v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flow From Operating Activities:    
Net (loss) income $ (516) $ 3,963
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Gain on real estate transactions (385) (3,891)
Depreciation and amortization 3,640 2,901
Provision (recovery) of bad debts 90 (25)
Equity in income from unconsolidated joint ventures 0 159
Changes in assets and liabilities:    
Other assets 250 (1,762)
Related party receivable 1,353 (1,439)
Accrued interest 106 51
Accounts payable and other liabilities (3,662) (7,365)
Net cash provided by (used in) operating activities 876 (7,408)
Cash Flow From Investing Activities:    
Collection of notes receivable 2,877 1,664
Purchase of short-term investments (14,064) (16,266)
Redemption and/or maturity of short-term investments 10,360 21,207
Development and renovation of real estate (4,630) (26,445)
Deferred leasing costs (10) (290)
Proceeds from sale of assets 1,031 3,500
Net cash used in investing activities (4,436) (16,630)
Cash Flow From Financing Activities:    
Proceeds from mortgages and other notes payable 1,752 17,131
Payments on mortgages and other notes payable (693) (852)
Purchase of TCI and/or IOR shares (3,889) (679)
Net cash (used in) provided by financing activities (2,830) 15,600
Net decrease in cash, cash equivalents and restricted cash (6,390) (8,438)
Cash, cash equivalents and restricted cash, beginning of period 29,413 40,475
Cash, cash equivalents and restricted cash, end of period 23,023 32,037
Supplemental cash flow information    
Cash paid for interest 2,660 1,587
Cash paid for taxes 0 3,206
Non-cash investing and financing activities:    
Accrued development costs $ 5,665 $ 13,880