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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flow From Operating Activities:    
Net income $ 3,793 $ 4,522
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Gain on sale or write down of assets 0 (188)
Gain on foreign currency transactions 0 (993)
Loss on early extinguishment of debt 0 1,710
Depreciation and amortization 6,351 7,180
Provision of bad debts 69 945
Equity in income from unconsolidated joint ventures (984) (2,712)
Distribution of income from unconsolidated joint ventures 841 0
Changes in assets and liabilities:    
Other assets 146 (8,354)
Related party receivable (4,500) (3,002)
Accrued interest 283 (2,060)
Accounts payable and other liabilities (2,635) (5,503)
Net cash provided by (used in) operating activities 3,364 (8,455)
Cash Flow From Investing Activities:    
Collection of notes receivable 3,005 397
Originations and advances on notes receivable 0 (6,649)
Purchase of short-term investments (40,169) (82,324)
Redemption and/or maturity of short-term investments 49,196 65,139
Development and renovation of real estate (15,022) (6,244)
Deferred leasing costs (27) (197)
Proceeds from sale of assets 0 188
Distribution from unconsolidated joint venture 0 20,916
Net cash used in investing activities (3,017) (8,774)
Cash Flow From Financing Activities:    
Payments on mortgages, other notes and bonds payable (1,715) (134,840)
Debt extinguishment costs 0 (435)
Repurchase of IOR shares (587) 0
Deferred financing costs (52) (16)
Net cash used in financing activities (2,354) (135,291)
Net decrease in cash, cash equivalents and restricted cash (2,007) (152,520)
Cash, cash equivalents and restricted cash, beginning of period 79,067 222,328
Cash, cash equivalents and restricted cash, end of period $ 77,060 $ 69,808