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 $ (696) $ 5,105
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Gain on sale or write down of assets (1,199) (4,838)
Depreciation and amortization 7,371 5,979
Provision (recovery) for bad debts 184 (47)
Changes in assets and liabilities:    
Other assets (3,362) (5,885)
Related party receivable (6,191) (6,443)
Interest payable 486 156
Accounts payable and other liabilities (1,960) (4,367)
Net cash used in operating activities (5,367) (10,340)
Cash Flow From Investing Activities:    
Collection of notes receivable 2,799 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 (5,189) (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 IOR shares (425) (1,025)
Deferred financing costs (37) 0
Net cash provided by financing activities 3,192 29,494
Net decrease in cash, cash equivalents and restricted cash (7,364) (6,277)
Cash, cash equivalents and restricted cash, beginning of period 29,304 40,472
Cash, cash equivalents and restricted cash, end of period 21,940 34,195
Supplemental cash flow information    
Cash paid for interest 4,812 3,000
Cash paid for taxes 178 166
Non-cash investing and financing activities:    
Accrued development costs $ 4,012 $ 13,738