CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets
Real estate	$ 605,862	$ 557,388
Cash and cash equivalents	15,465	19,918
Restricted cash	18,749	20,557
Short-term investments	58,048	79,800
Notes receivable (including $69,966 and $71,365 at June 30, 2025 and December 31, 2024, respectively, from related parties)	136,684	138,349
Investment in unconsolidated joint ventures	10,107	10,246
Receivable from related party	102,056	97,544
Other assets (including $1,761 and $1,855 at June 30, 2025 and December 31, 2024, respectively, from related parties)	139,322	109,000
Total assets	1,086,293	1,032,802
Liabilities:
Mortgages and other notes payable	215,951	185,398
Accounts payable and other liabilities (including $29 and $601 at June 30, 2025 and December 31, 2024, respectively, from related parties)	49,129	32,105
Accrued interest	3,350	3,238
Deferred revenue	9,791	9,791
Total liabilities	278,221	230,532
Shareholders' 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	61,317	61,161
Retained earnings	544,491	538,699
Total shareholders' equity	607,771	601,823
Noncontrolling interests	200,301	200,447
Total equity	808,072	802,270
Total liabilities and equity	$ 1,086,293	$ 1,032,802