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TPHS Trinity Place

Trinity Place Holdings Inc. is a real estate holding, investment, development and asset management company. The Company's largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is under development as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through joint ventures, a 50% interest in a newly built 95-unit multi-family property known as The Berkley, located at 223 North 8th Street, Brooklyn and a 10% interest in a newly built 234-unit multi-family property located one block from The Berkley at 250 North 10th Street also in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $232.0 million of federal net operating loss carry forwards at December 31, 2020, which can be used to reduce its future taxable income and capital gains.

Company profile

Ticker
TPHS
Exchange
CEO
Matthew Messinger
Employees
Incorporated
Location
Fiscal year end
Former names
SYMS CORP, Trinity Place Holdings Inc
SEC CIK
IRS number
222465228

TPHS stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 May 21
28 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 11.73M 11.73M 11.73M 11.73M 11.73M 11.73M
Cash burn (monthly) 1.45M 1.17M 2.18M (positive/no burn) 642.67K 659.25K
Cash used (since last report) 5.66M 4.59M 8.55M n/a 2.51M 2.58M
Cash remaining 6.07M 7.13M 3.18M n/a 9.21M 9.15M
Runway (months of cash) 4.2 6.1 1.5 n/a 14.3 13.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 21 Cohen Alan Common Stock Grant Aquire A No No 0 3,968 0 34,147
1 Jul 21 Matina Alexander C Common Stock Grant Aquire A No No 0 4,600 0 68,633
1 Jul 21 Citrin Jeffrey B Common Stock Grant Aquire A No No 0 11,255 0 188,562
1 Jul 21 Minieri Joanne Common Stock Grant Aquire A No No 0 4,244 0 152,475
1 Jul 21 Pattiz Keith M Common Stock Grant Aquire A No No 0 11,315 0 133,140

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

53.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 31 29 +6.9%
Opened positions 2 2
Closed positions 0 4 EXIT
Increased positions 10 7 +42.9%
Reduced positions 11 11
13F shares
Current Prev Q Change
Total value 2.85B 1.71B +67.1%
Total shares 17.43M 17.36M +0.4%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Price Michael F 6.71M $14.02M 0.0%
Third Avenue Management 6.08M $12.71M +0.0%
Kahn Brothers 1.36M $2.82B +0.9%
TETAA Teton Advisors 525K $1.1M -1.5%
O'Keefe Stevens Advisory 520.11K $1.08M -0.3%
Vanguard 352.13K $736K +4.4%
Dimensional Fund Advisors 303.81K $635K -2.3%
Bulldog Investors 222.1K $464K 0.0%
Gabelli Funds 222K $464K +6.7%
BLK Blackrock 212.5K $444K +6.4%
Largest transactions
Shares Bought/sold Change
Renaissance Technologies 98.38K +47.2K +92.2%
Citadel Advisors 35.97K +35.97K NEW
LPLA LPL Financial 111K -33.3K -23.1%
Millennium Management 70.79K -15.41K -17.9%
Vanguard 352.13K +14.98K +4.4%
Gabelli Funds 222K +14K +6.7%
BLK Blackrock 212.5K +12.85K +6.4%
Kahn Brothers 1.36M +12.55K +0.9%
CIBC World Markets 116K -9.98K -7.9%
TETAA Teton Advisors 525K -8K -1.5%

Financial report summary

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Risks
  • We have not generated an operating profit and consequently our business plan is difficult to evaluate and our long-term viability cannot be assured.
  • We have limited cash resources, generate minimal revenues from operations, and are reliant on external sources of capital to fund ongoing operations.
  • A significant part of our current business plan is focused on the development of 77 Greenwich, and an inability to execute this business plan due to adverse trends in the New York City residential condominium market or otherwise could have a material adverse effect on our financial condition and results of operations.
  • We are subject to leverage at both our parent company and our subsidiaries and face risks generally associated with our debt, including an increased risk of default on our obligations and an increase in debt service requirements that could adversely affect our financial condition and results of operations.
  • Covenants in our loan agreements could limit our flexibility and adversely affect our financial condition.
  • Investment returns from 77 Greenwich and other properties we may acquire and/or develop may be less than anticipated.
  • Our investment in property development for 77 Greenwich and other properties may be more costly than anticipated.
  • Our revenues and the value of our portfolio are affected by a number of factors that affect investments in leased commercial and residential real estate generally.
  • We may be unable to lease vacant space, renew our current leases, or re-lease space as our current leases expire.
  • We may acquire properties subject to known and unknown liabilities and with limited or no recourse to the seller.
  • Multi-family residential properties may be subject to rent stabilization regulations, which limit our ability to raise rents above specified maximum amounts and could give rise to claims by tenants that their rents exceed such specified maximum amounts.
  • Competition for new acquisitions and investments may reduce the number of opportunities available to us and increase the costs of those acquisitions and investments.
  • We face risks associated with acquisitions of and investments in new properties.
  • We are subject to the risks associated with joint ventures.
  • The potential phasing out of LIBOR after 2021 may affect our financial results.
  • We may not receive or be able to maintain certain tax benefits if we are not in compliance with certain requirements of the NYC Department of Housing Preservation and Development.
  • Our ability to develop or redevelop our properties and enter into new leases with tenants will depend on our obtaining certain permits, site plan approvals and other governmental approvals from local municipalities, which we may not be able to obtain on a timely basis or at all.
  • We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to lease and/or sell real estate.
  • Compliance or failure to comply with the Americans with Disabilities Act (“ADA”) or other safety regulations and requirements could result in substantial costs.
  • The loss of key personnel upon whom we depend to operate our business or the inability to attract additional qualified personnel could adversely affect our business.
  • Our ability to utilize our NOLs to reduce future tax payments may be limited as a result of future transactions.
  • Political and economic uncertainty, and developments related to outbreaks of contagious diseases, including COVID-19, could have an adverse effect on us.
  • Breaches of information technology systems could materially harm our business and reputation.
  • Our common stock is thinly traded and the price of our common stock has fluctuated significantly.
  • A decline in the price of our common stock, including as a result of a sale of a substantial number of shares of our common stock, may impair our ability to raise capital in the future.
  • More than 50% of our shares of common stock are currently controlled by four of our stockholders who may have the ability to influence the election of directors and the outcome of matters submitted to our stockholders.
  • The holder of our special stock and one of our lenders each have the right to appoint a member to our board of directors and, consequently, the ability to exert influence over us.
  • In order to protect our ability to utilize our NOLs and certain other tax attributes, our certificate of incorporation includes certain transfer restrictions with respect to our stock, which may limit the liquidity of our common stock.
  • We have not paid dividends on our common stock in the past and do not expect to pay dividends on our common stock for the foreseeable future. Any return on investment may be limited to the value of our common stock.
  • Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Our certificate of incorporation designates the Court of Chancery in the State of Delaware as the exclusive forum for certain actions or proceedings that may be initiated by our stockholders, which could discourage claims or limit stockholders’ ability to make a claim against the Company, our directors, officers, and employees.
Management Discussion
  • Rental revenues in total decreased by approximately $3.1 million to $993,000 for the year ended December 31, 2020 from $4.1 million for the year ended December 31, 2019. This consisted of a decrease in rent revenues by approximately $2.7 million to $911,000 for the year ended December 31, 2020 from $3.6 million for the year ended December 31, 2019, as well as a decrease in tenant reimbursements by approximately $397,000 to $82,000 for the year ended December 31, 2020 from $479,000 for the year ended December 31, 2019. The decrease in total revenues and its related components was partially due to the sale of the West Palm Beach, Florida property (approximately $1.2 million) in November 2019 as well as lower occupancy, lower face rents and increased rent concessions at 237 11th due to certain construction related defects that are being repaired.
Content analysis
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