v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Real estate $ 602,431 $ 557,388
Cash and cash equivalents 14,180 19,918
Restricted cash 15,233 20,557
Short-term investments 74,964 79,800
Notes receivable (including $67,349 and $71,365 at December 31, 2025 and 2024, respectively, from related parties) 142,439 138,349
Investment in unconsolidated joint ventures 1,270 10,246
Receivable from related parties 103,558 97,544
Other assets (including $1,475 and $1,855 at December 31, 2025 and 2024, respectively, from related parties) 143,250 109,000
Total assets 1,097,325 1,032,802
Liabilities:    
Mortgages and other notes payable 214,367 185,398
Accounts payable and other liabilities (including $30 and $601 at December 31, 2025 and 2024, respectively, to related parties) 49,629 32,105
Accrued interest 3,811 3,238
Deferred revenue 9,791 9,791
Total liabilities 277,598 230,532
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 61,039 61,161
Retained earnings 554,402 538,699
Total shareholders’ equity 617,404 601,823
Noncontrolling interest 202,323 200,447
Total equity 819,727 802,270
Total liabilities and equity $ 1,097,325 $ 1,032,802