Restatement and Revision of Previously Issued Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2022

Restatement and Revision of Previously Issued Consolidated Financial Statements

Schedule of restatement and revisions of previously issued consolidated financial statements

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of December 31, 2020
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	279,204	$	(209,164)	$	70,040
Residential condominium units for sale		—		203,276		203,276
Cash and cash equivalents		6,515		—		6,515
Restricted cash		9,554		—		9,554
Prepaid expenses and other assets, net		2,703		—		2,703
Investments in unconsolidated joint ventures		19,379		—		19,379
Receivables		966		—		966
Deferred rents receivable		90		—		90
Right-of-use asset		1,565		—		1,565
Intangible assets, net		9,172		—		9,172
Total assets	$	329,148	$	(5,888)	$	323,260
LIABILITIES
Loans payable, net	$	197,330	$	—	$	197,330
Corporate credit facility, net		31,858		—		31,858
Secured line of credit, net		7,747		—		7,747
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		15,896		—		15,896
Lease liability		1,716		—		1,716
Warrant liability		830		—		830
Total liabilities		261,240		—		261,240
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at December 31, 2020		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2020		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,345,540 shares issued at December 31, 2020; 32,172,107 shares outstanding at December 31, 2020		383		—		383
Additional paid-in capital		135,978		—		135,978
Treasury stock (6,173,433 shares at December 31, 2020)		(56,791)		—		(56,791)
Accumulated other comprehensive loss		(2,159)		—		(2,159)
Accumulated deficit		(9,503)		(5,888)		(15,391)
Total stockholders' equity		67,908		(5,888)		62,020
Total liabilities and stockholders' equity	$	329,148	$	(5,888)	$	323,260

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except per share amounts)

	For the Year Ended December 31, 2020
	As Previously		Revision
	Reported		Impact		As Revised
Revenues
Rental revenues	$	993	$	570	$	1,563
Other income		263		—		263
Total revenues		1,256		570		1,826
Operating Expenses
Property operating expenses		8,166		954		9,120
Real estate taxes		79		175		254
General and administrative		4,955		262		5,217
Pension related costs		345		—		345
Transaction related costs		133		—		133
Depreciation and amortization		2,768		1,139		3,907
Total operating expenses		16,446		2,530		18,976
Gain on sale of school condominium		24,196		—		24,196
Operating income		9,006		(1,960)		7,046
Equity in net loss from unconsolidated joint ventures		(1,571)		—		(1,571)
Unrealized gain on warrants		965		—		965
Interest expense, net		(1,398)		(142)		(1,540)
Interest expense - amortization of deferred finance costs		(202)		(59)		(261)
Income before taxes		6,800		(2,161)		4,639
Tax expense		(306)		—		(306)
Net income attributable to common stockholders	$	6,494	$	(2,161)	$	4,333
Other comprehensive income:
Unrealized gain on pension liability		1,015		—		1,015
Comprehensive income attributable to common stockholders	$	7,509	$	(2,161)	$	5,348
Income per share - basic	$	0.20	$	(0.07)	$	0.13
Income per share - diluted	$	0.20	$	(0.07)	$	0.13
Weighted average number of common shares - basic		32,305		32,305		32,305
Weighted average number of common shares - diluted		32,860		32,860		32,860

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE YEAR ENDED DECMEBER 31, 2020
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(15,997)	$	(3,174)	$	59,691
Net income attributable to common stockholders	—		—		—	—		—		6,494		—		6,494
Settlement of stock awards	543		5		—	(222)		(701)		—		—		(696)
Unrealized gain on pension liability	—		—		—	—		—		—		1,015		1,015
Stock-based compensation expense	—		—		1,163	—		—		—		—		1,163
Stock-based consulting fees	190		2		598	—		—		—		—		600
Stock buy-back	—		—		—	(220)		(359)		—		—		(359)
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Revision Impact
Balance as of December 31, 2019	—	$	—	$	—	—	$	—	$	(3,727)	$	—	$	(3,727)
Net income attributable to common stockholders	—		—		—	—		—		(2,161)		—		(2,161)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Stock-based consulting fees	—		—		—	—		—		—		—		—
Stock buy-back	—		—		—	—		—		—		—		—
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
As Revised
Balance as of December 31, 2019	37,612	$	376	$	134,217	(5,731)	$	(55,731)	$	(19,724)	$	(3,174)	$	55,964
Net income attributable to common stockholders	—		—		—	—		—		4,333		—		4,333
Settlement of stock awards	543		5		—	(222)		(701)		—		—		(696)
Unrealized gain on pension liability	—		—		—	—		—		—		1,015		1,015
Stock-based compensation expense	—		—		1,163	—		—		—		—		1,163
Stock-based consulting fees	190		2		598	—		—		—		—		600
Stock buy-back	—		—		—	(220)		(359)		—		—		(359)
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year Ended December 31, 2020
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income attributable to common stockholders	$	6,494	$	(2,161)	$	4,333
Adjustments to reconcile net income attributable to common stockholders to net cash used in operating activities:
Depreciation and amortization and amortization of deferred finance costs		2,970		1,198		4,168
Stock-based compensation expense		806		—		806
Gain on sale of school condominium		(24,196)		—		(24,196)
Deferred rents receivable		(84)		—		(84)
Other non-cash adjustments - pension expense		1,015		—		1,015
Unrealized gain on warrants		(965)		—		(965)
Equity in net loss from unconsolidated joint ventures		1,571		—		1,571
Distributions from unconsolidated joint ventures		1,110		—		1,110
Decrease in operating assets:
Residential condominium units for sale		—		(46,473)		(46,473)
Receivables		2,392		—		2,392
Prepaid expenses and other assets, net		190		—		190
(Decrease) increase in operating liabilities:
Accounts payable and accrued expenses		(686)		1,971		1,285
Pension liabilities		(1,033)		—		(1,033)
Net cash used in operating activities		(10,416)		(45,465)		(55,881)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(51,715)		47,436		(4,279)
Deferred real estate deposits of condominiums		1,971		(1,971)		—
Investments in unconsolidated joint ventures		(5,383)		—		(5,383)
Net cash used in investing activities		(55,127)		45,465		(9,662)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		86,361		—		86,361
Proceeds from secured line of credit		5,000		—		5,000
Payment of finance costs		(1,497)		—		(1,497)
Repayment of loans		(23,368)		—		(23,368)
Repayment of secured line of credit		(2,500)		—		(2,500)
Settlement of stock awards		(695)		—		(695)
Stock buy-back		(359)		—		(359)
Net cash provided by financing activities		62,942		—		62,942
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(2,601)		—		(2,601)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		18,670		—		18,670
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	9,196	$	—	$	9,196
RESTRICTED CASH, BEGINNING OF PERIOD		9,474		—		9,474
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	18,670	$	—	$	18,670
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, END OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	16,069	$	—	$	16,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	15,495	$	—	$	15,495
Cash paid during the period for: Taxes	$	251	$	—	$	251
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	10,319	$	(10,319)	$	—
Capitalized amortization of deferred financing costs and warrants	$	2,727	$	(59)	$	2,668
Capitalized stock-based compensation expense	$	356	$	(57)	$	299
Investment in unconsolidated joint venture	$	5,193	$	—	$	5,193

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of March 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	289,294	$	(219,941)	$	69,353
Residential condominium units for sale		—		213,223		213,223
Cash and cash equivalents		5,034		—		5,034
Restricted cash		6,694		—		6,694
Prepaid expenses and other assets, net		3,343		—		3,343
Investments in unconsolidated joint ventures		18,814		—		18,814
Receivables		919		—		919
Deferred rents receivable		102		—		102
Right-of-use asset		1,478		—		1,478
Intangible assets, net		8,987		—		8,987
Total assets	$	334,665	$	(6,718)	$	327,947
LIABILITIES
Loans payable, net	$	207,317	$	—	$	207,317
Corporate credit facility, net		32,104		—		32,104
Secured line of credit, net		8,950		—		8,950
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		14,368		—		14,368
Lease liability		1,626		—		1,626
Warrant liability		3,196		—		3,196
Total liabilities		273,424		—		273,424
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at March 31, 2021		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2021		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,840,508 shares issued at March 31, 2021; 32,442,633 shares outstanding at March 31, 2021		388		—		388
Additional paid-in capital		136,151		—		136,151
Treasury stock (6,397,875 shares at March 31, 2021)		(57,166)		—		(57,166)
Accumulated other comprehensive loss		(2,040)		—		(2,040)
Accumulated deficit		(16,092)		(6,718)		(22,810)
Total stockholders' equity		61,241		(6,718)		54,523
Total liabilities and stockholders' equity	$	334,665	$	(6,718)	$	327,947

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	For the Three Months Ended March 31, 2021
	As Previously		Revision
	Reported		Impact		As Revised
Revenues
Rental revenues	$	299	$	148	$	447
Other income		46		—		46
Total revenues		345		148		493
Operating Expenses
Property operating expenses		1,655		252		1,907
Real estate taxes		20		59		79
General and administrative		1,203		40		1,243
Pension related costs		163		—		163
Depreciation and amortization		715		285		1,000
Total operating expenses		3,756		636		4,392
Operating loss		(3,411)		(488)		(3,899)
Equity in net loss from unconsolidated joint ventures		(372)		—		(372)
Unrealized loss on warrants		(1,977)		—		(1,977)
Interest expense, net		(601)		(274)		(875)
Interest expense - amortization of deferred finance costs		(193)		(68)		(261)
Loss before taxes		(6,554)		(830)		(7,384)
Tax expense		(35)		—		(35)
Net loss attributable to common stockholders	$	(6,589)	$	(830)	$	(7,419)
Other comprehensive loss:
Unrealized gain on pension liability		119		—		119
Comprehensive loss attributable to common stockholders	$	(6,470)	$	(830)	$	(7,300)
Loss per share - basic and diluted	$	(0.20)	$	(0.03)	$	(0.23)
Weighted average number of common shares - basic and diluted		32,591		32,591		32,591

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE THREE MONTHS ENDED MARCH 31, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Net loss attributable to common stockholders	—		—		—	—		—		(6,589)		—		(6,589)
Settlement of stock awards	496		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Stock-based compensation expense	—		—		173	—		—		—		—		173
Balance as of March 31, 2021	38,841	$	388	$	136,151	(6,398)	$	(57,166)	$	(16,092)	$	(2,040)	$	61,241
Revision Impact
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
Net loss attributable to common stockholders	—		—		—	—		—		(830)		—		(830)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of March 31, 2021	—	$	—	$	—	—	$	—	$	(6,718)	$	—	$	(6,718)
As Revised
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020
Net loss attributable to common stockholders	—		—		—	—		—		(7,419)		—		(7,419)
Settlement of stock awards	496		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Stock-based compensation expense	—		—		173	—		—		—		—		173
Balance as of March 31, 2021	38,841	$	388	$	136,151	(6,398)	$	(57,166)	$	(22,810)	$	(2,040)	$	54,523

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Three Months Ended March 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(6,589)	$	(830)	$	(7,419)
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		353		1,261
Stock-based compensation expense		133		—		133
Deferred rents receivable		(12)		—		(12)
Other non-cash adjustments - pension expense		119		—		119
Unrealized loss on warrants		1,977		—		1,977
Equity in net loss from unconsolidated joint ventures		372		—		372
Distributions from unconsolidated joint ventures		194		—		194
(Increase) decrease in operating assets:
Residential condominium units for sale		—		(11,672)		(11,672)
Receivables		47		—		47
Prepaid expenses and other assets, net		(371)		—		(371)
Increase in operating liabilities:
Accounts payable and accrued expenses		1,294		—		1,294
Net cash used in operating activities		(1,928)		(12,149)		(14,077)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(12,202)		12,149		(53)
Net cash used in investing activities		(12,202)		12,149		(53)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		8,980		—		8,980
Proceeds from secured line of credit		1,200		—		1,200
Payment of finance costs		(21)		—		(21)
Settlement of stock awards		(370)		—		(370)
Net cash provided by financing activities		9,789		—		9,789
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(4,341)		—		(4,341)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		16,069		—		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	11,728	$	—	$	11,728
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, BEGINNING OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	5,034	$	—	$	5,034
RESTRICTED CASH, END OF PERIOD		6,694		—		6,694
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	11,728	$	—	$	11,728
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	4,130	$	—	$	4,130
Cash paid during the period for: Taxes	$	46	$	—	$	46
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	7,496	$	(7,496)	$	—
Capitalized amortization of deferred financing costs and warrants	$	760	$	(68)	$	692
Capitalized stock-based compensation expense	$	39	$	(2)	$	37

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of June 30, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	299,814	$	(231,151)	$	68,663
Residential condominium units for sale		—		222,713		222,713
Cash and cash equivalents		2,169		—		2,169
Restricted cash		7,626		—		7,626
Prepaid expenses and other assets, net		2,934		—		2,934
Investments in unconsolidated joint ventures		18,318		—		18,318
Receivables		146		—		146
Deferred rents receivable		106		—		106
Right-of-use asset		1,389		—		1,389
Intangible assets, net		8,802		—		8,802
Total assets	$	341,304	$	(8,438)	$	332,866
LIABILITIES
Loans payable, net	$	215,193	$	—	$	215,193
Corporate credit facility, net		32,351		—		32,351
Secured line of credit, net		8,950		—		8,950
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		17,458		—		17,458
Lease liability		1,536		—		1,536
Warrant liability		3,129		—		3,129
Total liabilities		284,480		—		284,480
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at June 30, 2021		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at June 30, 2021		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 38,853,433 shares issued at June 30, 2021; 32,455,568 shares outstanding at June 30, 2021		389		—		389
Additional paid-in capital		136,329		—		136,329
Treasury stock (6,397,875 shares at June 30, 2021)		(57,166)		—		(57,166)
Accumulated other comprehensive loss		(1,922)		—		(1,922)
Accumulated deficit		(20,806)		(8,438)		(29,244)
Total stockholders' equity		56,824		(8,438)		48,386
Total liabilities and stockholders' equity	$	341,304	$	(8,438)	$	332,866

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	For the Three Months Ended June 30, 2021						For the Six Months Ended June 30, 2021
	As Previously		Restatement				As Previously		Restatement
	Reported		Impact		As Restated		Reported		Impact		As Restated
Revenues
Rental revenues	$	425	$	152	$	577	$	724	$	300	$	1,024
Other income		256		—		256		302		—		302
Total revenues		681		152		833		1,026		300		1,326
Operating Expenses
Property operating expenses		1,463		425		1,888		3,118		677		3,795
Real estate taxes		20		59		79		40		118		158
General and administrative		1,235		152		1,387		2,438		192		2,630
Pension related costs		162		—		162		325		—		325
Depreciation and amortization		715		285		1,000		1,430		570		2,000
Total operating expenses		3,595		921		4,516		7,351		1,557		8,908
Operating loss		(2,914)		(769)		(3,683)		(6,325)		(1,257)		(7,582)
Equity in net loss from unconsolidated joint ventures		(264)		—		(264)		(636)		—		(636)
Unrealized gain (loss) on warrants		67		—		67		(1,910)		—		(1,910)
Interest expense, net		(881)		(891)		(1,772)		(1,482)		(1,165)		(2,647)
Interest expense - amortization of deferred finance costs		(623)		(60)		(683)		(816)		(128)		(944)
Loss before taxes		(4,615)		(1,720)		(6,335)		(11,169)		(2,550)		(13,719)
Tax expense		(99)		—		(99)		(134)		—		(134)
Net loss attributable to common stockholders	$	(4,714)	$	(1,720)	$	(6,434)	$	(11,303)	$	(2,550)	$	(13,853)
Other comprehensive loss:
Unrealized gain on pension liability		118		—		118		237		—		237
Comprehensive loss attributable to common stockholders	$	(4,596)	$	(1,720)	$	(6,316)	$	(11,066)	$	(2,550)	$	(13,616)
Loss per share - basic and diluted	$	(0.14)	$	(0.05)	$	(0.20)	$	(0.35)	$	(0.08)	$	(0.42)
Weighted average number of common shares - basic and diluted		32,694		32,694		32,694		32,643		32,643		32,643

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE THREE MONTHS ENDED JUNE 30, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of March 31, 2021	38,841	$	388	$	136,151	(6,398)	$	(57,166)	$	(16,092)	$	(2,040)	$	61,241
Net loss attributable to common stockholders	—		—		—	—		—		(4,714)		—		(4,714)
Settlement of stock awards	12		1		—	—		—		—		—		1
Unrealized gain on pension liability	—		—		—	—		—		—		118		118
Stock-based compensation expense	—		—		178	—		—		—		—		178
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(20,806)	$	(1,922)	$	56,824
Restatement Impact
Balance as of March 31, 2021	—	$	—	$	—	—	$	—	$	(6,718)	$	—	$	(6,718)
Net loss attributable to common stockholders	—		—		—	—		—		(1,720)		—		(1,720)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of June 30, 2021	—	$	—	$	—	—	$	—	$	(8,438)	$	—	$	(8,438)
As Restated
Balance as of March 31, 2021	38,841	$	388	$	136,151	(6,398)	$	(57,166)	$	(22,810)	$	(2,040)	$	54,523
Net loss attributable to common stockholders	—		—		—	—		—		(6,434)		—		(6,434)
Settlement of stock awards	12		1		—	—		—		—		—		1
Unrealized gain on pension liability	—		—		—	—		—		—		118		118
Stock-based compensation expense	—		—		178	—		—		—		—		178
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(29,244)	$	(1,922)	$	48,386

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE SIX MONTHS ENDED JUNE 30, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Net loss attributable to common stockholders	—		—		—	—		—		(11,303)		—		(11,303)
Settlement of stock awards	508		6		—	(225)		(375)		—		—		(369)
Unrealized gain on pension liability	—		—		—	—		—		—		237		237
Stock-based compensation expense	—		—		351	—		—		—		—		351
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(20,806)	$	(1,922)	$	56,824
Restatement Impact
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
Net loss attributable to common stockholders	—		—		—	—		—		(2,550)		—		(2,550)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of June 30, 2021	—	$	—	$	—	—	$	—	$	(8,438)	$	—	$	(8,438)
As Restated
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020
Net loss attributable to common stockholders	—		—		—	—		—		(13,853)		—		(13,853)
Settlement of stock awards	508		6		—	(225)		(375)		—		—		(369)
Unrealized gain on pension liability	—		—		—	—		—		—		237		237
Stock-based compensation expense	—		—		351	—		—		—		—		351
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(29,244)	$	(1,922)	$	48,386

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Six Months Ended June 30, 2021
	As Previously		Restatement
	Reported		Impact			As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(11,303)	$	(2,550)	$	(13,853)
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		2,246		698		2,944
Stock-based compensation expense		265		—		265
Deferred rents receivable		(16)		—		(16)
Other non-cash adjustments - pension expense		238		—		238
Unrealized loss on warrants		1,910		—		1,910
Equity in net loss from unconsolidated joint ventures		636		—		636
Distributions from unconsolidated joint ventures		425		—		425
Loan forgiveness		(243)		—		(243)
(Increase) decrease in operating assets:
Residential condominium units for sale		—		(19,479)		(19,479)
Receivables		820		—		820
Prepaid expenses and other assets, net		(97)		—		(97)
Increase in operating liabilities:
Accounts payable and accrued expenses		3,559		—		3,559
Net cash used in operating activities		(1,560)		(21,331)		(22,891)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(21,387)		21,331		(56)
Net cash used in investing activities		(21,387)		21,331		(56)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		74,486		—		74,486
Proceeds from secured line of credit		1,200		—		1,200
Payment of finance costs		(2,231)		—		(2,231)
Repayment of loans		(56,413)		—		(56,413)
Settlement of stock awards		(369)		—		(369)
Net cash provided by financing activities		16,673		—		16,673
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(6,274)		—		(6,274)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		16,069		—		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	9,795	$	—	$	9,795
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, BEGINNING OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	2,169	$	—	$	2,169
RESTRICTED CASH, END OF PERIOD		7,626		—		7,626
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	9,795	$	—	$	9,795
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	8,564	$	—	$	8,564
Cash paid during the period for: Taxes	$	49	$	—	$	49
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	8,321	$	(8,321)	$	—
Capitalized amortization of deferred financing costs and warrants	$	1,629	$	(128)	$	1,501
Capitalized stock-based compensation expense	$	85	$	(15)	$	70

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of September 30, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	307,112	$	(239,116)	$	67,996
Residential condominium units for sale		—		228,102		228,102
Cash and cash equivalents		917		—		917
Restricted cash		11,732		—		11,732
Prepaid expenses and other assets, net		3,555		—		3,555
Investments in unconsolidated joint ventures		18,056		—		18,056
Receivables		79		—		79
Deferred rents receivable		110		—		110
Right-of-use asset		1,374		—		1,374
Intangible assets, net		8,617		—		8,617
Total assets	$	351,552	$	(11,014)	$	340,538
LIABILITIES
Loans payable, net	$	223,503	$	—	$	223,503
Corporate credit facility, net		32,597		—		32,597
Secured line of credit, net		11,950		—		11,950
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		18,457		—		18,457
Lease liability		1,516		—		1,516
Warrant liability		1,411		—		1,411
Total liabilities		295,297		—		295,297
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at September 30, 2021		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2021		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 39,016,012 shares issued at September 30, 2021; 32,618,137 shares outstanding at September 30, 2021		390		—		390
Additional paid-in capital		136,672		—		136,672
Treasury stock (6,397,875 shares at September 30, 2021)		(57,166)		—		(57,166)
Accumulated other comprehensive loss		(1,803)		—		(1,803)
Accumulated deficit		(21,838)		(11,014)		(32,852)
Total stockholders' equity		56,255		(11,014)		45,241
Total liabilities and stockholders' equity	$	351,552	$	(11,014)	$	340,538

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	For the Three Months Ended September 30, 2021						For the Nine Months Ended September 30, 2021
	As Previously		Restatement				As Previously		Restatement
	Reported		Impact		As Restated		Reported		Impact		As Restated
Revenues
Rental revenues	$	803	$	164	$	967	$	1,527	$	464	$	1,991
Other income		30		—		30		332		—		332
Sale of residential condominium units		1,450		(22)		1,428		1,450		(22)		1,428
Total revenues		2,283		142		2,425		3,309		442		3,751
Operating Expenses
Property operating expenses		705		192		897		3,823		869		4,692
Real estate taxes		17		254		271		57		372		429
General and administrative		1,217		223		1,440		3,655		415		4,070
Pension related costs		158		—		158		483		—		483
Cost of sale - residential condominium units		1,417		(22)		1,395		1,417		(22)		1,395
Depreciation and amortization		716		285		1,001		2,146		855		3,001
Total operating expenses		4,230		932		5,162		11,581		2,489		14,070
Operating loss		(1,947)		(790)		(2,737)		(8,272)		(2,047)		(10,319)
Equity in net loss from unconsolidated joint ventures		—		—		—		(636)		—		(636)
Unrealized gain (loss) on warrants		1,718		—		1,718		(192)		—		(192)
Interest expense, net		(690)		(1,677)		(2,367)		(2,172)		(2,842)		(5,014)
Interest expense - amortization of deferred finance costs		(160)		(109)		(269)		(976)		(237)		(1,213)
Loss before taxes		(1,079)		(2,576)		(3,655)		(12,248)		(5,126)		(17,374)
Tax benefit (expense)		47		—		47		(87)		—		(87)
Net loss attributable to common stockholders	$	(1,032)	$	(2,576)	$	(3,608)	$	(12,335)	$	(5,126)	$	(17,461)
Other comprehensive loss:
Unrealized gain on pension liability		119		—		119		356		—		356
Comprehensive loss attributable to common stockholders	$	(913)	$	(2,576)	$	(3,489)	$	(11,979)	$	(5,126)	$	(17,105)
Loss per share - basic and diluted	$	(0.03)	$	(0.08)	$	(0.11)	$	(0.38)	$	(0.16)	$	(0.53)
Weighted average number of common shares - basic and diluted		32,756		32,756		32,756		32,681		32,681		32,681

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021
												Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(20,806)	$	(1,922)	$	56,824
Net loss attributable to common stockholders	—		—		—	—		—		(1,032)		—		(1,032)
Settlement of stock awards	13		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Sale of common stock	150		1		165	—		—		—		—		166
Stock-based compensation expense	—		—		178	—		—		—		—		178
Balance as of September 30, 2021	39,016	$	390	$	136,672	(6,398)	$	(57,166)	$	(21,838)	$	(1,803)	$	56,255
Restatement Impact
Balance as of June 30, 2021	—	$	—	$	—	—	$	—	$	(8,438)	$	—	$	(8,438)
Net loss attributable to common stockholders	—		—		—	—		—		(2,576)		—		(2,576)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Sale of common stock	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of September 30, 2021	—	$	—	$	—	—	$	—	$	(11,014)	$	—	$	(11,014)
As Restated
Balance as of June 30, 2021	38,853	$	389	$	136,329	(6,398)	$	(57,166)	$	(29,244)	$	(1,922)	$	48,386
Net loss attributable to common stockholders	—		—		—	—		—		(3,608)		—		(3,608)
Settlement of stock awards	13		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Sale of common stock	150		1		165	—		—		—		—		166
Stock-based compensation expense	—		—		178	—		—		—		—		178
Balance as of September 30, 2021	39,016	$	390	$	136,672	(6,398)	$	(57,166)	$	(32,852)	$	(1,803)	$	45,241

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Net loss attributable to common stockholders	—		—		—	—		—		(12,335)		—		(12,335)
Settlement of stock awards	521		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		356		356
Sale of common stock	150		2		165	—		—		—		—		167
Stock-based compensation expense	—		—		529	—		—		—		—		529
Balance as of September 30, 2021	39,016	$	390	$	136,672	(6,398)	$	(57,166)	$	(21,838)	$	(1,803)	$	56,255
Restatement Impact
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
Net loss attributable to common stockholders	—		—		—	—		—		(5,126)		—		(5,126)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Sale of common stock	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of September 30, 2021	—	$	—	$	—	—	$	—	$	(11,014)	$	—	$	(11,014)
As Restated
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020
Net loss attributable to common stockholders	—		—		—	—		—		(17,461)		—		(17,461)
Settlement of stock awards	521		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		356		356
Sale of common stock	150		2		165	—		—		—		—		167
Stock-based compensation expense	—		—		529	—		—		—		—		529
Balance as of September 30, 2021	39,016	$	390	$	136,672	(6,398)	$	(57,166)	$	(32,852)	$	(1,803)	$	45,241

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Nine Months Ended September 30, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(12,335)	$	(5,126)	$	(17,461)
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		3,122		1,092		4,214
Stock-based compensation expense		399		—		399
Deferred rents receivable		(20)		—		(20)
Other non-cash adjustments - pension expense		356		—		356
Unrealized loss on warrants		192		—		192
Equity in net loss from unconsolidated joint ventures		636		—		636
Distributions from unconsolidated joint ventures		686		—		686
Loan forgiveness		(243)		—		(243)
(Increase) decrease in operating assets:
Residential condominium units for sale		(33)		(25,338)		(25,371)
Receivables		887		—		887
Prepaid expenses and other assets, net		(846)		—		(846)
Increase in operating liabilities:
Accounts payable and accrued expenses		5,775		—		5,775
Net cash used in operating activities		(1,424)		(29,372)		(30,796)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(30,784)		30,700		(84)
Net proceeds from the sale of residential condominium units		1,328		(1,328)		—
Net cash used in investing activities		(29,456)		29,372		(84)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		82,318		—		82,318
Proceeds from secured line of credit		4,200		—		4,200
Payment of finance costs		(2,442)		—		(2,442)
Repayment of loans		(56,413)		—		(56,413)
Settlement of stock awards		(370)		—		(370)
Sale of common stock, net		167		—		167
Net cash provided by financing activities		27,460		—		27,460
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(3,420)		—		(3,420)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		16,069		—		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	12,649	$	—	$	12,649
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, BEGINNING OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	917	$	—	$	917
RESTRICTED CASH, END OF PERIOD		11,732		—		11,732
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	12,649	$	—	$	12,649
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	13,329	$	—	$	13,329
Cash paid during the period for: Taxes	$	189	$	—	$	189
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	7,101	$	(7,101)	$	—
Capitalized amortization of deferred financing costs and warrants	$	2,406	$	(237)	$	2,169
Capitalized stock-based compensation expense	$	130	$	(33)	$	97

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	294,536	$	(227,202)	$	67,334
Residential condominium units for sale, net		—		216,983		216,983
Cash and cash equivalents		4,310		—		4,310
Restricted cash		20,535		—		20,535
Prepaid expenses and other assets, net		4,126		—		4,126
Investments in unconsolidated joint ventures		17,938		—		17,938
Receivables		84		—		84
Deferred rents receivable		114		—		114
Right-of-use asset		1,314		—		1,314
Intangible assets, net		8,432		—		8,432
Total assets	$	351,389	$	(10,219)	$	341,170
LIABILITIES
Loans payable, net	$	219,249	$	—	$	219,249
Corporate credit facility, net		32,844		—		32,844
Secured line of credit, net		12,750		—		12,750
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		17,864		—		17,864
Lease liability		1,447		—		1,447
Warrant liability		1,146		—		1,146
Total liabilities		291,163		—		291,163
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at December 31, 2021		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2021		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,024,424 shares issued at December 31, 2021; 36,626,549 shares outstanding at December 31, 2021		430		—		430
Additional paid-in capital		144,282		—		144,282
Treasury stock (6,397,875 shares at December 31, 2021)		(57,166)		—		(57,166)
Accumulated other comprehensive loss		(1,343)		—		(1,343)
Accumulated deficit		(25,977)		(10,219)		(36,196)
Total stockholders' equity		60,226		(10,219)		50,007
Total liabilities and stockholders' equity	$	351,389	$	(10,219)	$	341,170

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	For the Year Ended December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
Revenues
Rental revenues	$	2,600	$	625	$	3,225
Other income		355		—		355
Sale of residential condominium units		24,802		(1,117)		23,685
Total revenues		27,757		(492)		27,265
Operating Expenses
Property operating expenses		7,414		(1,831)		5,583
Real estate taxes		74		650		724
General and administrative		4,492		641		5,133
Pension related costs		67		—		67
Cost of sale - residential condominium units		24,432		(2,062)		22,370
Depreciation and amortization		2,864		1,139		4,003
Total operating expenses		39,343		(1,463)		37,880
Operating loss		(11,586)		971		(10,615)
Equity in net loss from unconsolidated joint ventures		(555)		—		(555)
Unrealized gain on warrants		73		—		73
Interest expense, net		(3,007)		(4,915)		(7,922)
Interest expense - amortization of deferred finance costs		(1,134)		(387)		(1,521)
Loss before taxes		(16,209)		(4,331)		(20,540)
Tax expense		(265)		—		(265)
Net loss attributable to common stockholders	$	(16,474)	$	(4,331)	$	(20,805)
Other comprehensive loss:
Unrealized gain on pension liability		816		—		816
Comprehensive loss attributable to common stockholders	$	(15,658)	$	(4,331)	$	(19,989)
Loss per share - basic and diluted	$	(0.49)	$	(0.13)	$	(0.62)
Weighted average number of common shares - basic and diluted		33,322		33,322		33,322

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE YEAR ENDED DECEMBER 31, 2021
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(9,503)	$	(2,159)	$	67,908
Net loss attributable to common stockholders	—		—		—	—		—		(16,474)		—		(16,474)
Settlement of stock awards	535		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		816		816
Sale of common stock	4,144		42		7,597	—		—		—		—		7,639
Stock-based compensation expense	—		—		707	—		—		—		—		707
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(25,977)	$	(1,343)	$	60,226
Restatement Impact
Balance as of December 31, 2020	—	$	—	$	—	—	$	—	$	(5,888)	$	—	$	(5,888)
Net loss attributable to common stockholders	—		—		—	—		—		(4,331)		—		(4,331)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Sale of common stock	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of December 31, 2021	—	$	—	$	—	—	$	—	$	(10,219)	$	—	$	(10,219)
As Restated
Balance as of December 31, 2020	38,345	$	383	$	135,978	(6,173)	$	(56,791)	$	(15,391)	$	(2,159)	$	62,020
Net loss attributable to common stockholders	—		—		—	—		—		(20,805)		—		(20,805)
Settlement of stock awards	535		5		—	(225)		(375)		—		—		(370)
Unrealized gain on pension liability	—		—		—	—		—		—		816		816
Sale of common stock	4,144		42		7,597	—		—		—		—		7,639
Stock-based compensation expense	—		—		707	—		—		—		—		707
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(36,196)	$	(1,343)	$	50,007

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year Ended December 31, 2021
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(16,474)	$	(4,331)	$	(20,805)
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		3,998		1,526		5,524
Stock-based compensation expense		530		—		530
Deferred rents receivable		(24)		—		(24)
Other non-cash adjustments - pension expense		816		—		816
Unrealized gain on warrants		(73)		—		(73)
Equity in net loss from unconsolidated joint ventures		555		—		555
Distributions from unconsolidated joint ventures		885		—		885
(Increase) decrease in operating assets:
Residential condominium units for sale		(321)		(11,129)		(11,450)
Receivables		882		—		882
Prepaid expenses and other assets, net		(257)		—		(257)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		3,467		—		3,467
Pension liabilities		(1,288)		—		(1,288)
Net cash used in operating activities		(7,304)		(13,934)		(21,238)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(36,349)		36,209		(140)
Net proceeds from the sale of residential condominium units		22,275		(22,275)		—
Net cash used in investing activities		(14,074)		13,934		(140)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		249,984		—		249,984
Proceeds from secured line of credit		8,200		—		8,200
Payment of finance costs		(6,552)		—		(6,552)
Repayment of loans		(225,547)		—		(225,547)
Repayment of secured line of credit		(3,200)		—		(3,200)
Settlement of stock awards		(370)		—		(370)
Sale of common stock, net		7,639		—		7,639
Net cash provided by financing activities		30,154		—		30,154
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		8,776		—		8,776
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		16,069		—		16,069
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	24,845	$	—	$	24,845
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	6,515	$	—	$	6,515
RESTRICTED CASH, BEGINNING OF PERIOD		9,554		—		9,554
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	16,069	$	—	$	16,069
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	4,310	$	—	$	4,310
RESTRICTED CASH, END OF PERIOD		20,535		—		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	24,845	$	—	$	24,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	16,042	$	—	$	16,042
Cash paid during the period for: Taxes	$	395	$	—	$	395
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	8,805	$	(8,805)	$	—
Capitalized amortization of deferred financing costs and warrants	$	3,580	$	(387)	$	3,193
Capitalized stock-based compensation expense	$	177	$	(55)	$	122
Loan forgiveness	$	243	$	—	$	243

CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	As of March 31, 2022
	As Previously		Restatement
	Reported		Impact		As Restated
ASSETS
Real estate, net	$	294,108	$	(227,403)	$	66,705
Residential condominium units for sale		—		214,591		214,591
Cash and cash equivalents		1,381		—		1,381
Restricted cash		14,232		—		14,232
Prepaid expenses and other assets, net		5,007		—		5,007
Investments in unconsolidated joint ventures		18,517		—		18,517
Receivables		60		—		60
Deferred rents receivable		118		—		118
Right-of-use asset		1,224		—		1,224
Intangible assets, net		8,247		—		8,247
Total assets	$	342,894	$	(12,812)	$	330,082
LIABILITIES
Loans payable, net	$	210,768	$	—	$	210,768
Corporate credit facility, net		33,090		—		33,090
Secured line of credit, net		12,750		—		12,750
Note payable		5,863		—		5,863
Accounts payable and accrued expenses		19,876		—		19,876
Lease liability		1,347		—		1,347
Warrant liability		1,515		—		1,515
Total liabilities		285,209		—		285,209
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued and outstanding		—		—		—
Preferred stock, $0.01 par value; 2 shares authorized, no shares issued and outstanding at March 31, 2022		—		—		—
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at March 31, 2022		—		—		—
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,387,563 shares issued at March 31, 2022; 36,836,146 shares outstanding at March 31, 2022		434		—		434
Additional paid-in capital		144,451		—		144,451
Treasury stock (6,551,447 shares at March 31, 2022)		(57,461)		—		(57,461)
Accumulated other comprehensive loss		(1,224)		—		(1,224)
Accumulated deficit		(28,515)		(12,812)		(41,327)
Total stockholders' equity		57,685		(12,812)		44,873
Total liabilities and stockholders' equity	$	342,894	$	(12,812)	$	330,082

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts)

	For the Three Months Ended March 31, 2022
	As Previously		Restatement
	Reported		Impact		As Restated
Revenues
Rental revenues	$	1,260	$	—	$	1,260
Other income		16		—		16
Sale of residential condominium units		6,278		(209)		6,069
Total revenues		7,554		(209)		7,345
Operating Expenses
Property operating expenses		548		256		804
Real estate taxes		74		316		390
General and administrative		1,139		363		1,502
Pension related costs		158		—		158
Cost of sale - residential condominium units		6,273		(552)		5,721
Depreciation and amortization		1,003		—		1,003
Total operating expenses		9,195		383		9,578
Operating loss		(1,641)		(592)		(2,233)
Equity in net income from unconsolidated joint ventures		746		—		746
Unrealized loss on warrants		(369)		—		(369)
Interest expense, net		(802)		(1,967)		(2,769)
Interest expense - amortization of deferred finance costs		(402)		(34)		(436)
Loss before taxes		(2,468)		(2,593)		(5,061)
Tax expense		(70)		—		(70)
Net loss attributable to common stockholders	$	(2,538)	$	(2,593)	$	(5,131)
Other comprehensive loss:
Unrealized gain on pension liability		119		—		119
Comprehensive loss attributable to common stockholders	$	(2,419)	$	(2,593)	$	(5,012)
Loss per share - basic and diluted	$	(0.07)	$	(0.07)	$	(0.14)
Weighted average number of common shares - basic and diluted		37,104		37,104		37,104

CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY

(In thousands)

FOR THE THREE MONTHS ENDED MARCH 31, 2022
											Accumulated
				Additional							Other
	Common Stock			Paid-In		Treasury Stock			Accumulated		Comprehensive
	Shares	Amount		Capital		Shares	Amount		Deficit		Loss		Total
As Previously Reported
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(25,977)	$	(1,343)	$	60,226
Net loss attributable to common stockholders	—		—		—	—		—		(2,538)		—		(2,538)
Settlement of stock awards	364		4		—	(153)		(295)		—		—		(291)
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Stock-based compensation expense	—		—		169	—		—		—		—		169
Balance as of March 31, 2022	43,388	$	434	$	144,451	(6,551)	$	(57,461)	$	(28,515)	$	(1,224)	$	57,685
Restatement Impact
Balance as of December 31, 2021	—	$	—	$	—	—	$	—	$	(10,219)	$	—	$	(10,219)
Net loss attributable to common stockholders	—		—		—	—		—		(2,593)		—		(2,593)
Settlement of stock awards	—		—		—	—		—		—		—		—
Unrealized gain on pension liability	—		—		—	—		—		—		—		—
Stock-based compensation expense	—		—		—	—		—		—		—		—
Balance as of March 31, 2022	—	$	—	$	—	—	$	—	$	(12,812)	$	—	$	(12,812)
As Restated
Balance as of December 31, 2021	43,024	$	430	$	144,282	(6,398)	$	(57,166)	$	(36,196)	$	(1,343)	$	50,007
	—		—		—	—		—		—		—		—
Net loss attributable to common stockholders	—		—		—	—		—		(5,131)		—		(5,131)
Settlement of stock awards	364		4		—	(153)		(295)		—		—		(291)
Unrealized gain on pension liability	—		—		—	—		—		—		119		119
Stock-based compensation expense	—		—		169	—		—		—		—		169
Balance as of March 31, 2022	43,388	$	434	$	144,451	(6,551)	$	(57,461)	$	(41,327)	$	(1,224)	$	44,873

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Three Months Ended March 31, 2022
	As Previously		Restatement
	Reported		Impact		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss attributable to common stockholders	$	(2,538)	$	(2,593)	$	(5,131)
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		1,405		34		1,439
Stock-based compensation expense		123		—		123
Deferred rents receivable		(4)				(4)
Other non-cash adjustments - pension expense		119		—		119
Unrealized loss on warrants		369		—		369
Equity in net loss from unconsolidated joint ventures		(746)		—		(746)
Distributions from unconsolidated joint ventures		168		—		168
(Increase) decrease in operating assets:
Residential condominium units for sale		(5)		3,553		3,548
Receivables		24		—		24
Prepaid expenses and other assets, net		(1,008)		—		(1,008)
Increase in operating liabilities:
Accounts payable and accrued expenses		1,474		—		1,474
Net cash (used in) provided by operating activities		(619)		994		375
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(4,704)		4,640		(64)
Net proceeds from the sale of residential condominium units		5,634		(5,634)		—
Net cash provided by (used in) investing activities		930		(994)		(64)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility		2,390		—		2,390
Repayment of loans		(11,642)		—		(11,642)
Settlement of stock awards		(291)		—		(291)
Net cash used in financing activities		(9,543)		—		(9,543)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(9,232)		—		(9,232)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		24,845		—		24,845
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	15,613	$	—	$	15,613
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	$	4,310	$	—	$	4,310
RESTRICTED CASH, BEGINNING OF PERIOD		20,535		—		20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$	24,845	$	—	$	24,845
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,381	$	—	$	1,381
RESTRICTED CASH, END OF PERIOD		14,232		—		14,232
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	15,613	$	—	$	15,613
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	$	3,050	$	—	$	3,050
Cash paid during the period for: Taxes	$	66	$	—	$	66
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued development costs included in accounts payable and accrued expenses	$	9,332	$	(9,332)	$	—
Capitalized amortization of deferred financing costs and warrants	$	617	$	(34)	$	583
Capitalized stock-based compensation expense	$	46	$	(28)	$	18