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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES:    
Net income $ 20,359 $ 21,513
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,444 9,359
Stock-based compensation expense 1,376 1,259
Income from unconsolidated joint ventures (631) (445)
Income distributions from unconsolidated joint ventures 543 356
Straight-line rental income (3,440) (2,867)
Lease incentives funding (380) (3,441)
Amortization of lease incentives 540 527
Provision for doubtful accounts 8 (38)
Non-cash interest related to contingent liabilities 126 226
Other non-cash items, net 323 314
Increase in interest receivable (1,406) (1,185)
Decrease in accrued interest payable (1,162) (416)
Net change in other assets and liabilities (4,107) (4,112)
Net cash provided by operating activities 21,593 21,050
INVESTING ACTIVITIES:    
Investment in real estate developments (8,591) (3,443)
Investment in real estate capital improvements (534) (742)
Capitalized interest (259) (170)
Investment in real estate mortgage loans receivable (9,610) (4,384)
Principal payments received on mortgage loans receivable 37 10,958
Investment in unconsolidated joint ventures (380) (914)
Payment of working capital reserve   (439)
Principal payments received on notes receivable   25
Net cash (used in) provided by investing activities (19,337) 891
FINANCING ACTIVITIES:    
Bank borrowings 24,000 3,500
Repayment of bank borrowings   (110,600)
Proceeds from issuance of senior unsecured notes   100,000
Principal payments on senior unsecured notes (4,166) (4,167)
Proceeds from common stock issued   14,578
Stock option exercises 123  
Distributions paid to stockholders (22,578) (22,552)
Financing costs paid   (301)
Other (1,064) (1,658)
Net cash used in financing activities (3,685) (21,200)
(Decrease) increase in cash and cash equivalents (1,429) 741
Cash and cash equivalents, beginning of period 5,213 7,991
Cash and cash equivalents, end of period 3,784 8,732
Supplemental disclosure of cash flow information:    
Interest paid $ 8,669 $ 7,574