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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flow From Operating Activities:      
Net income $ 7,250 $ 469,004 $ 10,077
Adjustments to reconcile net income to net cash used in operating activities:      
Loss (gain) on sale, remeasurement or write down of assets 1,891 (89,196) (23,352)
(Gain) loss income on foreign currency transactions (993) (20,067) 6,175
Loss on early extinguishment of debt 1,710 2,805 1,451
Depreciation and amortization 14,571 13,111 15,029
Provision (recovery) for bad debts 1,593 140 (1,017)
Equity in income from unconsolidated joint venture (1,060) (468,086) (14,531)
Distribution of income from unconsolidated joint ventures 0 2,600 3,157
Changes in assets and liabilities, net of acquisitions and dispositions:      
Other assets (10,596) 5,763 (12,928)
Related party receivables (11,801) (7,327) 12,572
Accrued interest payable (1,719) (1,169) (2,909)
Accounts payable and other liabilities (31,919) 47,028 (4,710)
Net cash used in operating activities (31,073) (45,394) (10,986)
Cash Flow From Investing Activities:      
Collection of notes receivable 1,967 3,027 17,674
Originations and advances on notes receivable (6,500) (2,305) (4,968)
Purchase of short-term investments (91,007) (277,641) (16,000)
Redemption of short-term investments 120,346 175,250 0
Development and renovation of real estate (18,462) (18,686) (8,070)
Deferred leasing costs (1,128) (1,163) (877)
Proceeds from sale of assets 188 44,591 105,547
Contribution to unconsolidated joint venture 0 0 (411)
Distributions from unconsolidated joint venture 21,409 384,284 7,430
Net cash provided by investing activities 26,813 307,357 100,325
Cash Flow From Financing Activities:      
Proceeds from mortgages and other notes payable 0 0 20,015
Payments on mortgages, other notes and bonds payable (137,657) (111,022) (118,900)
Repurchase IOR shares (908) 0 0
Debt extinguishment costs (435) (1,355) (4,086)
Deferred financing costs (20) 0 (614)
Net cash used in financing activities (139,020) (112,377) (103,585)
Net (decrease) increase in cash, cash equivalents and restricted cash (143,280) 149,586 (14,246)
Cash, cash equivalents and restricted cash, beginning of year 222,307 72,721 86,967
Cash, cash equivalents and restricted cash, end of year $ 79,027 $ 222,307 $ 72,721