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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES:    
Net income $ 78,012 $ 68,241
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,232 29,399
Stock-based compensation expense 5,231 4,938
Impairment charges 941  
Gain on sale of real estate, net (44,073) (6,736)
Loss on unconsolidated joint ventures 620  
Income from unconsolidated joint ventures (287) (1,973)
Income distributions from unconsolidated joint ventures 249 2,577
Straight-line rental income (1,701) (3,598)
Adjustment for collectibility of rental income and lease incentives 23,214 1,926
Lease incentives funded (50) (322)
Amortization of lease incentives 317 281
(Recovery) provision for doubtful accounts (1) 153
Other non-cash items, net 772 760
Increase in interest receivable (4,662) (4,367)
Decrease in accrued interest payable (1,683) (184)
Net change in other assets and liabilities (502) (1,003)
Net cash provided by operating activities 85,629 90,092
INVESTING ACTIVITIES:    
Investment in real estate properties (13,581) (38,334)
Investment in real estate developments (13,384) (15,052)
Investment in real estate capital improvements (3,955) (2,121)
Capitalized interest (354) (441)
Proceeds from sale of real estate, net 72,141 8,068
Investment in real estate mortgage loans receivable (4,176) (10,919)
Principal payments received on mortgage loans receivable 565 565
Investments in unconsolidated joint ventures (6,398) (394)
Proceeds from liquidation of investments in unconsolidated joint ventures 17,758 6,601
Advances and originations under notes receivable (1,366) (8,531)
Principal payments received on notes receivable 4,732 3,446
Net cash provided by (used in) investing activities 51,982 (57,112)
FINANCING ACTIVITIES:    
Bank borrowings 24,000 73,400
Repayment of bank borrowings (28,000) (20,000)
Principal payments on senior unsecured notes (25,160) (14,667)
Stock repurchase plan (18,012)  
Stock option exercises   123
Distributions paid to stockholders (67,894) (68,241)
Contribution from non-controlling interests   46
Distributions paid to non-controlling interests (371) (243)
Financing costs paid (35) (41)
Withheld vested restricted stock and performance-based stock units (3,564) (2,047)
Other (8) (6)
Net cash used in financing activities (119,044) (31,676)
Increase in cash, cash equivalents and restricted cash 18,567 1,304
Cash, cash equivalents and restricted cash, beginning of period 4,244 4,764
Cash, cash equivalents and restricted cash, end of period 22,811 6,068
Supplemental disclosure of cash flow information:    
Interest paid 23,531 22,431
Non-cash investing and financing transactions:    
Right of use asset   1,354
Lease liability   1,354
Reclassification of notes receivable to lease incentives $ 300 $ 200