Risk Factors Update Summary
- Class A real estate area vulnerability to economic downturn in New York City.
- Management identified material weakness in internal control over financial reporting.
- Unaudited financial statements restated due to management identifying material weakness.
- Cash and cash equivalents decreased from $116.7 million to $92.8 million.
- Impairment charges incurred of $66.6 million during the year ended December 31, 2023.
- Total outstanding indebtedness increased from approximately $394.2 million to $395.7 million.
- Net cash provided by property operations decreased from $62 million to $62 million.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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