XML 21 R9.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 30,543 $ 26,981
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 10,492 7,978
Stock based compensation 148  
Gain on sale of investments   (17)
Unrealized (gain) loss on investments, net (60) 2,010
Equity in (income) loss from unconsolidated joint ventures, net of distributions (771) 1,070
Deferred income tax expense 124 4,464
Cost of real estate sold 26,045 22,607
Expenditures for and acquisition of real estate to be sold (48,790) (14,673)
Accretion income and other (733) (407)
Loss on disposal of property and equipment 21 48
Gain on contributions to unconsolidated joint ventures (571) (3,290)
Gain on insurance for damage to property and equipment, net (3,311) (1,384)
Loss on extinguishment of debt 145  
Changes in operating assets and liabilities:    
Other assets 6,574 (6,656)
Deferred revenue 2,705 2,756
Other liabilities 6,444 5,709
Net cash provided by operating activities 29,005 47,196
Cash flows from investing activities:    
Expenditures for operating property (106,347) (67,742)
Expenditures for property and equipment (2,788) (1,666)
Proceeds from the disposition of assets 17 26
Proceeds from insurance claims 3,311 1,384
Purchases of investments - debt securities (94,174) (107,963)
Maturities of investments - debt securities 69,000 46,000
Sales of investments - debt securities   36
Sales of investments - equity securities   298
Sales of restricted investments   1,173
Capital contributions to unconsolidated joint ventures (142) (9,708)
Capital distributions from unconsolidated joint ventures 562 50
Maturities of assets held by special purpose entities 413 416
Net cash used in investing activities (130,148) (137,696)
Cash flows from financing activities:    
Capital contributions from non-controlling interest 2,035 3,188
Capital distributions to non-controlling interest (1,821) (653)
Repurchase of common shares (180)  
Dividends paid (11,777) (9,422)
Borrowings on debt 88,754 26,380
Principal payments for debt (18,859) (1,361)
Principal payments for finance leases (65) (46)
Debt issuance costs (1,698) (931)
Net cash provided by financing activities 56,389 17,155
Net decrease in cash, cash equivalents and restricted cash (44,754) (73,345)
Cash, cash equivalents and restricted cash at beginning of the year 74,400 110,119
Cash, cash equivalents and restricted cash at end of the year $ 29,646 $ 36,774