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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss attributable to common stockholders $ (2,179) $ (7,889) $ (2,021)
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:      
Depreciation and amortization 2,977 2,463 544
Amortization of deferred finance costs 0 532 255
Write-off of costs relating to demolished asset 0 0 1,585
Stock-based compensation expense 905 1,269 1,225
Gain on sale of real estate (9,521) 0 (3,853)
Deferred rents receivable 578 (36) (5)
Other non-cash adjustments - pension expense 1,992 0 0
Equity in net loss from unconsolidated joint venture 819 728 1,057
Distribution from unconsolidated joint venture 33 280 419
Decrease (Increase) in operating assets:      
Receivables 1,577 4 (3,197)
Prepaid expenses and other assets, net 278 286 (2,456)
Increase (decrease) in operating liabilities:      
Accounts payable and accrued expenses 1,649 975 212
Pension liabilities (2,705) (1,283) (1,277)
Net cash used in operating activities (3,597) (2,671) (7,512)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of real estate 0 81,960 0
Additions to real estate (91,847) (58,909) (16,788)
Deferred real estate deposits 33,609 49,247 0
Net proceeds from the sale of real estate 18,812 0 15,232
Investment in unconsolidated joint venture 0 0 (70)
Net cash used in investing activities (39,426) (91,622) (1,626)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from loans and line of credit 62,725 87,037 32,302
Payment of finance costs (1,531) (1,820) (5,328)
Repayment of loan and secured line of credit 12,557 0 40,000
Settlement of stock awards (772) (1,088) (2,574)
Stock buy-back (197) 0 0
Proceeds from sale of common stock, net 0 0 40,561
Net cash provided by financing activities 47,668 84,129 24,961
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 4,645 (10,164) 15,823
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 14,025 24,189 8,366
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 18,670 14,025 24,189
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 11,496 15,273 4,678
RESTRICTED CASH, BEGINNING OF PERIOD 2,529 8,916 3,688
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 14,025 24,189 8,366
CASH AND CASH EQUIVALENTS, END OF PERIOD 9,196 11,496 15,273
RESTRICTED CASH, END OF PERIOD 9,474 2,529 8,916
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 18,670 14,025 24,189
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for: Interest 12,631 6,969 2,467
Cash paid during the period for: Taxes 352 268 135
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Accrued development costs included in accounts payable and accrued expenses 12,698 16,574 10,175
Capitalized amortization of deferred financing costs and lease commissions 2,737 1,986 487
Capitalized stock-based compensation expense 480 665 1,645
Right-of-use asset (1,904) 0 0
Lease liabilities (2,065) 0 0
Warrant liability $ (1,795) $ 0 $ 0