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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 70,228 $ 73,749 $ 45,480
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 22,888 18,202 12,788
Stock based compensation 364   45
(Gain) loss on sale of investments   (17) 48
Unrealized loss on investments, net (26) (1,872) (4,688)
Equity in (income) loss from unconsolidated joint ventures, net of distributions (2,758) 1,298 666
Deferred income tax expense 4,490 15,977 8,524
Cost of real estate sold 46,384 55,933 33,366
Expenditures for and acquisition of real estate to be sold (97,535) (47,318) (40,469)
Accretion income and other (1,274) (810) (919)
Loss on disposal of property and equipment 181 270 146
Gain on contributions to unconsolidated joint ventures (2,738) (3,558) (19,983)
Gain on insurance for damage to property and equipment, net (9,835) (4,853) (690)
Loss on extinguishment of debt 130    
Changes in operating assets and liabilities:      
Other assets 15,317 (6,372) (10,148)
Deferred revenue 2,684 8,568 841
Other liabilities (331) (1,144) 2,948
Net cash provided by operating activities 48,221 111,797 37,331
Cash flows from investing activities:      
Expenditures for operating property (251,809) (149,199) (116,085)
Expenditures for property and equipment (7,348) (4,302) (5,689)
Proceeds from the disposition of assets 49 34 8
Proceeds from insurance claims 9,835 4,853 690
Purchases of investments - debt securities (97,133) (157,928) (58,912)
Purchases of restricted investments     (24)
Maturities of investments - debt securities 92,000 117,000 11,000
Sales of investments - debt securities 53,901 36  
Sales of investments - equity securities 424 325 2,502
Sales of restricted investments   1,173 1,225
Capital contributions to unconsolidated joint ventures (2,505) (9,389) (10,815)
Capital distributions from unconsolidated joint ventures 12,025 1,020  
Payments for interest in unconsolidated joint venture   (495)  
Maturities of assets held by special purpose entities 785 787 787
Net cash used in investing activities (189,776) (196,085) (175,313)
Cash flows from financing activities:      
Capital contributions from non-controlling interest 3,823 3,189 7,748
Capital distributions to non-controlling interest (2,433) (1,247) (621)
Additional ownership interest acquired in Pier Park North JV (7,695)    
Repurchase of common shares (19,972)   (8,803)
Dividends paid (23,497) (18,844) (4,122)
Borrowings on debt 184,476 69,300 69,008
Principal payments for debt (20,228) (2,327) (1,940)
Principal payments for finance leases (121) (104) (55)
Debt issuance costs (1,895) (1,398) (1,791)
Net cash provided by financing activities 112,458 48,569 59,424
Net decrease in cash, cash equivalents and restricted cash (29,097) (35,719) (78,558)
Cash, cash equivalents and restricted cash at beginning of the year 74,400 110,119 188,677
Cash, cash equivalents and restricted cash at end of the year $ 45,303 $ 74,400 $ 110,119