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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss attributable to common stockholders $ (29,044,000) $ (11,707,000)
Adjustments to reconcile net loss attributable to common stockholders to net cash (used in) provided by operating activities:    
Depreciation and amortization and amortization of deferred finance costs 5,592,000 4,590,000
Other non-cash adjustment - paid-in-kind interest 2,078,000  
Stock-based compensation expense 347,000 407,000
Gain on sale of joint venture real estate (3,065,000) (4,490,000)
Deferred rents receivable (71,000) (9,000)
Other non-cash adjustments - pension expense (44,000) 356,000
Unrealized gain on warrants (70,000) (995,000)
Equity in net loss (income) from unconsolidated joint ventures 4,000 (802,000)
Distributions from unconsolidated joint ventures   1,318,000
Decrease (increase) in operating assets:    
Residential condominium units for sale 19,663,000 17,259,000
Receivables 113,000 6,000
Prepaid expenses and other assets, net (925,000) (2,209,000)
Increase in operating liabilities:    
Accounts payable and accrued expenses 4,397,000 3,104,000
Net cash (used in) provided by operating activities (1,025,000) 6,828,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate (163,000) (93,000)
Net proceeds from sale of unconsolidated joint venture 7,240,000 17,418,000
Net cash provided by investing activities 7,077,000 17,325,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans and corporate credit facility 5,000,000 7,851,000
Proceeds from secured line of credit 2,000,000 500,000
Repayment of loans (20,037,000) (41,886,000)
Repayment of note payable (5,863,000)  
Repayment of secured line of credit   (3,500,000)
Settlement of stock awards (170,000) (291,000)
Settlement of warrants 3,000  
Net cash used in financing activities (19,067,000) (37,326,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (13,015,000) (13,173,000)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 22,055,000 24,845,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 9,040,000 11,672,000
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 1,548,000 4,310,000
RESTRICTED CASH, BEGINNING OF PERIOD 20,507,000 20,535,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 22,055,000 24,845,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 809,000 2,190,000
RESTRICTED CASH, END OF PERIOD 8,231,000 9,482,000
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 9,040,000 11,672,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 10,793,000 9,624,000
Cash paid during the period for: Taxes 242,000 341,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Capitalized amortization of deferred financing costs and warrants 78,000 1,480,000
Capitalized stock-based compensation expense $ 7,000 $ 36,000