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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES:      
Net income $ 57,815 $ 51,327 $ 49,443
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization - continuing and discontinued operations 24,706 22,153 19,623
Stock-based compensation expense 2,591 1,819 1,467
Gain on sale of assets, net (1,605) (16)  
Straight-line rental income - continuing and discontinued operations (3,955) [1] (3,264) [1] (3,728) [1]
Provision (recovery) for doubtful accounts 2,180 (101) (13)
Non-cash interest related to earn-out liabilities 256 439 464
Capitalized interest (932) (130) (45)
Other non-cash items, net 1,441 1,460 1,344
Decrease in interest receivable 32 535 56
Increase in accrued interest payable 145 1,923 681
Net change in other assets and liabilities 3,519 545 1,167
Net cash provided by operating activities 86,193 76,690 70,459
INVESTING ACTIVITIES:      
Investment in real estate properties, net (19,040) (166,750) (96,294)
Investment in real estate developments, net (23,605) (9,957) (50)
Investment in real estate capital improvements, net (6,992) (1,132) (3,135)
Proceeds from sale of real estate investments, net 11,001 1,271  
Investment in real estate mortgages (129,358) (7,719)  
Principal payments received on mortgage loans receivable 1,933 21,633 5,967
Proceeds from redemption of marketable securities   6,500  
Advances under notes receivable (1,004) (2,930) (232)
Principal payments received on notes receivable 3,110 569 731
Net cash used in investing activities (163,955) (158,515) (93,013)
FINANCING ACTIVITIES:      
Bank borrowings 93,000 153,500 167,600
Repayment of bank borrowings (187,500) (94,000) (149,300)
Proceeds from issuance of senior unsecured notes 70,000 85,800 50,000
Principal payments on mortgage loan payable and bonds payable (600) (565) (530)
Payment of earn-out liabilities (7,000)   (4,000)
Proceeds from common stock offering 176,260   103,631
Stock option exercises 523 1,926 120
Distributions paid to stockholders (66,904) (57,785) (56,572)
Redemption of preferred stock     (88,413)
Redemption of non-controlling interests   (2,764)  
Distributions paid to non-controlling interests (7) (78) (191)
Financing costs paid (171) (1,426) (2,286)
Other (252)    
Net cash provided by financing activities 77,349 84,608 20,059
(Decrease) increase in cash and cash equivalents (413) 2,783 (2,495)
Cash and cash equivalents, beginning of year 7,191 4,408 6,903
Cash and cash equivalents, end of year 6,778 7,191 4,408
Supplemental disclosure of cash flow information:      
Interest paid $ 11,398 $ 7,452 $ 5,070
[1] During 2013, 2012 and 2011, we recorded $22, $131, and $238, respectively, in straight-line rental income from a lessee that qualifies as a related party because the lessee's former Chief Executive Officer is on our Board of Directors. See Note 12. Transactions with Related Party for further discussion.