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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 108,391,000 $ 123,340,000 $ 88,636,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 116,359,000 104,724,000 91,704,000
Stock-based compensation expense 6,579,000 6,838,000 5,283,000
Gain on sales of real estate investments and non-operating real estate (13,145,000) (41,151,000) (14,359,000)
Gain on casualties and involuntary conversion on real estate assets (161,000) (180,000) (1,245,000)
Changes in operating assets and liabilities:      
Accrued income and other assets (4,615,000) (5,558,000) (4,091,000)
Accounts payable, accrued expenses and prepaid rent (18,851,000) 6,514,000 (2,682,000)
Other                                                                                                     1,728,000 1,385,000 1,485,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 196,285,000 195,912,000 164,731,000
INVESTING ACTIVITIES      
Development and value-add properties (195,446,000) (318,288,000) (167,667,000)
Purchases of real estate (49,199,000) (142,712,000) (57,152,000)
Real estate improvements (33,131,000) (37,775,000) (37,502,000)
Net proceeds from sales of real estate investments and non-operating real estate                                                     21,565,000 66,737,000 24,508,000
Proceeds from casualties and involuntary conversion on real estate assets 242,000 723,000 (1,635,000)
Repayments on mortgage loans receivable 1,679,000 915,000 1,987,000
Changes in accrued development costs (5,339,000) (3,644,000) 5,711,000
Changes in other assets and other liabilities (28,627,000) (9,293,000) (12,955,000)
NET CASH USED IN INVESTING ACTIVITIES (288,256,000) (443,337,000) (241,435,000)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 625,387,000 932,658,000 448,100,000
Repayments on unsecured bank credit facilities (613,097,000) (1,015,678,000) (448,709,000)
Proceeds from unsecured debt 275,000,000 290,000,000 60,000,000
Repayments on unsecured debt (105,000,000) (75,000,000) 50,000,000
Repayments on secured debt (54,306,000) (55,593,000) (11,289,000)
Debt issuance costs (1,090,000) (893,000) (1,922,000)
Distributions paid to stockholders (not including dividends accrued) (119,765,000) (108,795,000) (71,294,000)
Proceeds from common stock offerings 90,721,000 284,710,000 157,319,000
Proceeds from dividend reinvestment plan 0 212,000 221,000
Other                                                                                                     (6,082,000) (4,346,000) (5,364,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES 91,768,000 247,275,000 77,062,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (203,000) (150,000) 358,000
    CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 224,000 374,000 16,000
    CASH AND CASH EQUIVALENTS AT END OF YEAR 21,000 224,000 374,000
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized of $9,651, $8,453, and $6,334 for 2020, 2019, and 2018, respectively 32,362,000 30,839,000 33,458,000
Cash paid for operating lease liability 1,476,000 1,314,000 0
NON-CASH OPERATING ACTIVITY      
Operating lease liabilities arising from obtaining right of use assets $ 495,000 $ 15,435,000 $ 0