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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net Income $ 54,935 $ 46,785
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61,662 56,462
Stock-based compensation expense 4,011 3,421
Gain on casualties and involuntary conversion on real estate assets 0 (161)
Changes in operating assets and liabilities:    
Accrued income and other assets (3,430) 570
Accounts payable, accrued expenses and prepaid rent 19,783 8,460
Other 714 1,145
NET CASH PROVIDED BY OPERATING ACTIVITIES 137,675 116,682
INVESTING ACTIVITIES    
Development and value-add properties (111,378) (104,863)
Purchases of real estate (9,177) (6,231)
Real estate improvements (18,094) (18,167)
Leasing commissions (16,813) (8,075)
Proceeds from casualties and involuntary conversion on real estate assets 0 242
Repayments on mortgage loans receivable 0 14
Changes in accrued development costs 13,126 (181)
Changes in other assets and other liabilities 526 (9,400)
NET CASH USED IN INVESTING ACTIVITIES (141,810) (146,661)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 195,137 318,115
Repayments on unsecured bank credit facilities (320,137) (363,787)
Proceeds from Unsecured Debt 175,000 100,000
Repayments on secured debt (42,924) (4,465)
Debt issuance costs (2,475) (584)
Distributions paid to stockholders (not including dividends accrued) (63,403) (59,157)
Proceeds from common stock offerings 105,745 44,381
Other (4,264) (4,644)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 42,679 29,859
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 38,544 (120)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 21 224
CASH AND CASH EQUIVALENTS AT END OF PERIOD 38,565 104
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $4,394 and $5,184 for 2021 and 2020, respectively 15,760 16,161
Cash paid for operating lease liabilities 751 719
Interest capitalized 4,394 5,184
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 348 $ 495