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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flow From Operating Activities:    
Net income (loss) $ 7,147 $ (13,223)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
(Gain) loss on real estate transactions (5,593) 23,400
Depreciation and amortization 8,928 9,668
Provision of bad debts 121 112
Equity in income from unconsolidated joint ventures 24 (1,407)
Distribution of income from unconsolidated joint ventures 0 841
Changes in assets and liabilities:    
Other assets (7,714) (6,398)
Related party receivable (1,110) (1,176)
Accrued interest 257 449
Accounts payable and other liabilities (4,411) 4,593
Net cash (used in) provided by operating activities (2,351) 16,859
Cash Flow From Investing Activities:    
Collection of notes receivable 4,789 5,792
Purchase of short-term investments (55,957) (58,019)
Redemption and/or maturity of short-term investments 64,960 56,415
Development and renovation of real estate (68,151) (30,956)
Deferred leasing costs (444) (130)
Proceeds from sale of assets 5,838 0
Net cash used in investing activities (48,965) (26,898)
Cash Flow From Financing Activities:    
Proceeds from mortgages and other notes payable 54,881 10,708
Payments on mortgages and other notes payable (13,298) (9,614)
Purchase of IOR shares (1,037) (802)
Deferred financing costs 0 (199)
Net cash provided by financing activities 40,546 93
Net decrease in cash, cash equivalents and restricted cash (10,770) (9,946)
Cash, cash equivalents and restricted cash, beginning of period 40,475 79,067
Cash, cash equivalents and restricted cash, end of period $ 29,705 $ 69,121