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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income attributable to common stockholders $ (20,690) $ (20,805) $ 4,333
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 6,471 5,524 4,168
Other non-cash adjustment - paid-in-kind interest 4,651 1,850  
Stock-based compensation expense 553 530 806
Gain on sale of school condominium     (24,196)
Gain on sale of joint venture real estate (4,490)    
Deferred rents receivable (49) (24) (84)
Other non-cash adjustments - pension expense   816 1,015
Unrealized gain on warrants (1,070) (73) (965)
Equity in net (income) loss from unconsolidated joint ventures (804) 555 1,571
Distributions from unconsolidated joint ventures 1,428 885 1,110
Decrease (increase) in operating assets:      
Residential condominium units for sale 15,600 (11,450) (46,473)
Receivables (178) 882 2,392
Prepaid expenses and other assets, net (1,783) (257) 190
Increase (decrease) in operating liabilities:      
Accounts payable and accrued expenses 1,712 1,617 1,285
Pension liability   (1,288) (1,033)
Net cash provided by (used in) operating activities 1,351 (21,238) (55,881)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to real estate (93) (140) (4,279)
Investments in unconsolidated joint ventures     (5,383)
Net proceeds from sale of unconsolidated joint venture 17,418    
Net cash provided by (used in) investing activities 17,325 (140) (9,662)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from loans and corporate credit facility 30,239 249,984 86,361
Proceeds from secured line of credit 500 8,200 5,000
Payment of finance costs   (6,552) (1,497)
Repayment of loans (48,415) (225,547) (23,368)
Repayment of secured line of credit (3,500) (3,200) (2,500)
Settlement of stock awards (290) (370) (695)
Stock buy-back     (359)
Sale of common stock, net   7,639  
Net cash (used in) provided by financing activities (21,466) 30,154 62,942
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (2,790) 8,776 (2,601)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 16,069 18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 22,055 24,845 16,069
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 4,310 6,515 9,196
RESTRICTED CASH, BEGINNING OF PERIOD 20,535 9,554 9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 24,845 16,069 18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD 1,548 4,310 6,515
RESTRICTED CASH, END OF PERIOD 20,507 20,535 9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 22,055 24,845 16,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid during the period for: Interest 12,711 16,042 15,495
Cash paid during the period for: Taxes 381 395 251
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Capitalized amortization of deferred financing costs and warrants 1,572 3,193 2,668
Capitalized stock-based compensation expense 44 122 299
Unrealized loss on pension liability $ (2,283)    
Loan forgiveness   $ 243  
Investment in unconsolidated joint venture     $ 5,193