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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net Income $ 71,196 $ 72,058
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 85,673 77,027
Stock-based compensation expense 5,033 4,177
Net gain on sales of real estate investments and non-operating real estate 0 (11,406)
Gain on casualties and involuntary conversion on real estate assets (161) (100)
Changes in operating assets and liabilities:    
Accrued income and other assets 944 2,137
Accounts payable, accrued expenses and prepaid rent 15,642 25,547
Other 1,280 1,256
NET CASH PROVIDED BY OPERATING ACTIVITIES 179,607 170,696
INVESTING ACTIVITIES    
Development and value-add properties (129,997) (191,872)
Purchases of real estate (6,231) (94,414)
Real estate improvements (25,536) (27,796)
Net proceeds from sales of real estate investments and non-operating real estate 0 18,102
Proceeds from casualties and involuntary conversion on real estate assets 242 187
Repayments on mortgage loans receivable 21 30
Changes in accrued development costs (1,901) 3,946
Changes in other assets and other liabilities (26,280) (16,169)
NET CASH USED IN INVESTING ACTIVITIES (189,682) (307,986)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 423,270 660,431
Repayments on unsecured bank credit facilities (458,506) (716,155)
Proceeds from Unsecured Debt 100,000 190,000
Repayments of Unsecured Debt (30,000) (75,000)
Repayments on secured debt (6,733) (53,301)
Debt issuance costs (596) (252)
Distributions paid to stockholders (not including dividends accrued) (88,558) (80,110)
Proceeds from common stock offerings 75,743 213,562
Proceeds from dividend reinvestment plan 0 162
Other (4,750) (2,291)
NET CASH PROVIDED BY FINANCING ACTIVITIES 9,870 137,046
DECREASE IN CASH AND CASH EQUIVALENTS (205) (244)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 224 374
CASH AND CASH EQUIVALENTS AT END OF PERIOD 19 130
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $7,562 and $6,067 for 2020 and 2019, respectively 24,220 23,229
Cash paid for operating lease liabilities 1,099 962
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 495 $ 15,435