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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net income $ 95,677 $ 80,872 $ 155,076
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 39,071 39,216 37,555
Stock-based compensation expense 7,012 6,566 5,870
Impairment charges 3,977 5,500  
Gain on sale of real estate, net (44,117) (2,106) (70,682)
Loss on unconsolidated joint ventures 758    
Income from unconsolidated joint ventures (432) (2,388) (2,864)
Income distributions from unconsolidated joint ventures 432 2,991 2,371
Insurance proceeds for damaged property     2,619
Payment for remediation of damaged property     (508)
Straight-line rental income (1,778) (4,487) (9,550)
Adjustment for collectibility of rental income and lease incentives 23,214 1,926  
Lease incentives funded (220) (387) (1,272)
Amortization of lease incentives 426 385 2,092
(Recovery) provision for doubtful accounts (3) 166 87
Non-cash interest related to contingent liabilities     377
Non-cash income related to earn-out and related lease incentive write-off     (3,074)
Other non-cash items, net 1,033 1,016 1,180
Increase in interest receivable (6,161) (5,854) (5,682)
(Decrease) increase in accrued interest payable (767) 803 (1,096)
Net change in other assets and liabilities (2,021) (1,750) 3,036
Net cash provided by operating activities 116,101 122,469 115,535
INVESTING ACTIVITIES:      
Investment in real estate properties (13,581) (58,414) (40,408)
Investment in real estate developments (16,699) (20,524) (35,279)
Investment in real estate capital improvements (6,913) (2,839) (3,249)
Capitalized interest (354) (608) (1,248)
Proceeds from sale of real estate, net 72,141 14,009 92,749
Investment in real estate mortgage loans receivable (4,253) (12,342) (21,364)
Principal payments received on mortgage loans receivable 1,065 1,065 2,136
Investments in unconsolidated joint ventures (8,520) (472) (670)
Proceeds from liquidation of investments in unconsolidated joint ventures 17,848 6,601  
Advances and originations under notes receivable (2,078) (8,967) (124)
Principal payments received on notes receivable 5,275 3,503 3,848
Net cash provided by (used in) investing activities 43,931 (78,988) (3,609)
FINANCING ACTIVITIES:      
Bank borrowings 24,000 107,900 116,200
Repayment of bank borrowings (28,000) (126,000) (100,700)
Proceeds from issuance of senior unsecured notes   100,000  
Principal payments on senior unsecured notes (40,160) (33,667) (38,166)
Stock repurchase plan (18,012)    
Proceeds from common stock issued     1,005
Stock option exercises   123 123
Distributions paid to stockholders (90,262) (90,899) (90,372)
Contribution from non-controlling interests   965 3,963
Distributions paid to non-controlling interests (463) (309) (65)
Financing costs paid (35) (61) (3,162)
Withheld vested restricted stock and performance-based stock units (3,564) (2,047) (1,193)
Other (8) (6) (8)
Net cash used in financing activities (156,504) (44,001) (112,375)
Increase (decrease) in cash, cash equivalents and restricted cash 3,528 (520) (449)
Cash, cash equivalents and restricted cash, beginning of period 4,244 4,764 5,213
Cash, cash equivalents and restricted cash, end of period 7,772 4,244 4,764
Supplemental disclosure of cash flow information:      
Interest paid $ 29,443 $ 28,767 $ 30,116