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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 13,102 $ 9,481
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 11,182 7,322
Stock based compensation 231 141
Equity in income from unconsolidated joint ventures, net of distributions (3,212) (2,432)
Deferred income tax 719 (4,328)
Cost of real estate sold 14,829 19,072
Expenditures for and acquisition of real estate to be sold (17,180) (25,557)
Accretion income and other (206) (414)
Loss (gain) on disposal of property and equipment 528 (3)
Gain on contributions to unconsolidated joint ventures (14) (530)
Gain on insurance for damage to property and equipment, net (178)  
Loss on extinguishment of debt   133
Changes in operating assets and liabilities:    
Other assets 2,112 3,925
Deferred revenue 1,866 1,399
Accounts payable and other liabilities 3,829 10,963
Net cash provided by operating activities 27,608 19,172
Cash flows from investing activities:    
Expenditures for operating property (11,890) (42,372)
Expenditures for property and equipment (2,384) (1,659)
Proceeds from the disposition of assets 74 9
Proceeds from insurance claims 178  
Purchases of investments - debt securities   (9,766)
Maturities of investments - debt securities   28,000
Capital contributions to unconsolidated joint ventures (1,156) (1,893)
Capital distributions from unconsolidated joint ventures 75 75
Maturities of assets held by special purpose entities 414 415
Net cash used in investing activities (14,689) (27,191)
Cash flows from financing activities:    
Capital contributions from non-controlling interest   214
Capital distributions to non-controlling interest (239) (2,094)
Dividends paid (7,001) (5,832)
Borrowings on debt 91 81,446
Principal payments for debt (2,269) (45,938)
Principal payments for finance leases (43) (34)
Debt issuance costs   (862)
Net cash (used in) provided by financing activities (9,461) 26,900
Net increase in cash, cash equivalents and restricted cash 3,458 18,881
Cash, cash equivalents and restricted cash at beginning of the year 90,770 45,303
Cash, cash equivalents and restricted cash at end of the year $ 94,228 $ 64,184