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Trinity Place (TPHS)

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
Subsidiaries
470 4th Avenue Fee Owner LLC • 470 4th Avenue Owner LLC • Filene’s Basement, LLC • TPH 223 N 8th Investor LLC • TPH 250 N 10 Investor LLC • TPH 470 4th Avenue Investor LLC • TPH Forest Hill LLC • TPH IP LLC • TPH Merrick LLC • TPH Route 17 LLC ...
IRS number
222465228

TPHS stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 15.61M 15.61M 15.61M 15.61M 15.61M 15.61M
Cash burn (monthly) 3.08M (no burn) 822.67K 1.16M 206.33K 507K
Cash used (since last report) 13.55M n/a 3.62M 5.11M 908.76K 2.23M
Cash remaining 2.06M n/a 11.99M 10.5M 14.7M 13.38M
Runway (months of cash) 0.7 n/a 14.6 9.0 71.3 26.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jul 22 Minieri Joanne Common Stock Grant Acquire A No No 0 8,867 0 187,287
1 Jul 22 Pattiz Keith M Common Stock Grant Acquire A No No 0 23,638 0 198,041
1 Jul 22 Matina Alexander C Common Stock Grant Acquire A No No 0 9,610 0 99,078
1 Jul 22 Citrin Jeffrey B Common Stock Grant Acquire A No No 0 23,514 0 300,600
1 Jul 22 Cohen Alan Common Stock Grant Acquire A No No 0 8,290 0 65,665
81.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 32 20 +60.0%
Opened positions 12 2 +500.0%
Closed positions 0 11 EXIT
Increased positions 4 8 -50.0%
Reduced positions 9 9
13F shares Current Prev Q Change
Total value 2.84B 2.75B +3.3%
Total shares 29.93M 19.58M +52.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Price Michael F 8.81M $16.75M NEW
MFP Investors 8.81M $19.21M 0.0%
Third Avenue Management 6.51M $12.38M 0.0%
Kahn Brothers 1.46M $2.78B -0.6%
Vanguard 1.09M $2.08M NEW
Oppenheimer & Close 613.01K $1.16M +5.1%
O'Keefe Stevens Advisory 476.93K $906K -3.0%
TETAA Teton Advisors 470K $893K -1.0%
Bulldog Investors 250.04K $475K +13.1%
BLK Blackrock 243.99K $464K -0.2%
Largest transactions Shares Bought/sold Change
Price Michael F 8.81M +8.81M NEW
Vanguard 1.09M +1.09M NEW
Bridgeway Capital Management 150.2K +150.2K NEW
CIBC World Markets 133.36K +133.36K NEW
STT State Street 44.08K +44.08K NEW
First Manhattan 36.63K +36.63K NEW
Charles Schwab Investment Management 31.76K +31.76K NEW
Oppenheimer & Close 613.01K +29.53K +5.1%
Bulldog Investors 250.04K +28.9K +13.1%
Asio Capital 24.5K +24.5K NEW

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 completion of the development of and the sale of condominiums at 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 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.
  • Stockholders may experience dilution of their ownership interests upon the issuance of additional shares of our common stock or securities convertible into shares of our common stock.
  • 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 increased by approximately $1.6 million to $2.6 million for the year ended December 31, 2021 from $1.0 million for the year ended December 31, 2020. This consisted of an increase in rent revenues of approximately $1.6 million to $2.5 million for the year ended December 31, 2021 from $911,000 for the year ended December 31, 2020, partially offset by a decrease in tenant reimbursements of approximately $26,000 to $56,000 for the year ended December 31, 2021 from $82,000 for the year ended December 31, 2020. The increase in total revenues and its related components was due to higher occupancy, higher face rents and less rent concessions at 237 11th during the year ended December 31, 2021 compared to the year ended December 31, 2020 due to the progress made in remediating the construction related defects.  

Content analysis

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