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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES:      
Net income $ 73,081 $ 73,399 $ 57,815
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization (continuing and discontinued operations) 29,431 25,529 24,706
Stock-based compensation expense 4,006 3,253 2,591
Impairment on real estate 2,250    
Gain on sale of assets, net (586) (4,959) (1,605)
Income from unconsolidated joint ventures (1,819)    
Income distribution from unconsolidated joint ventures 552    
Straight-line rental income (10,136) (3,002) (3,955)
Amortization of lease inducement 1,680 841 660
Provision for doubtful accounts 619 32 2,180
Non-cash interest related to earn-out liabilities 409 18 256
Other non-cash items, net 985 779 726
(Increase) decrease in interest receivable (3,939) 105 87
Decrease in accrued interest payable 418 132 145
Net change in other assets and liabilities 5,390 (365) 3,519
Net cash provided by operating activities 102,341 95,762 87,125
INVESTING ACTIVITIES:      
Investment in real estate properties (206,340) (11,650) (19,040)
Investment in real estate developments (25,929) (34,135) (23,605)
Investment in real estate capital improvements (7,534) (13,967) (6,992)
Capitalized interest (827) (1,506) (932)
Proceeds from sale of real estate investments, net 1,537 33,593 11,001
Investment in real estate mortgage loans receivable (67,134) (9,374) (129,358)
Principal payments received on mortgage loans receivable 4,808 9,155 1,933
Investment in unconsolidated joint ventures (23,042)    
Payment of working capital reserve (805)    
Advances under notes receivable (1,554) (1,263) (1,004)
Principal payments received on notes receivable   113 3,110
Net cash used in investing activities (326,820) (29,034) (164,887)
FINANCING ACTIVITIES:      
Bank borrowings 291,000 37,500 93,000
Repayment of bank borrowings (170,500) (58,500) (187,500)
Proceeds from issuance of senior unsecured notes 200,000 30,000 70,000
Principal payments on senior unsecured notes (29,167) (4,167)  
Principal payments on bonds payable   (2,035) (600)
Payment of earn-out liabilities     (7,000)
Proceeds from issuance of common stock   24,644 176,260
Stock option exercises 79 1,071 523
Distributions paid to stockholders (76,765) (74,431) (66,904)
Distributions paid to non-controlling interests     (7)
Financing costs paid (1,178) (2,132) (171)
Other (1,285) (219) (252)
Net cash provided (used in) by financing activities 212,184 (48,269) 77,349
(Decrease) increase in cash and cash equivalents (12,295) 18,459 (413)
Cash and cash equivalents, beginning of period 25,237 6,778 7,191
Cash and cash equivalents, end of period 12,942 25,237 6,778
Supplemental disclosure of cash flow information:      
Interest paid $ 16,078 $ 12,188 $ 10,466