CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Real estate	$ 557,388	$ 501,586
Cash and cash equivalents	19,918	36,740
Restricted cash	20,557	42,327
Short-term investments	79,800	90,448
Notes receivable (including $71,365 and $75,362 at December 31, 2024 and 2023, respectively, from related parties)	138,349	144,142
Investment in unconsolidated joint ventures	10,246	10,060
Receivable from related parties	97,544	96,533
Other assets (including $1,855 and $2,012 at December 31, 2024 and 2023, respectively, from related parties)	109,000	101,648
Total assets	1,032,802	1,023,484
Liabilities:
Mortgages and other notes payable	185,398	182,683
Accounts payable and other liabilities (including $601 and $1,016 at December 31, 2024 and 2023, respectively, to related parties)	32,105	11,866
Accrued interest	3,238	2,633
Deferred revenue	9,791	9,791
Total liabilities	230,532	206,973
Equity:
Preferred stock, Series A, $2.00 par value, 15,000,000 shares authorized, 1,800,614 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	61,161	61,638
Retained earnings	538,699	553,402
Total shareholders’ equity	601,823	617,003
Noncontrolling interest	200,447	199,508
Total equity	802,270	816,511
Total liabilities and equity	$ 1,032,802	$ 1,023,484