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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flow From Operating Activities:    
Net income $ 6,827 $ 3,793
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on real estate transactions (4,838) 0
Depreciation and amortization 5,979 6,351
(Recovery) provision of bad debts (47) 69
Equity in income from unconsolidated joint ventures 140 (984)
Distribution of income from unconsolidated joint ventures 0 841
Changes in assets and liabilities:    
Other assets (5,440) 146
Related party receivable (4,512) (4,500)
Accrued interest 112 283
Accounts payable and other liabilities (8,545) (2,635)
Net cash (used in) provided by operating activities (10,324) 3,364
Cash Flow From Investing Activities:    
Collection of notes receivable 1,664 3,005
Purchase of short-term investments (17,308) (40,169)
Redemption and/or maturity of short-term investments 39,060 49,196
Development and renovation of real estate (53,376) (15,022)
Deferred leasing costs (339) (27)
Proceeds from sale of assets 4,868 0
Net cash used in investing activities (25,431) (3,017)
Cash Flow From Financing Activities:    
Proceeds from mortgages and other notes payable 43,027 0
Payments on mortgages and other notes payable (12,508) (1,715)
Purchase of IOR shares (1,025) (587)
Deferred financing costs 0 (52)
Net cash provided by (used in) financing activities 29,494 (2,354)
Net decrease in cash, cash equivalents and restricted cash (6,261) (2,007)
Cash, cash equivalents and restricted cash, beginning of period 40,475 79,067
Cash, cash equivalents and restricted cash, end of period $ 34,214 $ 77,060