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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES:      
Net income $ 85,115 $ 73,081 $ 73,399
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization (continuing and discontinued operations) 35,932 29,431 25,529
Stock-based compensation expense 4,280 4,006 3,253
Impairment on real estate 766 2,250  
Gain on sale of assets, net (3,582) (586) (4,959)
Income from unconsolidated joint ventures (1,138) (1,819)  
Income distributions from unconsolidated joint ventures 1,695 552  
Straight-line rental income (13,477) (10,136) (3,002)
Amortization of lease incentive 1,945 1,680 841
Provision for doubtful accounts 457 619 32
Non-cash interest related to contingent liabilities 684 409 18
Other non-cash items, net 1,216 985 779
(Increase) decrease in interest receivable (5,147) (3,939) 105
Increase in accrued interest payable 701 418 132
Net change in other assets and liabilities (3,739) 5,390 (365)
Net cash provided by operating activities 105,708 102,341 95,762
INVESTING ACTIVITIES:      
Investment in real estate properties (74,923) (206,340) (11,650)
Investment in real estate developments (42,342) (25,929) (34,135)
Investment in real estate capital improvements (6,792) (7,534) (13,967)
Capitalized interest (1,408) (827) (1,506)
Proceeds from sale of real estate, net 17,369 1,537 33,593
Investment in real estate mortgage loans receivable (20,685) (67,134) (9,374)
Principal payments received on mortgage loans receivable 8,278 4,808 9,155
Investment in unconsolidated joint ventures (1,770) (23,042)  
Payment of working capital reserve (2,756) (805)  
Advances and originations under notes receivable (14,969) (1,554) (1,263)
Principal payments received on notes receivable 100   113
Net cash used in investing activities (139,898) (326,820) (29,034)
FINANCING ACTIVITIES:      
Bank borrowings 123,600 291,000 37,500
Repayment of bank borrowings (137,000) (170,500) (58,500)
Proceeds from issuance of senior unsecured notes 77,500 200,000 30,000
Principal payments on senior unsecured notes (26,667) (29,167) (4,167)
Principal payments on bonds payable     (2,035)
Proceeds from common stock issued 78,592   24,644
Stock option exercises 159 79 1,071
Distributions paid to stockholders (84,568) (76,765) (74,431)
Financing costs paid (147) (1,178) (2,132)
Other (2,230) (1,285) (219)
Net cash provided by (used in) financing activities 29,239 212,184 (48,269)
(Decrease) increase in cash and cash equivalents (4,951) (12,295) 18,459
Cash and cash equivalents, beginning of period 12,942 25,237 6,778
Cash and cash equivalents, end of period 7,991 12,942 25,237
Supplemental disclosure of cash flow information:      
Interest paid $ 24,490 $ 16,078 $ 12,188