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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 62,018 $ 42,604
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 27,502 16,263
Stock based compensation 593 256
Unrealized gain on investments, net   (91)
Equity in income from unconsolidated joint ventures, net of distributions (14,658) (3,114)
Deferred income tax (benefit) expense (12,173) 3,471
Cost of real estate sold 68,878 32,564
Expenditures for and acquisition of real estate to be sold (64,452) (69,699)
Accretion income and other (2,694) (1,069)
Loss on disposal of property and equipment 2 181
Gain on contributions to unconsolidated joint ventures (633) (2,001)
Gain on insurance for damage to property and equipment, net   (4,186)
Loss on extinguishment of debt 133 130
Changes in operating assets and liabilities:    
Other assets (8,767) 15,755
Deferred revenue 6,308 3,039
Accounts payable and other liabilities 30,229 (3,845)
Net cash provided by operating activities 92,286 30,258
Cash flows from investing activities:    
Expenditures for operating property (107,391) (156,478)
Expenditures for property and equipment (4,452) (3,384)
Proceeds from the disposition of assets 71 17
Proceeds from insurance claims   4,186
Purchases of investments - debt securities (37,407) (97,133)
Maturities of investments - debt securities 69,000 99,000
Sales of investments - debt securities   12,980
Sales of investments - equity securities   207
Capital contributions to unconsolidated joint ventures (2,305) (2,505)
Capital distributions from unconsolidated joint ventures 235 3,203
Maturities of assets held by special purpose entities 787 785
Net cash used in investing activities (81,462) (139,122)
Cash flows from financing activities:    
Capital contributions from non-controlling interest 740 3,613
Capital distributions to non-controlling interest (2,242) (2,253)
Repurchase of common shares   (19,972)
Dividends paid (18,665) (17,666)
Borrowings on debt 118,255 119,043
Principal payments for debt (50,116) (19,535)
Principal payments for finance leases (111) (89)
Debt issuance costs (954) (1,876)
Net cash provided by financing activities 46,907 61,265
Net increase (decrease) in cash, cash equivalents and restricted cash 57,731 (47,599)
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 $ 103,034 $ 26,801