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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flow From Operating Activities:    
Net income $ 4,781 $ 2,757
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Gain on sale or write down of assets (3,891) 0
Depreciation and amortization 2,901 3,185
(Recovery) provision for bad debts (25) 29
Equity in income from unconsolidated joint venture 0 (435)
Changes in assets and liabilities:    
Other assets (1,603) 1,288
Related party receivable (2,265) (1,007)
Interest payable 95 142
Accounts payable and other liabilities (7,419) (2,090)
Net cash (used in) provided by operating activities (7,426) 3,869
Cash Flow From Investing Activities:    
Collection of notes receivable 1,664 3,005
Purchase of short-term investments (16,266) (17,399)
Redemption and/or maturity of short-term investments 21,207 31,694
Development and renovation of real estate (26,445) (5,726)
Deferred leasing costs (290) 0
Proceeds from sale of assets 3,500 0
Net cash (used in) provided by investing activities (16,630) 11,574
Cash Flow From Financing Activities:    
Proceeds from mortgages and other notes payable 17,131 0
Payments on mortgages, other notes and bonds payable (852) (858)
Repurchase of IOR shares (679) (587)
Deferred financing costs 0 (11)
Net cash provided by (used in) financing activities 15,600 (1,456)
Net (decrease) increase in cash, cash equivalents and restricted cash (8,456) 13,987
Cash, cash equivalents and restricted cash, beginning of period 40,472 79,027
Cash, cash equivalents and restricted cash, end of period $ 32,016 $ 93,014