XML 26 R4.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Rental revenues $ 5,942 $ 5,502 $ 3,225
Other income 177 182 355
Sales of residential condominium units 27,483 37,300 23,685
Total revenues 33,602 42,984 27,265
Operating Expenses      
Property operating expenses 3,949 4,180 5,583
Real estate taxes 2,355 1,697 724
General and administrative 6,037 5,754 5,133
Pension related costs (231) 548 67
Cost of sales - residential condominium units 27,257 35,236 22,370
Transaction related costs 206 163  
Depreciation and amortization 3,739 4,018 4,003
Total operating expenses 43,312 51,596 37,880
Operating loss (9,710) (8,612) (10,615)
Equity in net (loss) income from unconsolidated joint ventures (4) 804 (555)
Equity in net gain on sale of unconsolidated joint venture property 3,065 4,490  
Unrealized gain on warrants 73 1,070 73
Interest expense, net (29,229) (15,701) (7,922)
Interest expense - amortization of deferred finance costs (3,031) (2,453) (1,521)
Loss before taxes (38,836) (20,402) (20,540)
Tax expense (183) (288) (265)
Net loss attributable to common stockholders (39,019) (20,690) (20,805)
Other comprehensive loss:      
Unrealized gain (loss) on pension liability 1,369 (2,283) 816
Comprehensive loss attributable to common stockholders $ (37,650) $ (22,973) $ (19,989)
Loss per share - basic $ (1.02) $ (0.56) $ (0.62)
Loss per share - diluted $ (1.02) $ (0.56) $ (0.62)
Weighted average number of common shares - basic 38,356 37,224 33,322
Weighted average number of common shares - diluted 38,356 37,224 33,322