v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flow From Operating Activities:      
Net income (loss) $ 18,539 $ (13,439) $ 5,251
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:      
(Gain) loss on real estate transactions (19,988) 23,989 1,923
Gain on foreign currency transactions 0 0 (993)
Loss on early debt extinguishment 284 0 1,710
Depreciation and amortization 12,634 12,533 14,571
Provision for doubtful accounts 104 166 1,593
Equity in income from unconsolidated joint ventures (119) (1,449) (3,242)
Distribution of income from unconsolidated joint ventures 0 1,263 0
Changes in assets and liabilities, net of acquisitions and dispositions:      
Other assets (10,055) (6,872) (10,273)
Related party receivables (6,014) (1,011) (11,081)
Accrued interest payable 573 605 (1,719)
Accounts payable and other liabilities (1,511) (14,696) (28,794)
Net cash (used in) provided by operating activities (5,553) 1,089 (31,054)
Cash Flow From Investing Activities:      
Collection of notes receivable 8,594 5,792 1,967
Originations and advances on notes receivable 0 0 (6,500)
Purchase of short-term investments (84,569) (59,097) (91,007)
Redemption of short-terms investments 89,405 69,745 120,346
Development and renovation of real estate (79,492) (57,933) (18,462)
Deferred leasing costs (519) (1,189) (1,128)
Proceeds from sale of assets 34,796 1,342 188
Contribution to unconsolidated joint venture (1,270) 0 0
Distributions from unconsolidated joint ventures 0 0 21,409
Net cash (used in) provided by investing activities (33,055) (41,340) 26,813
Cash Flow From Financing Activities:      
Proceeds from mortgages and other notes payable 63,782 15,112 0
Payments on mortgages, other notes and bonds payable (35,154) (12,452) (137,657)
Purchase IOR shares (1,082) (802) (908)
Debt extinguishment costs 0 0 (435)
Deferred financing costs 0 (199) (20)
Net cash provided by (used in) financing activities 27,546 1,659 (139,020)
Net decrease in cash and cash equivalents (11,062) (38,592) (143,261)
Cash and cash equivalents, beginning of year 40,475 79,067 222,328
Cash and cash equivalents, end of year $ 29,413 $ 40,475 $ 79,067