$TPHS

Trinity Place Holdings Inc.

CIK:0000724742|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Rental revenues	$ 798	$ 5,942	$ 5,502
Other income	1,305	177	182
Sales of residential condominium units	1,439	27,483	37,300
Total revenues	3,542	33,602	42,984
Operating Expenses
Property operating expenses	480	3,949	4,180
Real estate taxes	363	2,355	1,697
General and administrative	5,370	6,037	5,754
Pension related costs	97	(231)	548
Cost of sales - residential condominium units	1,437	27,257	35,236
Transaction related costs		206	163
Depreciation and amortization	771	3,739	4,018
Total operating expenses	8,518	43,312	51,596
Operating loss	(4,976)	(9,710)	(8,612)
Gain on contribution to joint venture	20,976
Equity in net (loss) gain from unconsolidated joint ventures	(5,962)	(4)	804
Equity in net gain on sale of unconsolidated joint venture property		3,065	4,490
Unrealized gain on warrants		73	1,070
Interest expense, net	(3,883)	(29,229)	(15,701)
Interest expense - amortization of deferred finance costs	(334)	(3,031)	(2,453)
Income (loss) before taxes	5,821	(38,836)	(20,402)
Tax expense	(218)	(183)	(288)
Net income (loss) attributable to common stockholders	5,603	(39,019)	(20,690)
Other comprehensive income (loss):
Unrealized gain (loss) on pension liability	1,528	1,369	(2,283)
Comprehensive income (loss) attributable to common stockholders	$ 7,131	$ (37,650)	$ (22,973)
Income (loss) per share - basic	$ 0.09	$ (1.02)	$ (0.56)
Income (loss) per share - diluted	$ 0.09	$ (1.02)	$ (0.56)
Weighted average number of common shares - basic	62,636	38,356	37,224
Weighted average number of common shares - diluted	62,636	38,356	37,224

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) attributable to common stockholders	$ 5,603	$ (39,019)	$ (20,690)
Adjustments to reconcile net income (loss) attributable to common stockholders to net cash (used in) provided by operating activities:
Depreciation and amortization and amortization of deferred finance costs	1,105	6,770	6,471
Other non-cash adjustment - paid-in-kind interest	1,466	5,532	4,651
Stock-based compensation expense	740	459	553
Gain on sale of joint venture real estate		(3,065)	(4,490)
Gain on contribution to joint venture	(20,976)
Deferred rents receivable	12	(144)	(49)
Unrealized gain on warrants		(73)	(1,070)
Equity in net loss from unconsolidated joint ventures	5,962	4	(804)
Distributions from unconsolidated joint ventures			1,428
Decrease (increase) in operating assets:
Residential condominium units for sale	2,201	18,523	15,600
Receivables	(199)	(94)	(178)
Prepaid expenses and other assets, net	63	574	(1,783)
(Decrease) increase in operating liabilities:
Accounts payable and accrued expenses	(3,919)	5,059	1,712
Net cash (used in) provided by operating activities	(7,942)	(5,474)	1,351
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(171)	(93)
Transfer of restricted cash	(6,904)
Net proceeds from sale of unconsolidated joint venture		7,240	17,418
Net cash (used in) provided by investing activities	(6,904)	7,069	17,325
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans and corporate credit facility	2,526	5,376	30,239
Proceeds from secured line of credit		2,000	500
Repayment of loans and corporate credit facility		(16,613)	(48,415)
Repayment of note payable		(5,863)
Repayment of secured line of credit			(3,500)
Settlement of stock awards	(15)	(208)	(290)
Settlement of warrants		3
Sale of common stock, net	4,393
Net cash provided by (used in) financing activities	6,904	(15,305)	(21,466)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(7,942)	(13,710)	(2,790)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	8,345	22,055	24,845
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	403	8,345	22,055
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD	264	1,548	4,310
RESTRICTED CASH, BEGINNING OF PERIOD	8,081	20,507	20,535
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	8,345	22,055	24,845
CASH AND CASH EQUIVALENTS, END OF PERIOD	277	264	1,548
RESTRICTED CASH, END OF PERIOD	126	8,081	20,507
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	403	8,345	22,055
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for: Interest	915	11,690	12,711
Cash paid during the period for: Taxes - State	268	223	321
Cash paid during the period for: Taxes - Local	12	19	60
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized amortization of deferred financing costs and warrants		78	1,572
Capitalized stock-based compensation expense		7	44
Unrealized gain (loss) on pension liability	1,528	$ 1,369	$ (2,283)
Transfer of real estate and condominium assets	244,477
Transfer of loans, credit facility and line of credit	(251,325)
Transfer of operating assets and liabilities, net	$ (14,797)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Real estate, net		$ 62,324
Residential condominium units for sale		184,561
Cash and cash equivalents	$ 277	264
Restricted cash	126	8,081
Prepaid expenses and other assets, net	267	2,774
Pension asset	2,802	1,370
Accounts receivable, net	146	356
Deferred rents receivable		307
Right-of-use asset	109	519
Intangible assets, net		6,952
Total assets	3,727	267,508
LIABILITIES
Loans payable, net		194,628
Corporate credit facility, net		40,791
Secured line of credit		11,750
Accounts payable and accrued expenses	454	28,273
Accrued professional fees	954	1,545
Lease liability	118	569
Total liabilities	1,526	277,556
Commitments and Contingencies
STOCKHOLDERS' (DEFICIT) EQUITY
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2024, and December 31, 2023
Common stock, $0.01 par value; 79,999,997 shares authorized; 72,487,481 and 44,965,083 shares issued at December 31, 2024, and December 31, 2023, respectively; 65,314,726 and 38,199,386 shares outstanding at December 31, 2024, and December 31, 2023, respectively	725	450
Additional paid-in capital	150,183	145,301
Treasury stock (7,172,755 and 6,765,697 shares at December 31, 2024, and December 31, 2023, respectively)	(57,676)	(57,637)
Accumulated other comprehensive loss	(729)	(2,257)
Accumulated deficit	(90,302)	(95,905)
Total stockholders' equity (deficit)	2,201	(10,048)
Total liabilities and stockholders' equity (deficit)	3,727	267,508
Blank Check Preferred Stock
STOCKHOLDERS' (DEFICIT) EQUITY
Preferred Stock Value
Preferred Stock
STOCKHOLDERS' (DEFICIT) EQUITY
Preferred Stock Value