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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flow from operating activities:    
Net income $ 96,070 $ 1,265
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 2,664 8,758
Cost of real estate sold 7,510 4,028
Impairment of real estate 720 625
Gain on sale of discontinued operations (119,695) 0
Gain on sale of assets (4,812) (22,931)
Net gain on extinguishment of debt 0 (3,454)
Debt issuance cost amortization and stock-based compensation 1,898 1,468
Equity in unconsolidated affiliate’s loss 8 11
Deferred income taxes 5,962 0
Purchases and development of real estate properties (18,294) (30,841)
Decrease (increase) in other assets 4,858 (997)
(Decrease) increase in accounts payable, accrued liabilities and other (26,213) 5,699
Net cash used in operating activities (49,324) (36,369)
Cash flow from investing activities:    
Proceeds from sale of discontinued operations 105,813 0
Proceeds from sale of assets 0 59,488
Capital expenditures (38,889) (6,708)
Payments on master lease obligations (742) (1,019)
Other, net (8) 36
Net cash provided by investing activities 66,174 51,797
Cash flow from financing activities:    
Borrowings from credit facility 30,000 37,700
Payments on credit facility (30,000) (26,778)
Borrowings from project loans 25,798 39,445
Payments on project and term loans (9,761) (53,330)
Payment of dividends (38,675) 0
Stock-based awards net payments (452) (132)
Distributions to noncontrolling interests 0 (13,227)
Noncontrolling interests’ contributions 15,032 27,977
Purchases of treasury stock (262) 0
Financing costs (1,356) (1,645)
Net cash (used in) provided by financing activities (9,676) 10,010
Net increase in cash, cash equivalents and restricted cash 7,174 25,438
Cash, cash equivalents and restricted cash at beginning of year 70,139 34,183
Cash, cash equivalents and restricted cash at end of period $ 77,313 $ 59,621