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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss attributable to common stockholders $ (11,707) $ (17,461)
Adjustments to reconcile net loss attributable to common stockholders to net cash provided by (used in) operating activities:    
Depreciation and amortization and amortization of deferred finance costs 4,590 4,214
Stock-based compensation expense 407 399
Gain on sale of joint venture real estate (4,490)  
Deferred rents receivable (9) (20)
Other non-cash adjustments - pension expense 356 356
Unrealized (gain) loss on warrants (995) 192
Equity in net (income) loss from unconsolidated joint ventures (802) 636
Distributions from unconsolidated joint ventures 1,318 686
Loan forgiveness   (243)
Decrease (increase) in operating assets:    
Residential condominium units for sale 17,259 (25,371)
Receivables 6 887
Prepaid expenses and other assets, net (2,209) (846)
Increase in operating liabilities:    
Accounts payable and accrued expenses 3,104 5,775
Net cash provided by (used in) operating activities 6,828 (30,796)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate (93) (84)
Proceeds from sale of unconsolidated joint venture 17,418  
Net cash provided by (used in) investing activities 17,325 (84)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans and corporate credit facility 7,851 82,318
Proceeds from secured line of credit 500 4,200
Payment of finance costs   (2,442)
Repayment of loans (41,886) (56,413)
Repayment of secured line of credit (3,500)  
Settlement of stock awards (291) (370)
Sale of common stock, net   167
Net cash (used in) provided by financing activities (37,326) 27,460
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (13,173) (3,420)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 11,672 12,649
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 4,310 6,515
RESTRICTED CASH, BEGINNING OF PERIOD 20,535 9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD 2,190 917
RESTRICTED CASH, END OF PERIOD 9,482 11,732
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 11,672 12,649
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 9,624 13,329
Cash paid during the period for: Taxes 341 189
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Capitalized amortization of deferred financing costs and warrants 1,480 2,169
Capitalized stock-based compensation expense $ 36 $ 97