$TPHS
Trinity Place Holdings Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024008305 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $373.0K $2.357M
YoY Change -94.41% -84.0%
Cost Of Revenue $780.0K
YoY Change -54.91%
Gross Profit $1.577M
YoY Change -87.87%
Gross Profit Margin 66.91%
Selling, General & Admin $1.106M
YoY Change -23.41%
% of Gross Profit 70.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.096M
YoY Change -42.07%
% of Gross Profit 69.5%
Operating Expenses $2.045M $4.215M
YoY Change -78.27% -74.82%
Operating Profit -$1.672M -$1.858M
YoY Change -38.96% -7.65%
Interest Expense -$3.883M
YoY Change -38.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.672M $8.147M
YoY Change -84.62% -233.3%
Income Tax $54.00K $86.00K
% Of Pretax Income 1.06%
Net Earnings -$1.726M $8.061M
YoY Change -84.19% -229.27%
Net Earnings / Revenue -462.73% 342.0%
Basic Earnings Per Share -$0.03 $0.15
Diluted Earnings Per Share -$0.03 $0.16
COMMON SHARES
Basic Shares Outstanding 64.05M 63.79M
Diluted Shares Outstanding 65.59M 52.86M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $285.0K
YoY Change -88.96%
Cash & Equivalents $854.0K $285.0K
Short-Term Investments
Other Short-Term Assets $268.0K
YoY Change -84.65%
Inventory
Prepaid Expenses
Receivables $120.0K
Other Receivables $0.00
Total Short-Term Assets $673.0K
YoY Change -85.9%
LONG-TERM ASSETS
Property, Plant & Equipment $418.0K
YoY Change -99.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.063M
YoY Change -97.6%
Total Long-Term Assets $5.490M
YoY Change -98.07%
TOTAL ASSETS
Total Short-Term Assets $673.0K
Total Long-Term Assets $5.490M
Total Assets $4.467M $6.163M
YoY Change -98.41% -97.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $565.0K
YoY Change -97.34%
Accrued Expenses $2.148M
YoY Change 130.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.713M
YoY Change -87.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $792.0K
YoY Change 19.82%
Total Long-Term Liabilities $792.0K
YoY Change -99.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.713M
Total Long-Term Liabilities $792.0K
Total Liabilities $2.641M $3.505M
YoY Change -99.03% -98.69%
SHAREHOLDERS EQUITY
Retained Earnings -$88.78M -$87.84M
YoY Change 19.9% 39.17%
Common Stock $150.3M $150.3M
YoY Change 3.25% 3.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.826M $2.658M
YoY Change
Total Liabilities & Shareholders Equity $4.467M $6.163M
YoY Change -98.41% -97.87%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$1.726M $8.061M
YoY Change -84.19% -229.27%
Depreciation, Depletion And Amortization $1.096M
YoY Change -42.07%
Cash From Operating Activities -$4.454M
YoY Change -209.06%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$6.904M
YoY Change -195.36%
Cash From Investing Activities -$6.904M
YoY Change -195.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.991M
YoY Change -147.89%
NET CHANGE
Cash From Operating Activities -4.454M
Cash From Investing Activities -6.904M
Cash From Financing Activities 6.991M
Net Change In Cash -4.367M
YoY Change 32.17%
FREE CASH FLOW
Cash From Operating Activities -$4.454M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6991000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14599000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4367000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3304000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8345000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22055000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3978000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18751000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
264000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1548000
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
8081000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
20507000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8345000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22055000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
285000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2582000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
3693000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
16169000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3978000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18751000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
915000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
5015000
CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
117000
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
115000
CY2023Q1 tphs Capitalized Amortization Of Deferred Financing Costs And Lease Commissions
CapitalizedAmortizationOfDeferredFinancingCostsAndLeaseCommissions
78000
CY2023Q1 tphs Capitalized Stock Based Compensation Expense
CapitalizedStockBasedCompensationExpense
2000
CY2024Q1 tphs Transfer Of Real Estate And Condominium Assets Non Cash
TransferOfRealEstateAndCondominiumAssetsNonCash
244477000
CY2024Q1 tphs Transfer Of Loans Credit Facility And Line Of Credit Non Cash
TransferOfLoansCreditFacilityAndLineOfCreditNonCash
251325000
CY2024Q1 tphs Transfer Of Assets And Liabilities Net Non Cash
TransferOfAssetsAndLiabilitiesNetNonCash
14797000
CY2024Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 – Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Overview</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Trinity Place Holdings Inc., which we refer to in these financial statements as “Trinity,” “we,” “our,” or “us”, is a real estate holding, investment, development and asset management company. As part of a series of transactions described below, o<span style="background:#ffffff;">n February 14, 2024, TPHGreenwich Holdings LLC (“TPHGreenwich”), a previously 100% owned subsidiary of ours, became owned </span><span style="background:#ffffff;">95%</span><span style="background:#ffffff;"> by us, with an affiliate of the lender under our corporate credit facility </span>(the “Corporate Credit Facility” or “CCF”) <span style="background:#ffffff;">owning a </span><span style="background:#ffffff;">5%</span><span style="background:#ffffff;"> interest in, and acting as manager of, such entity.  The entity holds our real estate assets (and related liabilities), including (i) the property located at 77 Greenwich Street in Lower Manhattan (“77 Greenwich”), which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school, (ii) a 105-unit, 12-story multi-family property located at 237 11</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup><span style="background:#ffffff;"> Street in Brooklyn, New York (“237 11</span><sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;background:#ffffff;">th</sup><span style="background:#ffffff;">”), and (iii) a property occupied by retail tenants in Paramus, New Jersey (the “Paramus Property”).</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We also control a variety of intellectual property assets focused on the consumer sector, a legacy of our predecessor, Syms Corp. (“Syms”), including FilenesBasement.com, our rights to the Stanley Blacker® brand, as well as the intellectual property associated with the Running of the Brides® event and An Educated Consumer is Our Best Customer® slogan. In addition, we also had approximately $329.3 million of federal net operating losses (“NOLs”) and other tax loss carryforwards at March 31, 2024, as well as approximately $341.3 million of various state and local NOLs and other tax loss carryforwards at March 31, 2024, which can be used to reduce our future taxable income and capital gains. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Recapitalization Transactions </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:2pt 0pt 12pt 0pt;">On February 14, 2024, we consummated the transactions contemplated by the Stock Purchase Agreement, dated as of January 5, 2024 (as amended, the “Stock Purchase Agreement”), between the Company, TPHS Lender LLC, the lender under the Company’s Corporate Credit Facility (the “Company Investor”) and TPHS Investor LLC, an affiliate of the Company Investor (the “JV Investor”, and together with the Company Investor, the “Investor”), pursuant to which (i) the Company Investor purchased 25,112,245 shares of common stock, par value $0.01 per share of the Company (the “Investor Shares”) for a purchase price of $0.30 per share, (ii) the Company and the JV Investor entered into an amended and restated limited liability company operating agreement of TPHGreenwich (the “JV Operating Agreement”), pursuant to which the JV Investor was appointed the initial manager of, and acquired a five percent (5%) interest in, TPHGreenwich, as described in more detail below, and TPHGreenwich continues to own, indirectly, all of the real property assets and liabilities of the Company, and (iii) TPHGreenwich entered into an asset management agreement (the “Asset Management Agreement”) with a newly formed subsidiary of the Company (the “TPH Manager”), pursuant to which TPHGreenwich hired the TPH Manager to act as initial asset manager for TPHGreenwich for an annual management fee, as described in more detail below (collectively, the “Recapitalization Transactions”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the Recapitalization Transactions, the real estate assets and related liabilities as well as the Corporate Credit Facility became part of TPHGreenwich, with the Company retaining the substantial federal, state and local tax NOLs and other tax loss carry forwards, intellectual property and a 95% equity interest in TPHGreenwich. In addition, the maturity date of each of the mortgage loan agreement (the “77G Mortgage Loan”) and mezzanine loan agreement (the “77G Mezzanine Loan”) for 77 Greenwich, both of which were assumed by TPHGreenwich, was extended to October 23, 2025 with an option to extend for an additional year, and the maturity date of the Corporate Credit Facility was extended to June 30, 2026.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;">Joint Venture Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">At the closing of the Recapitalization Transactions, the Company and the JV Investor entered into the JV Operating Agreement, with the Company owning 95% of the ownership interests in TPHGreenwich and the JV Investor owning 5% of the ownership interests in TPHGreenwich. Distributions under the JV Operating Agreement first go to the Investor until the JV Investor has received its initial distribution amount in full (which initial distribution amount is the sum of (v) all amounts due under the CCF and 77G Mezzanine Loan, (w) all amounts due in connection with any additional </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">TPHGreenwich debt financing provided by Investor or its affiliate, (x) Investor’s initial capital contribution, and (y) any additional capital contributions made by Investor), then distributed pro rata pursuant to the members’ respective percentage interests in TPHGreenwich. If TPH Manager is terminated for “Cause” under the Asset Management Agreement, as described below, at the option of Investor, the Company’s right to distributions from TPHGreenwich will be forfeited and any distribution that would otherwise have been made to the Company will instead be distributed to the JV Investor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">JV Investor, in its capacity as manager of TPHGreenwich, will manage, control and conduct the affairs of TPHGreenwich, subject only to certain major decisions set forth in the JV Operating Agreement. Major decisions are (1) entering into any transaction with or for the benefit of Investor or its affiliate, other than any transaction involving Investor or its affiliate providing debt and/or equity to the Company as set forth in the JV Operating Agreement or any arms-length transaction, (2) any amendment or modification of the JV Operating Agreement or any operating agreement of a subsidiary company of TPHGreenwich, or any other agreement with the Company or a subsidiary company of TPHGreenwich if such amendment would materially adversely affect the rights or obligations of the Company in a manner that is disproportionate to the JV Investor, (3) any tax or accounting matter decision relating to net operating losses that would be materially adverse to the Company but not the JV Investor, and (4) the admission of any other member to TPHGreenwich or its subsidiary except as permitted under the JV Operating Agreement.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Under the JV Operating Agreement, the Company will retain oversight of the Paramus Property and will have the sole and exclusive right to manage and make decisions regarding the Paramus Property, subject to (i) the Company Investor’s right to approve any purchase and sale agreement for the Paramus Property that may be entered into in accordance with the terms and conditions of the Stock Purchase Agreement; (ii) the JV Investor’s right to approve any material modifications of such purchase and sale agreement for the Paramus Property, and (iii) the JV Investor’s right to approve any dissolution of the owner of the Paramus Property.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Company’s liability under any cause of action arising from or in connection with the JV Operating Agreement is limited to its interest in TPHGreenwich, other than with respect to certain Company guaranty liabilities related to (a) any loss or expense incurred by the JV Investor under any non-recourse carveout guaranty or environmental indemnity to a third-party lender, or (b) indemnification and reimbursement from the Company if the JV Investor makes a payment to a third party lender pursuant to a guaranty (other than a non-recourse carve out guaranty or environmental indemnity), in each case, to the extent such loss, expense or payment was caused solely by, or required solely as a result of, the acts or omissions of the Company or the TPH Manager without the prior written consent of the JV Investor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;">Asset Management Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">At the closing of the Recapitalization Transactions, the TPH Manager entered into the Asset Management Agreement with TPHGreenwich. The Asset Management Agreement provides that the TPH Manager agrees to provide certain services in connection with the construction (with respect to 77 Greenwich), management, operation, supervision and maintenance of 77 Greenwich and 237 11th. To compensate TPH Manager for such services, TPHGreenwich will pay an annual management fee to TPH Manager equal to the greater of (x) $400,000 or (y) 1.25% of (i) the outstanding principal balance of the CCF plus (ii) the outstanding principal balance of the 77G Mezzanine Loan, plus (iii) the principal balance of any future fundings of any type under the CCF and/or 77G Mezzanine Loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Asset Management Agreement will continue until the earlier to occur of (a) both consummation of a sale, transfer, conveyance or other disposition of 77 Greenwich and 237 11<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> and the final resolution of the 237 11<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> litigation, or (b) the earlier termination of the Asset Management Agreement pursuant to its terms. TPHGreenwich has the right to terminate the Asset Management Agreement at any time with or without cause, provided that if the TPH Manager is terminated without cause prior to the 18-month anniversary of the Asset Management Agreement, the TPH Manager will be entitled to a termination payment equal to 75 days’ payment of the management fee, based on the average fee paid to the TPH Manager during the immediately prior 12 months. After the 18-month anniversary of the Asset Management Agreement, the TPH Manager will also have the right to terminate the Asset Management Agreement in its sole and absolute discretion, upon not less than 75 days’ prior written notice to TPHGreenwich. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">As described above, if TPH Manager is terminated for “Cause” under the Asset Management Agreement, at the option of Investor, the Company’s right to distributions from TPHGreenwich will be forfeited and any distribution that would otherwise have been made to the Company will instead be distributed to the JV Investor. The term “Cause” means (a) the Company ceasing to be a member under the JV Operating Agreement, (b) TPH Manager transfers its rights or obligations under the Asset Management Agreement in violation of the terms therein, (c) TPH Manager files or consents to a petition </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">in bankruptcy, (d) TPH Manager, any Key Manager Employee (defined below) or any affiliate is convicted of fraud or is determined by a court of competent jurisdiction pursuant to a final judgment to have committed an act of fraud, (e) any misappropriation, gross negligence or willful misconduct by TPH Manager, any Key Manager Employee or any affiliate of the foregoing (which is curable one time during the term of the Asset Management Agreement if committed by a non-senior level employee), (f) any of the Company, TPH Manager or any Key Manager Employee is convicted of a felony crime or crime of moral turpitude, (g) any representation or warranty made by TPH Manager under the Asset Management Agreement is untrue in any material respect and remains uncured after notice from TPHGreenwich, (h) a material breach by TPH Manager of the terms of the Asset Management Agreement (other than as set forth above in this definition) which breach has a material adverse effect on TPHGreenwich and remains uncured after notice from TPHGreenwich, or (i) the breach or failure to comply by TPHGreenwich or any subsidiary with any loan documents (other than, in the case of loan documents in which an affiliate of JV Investor is a lender, with respect to any key person provisions relating to Mr. Messinger, our chief executive officer, or a replacement) in the event such breach or failure is caused by the actions of TPH Manager, Key Manager Employee or any affiliate and continues after the giving of any required notice and the expiration of any applicable cure period under such loan documents, and which is not the subject of a forbearance or waiver from such lender. Under the Asset Management Agreement, “Key Manager Employee” means Mr. Messinger or a replacement officer or employee of TPH Manager with reasonably equivalent skills and abilities (as determined by the JV Investor on behalf of TPHGreenwich in its reasonable discretion). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">In the event Mr. Messinger fails to be involved in the day-to-day operations of the TPH Manager pursuant to the Asset Management Agreement, TPHGreenwich agrees its sole and exclusive remedy will be to terminate TPH Manager without cause on 30 days’ notice.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">On April 26, 2024, the Company and Mr. Messinger entered into an amendment (the “Amendment”) to Mr. Messinger’s employment agreement, as amended (the “Employment Agreement”), and TPHGreenwich and Mr. Messinger entered into a consulting agreement (the “Consulting Agreement”). Under the Amendment, the parties agreed among other things that the Company will make certain payments to Mr. Messinger in exchange for Mr. Messinger’s agreement to continue his employment as chief executive officer of the Company until July 31, 2024, unless extended by the parties (the “Termination Date”).  Upon the Termination Date, the Consulting Agreement will automatically become effective, unless the Employment Agreement is otherwise terminated in accordance with its terms. Under the Consulting Agreement, Mr. Messinger has agreed to provide certain consulting services as an independent contractor to TPHGreenwich related to the properties owned by TPHGreenwich, in exchange for certain consulting payments. The Consulting Agreement will remain in effect until June 1, 2026, unless sooner terminated in accordance with its terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Management’s Plans and Objectives</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Following the Recapitalization Transactions, our primary business is owning over $600 million of federal, and various state and local NOLs and other tax loss carryforwards and a variety of intellectual property assets focused on the consumer sector, as well as a 95% interest in TPHGreenwich and acting as asset manager for the properties owned by TPHGreenwich.  With the Company now unencumbered by its real estate and related liabilities, we continue to focus on exploring a range of strategic and financing alternatives to maximize stockholder value and to engage with parties that have expressed interest in the Company’s attributes and assets and may see the Company as a potential vehicle for growth, with potential opportunities to recapitalize the Company at a lower cost of capital.  The Company has engaged Houlihan Lokey and Ackman-Ziff to act as advisors (the “Advisors”) in connection with our strategic review process and to assist us in identifying and evaluating potential alternatives, including among others securing an equity and/or debt financing of the Company, refinancing of existing debt, and/or a sale or merger or reverse merger of the Company. T<span style="background:#ffffff;">here is no assurance that we will be successful in consummating any such strategic transaction on terms or a timeframe acceptable to us or at all. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2024Q1 tphs Asset Management Annual Management Fee
AssetManagementAnnualManagementFee
400000
CY2024Q1 tphs Asset Management Agreement Minimum Percentage Of Annual Management On Borrowings
AssetManagementAgreementMinimumPercentageOfAnnualManagementOnBorrowings
0.0125
CY2024Q1 tphs Asset Management Agreement Term Of Agreement Within Which Manager Is Terminated Without Prior Cause To Determine Termination Of Agreement
AssetManagementAgreementTermOfAgreementWithinWhichManagerIsTerminatedWithoutPriorCauseToDetermineTerminationOfAgreement
P18M
CY2024Q1 tphs Asset Management Agreement Termination Payment Number Of Days Of Management Fee
AssetManagementAgreementTerminationPaymentNumberOfDaysOfManagementFee
P75D
CY2024Q1 tphs Asset Management Agreement Average Fee Payment Term To Determine Payments Of Termination Management Fee
AssetManagementAgreementAverageFeePaymentTermToDeterminePaymentsOfTerminationManagementFee
P12M
CY2024Q1 tphs Asset Management Agreement Term After Agreement In Which Manager Has Right To Terminate Agreement
AssetManagementAgreementTermAfterAgreementInWhichManagerHasRightToTerminateAgreement
P18M
CY2024Q1 tphs Asset Management Agreement Minimum Prior Written Notice Period For Termination Of Agreement By Manager
AssetManagementAgreementMinimumPriorWrittenNoticePeriodForTerminationOfAgreementByManager
P75D
CY2024Q1 tphs Asset Management Agreement Notice Period To Terminate Manager Without Cause
AssetManagementAgreementNoticePeriodToTerminateManagerWithoutCause
P30D
CY2024Q1 tphs Minimum Amount Of Federal And Various State And Local Net Operating Losses And Variety Of Intellectual Property Assets Focused On Consumer Sector Owned
MinimumAmountOfFederalAndVariousStateAndLocalNetOperatingLossesAndVarietyOfIntellectualPropertyAssetsFocusedOnConsumerSectorOwned
600000000
CY2024Q1 tphs Gain On Contribution To Joint Venture
GainOnContributionToJointVenture
21000000.0
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 10pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">c.    <i style="font-style:italic;">Use of Estimates</i> - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.</p>
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 10pt 18pt;">e.    <i style="font-style:italic;">Concentrations of Credit Risk</i> - Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. We hold substantially all of our cash and cash equivalents in banks. Such cash balances at times exceed federally insured limits.</p>
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
51141000
CY2023Q4 us-gaap Tenant Improvements
TenantImprovements
296000
CY2023Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
943000
CY2023Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
28847000
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
81227000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
18903000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
62324000
CY2024Q1 us-gaap Depreciation
Depreciation
207000
CY2023Q1 us-gaap Depreciation
Depreciation
690000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11100000
CY2023 tphs Intangible Assets Accumulated Amortization
IntangibleAssetsAccumulatedAmortization
4100000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
91000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
185000
CY2024Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
268000
CY2023Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1268000
CY2023Q4 tphs Deferred Finance Costs
DeferredFinanceCosts
2184000
CY2024Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
118000
CY2023Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
1793000
CY2024Q1 tphs Prepaid Expense And Other Assets Gross
PrepaidExpenseAndOtherAssetsGross
386000
CY2023Q4 tphs Prepaid Expense And Other Assets Gross
PrepaidExpenseAndOtherAssetsGross
5245000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
109000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2471000
CY2024Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
277000
CY2023Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
2774000
CY2024Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
3883000
CY2023Q1 us-gaap Interest Costs Incurred
InterestCostsIncurred
7017000
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
689000
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3883000
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-6328000
CY2023Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
14200000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
118000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
118000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
469000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
353000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
116000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
469000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
458000
CY2024Q1 tphs Federal Net Operating Loss Carryforwards Utilized To Date
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20100000
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
87600000
CY2024Q1 tphs Capital Stock Shares Authorized
CapitalStockSharesAuthorized
120000000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
79999997
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
1
CY2024Q1 tphs Excess Stock Par Or Stated Value Per Share
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0.01
CY2024Q1 us-gaap Common Stock Shares Issued
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70736447
CY2023Q4 us-gaap Common Stock Shares Issued
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44965083
CY2024Q1 us-gaap Common Stock Shares Outstanding
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63793850
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38199386
CY2019Q4 us-gaap Warrants And Rights Outstanding Term
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P10Y
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7179000
CY2024Q1 tphs Special Stock Shares Authorized
SpecialStockSharesAuthorized
1
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2041643
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1057824
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
2000000
CY2024Q1 tphs Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Deferred
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesDeferred
432954
CY2024Q1 tphs Share Based Compensation Arrangement By Share Based Payment Award Deferred Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredWeightedAverageGrantDateFairValue
0.11
CY2023 tphs Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Deferred
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesDeferred
380484
CY2023 tphs Share Based Compensation Arrangement By Share Based Payment Award Deferred Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredWeightedAverageGrantDateFairValue
0.50
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
948168
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2041643
CY2024Q1 tphs Deferred Compensation Arrangement With Individual Shares Outstanding
DeferredCompensationArrangementWithIndividualSharesOutstanding
1250568
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-008305.txt Edgar Link pending
0001558370-24-008305-xbrl.zip Edgar Link pending
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tphs-20240331.xsd Edgar Link pending
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