RESTRICTED CASH

6 Months Ended

Jun. 30, 2025

Restricted Cash and Investments [Abstract]

Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary. In order to qualify for LKE treatment, the proceeds from real estate sales must be deposited with a third-party intermediary. These proceeds are accounted for as restricted cash until a suitable replacement property is acquired. In the event LKE purchases are not completed, the proceeds are returned to the Company after 180 days and reclassified as available cash. Additionally, restricted cash includes cash balances held in escrow as collateral for certain contractual obligations related to our Heartwood development project as well as cash held in escrow for real estate sales.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Consolidated Balance Sheets that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:


	June 30,	December 31,	June 30,
	2025	2024	2024
Restricted cash, current:
Restricted cash deposited with LKE intermediary	—	$19,366	—
Total restricted cash, current:	—	19,366	—

Restricted cash, non-current:
Restricted cash held in escrow	677	676	677
Total restricted cash, non-current:	677	676	677








Total restricted cash shown in the Consolidated Balance Sheets	677	20,042	677
Cash and cash equivalents	892,256	303,065	120,200
Total cash, cash equivalents and restricted cash from continuing operations shown in the Consolidated Statements of Cash Flows	$892,933	$323,107	$120,877