,000
Proceeds from dividend reinvestment plan 0 109,000
Other (4,644,000) (2,874,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 29,859,000 86,407,000
DECREASE IN CASH AND CASH EQUIVALENTS (120,000) (48,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 224,000 374,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 104,000 326,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $5,184 and $3,921 for 2020 and 2019, respectively 16,161,000 16,266,000
Cash paid for operating lease liabilities 719,000 636,000
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 495,000 $ 15,435,000