v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flow From Operating Activities:    
Net (loss) income $ (1,761) $ 6,827
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Gain on real estate transactions (1,199) (4,838)
Depreciation and amortization 7,371 5,979
Provision (recovery) of bad debts 184 (47)
Equity in income from unconsolidated joint ventures (412) 140
Changes in assets and liabilities:    
Other assets (3,373) (5,440)
Related party receivable (747) (4,512)
Accrued interest 486 112
Accounts payable and other liabilities (2,070) (8,545)
Net cash used in operating activities (1,521) (10,324)
Cash Flow From Investing Activities:    
Collection of notes receivable 2,877 1,664
Purchase of short-term investments (29,005) (17,308)
Redemption and/or maturity of short-term investments 30,531 39,060
Development and renovation of real estate (11,548) (53,376)
Deferred leasing costs (30) (339)
Proceeds from sale of assets 2,064 4,868
Net cash used in investing activities (5,111) (25,431)
Cash Flow From Financing Activities:    
Proceeds from mortgages and other notes payable 5,047 43,027
Payments on mortgages and other notes payable (1,393) (12,508)
Purchase of TCI and/or IOR shares (4,312) (1,025)
Deferred financing costs (37) 0
Net cash (used in) provided by financing activities (695) 29,494
Net decrease in cash, cash equivalents and restricted cash (7,327) (6,261)
Cash, cash equivalents and restricted cash, beginning of period 29,413 40,475
Cash, cash equivalents and restricted cash, end of period 22,086 34,214
Supplemental cash flow information    
Cash paid for interest 4,877 3,122
Cash paid for taxes 230 166
Non-cash investing and financing activities:    
Accrued development costs $ 4,012 $ 13,738