RESTRICTED CASH

12 Months Ended

Dec. 31, 2025

Restricted Cash and Investments [Abstract]

Restricted cash includes cash deposited with a like-kind exchange (“LKE”) intermediary and cash held in escrow. 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 for the two years ended December 31:


	2025	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	495	676

Total restricted cash, non-current:	495	676

Total restricted cash shown in the Consolidated Balance Sheets	495	20,042

Cash and cash equivalents	842,944	303,065
Total cash, cash equivalents and restricted cash from continuing operations shown in the Consolidated Statements of Cash Flows	$843,439	$323,107