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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income $ 64,449 $ 55,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,623 21,121
Stock-based compensation expense 3,149 3,093
Gain on sale of assets, net (3,582)  
Income from unconsolidated joint ventures (839) (1,543)
Income distribution from unconsolidated joint ventures 1,409 289
Straight-line rental income (8,201) (7,060)
Amortization of lease incentive 1,446 1,163
Provision for doubtful accounts 245 463
Non-cash interest related to contingent liabilities 538 205
Other non-cash items, net 909 670
Increase in interest receivable (3,898) (2,787)
Decrease in accrued interest payable (358) (1,002)
Net change in other assets and liabilities (2,245) 795
Net cash provided by operating activities 79,645 70,534
INVESTING ACTIVITIES:    
Investment in real estate properties (73,449) (171,185)
Investment in real estate developments (35,623) (14,460)
Investment in real estate capital improvements (5,566) (6,192)
Capitalized interest (1,193) (481)
Proceeds from sale of real estate investments, net 17,369  
Investment in real estate mortgage loans receivable (19,113) (53,427)
Principal payments received on mortgage loans receivable 2,117 4,281
Investment in unconsolidated joint ventures (481) (20,143)
Payment of working capital reserve (2,325)  
Advances under notes receivable (2,328) (1,464)
Principal payments received on notes receivable 90  
Net cash used in investing activities (120,502) (263,071)
FINANCING ACTIVITIES:    
Bank borrowings 83,500 267,000
Repayment of bank borrowings (127,000) (101,500)
Proceeds from issuance of senior unsecured notes 77,500 100,000
Principal payments on senior unsecured notes (16,667) (29,167)
Proceeds from common stock issued 78,592  
Stock option exercises 159 79
Distributions paid to stockholders (62,211) (56,842)
Financing costs paid (130) (195)
Other (2,215) (346)
Net cash provided by financing activities 31,528 179,029
Decrease in cash and cash equivalents (9,329) (13,508)
Cash and cash equivalents, beginning of period 12,942 25,237
Cash and cash equivalents, end of period 3,613 11,729
Supplemental disclosure of cash flow information:    
Interest paid 19,004 12,230
Contingent Liabilities related to real estate investments $ 2,000  
Mortgage loan receivable applied against purchase price to acquire real estate (Note 2)   10,600
Reclassification of pre-development loans (Note 7)   $ 716