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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2021
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss attributable to common stockholders $ (2,538)     $ (6,924) $ (11,956) $ (13,308) $ (17,752) $ 4,863
Adjustments to reconcile net loss attributable to common stockholders to net cash used in operating activities:                
Depreciation and amortization and amortization of deferred finance costs 1,405     1,193 2,816 3,977 5,137 4,168
Stock-based compensation expense 123     133 265 399 530 806
Gain on sale of school condominium               (24,196)
Gain on sale of residential condominiums, net           (33)    
Gain on sale of residential condominiums, net (5)           (321)  
Deferred rents receivable (4)     (12) (16) (20) (24) (84)
Other non-cash adjustments - pension expense 119     119 238 356 816 1,015
Unrealized loss on warrants 369 $ (1,718) $ (67) 1,977 1,910 192 (73) (965)
Equity in net (income) loss from unconsolidated joint ventures (746)   264 372 636 636 555 1,571
Distributions from unconsolidated joint ventures 168     194 425 686 885 1,110
Loan forgiveness         (243) (243)    
Decrease (increase) in operating assets:                
Receivables 24     47 820 887 882 2,392
Prepaid expenses and other assets, net (1,008)     (371) (97) (846) (257) 190
Increase in operating liabilities:                
Accounts payable and accrued expenses 1,474     1,294 3,559 5,775 3,467 (686)
Pension liabilities             (1,288) (1,033)
Net cash used in operating activities (619)     (1,978) (1,643) (1,542) (7,443) (10,849)
CASH FLOWS FROM INVESTING ACTIVITIES:                
Additions to real estate (4,704)     (12,152) (21,304) (30,666) (36,210) (51,282)
Net proceeds from the sale of residential condominium units 5,634         1,328 22,275  
Deferred real estate deposits of condominiums               1,971
Investments in unconsolidated joint ventures               (5,383)
Net cash provided by (used in) investing activities 930     (12,152) (21,304) (29,338) (13,935) (54,694)
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from loans and corporate credit facility 2,390     8,980 74,486 82,318 249,984 86,361
Proceeds from secured line of credit       1,200 1,200 4,200 8,200 5,000
Payment of finance costs       (21) (2,231) (2,442) (6,552) (1,497)
Repayment of loans (11,642)       (56,413) (56,413) (225,547) (23,368)
Settlement of stock awards (291)     (370) (369) (370) (370) (695)
Stock buy-back               (359)
Sale of common stock, net           167 7,639  
Net cash (used in) provided by financing activities (9,543)     9,789 16,673 27,460 30,154 62,942
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (9,232)     (4,341) (6,274) (3,420) 8,776 (2,601)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 9,795 11,728 16,069 16,069 16,069 16,069 18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 15,613 12,649 9,795 11,728 9,795 12,649 24,845 16,069
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 4,310 2,169 5,034 6,515 6,515 6,515 6,515 9,196
RESTRICTED CASH, BEGINNING OF PERIOD 20,535 7,626 6,694 9,554 9,554 9,554 9,554 9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 9,795 11,728 16,069 16,069 16,069 16,069 18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,381 917 2,169 5,034 2,169 917 4,310 6,515
RESTRICTED CASH, END OF PERIOD 14,232 11,732 7,626 6,694 7,626 11,732 20,535 9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 15,613 $ 12,649 $ 9,795 11,728 9,795 12,649 24,845 16,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:                
Cash paid during the period for: Interest 3,050     4,130 8,564 13,329 16,042 15,495
Cash paid during the period for: Taxes 66     46 49 189 395 251
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:                
Accrued development costs included in accounts payable and accrued expenses 9,332     7,496 8,321 7,101 8,805 10,319
Capitalized amortization of deferred financing costs and warrants 617     760 1,629 2,406 3,580 2,727
Capitalized stock-based compensation expense $ 46     $ 39 $ 85 $ 130 177 356
Loan forgiveness             $ 243  
Investment in unconsolidated joint venture               $ 5,193