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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Real estate $ 612,109 $ 557,388
Cash and cash equivalents 11,962 19,918
Restricted cash 17,743 20,557
Short-term investments 70,797 79,800
Notes receivable (including $67,349 and $71,365 at September 30, 2025 and December 31, 2024, respectively, from related parties) 133,559 138,349
Investment in unconsolidated joint ventures 10,223 10,246
Receivable from related party 98,654 97,544
Other assets (including $755 and $1,855 at September 30, 2025 and December 31, 2024, respectively, from related parties) 140,975 109,000
Total assets 1,096,022 1,032,802
Liabilities:    
Mortgages and other notes payable 227,028 185,398
Accounts payable and other liabilities (including $29 and $601 at September 30, 2025 and December 31, 2024, respectively, from related parties) 47,328 32,105
Accrued interest 3,495 3,238
Deferred revenue 9,791 9,791
Total liabilities 287,642 230,532
Shareholders' Equity:    
Preferred stock, Series A, $2.00 par value, 15,000,000 shares authorized, 900,614 shares issued and outstanding 1,801 1,801
Common stock, $0.01 par value, 100,000,000 shares authorized; 16,152,043 shares issued and outstanding 162 162
Additional paid-in capital 61,191 61,161
Retained earnings 544,620 538,699
Total shareholders' equity 607,774 601,823
Noncontrolling interests 200,606 200,447
Total equity 808,380 802,270
Total liabilities and equity $ 1,096,022 $ 1,032,802