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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flow from operating activities:    
Net income $ 30,284 $ 104,621
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (32,676) (32,180)
Gain on change in control (444) 0
Gain on disposition of properties (30,022) (100,870)
Amortization of deferred financing costs and other 597 549
Share-based compensation expense 2,032 2,170
Net change in assets and liabilities:    
Accounts receivable 30 16
Accounts payable and accrued expenses (61) (4,180)
Other operating assets and liabilities 786 667
Total adjustments 5,594 (69,468)
Net cash flow provided by operating activities 35,878 35,153
Cash flow from investing activities:    
Recurring fixed asset additions (5,263) (4,203)
Revenue enhancing/non-recurring fixed asset additions (3,335) (696)
Acquisition fixed asset additions (82,330) (46,385)
Development fixed asset additions (28,972) (27,609)
Acquisition of unconsolidated entity (8,316) 0
Net proceeds from disposition of operating properties 47,994 168,756
Contributions to joint venture (13,384) (5,636)
Deposits on potential future acquisitions (1,903) 3,193
Cash proceeds from sale of equity interest in development property 0 24,075
Escrow deposits related to property sales (32,100) (72,292)
Escrow Deposit Disbursements Related to Property Acquisition 43,295 52,414
Costs paid on behalf of joint venture 0 (5,639)
Reimbursements of costs paid on behalf of joint venture 0 4,420
Other investing activity (397) (589)
Net cash flow (used for) provided by investing activities (84,711) 89,809
Cash flow from financing activities:    
Principal amortization payments on mortgage notes payable (1,137) (1,041)
Principal repayments of mortgage notes payable 0 (20,038)
Payment of debt procurement costs (42) (130)
Proceeds from secured construction loans 17,257 20,782
Revolving credit facility borrowings 157,000 117,000
Revolving credit facility repayments (97,500) (214,500)
Common share dividends paid (24,037) (22,579)
Exercise of stock options 1,198 714
Purchase of treasury shares (1,187) (999)
Other financing activities, net 0 127
Net cash flow provided by (used for) financing activities 51,552 (120,664)
Increase in cash and cash equivalents 2,719 4,298
Cash and cash equivalents, beginning of period 4,692 4,586
Cash and cash equivalents, end of period 7,411  
Supplemental disclosure of non-cash transactions:    
Dividends declared but not paid 1,027 11,495
Net change in accounts payable related to fixed asset additions (5,768) 5,028
Increase in consolidated net assets due to change in control 8,400 0
Deconsolidation of net assets $ 0 $ 26,238