Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 139,998 $ 43,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred taxes 21,000 0
Depreciation and amortization 1,204 330
Changes in operating assets and liabilities:    
Operating assets, excluding income taxes (19,331) (10,102)
Prepaid income taxes 9,398 1,202
Operating liabilities, excluding income taxes 4,579 (172)
Income taxes payable 5,153 9,622
Cash provided by operating activities 162,001 44,671
Cash flows from investing activities:    
Proceeds from sale of fixed assets 30 0
Acquisition of land (47,189) (751)
Acquisition of royalty interests (3,418) 0
Purchase of fixed assets (9,247) (11,841)
Cash used in investing activities (59,824) (12,592)
Cash flows from financing activities:    
Purchase of Sub-share Certificates in Certificates of Proprietary Interest (4,353) (6,709)
Dividends paid (46,546) (31,652)
Cash used in financing activities (50,899) (38,361)
Net increase in cash, cash equivalents, and restricted cash 51,278 (6,282)
Cash, cash equivalents and restricted cash, beginning of period 123,446 79,580
Cash, cash equivalents, and restricted cash, end of period 174,724 73,298
Supplemental disclosure of cash flow information:    
Income taxes paid $ 0 $ 0