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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net income $ 57,070 $ 21,300
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 71,504 63,280
Stock-based compensation 5,067 3,798
Amortization of straight-line rent receivable (3,534) (4,223)
Amortization of straight-line rent liability 316 368
Gain on sales of real estate assets (39,532) (8)
Impairment of real estate assets 328  
Provision for bad debts, net 171 39
Changes in operating assets and liabilities:    
Other assets 536 3,139
Accounts payable and accrued liabilities (10,236) (7,927)
Other liabilities 2,281 (20,287)
Net cash provided by operating activities 83,971 59,479
INVESTING ACTIVITIES    
Acquisitions of real estate (53,536) (63,172)
Development of real estate (10,098) (18,982)
Additional long-lived assets (36,329) (29,286)
Proceeds from sales of real estate 117,010  
Proceeds from mortgages and notes receivable repayments 10 9
Net cash provided by (used in) investing activities 17,057 (111,431)
FINANCING ACTIVITIES    
Net repayments on unsecured credit facility (72,000) (16,000)
Borrowings of notes and bonds payable   11,500
Repayments on notes and bonds payable (2,249) (19,963)
Dividends paid (69,898) (62,239)
Net proceeds from issuance of common stock 1,005 145,125
Common stock redemptions (1,125) (1,282)
Debt issuance and assumption costs (84) (265)
Net cash (used in) provided by financing activities (144,351) 56,876
(Decrease) increase in cash, cash equivalents and restricted cash (43,323) 4,924
Cash, cash equivalents and restricted cash at beginning of period 54,507 4,102
Cash, cash equivalents and restricted cash at beginning of period 11,184 9,026
Supplemental Cash Flow Information:    
Interest paid 27,570 28,692
Invoices accrued for construction, tenant improvements and other capitalized costs 6,355 12,745
Mortgage notes payable assumed upon acquisition (adjusted to fair value) 12,460 13,951
Capitalized interest $ 484 $ 452