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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) attributable to common stockholders $ 7,127 $ (17,156)
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash (used in) provided by operating activities:    
Depreciation and amortization and amortization of deferred finance costs 1,100 3,828
Other non-cash adjustment - paid-in-kind interest 1,466 (231)
Stock-based compensation expense 133 233
Gain on sale of joint venture real estate   (3,065)
Gain on contribution to joint venture (20,976)  
Deferred rents receivable 12 (48)
Other non-cash adjustments - pension expense 240 237
Unrealized gain on warrants   (56)
Equity in net loss from unconsolidated joint ventures 5,962 4
Decrease (increase) in operating assets:    
Residential condominium units for sale 2,201 10,386
Receivables (178) 91
Prepaid expenses and other assets, net 176 1,641
(Decrease) increase in operating liabilities:    
Accounts payable and accrued expenses (3,108) 5,956
Net cash (used in) provided by operating activities (5,845) 1,820
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate   (43)
Transfer of restricted cash (6,904)  
Net proceeds from sale of unconsolidated joint venture   7,240
Net cash (used in) provided by investing activities (6,904) 7,197
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans and corporate credit facility 2,526 3,000
Proceeds from secured line of credit   2,000
Repayment of loans and corporate credit facility   (14,626)
Repayment of note payable   (5,863)
Settlement of stock awards (18) (171)
Transfer of restricted cash   3
Sale of common stock, net 4,393  
Net cash provided by (used in) financing activities 6,901 (15,657)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (5,848) (6,640)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 8,345 22,055
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,497 15,415
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 264 1,548
RESTRICTED CASH, BEGINNING OF PERIOD 8,081 20,507
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 8,345 22,055
CASH AND CASH EQUIVALENTS, END OF PERIOD 854 4,395
RESTRICTED CASH, END OF PERIOD 1,643 11,020
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,497 15,415
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 915 8,870
Cash paid during the period for: Taxes 117 120
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Capitalized amortization of deferred financing costs and warrants   78
Capitalized stock-based compensation expense   $ 7
Transfer of real estate and condominium assets 244,477  
Transfer of loans, credit facility and line of credit (251,325)  
Transfer of operating assets and liabilities, net $ (14,797)