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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 64,196 $ 63,059 $ 60,668
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of derivatives 436 3 (70)
Gain on sale of property 0 (509) 0
Depreciation and amortization of deferred leasing costs 46,333 45,861 45,694
Amortization of deferred debt costs 1,518 1,610 1,392
Non cash compensation costs of stock grants and options 1,859 1,766 1,672
Provision for credit losses 1,226 685 906
(Increase) decrease in accounts receivable and accrued income 339 (336) (1,643)
Additions to deferred leasing costs (1,843) (6,034) (4,615)
(Increase) decrease in prepaid expenses (188) 73 (294)
Decrease in other assets 894 3,681 1,374
Increase in accounts payable, accrued expenses and other liabilities 158 225 1,125
Increase (decrease) in deferred income 455 255 (2,759)
Net cash provided by operating activities 115,383 110,339 103,450
Cash flows from investing activities:      
Acquisitions of real estate investments [1] 0 (40,836) (79,499)
Additions to real estate investments (21,891) (12,883) (17,653)
Additions to development and redevelopment projects (113,772) (76,257) (22,842)
Proceeds from sale of properties [2] 0 1,326 6,688
Net cash used in investing activities (135,663) (128,650) (113,306)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 50,600 54,900 100,000
Repayments on mortgage notes payable (109,235) (72,572) (55,679)
Proceeds from term loan facility 0 75,000 0
Proceeds from revolving credit facility 152,500 102,000 63,000
Repayments on revolving credit facility (112,000) (116,000) (51,000)
Proceeds from construction loans payable 86,868 23,332 1,437
Additions to deferred debt costs (1,010) (3,233) (2,583)
Proceeds from the issuance of:      
Common stock 25,039 30,503 22,751
Partnership units [1] 3,180 5,383 6,735
Preferred stock redemption costs 0 (12) 0
Distributions to:      
Distributions to preferred stockholders (12,390) (12,402) (12,375)
Common stockholders (48,568) (46,306) (44,576)
Noncontrolling interests (16,642) (15,981) (15,268)
Net cash provided by financing activities 19,607 21,981 12,442
Net increase (decrease) in cash and cash equivalents (673) 3,670 2,586
Cash and cash equivalents, beginning of year 14,578 10,908 8,322
Cash and cash equivalents, end of year 13,905 14,578 10,908
Supplemental disclosure of cash flow information:      
Cash paid for interest 40,434 43,561 45,713
Increase (decrease) in accrued real estate investments and development costs 303 9,663 2,097
Series C Cumulative Preferred Stock      
Proceeds from the issuance of:      
Series C preferred stock redemption (105,000) (75,000) 0
Distributions to:      
Distributions to preferred stockholders (7,541) (9,238) (12,375)
Series D Cumulative Redeemable Preferred Stock      
Proceeds from the issuance of:      
Preferred stock 0 72,369 0
Distributions to:      
Distributions to preferred stockholders (4,592) (3,164) 0
Series E Cumulative Redeemable Preferred Stock      
Proceeds from the issuance of:      
Preferred stock 106,265 0 0
Distributions to:      
Distributions to preferred stockholders $ (257) 0 $ 0
Ashbrook Marketplace      
Supplemental disclosure of cash flow information:      
Limited partnership units issued   8,776  
Great Eastern Shopping Center      
Supplemental disclosure of cash flow information:      
Seller financing   1,275  
Interest income   $ 51  
[1] The 2018 acquisition of real estate and proceeds from the issuance of partnership units each excludes $8,776 in connection with the acquisition of Ashbrook Marketplace in exchange for limited partnership units.
[2] Proceeds from sale of property in 2017 excludes $1,275 of seller financing in connection with the sale of the Company's Great Eastern property, which were received in 2018 plus accrued interest of $51.