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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss attributable to common stockholders $ (6,589) $ (3,253)
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 908 601
Stock-based compensation expense 133 194
Deferred rents receivable (12) (15)
Other non-cash adjustments - pension expense 119 112
Unrealized loss (gain) on warrants 1,977 (1,200)
Equity in net loss from unconsolidated joint ventures 372 991
Distribution from unconsolidated joint ventures 194 305
Decrease (increase) in operating assets:    
Receivables 47 (5)
Prepaid expenses and other assets, net (371) 324
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 1,294 (2,378)
Pension liabilities 0 (109)
Net cash used in operating activities (1,928) (4,433)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate (12,202) (18,244)
Deferred real estate deposits of condominiums 0 3,508
Investments in unconsolidated joint ventures 0 (5,382)
Net cash used in investing activities (12,202) (20,118)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans and corporate credit facility 8,980 47,925
Proceeds from secured line of credit 1,200 0
Payment of finance costs (21) (77)
Repayment of loan 0 (15,368)
Settlement of stock awards (370) (644)
Stock buy-back 0 (134)
Net cash provided by financing activities 9,789 31,702
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (4,341) 7,151
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 11,728 25,821
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD 6,515 9,196
RESTRICTED CASH, BEGINNING OF PERIOD 9,554 9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 16,069 18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD 5,034 11,192
RESTRICTED CASH, END OF PERIOD 6,694 14,629
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 11,728 25,821
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for: Interest 4,130 3,813
Cash paid during the period for: Taxes 46 63
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Accrued development costs included in accounts payable and accrued expenses 7,496 8,905
Capitalized amortization of deferred financing costs and warrants 760 968
Capitalized stock-based compensation expense 39 86
Investment in unconsolidated joint venture $ 0 $ 5,193