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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 9,481 $ 13,453
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 7,322 5,026
Stock based compensation 141 42
Unrealized gain on investments, net   (25)
Equity in (income) loss from unconsolidated joint ventures, net of distributions (2,432) 528
Deferred income tax (benefit) expense (4,328) 2,042
Cost of real estate sold 19,072 14,064
Expenditures for and acquisition of real estate to be sold (25,557) (25,937)
Accretion income and other (414) (259)
Gain on disposal of property and equipment (3) (10)
Gain on contributions to unconsolidated joint ventures (530) (482)
Gain on insurance for damage to property and equipment, net   (723)
Loss on extinguishment of debt 133  
Changes in operating assets and liabilities:    
Other assets 3,925 8,427
Deferred revenue 1,399 1,133
Other liabilities 10,963 2,534
Net cash provided by operating activities 19,172 19,813
Cash flows from investing activities:    
Expenditures for operating property (42,372) (51,633)
Expenditures for property and equipment (1,659) (1,440)
Proceeds from the disposition of assets 9 10
Proceeds from insurance claims   723
Purchases of investments - debt securities (9,766) (74,476)
Maturities of investments - debt securities 28,000 45,000
Capital contributions to unconsolidated joint ventures (1,893) (142)
Capital distributions from unconsolidated joint ventures 75 206
Maturities of assets held by special purpose entities 415 413
Net cash used in investing activities (27,191) (81,339)
Cash flows from financing activities:    
Capital contributions from non-controlling interest 214 2,035
Capital distributions to non-controlling interest (2,094) (710)
Dividends paid (5,832) (5,889)
Borrowings on debt 81,446 35,168
Principal payments for debt (45,938) (536)
Principal payments for finance leases (34) (35)
Debt issuance costs (862) (1,105)
Net cash provided by financing activities 26,900 28,928
Net increase (decrease) in cash, cash equivalents and restricted cash 18,881 (32,598)
Cash, cash equivalents and restricted cash at beginning of the year 45,303 74,400
Cash, cash equivalents and restricted cash at end of the year $ 64,184 $ 41,802