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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (68,215) $ (153,536)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity in loss of unconsolidated entities 13,169 3,154
Loss (gain) on sale of interest in unconsolidated entities 1,417 (2,042)
Distributions from unconsolidated entities 4,149 6,998
Gain on sale of real estate, net (20,342) (10,678)
Impairment of real estate assets 18,800 87,536
Share-based compensation 201 1,488
Depreciation and amortization 6,282 13,118
Amortization of deferred financing costs 1,677 0
Amortization of above and below market leases, net 153 189
Straight-line rent adjustment (265) 917
Abandoned project costs 0 5,732
Non-cash lease expense 1,022 619
Change in operating assets and liabilities    
Tenants and other receivables 1,627 5,112
Prepaid expenses, deferred expenses and other assets (715) 911
Accounts payable, accrued expenses and other liabilities 6,137 (13,066)
Net cash used in operating activities (34,903) (53,548)
CASH FLOW FROM INVESTING ACTIVITIES    
Investment in unconsolidated entities (492) (9,255)
Distributions from unconsolidated entities 7,122 7,952
Net proceeds from sale of interests in unconsolidated entities 8,092 0
Net proceeds from sale of real estate 210,068 155,687
Development of real estate (26,322) (27,514)
Net cash provided by investing activities 198,468 126,870
CASH FLOW FROM FINANCING ACTIVITIES    
Repayment of term loan (190,000) (120,000)
Payment of deferred financing costs (4,000) 0
Purchase of shares related to stock grant recipients' tax withholdings (126) (586)
Preferred dividends paid (4,900) (4,900)
Contributions from non-controlling member of consolidated variable interest entities 37 173
Net cash used in financing activities (198,989) (125,313)
Net decrease in cash and cash equivalents, and restricted cash (35,424) (51,991)
Cash and cash equivalents, and restricted cash, beginning of period 97,709 149,700
Cash and cash equivalents, and restricted cash, end of period 62,285 97,709
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents at beginning of period 85,206 134,001
Restricted cash at beginning of period 12,503 15,699
Cash and cash equivalents at end of period 48,088 85,206
Restricted cash at end of period 14,197 12,503
Cash and cash equivalents and restricted cash at end of period 62,285 97,709
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash payments for interest 19,199 25,355
Income taxes paid 0 1,570
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Accounts payable related to development of real estate 232 17,172
Preferred dividends declared and unpaid $ 1,225 $ 1,225