Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 15, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Trinity Place Holdings Inc. | ||
Entity Central Index Key | 724,742 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 151,304,000 | ||
Trading Symbol | TPHS | ||
Entity Common Stock, Shares Outstanding | 29,343,441 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Real estate, net | $ 60,384 | $ 42,638 |
Cash and cash equivalents | 4,678 | 38,173 |
Restricted cash | 3,688 | 3,600 |
Investment in unconsolidated joint venture | 13,939 | 0 |
Receivables, net | 220 | 31 |
Deferred rents receivable | 543 | 200 |
Prepaid expenses and other assets, net | 2,149 | 1,929 |
Total assets | 85,601 | 86,571 |
LIABILITIES | ||
Loans payable, net | 48,705 | 39,615 |
Accounts payable and accrued expenses | 2,935 | 3,284 |
Pension liabilities | 5,936 | 6,500 |
Liability related to stock-based compensation | 0 | 5,140 |
Obligation to former Majority Shareholder | 0 | 7,066 |
Total liabilities | 57,576 | 61,605 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | 0 | 0 |
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2016 and December 31, 2015 | 0 | 0 |
Common stock, $0.01 par value; 79,999,997 shares authorized; 30,679,566 and 29,978,471 shares issued at December 31, 2016 and December 31, 2015, respectively; 25,663,820 and 25,240,878 shares outstanding at December 31, 2016 and December 31, 2015, respectively | 307 | 300 |
Additional paid-in capital | 87,521 | 74,455 |
Treasury stock (5,015,746 and 4,737,593 shares at December 31, 2016 and December 31, 2015, respectively) | (51,086) | (49,114) |
Accumulated other comprehensive loss | (3,161) | (2,337) |
(Accumulated deficit) retained earnings | (5,556) | 1,662 |
Total stockholders' equity | 28,025 | 24,966 |
Total liabilities and stockholders' equity | 85,601 | 86,571 |
Blank Check Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 2 | 2 |
Preferred Stock, Shares Issued | 0 | 2 |
Preferred Stock, Shares Outstanding | 0 | 2 |
Special Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Special Stock, Shares Authorized | 1 | 1 |
Special Stock, Shares Issued | 1 | 1 |
Special Stock, Shares Outstanding | 1 | 1 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 79,999,997 | 79,999,997 |
Common Stock, Shares, Issued | 30,679,566 | 29,978,471 |
Common Stock, Shares, Outstanding | 25,663,820 | 25,240,878 |
Treasury Stock, Shares | 5,015,746 | 4,737,593 |
Blank Check Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended |
Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Revenues | |||
Rental revenues | $ 33 | $ 659 | $ 1,315 |
Tenant reimbursements | 10 | 182 | 541 |
Total revenues | 43 | 841 | 1,856 |
Operating Expenses | |||
Property operating expenses | 14 | 576 | 624 |
Real estate taxes | 12 | 165 | 275 |
General and administrative | 181 | 4,296 | 5,912 |
Professional fees | 121 | 2,237 | 1,523 |
Transaction related costs | 0 | 0 | 243 |
Depreciation and amortization | 18 | 309 | 457 |
Total operating expenses | 346 | 7,583 | 9,034 |
Operating loss | (303) | (6,742) | (7,178) |
Equity in net loss from unconsolidated joint venture | 0 | 0 | (308) |
Interest income (expense), net | (40) | (246) | 42 |
Amortization of deferred finance costs | (17) | (63) | (98) |
Reduction of claims liability | 0 | 557 | 132 |
Loss before taxes | (360) | (6,494) | (7,410) |
Tax expense | 2 | 67 | 26 |
Net loss available to common stockholders | (362) | (6,561) | (7,436) |
Other comprehensive loss: | |||
Unrealized loss on pension liability | 0 | (861) | (824) |
Comprehensive loss available to common stockholders | $ (362) | $ (7,422) | $ (8,260) |
Loss per share - basic and diluted | $ (0.02) | $ (0.32) | $ (0.29) |
Weighted average number of common shares - basic and diluted | 20,016 | 20,518 | 25,439 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS $ in Thousands | 11 Months Ended |
Feb. 09, 2015USD ($) | |
Adjustments relating to the change from the liquidation basis of accounting to the going concern basis of accounting: | |
Stockholders' equity (going concern basis) - February 10, 2015 | $ 5,285 |
Liquidation Basis of Accounting [Member] | |
Net assets (liquidation basis) as of March 1, 2014 available to common stockholders | 88,482 |
Adjustment to fair value of assets and liabilities | 35,922 |
Adjustment to accrued costs of liquidation | 4,841 |
Subtotal | 40,763 |
Net assets (liquidation basis) as of February 9, 2015 available to common stockholders | 129,245 |
Going Concern Basis Of Accounting [Member] | |
Adjustments relating to the change from the liquidation basis of accounting to the going concern basis of accounting: | |
Adjustment of real estate and other assets from fair value to historical cost | (122,769) |
Adjustments to catch up depreciation, amortization and other charges | (4,559) |
Reversal of previously accrued liquidation costs net of accrued liabilities | 3,368 |
Net adjustments relating to the change from the liquidation basis of accounting to the going concern basis of accounting | (123,960) |
Stockholders' equity (going concern basis) - February 10, 2015 | $ 5,285 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Feb. 09, 2015 | $ 5,285 | $ 245 | $ 45,097 | $ (47,166) | $ 8,585 | $ (1,476) |
Balance (in shares) at Feb. 09, 2015 | 24,473 | (4,457) | ||||
Net loss available to common stockholders | (362) | $ 0 | 0 | $ 0 | (362) | 0 |
Stock-based compensation expense | 278 | 0 | 278 | 0 | 0 | 0 |
Balance at Feb. 28, 2015 | 5,201 | $ 245 | 45,375 | $ (47,166) | 8,223 | (1,476) |
Balance (in shares) at Feb. 28, 2015 | 24,473 | (4,457) | ||||
Net loss available to common stockholders | (6,561) | $ 0 | 0 | $ 0 | (6,561) | 0 |
Stock-based compensation expense | 528 | 0 | 528 | 0 | 0 | 0 |
Sale of common stock, net | 29,558 | $ 50 | 29,508 | $ 0 | 0 | 0 |
Sale of common stock, net (in shares) | 5,000 | 0 | ||||
Settlement of stock awards | (1,943) | $ 5 | 0 | $ (1,948) | 0 | 0 |
Settlement of stock awards (in shares) | 506 | (281) | ||||
Reclassification of stock-based compensation to liability | (2,516) | $ 0 | (2,516) | $ 0 | 0 | 0 |
Reclassification of liability related to stock-based compensation to equity | 1,560 | 0 | 1,560 | 0 | 0 | 0 |
Unrealized loss on pension liability | (861) | 0 | 0 | 0 | 0 | (861) |
Balance at Dec. 31, 2015 | 24,966 | $ 300 | 74,455 | $ (49,114) | 1,662 | (2,337) |
Balance (in shares) at Dec. 31, 2015 | 29,979 | (4,738) | ||||
Net loss available to common stockholders | (7,436) | $ 0 | 0 | $ 0 | (7,436) | 0 |
Stock-based compensation expense | 7,806 | 0 | 7,806 | 0 | 0 | 0 |
Sale of common stock, net | 880 | $ 1 | 879 | $ 0 | 0 | 0 |
Sale of common stock, net (in shares) | 120 | 0 | ||||
Settlement of stock awards | (1,966) | $ 6 | 0 | $ (1,972) | 0 | 0 |
Settlement of stock awards (in shares) | 581 | (278) | ||||
Unrealized loss on pension liability | (824) | $ 0 | 0 | $ 0 | 0 | (824) |
Balance at Dec. 31, 2016 | 28,025 | $ 307 | 87,521 | $ (51,086) | (5,556) | (3,161) |
Balance (in shares) at Dec. 31, 2016 | 30,680 | (5,016) | ||||
Cumulative change in accounting principle (Note 2) | $ 4,599 | $ 0 | $ 4,381 | $ 0 | $ 218 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss available to common stockholders | $ (6,561) | $ (7,436) |
Adjustments to reconcile net loss available to common stockholders to net cash used in operating activities: | ||
Depreciation and amortization | 309 | 457 |
Amortization of deferred finance costs | 63 | 98 |
Stock-based compensation expense | 1,446 | 2,782 |
Deferred rents receivable | (200) | (343) |
Reduction of claims liability | (230) | (135) |
Equity in net loss from unconsolidated joint venture | 0 | 308 |
Distribution of cumulative earnings from unconsolidated joint venture | 0 | 39 |
(Increase) decrease in operating assets: | ||
Restricted cash, net | 17,978 | (88) |
Receivables, net | 59 | (189) |
Prepaid expenses and other assets, net | (517) | (472) |
Decrease in operating liabilities: | ||
Accounts payable and accrued expenses | (1,943) | (1,544) |
Pension liabilities | (1,241) | (1,388) |
Obligation to former Majority Shareholder | 0 | (6,931) |
Other liabilities, primarily lease settlement liabilities | (16,197) | 0 |
Net cash used in operating activities | (7,034) | (14,842) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to real estate | (6,278) | (11,928) |
Investment in unconsolidated joint venture | 0 | (14,286) |
Net cash used in investing activities | (6,278) | (26,214) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan, net | 0 | 8,647 |
Settlement of stock awards | (1,943) | (1,966) |
Proceeds from sale of common stock, net | 29,558 | 880 |
Net cash provided by financing activities | 27,615 | 7,561 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 14,303 | (33,495) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 23,870 | 38,173 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 38,173 | 4,678 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for: Interest | 1,483 | 2,073 |
Cash paid during the period for: Taxes | 67 | 38 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Adjustment to retained earnings for capitalized stock-based compensation expense | 0 | (541) |
Accrued development costs included in accounts payable and accrued expenses | 1,866 | 1,195 |
Capitalized amortization of deferred financing costs | 228 | 345 |
Stock Compensation Plan [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Adjustment of liability related to stock-based compensation | 5,140 | (5,140) |
Real Estate [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Capitalized stock-based compensation expense | $ 3,266 | $ 5,024 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | General Business Plan Trinity Place Holdings Inc. (“Trinity,” “we”, “our”, or “us”) is a real estate holding, investment and asset management company. Our business is primarily to own, invest in, manage, develop or redevelop real estate assets and/or real estate related securities. Currently, our largest asset is a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan . 77 Greenwich is being demolished and plans for 50 In addition, we 230.2 Trinity is the successor to Syms Corp. (“Syms”), which also owned Filene’s Basement. Syms and its subsidiaries filed for relief under the United States Bankruptcy Code in 2011. In September 2012, the Syms Plan of Reorganization became effective and Syms and its subsidiaries consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act. On or about March 8, 2016, a General Unsecured Claim Satisfaction occurred under the Plan. On March 14, 2016, we made the final Majority Shareholder payment (as defined in the Plan) to the former Majority Shareholder in the amount of approximately $ 6.9 satisfied We have also explored and continue to explore monetizing our intellectual property assets, including our rights to the Stanley Blacker® brand, and the intellectual property associated with the Running of the Brides® event and An Educated Consumer is Our Best Customer® slogan. In September 2015, we launched our on-line marketplace at FilenesBasement.com. Change in Basis of Accounting In response to the Chapter 11 filing, we adopted the liquidation basis of accounting effective October 30, 2011. Under the liquidation basis of accounting, assets are stated at their net realizable value, liabilities are stated at their net settlement amount and estimated costs over the period of liquidation are accrued to the extent reasonably determinable. Effective February 9, 2015, the closing date of the 77 Greenwich loan transaction described in Note 10 - Loans Payable, we ceased reporting on the liquidation basis of accounting in light of our available cash resources, the estimated range of outstanding payments on unresolved claims, and our ability to operate as a going concern. We resumed reporting on the going concern basis of accounting on February 10, 2015 which resulted in all remaining assets and liabilities at that date being adjusted to their historic carrying values reduced by depreciation and/or amortization calculated from the date we entered liquidation through the date we emerged from liquidation. Accordingly, this change in accounting basis resulted in a decrease in the reporting basis of the respective assets and liabilities. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Period - Our fiscal year has historically been a 52-week or 53-week period ending on the Saturday on or nearest to February 28. On November 12, 2015, our Board of Directors approved a change to a December 31 calendar year end, effective with the year ended December 31, 2015. The 2016 year is based on a calendar year and Fiscal 2015 is based on the period from March 1, 2015 to December 31, 2015. b. Principles of Consolidation - The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. Accordingly, our share of the earnings of these unconsolidated joint ventures is included in our consolidated statement of operations (see Note 14 - Investment in Unconsolidated Joint Venture). All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 2016, we had no VIEs. We assess the accounting treatment for each joint venture. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. We account for our investments in unconsolidated joint ventures under the equity method of accounting. We also assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the value of our equity investment was impaired at December 31, 2016. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 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. e. Reportable Segments - As of December 31, 2016 and December 31, 2015, we operated in one reportable segment, commercial real estate. f. Concentrations of Credit Risk - 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. We have not experienced any losses in such accounts. g. Real Estate - Real estate assets are stated at historical cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Category Terms Buildings and improvements 10 Tenant improvements Real Estate Under Development - We capitalize certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs and construction costs for each specific property. Additionally, we capitalize operating costs, interest, real estate taxes, insurance and salaries and related costs of personnel directly involved with the specific project related to real estate under development. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs. i. Valuation of Long-Lived Assets - We periodically review long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. We consider relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, we compare the carrying amount of the asset to the expected future cash flows, excluding interest charges, from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No provision for impairment was recorded during either of the year ended December 31, 2016 or the period ended December 31, 2015. j. Trademarks and Customer Lists - Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of 10 k. Fair Value Measurements - We determine fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 - Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. l. Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less when purchased. m. Restricted Cash - Restricted cash represents amounts required to be restricted under the 77 Greenwich Loan agreement (see Note 10 - Loans Payable) and the West Palm Beach, Florida tenant and property related security deposits. n. Revenue Recognition - Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant takes possession of the space. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable. In addition, leases typically provide for the reimbursement of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the expenses are incurred. We make estimates of the collectability of our accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Stock-Based Compensation We have granted stock-based compensation, which is described below in Note 12 Stock-Based Compensation. We account for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods (see Adoption of New Accounting Principle below). p. Income Taxes - We account for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30, “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We provide a valuation allowance for deferred tax assets for which we do not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both December 31, 2016 and December 31, 2015, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2016, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state, and certain local and franchise taxes. q. Earnings (loss) Per Share - We present both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Shares issuable under restricted stock units that have vested but not yet settled were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented. r. Deferred Financing Costs Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for mortgage financing which result in a closing of such financing. These costs are being offset against loans payable in the consolidated balance sheets. These costs are amortized over the terms of the related financing arrangements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period in which it is determined that the financing will not close. s. Deferred Lease Costs Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term t. Underwriting Commissions and Costs Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital. u. Reclassifications - Certain prior year financial statement amounts have been reclassified to conform to the current year presentation due to the adoption of Accounting Standards Update (“ASU”) 2016-09 and ASU 2015-03 as described below. Change in Estimate - Management periodically reviews the assumptions used in determining the accrued postretirement benefit obligation (see Note 8 Pension and Profit Sharing Plans). In 2016, management changed the base mortality table used in determining the accrued postretirement benefit obligation to the newer RP-2016 table. The accrued postretirement benefit obligation increased by approximately $ 0.8 Liquidation Basis of Accounting The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent and the net realizable value of its assets is reasonably determinable. Accordingly, we implemented the liquidation basis of accounting effective on October 30, 2011. Under this basis of accounting, assets are stated at their net realizable value and liabilities are stated at their net settlement amount and estimated costs over the period of liquidation are accrued to the extent reasonably determinable. Accounting Period - Fiscal 2014 ended on February 28, 2015. Our fiscal year historically has been 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal year ended February 28, 2015 was comprised of 52 weeks. b. Accrued Liquidation Costs Under the liquidation basis of accounting, management was required to make significant estimates and judgments regarding the anticipated costs of liquidation. These estimates were subject to change based upon work required for the claims settlement process, changes in market conditions and changes in the strategy surrounding the sale of properties. c. Pension Expense We may, at our option, terminate our pension plans. Under the liquidation basis of accounting, actuarial valuation analyses are prepared annually to determine the fair value, or termination value, of the plans. These valuations and the ultimate liability to settle the plans may result in adjustments driven by changes in assumptions due to market conditions. The liabilities related to these pension plans will be settled at the same payout percentage as all other unsecured creditor claims Income Taxes To the extent that income taxes, including alternate minimum income taxes, were expected to be incurred as a result of the liquidation of our properties, such costs are reflected in accrued expenses. As of February 9, 2015 a total of $ 1.2 162.8 195.0 Since under liquidation basis accounting all future estimated taxes are accrued as of the reporting date net of the benefit expected to be derived from available NOLs, it is not appropriate to record a separate deferred tax asset on the same NOLs. Accordingly, a valuation allowance of approximately $ 89.5 Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with the liquidation basis of accounting requires management to make significant estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities. These estimates include, among others, realizable value of real estate and other assets, accrued liquidation costs, lease settlement costs, and deferred tax assets. Actual results could differ from those estimates. Significant estimates and judgment were required to determine the accrued costs of liquidation, which reflects all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees and other outside services to be incurred during the liquidation period. Liquidation Period Balance Balance February 9, Adjustments March 1, Estimated Costs of Liquidation 2015 to Reserves Payments 2014 Real estate related carrying costs $ 259 $ (5,119) $ (5,583) $ 10,961 Professional fees 641 958 (3,983) 3,666 Payroll related costs 372 (227) (2,118) 2,717 Other - (453) (115) 568 $ 1,272 $ (4,841) $ (11,799) $ 17,912 The assumptions underlying the estimated accrued costs of liquidation of $ 1.3 The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the period from March 2, 2014 through February 9, 2015: Adjustments to decrease the reserve for real estate related carrying costs of approximately $ 5.1 Adjustments to increase the reserve for professional fees of approximately $ 1.0 Adjustments to decrease the reserve for payroll and related liquidation expenses of approximately $ 0.2 The assumptions underlying the estimated accrued costs of liquidation of $ 17.9 We reviewed all of our operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended in fiscal 2012 to conclude in July 2015 based on expectations that substantially all of our real estate properties were likely to be monetized prior to the end of 2014, with a short period thereafter to conclude the liquidation . In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. ASU 2017-05 reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. ASU 2017-05 is effective for annual reporting periods after December 16, 2017, including interim reporting period within that reporting period. The adoption of ASU 2017-05 is not expected to have a material impact on our consolidated financial statements. In January, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business and provides guidance to assist with determining whether transactions should be accounted for as acquisitions of assets or businesses. The main provision is that an acquiree is not a business if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or group of assets. We adopted the guidance on the issuance date effective January 5, 2017. We expect that most of our real estate acquisitions will be considered asset acquisitions under the new guidance and that transaction costs will be capitalized to the investment basis which is then subject to a purchase price allocation based on relative fair value. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We have not yet adopted this new guidance and are currently evaluating the impact of adopting this new accounting standard on our consolidated financial statements. In March 2016, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $ 0.5 5.1 4.4 0.2 In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In September 2015, FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-16 in 2016 did not impact our consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date”. ASU 2015-14 defers the effective date of adoption of ASU 2014-09, “Revenue from Contracts with Customers”, to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 was issued in May 2014 and it supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the standard will be adopted. In April 2015, the FASB issued ASU No. 2015-04, “Compensation Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. ASU 2015-04 provides a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. ASU 2015-04 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The adoption of ASU 2015-04 is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. We adopted ASU 2015-03 effective January 1, 2016, resulting in the reclassification of $ 385,000 In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810, “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. The adoption of ASU 2015-02 in 2015 did not have any impact on our consolidated financial statements. As noted above, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard contains several amendments that will simplify the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The changes in the new standard eliminate the accounting for excess tax benefits to be recognized in additional paid-in capital and tax deficiencies recognized either in the income tax provision or in additional paid-in capital. We elected adoption of ASU 2016-09 in the first quarter of 2016 using the prospective approach. For the three months ended March 31, 2016, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. No income tax benefit or expense was recognized in the quarterly period ended March 31, 2016 as a result of the adoption of ASU 2016-09. There will be no change to retained earnings with respect to excess tax benefits, as this is not applicable to us as any tax benefits associated with stock compensation were historically not recorded with any windfalls or shortfalls that would give rise to APIC pool adjustments and is not expected to be recognized in the foreseeable future. The treatment of forfeitures has not changed as we are electing to continue our current process of estimating the number of forfeitures. As such, this has no cumulative effect on retained earnings. With the early adoption of ASU 2016-09 on a prospective basis, the adoption had no impact on our prior period statement of operations, statement of cash flow, balance sheet and statement of stockholders equity. |
REAL ESTATE, NET
REAL ESTATE, NET | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
REAL ESTATE, NET | NOTE 3 REAL ESTATE, NET December 31, December 31, 2016 2015 Real estate under development $ 53,712 $ 37,856 Buildings and building improvements 5,794 3,868 Tenant improvements 569 400 Land 2,452 2,452 62,527 44,576 Less: accumulated depreciation 2,143 1,938 $ 60,384 $ 42,638 Real estate under development consists of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. Buildings and building improvements, tenant improvements and land consist of the West Palm Beach, Florida property. Depreciation expense amounted to $ 205,000 121,000 |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER ASSETS, NET | NOTE 4 PREPAID EXPENSES AND OTHER ASSETS, NET December 31, 2016 December 31, 2015 Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 867 564 Lease commissions 433 416 Other 417 266 3,807 3,336 Less: accumulated amortization 1,658 1,407 $ 2,149 $ 1,929 |
TAXES
TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXES | NOTE 5 - TAXES March 1, 2015 Year Ended through 31, 2016 31, 2015 Current: Federal $ - $ - State 26 41 $ 26 $ 41 Deferred: Federal $ - $ - State - - $ - $ - Provision for taxes $ 26 $ 41 March 1, 2015 Year Ended through 31, 2016 31, 2015 Statuary Federal income tax rate 35.0 % 35.0 % State taxes 7.5 % 16.2 % Non-taxable bargain purchase gain -6.9 % -7.4 % Change of valuation allowance -35.7 % -44.4 % Effective income tax rate -0.1 % -0.6 % Year Ended March 1, 2015 December through December 31, 2016 31, 2015 Deferred tax assets: Pension costs $ 1,801 $ 2,589 Stock-based compensation reserves not currently deductible (220) 71 Net operating loss carry forwards 88,968 83,486 Depreciation (including air rights) 1,685 2,058 AMT Credit 3,181 3,181 Accrued expenses 212 42 Total deferred tax assets $ 95,627 $ 91,427 Valuation allowance (95,327) (91,277) Deferred tax asset after valuation allowance $ 300 $ 150 Deferred tax liabilities: Intangibles $ (300) $ (150) Other - - Total deferred tax liabilities $ (300) $ (150) Net deferred tax assets $ - $ - Current deferred tax assets $ - $ - Long term deferred tax assets - - Total deferred tax assets $ - $ - At December 31, 2016, we had federal net operating loss (“NOLs”) carry forwards of approximately $ 230.2 2034 100.2 2029 2034 31.1 25.5 Based on management’s assessment, it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategy. Accordingly a valuation allowance of $ 91.3 4.0 95.3 |
RENTAL REVENUE
RENTAL REVENUE | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | |
RENTAL REVENUES | NOTE 6 RENTAL REVENUE Our properties are leased to various national and local companies under leases expiring through 2031. As of December 31, 2016, 17 67.8 100 100 Year ended: Future 2017 $ 1,227 2018 1,083 2019 1,069 2020 1,040 2021 831 Thereafter 7,212 $ 12,462 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 7 FAIR VALUE MEASUREMENTS The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of the short-term nature based on Level 1 inputs. The fair value of the loans payable approximated their carrying values as they are variable-rate instruments. On an annual recurring basis, we are required to use fair value measures when measuring plan assets of our pension plans. As we elected to adopt the measurement date provisions of ASC 715, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans,” as of March 4, 2007, we are required to determine the fair value of our pension plan assets as of December 31, 2016. The fair value of pension plan assets was $10.9 million at December 31, 2016. These assets are valued in active liquid markets. |
PENSION AND PROFIT SHARING PLAN
PENSION AND PROFIT SHARING PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
PENSION AND PROFIT SHARING PLANS | NOTE 8 PENSION AND PROFIT SHARING PLANS a. Pension Plans - Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. As of December 31, 2016 and December 31, 2015, we had a recorded liability of $ 3.4 3.1 We had contemplated other courses of action, including a distress termination, whereby the Pension Benefits Guaranty Corporation (“PBGC”) would take over the plan. On February 27, 2012, Syms notified the PBGC and other affected parties of its consideration to terminate the plan in a distress termination. However, the estimated total cost associated with a distress termination was approximately $ 15 In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $ 3.6 0.6 Period from March 1, 2015 Year Ended through December 31, 2016 December 31, 2015 CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 13,394 $ 13,333 Interest cost 653 538 Actuarial loss 867 52 Gross benefits paid (636) (529) Net benefit obligation - end of period $ 14,278 $ 13,394 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 10,254 $ 10,423 Employer contributions 575 631 Gross benefits paid (636) (529) Actual return (loss) on plan assets 696 (271) Fair value of plan assets - end of period $ 10,889 $ 10,254 Funded status at end of period $ (3,389) $ (3,140) Period from March 1, Year Ended 2015 through December 31, 2016 December 31, 2015 COMPONENTS OF NET PERIODIC COST: Interest cost $ 653 $ 538 (Gain) loss of assets (696) 271 Amortization of loss 478 454 Net periodic cost $ 435 $ 1,263 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 % The expected long-term rate of return on plan assets was 6 Year Amount 2017 $ 807 2018 918 2019 932 2020 940 2021 969 2022-2026 4,678 December 31, 2016 December 31, 2015 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value Assets Cash and equivalents 0% to 10% $ 648 6 % $ 932 9 % Equity securities 40% to 55% 5,871 54 % 5,295 52 % Fixed income securities 35% to 50% 4,150 38 % 3,854 37 % Alternative investments 2% to 10% 220 2 % 173 2 % Total $ 10,889 100 % $ 10,254 100 % Under the provisions of ASC 715, we are required to recognize in our consolidated balance sheet the unfunded status of a benefit plan. This is measured as the difference between plan assets at fair value and the projected benefit obligation. For the pension plan, this is equal to the accumulated benefit obligation. Certain employees covered by collective bargaining agreements participate in multiemployer pension plans. Syms ceased to have an obligation to contribute to these plans in 2012, thereby triggering a complete withdrawal from the plans within the meaning of section 4203 of the Employee Retirement Income Security Act of 1974. Consequently, we are subject to the payment of a withdrawal liability to these pension funds. We had a recorded liability of $ 2.5 3.4 0.2 4.4 0.8 0.6 . 401(k) Plan 54,000 43,000 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 9 COMMITMENTS a. Leases - The Corporate office located at 717 Fifth Avenue, New York, New York has a remaining lease liability of $ 0.2 300,000 the year ended 225,000 b. Legal Proceedings We are a party to routine litigation incidental to our business. Some of the actions to which we are a party are covered by insurance and are being defended or reimbursed by our insurance carriers. See Item 3. Legal Proceedings, for additional information on legal proceedings. |
LOANS PAYABLE
LOANS PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
LOANS PAYABLE | NOTE 10 LOANS PAYABLE 77 Greenwich Loan On February 9, 2015, our wholly-owned subsidiary that owns 77 Greenwich and related assets (“TPH Greenwich Borrower”), entered into a loan agreement with Sterling National Bank as lender and administrative agent (the “Agent”), and Israel Discount Bank of New York, as lender (the “Lender”), pursuant to which we borrowed $ 40.0 50.0 August 8, 2017 The collateral for the 77 Greenwich Loan is TPH Greenwich Borrower’s fee interest in 77 Greenwich and the related air rights, which is the subject of a mortgage in favor of the Agent. TPH Greenwich Borrower also entered into an environmental compliance and indemnification undertaking. The 77 Greenwich Loan agreement requires TPH Greenwich Borrower to comply with various affirmative and negative covenants including restrictions on debt, liens, business activities, distributions and dividends, disposition of assets and transactions with affiliates. TPH Greenwich Borrower has established blocked accounts with the initial lenders, and pledged the funds maintained in such accounts, in the amount of 9 We entered into a Nonrecourse Carve-Out Guaranty pursuant to which we agreed to guarantee certain items, including losses arising from fraud, intentional harm to 77 Greenwich, or misapplication of loan, insurance or condemnation proceeds, a voluntary bankruptcy filing by TPH Greenwich Borrower, and the payment by TPH Greenwich Borrower of maintenance costs, insurance premiums and real estate taxes. The 77 Greenwich Loan was authorized by order of the Court entered in response to the motion we made on December 31, 2014. West Palm Beach, Florida Loan On May 11, 2016, our subsidiary that owns our West Palm Beach, Florida property commonly known as The Shoppes at Forest Hill (the “TPH Forest Hill Borrower”), entered into a loan agreement with Citizens Bank, National Association, as lender (the “WPB Lender”), pursuant to which the WPB Lender will provide a loan to the TPH Forest Hill Borrower in the amount of up to $ 12.6 9.1 interest at the 30-day LIBOR plus 230 basis points 3.07 May 11, 2021 The collateral for the WPB Loan is the TPH Forest Hill Borrower’s fee interest in our West Palm Beach, Florida property. The WPB Loan requires the TPH Forest Hill Borrower to comply with various customary affirmative and negative covenants and provides for certain events of default, the occurrence of which permit the WPB Lender to declare the WPB Loan due and payable, among other remedies. As of December 31, 2016, the TPH Forest Hill Borrower was in compliance with all WPB Loan covenants. On May 11, 2016 we entered into an interest rate cap agreement as required under the WPB Loan. The interest rate cap agreement provides the right to receive cash if the reference interest rate rises above a contractual rate. We paid a premium of $ 14,000 3.0 LIBOR 9.1 6,000 For the For the Period Year Ended March 1, 2015 December through December 31, 2016 31, 2015 Interest expense $ 2,110 $ 1,534 Interest capitalized (1,929) (1,201) Interest income (223) (87) Interest (income) expense, net $ (42) $ 246 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 11 STOCKHOLDERS’ EQUITY Capital Stock Our authorized capital stock consists of 120,000,000 0.01 79,999,997 0.01 0.01 0.01 40,000,000 0.01 30,679,566 29,978,471 25,663,820 25,240,878 At-The-Market Equity Offering Program In December 2016, we entered into an "at-the-market" equity offering program (the “ ”), 12.0 120,299 1.2 218,000 9.76 10.8 Preferred Stock We were authorized to issue two shares of preferred stock, one share of special stock and 40,000,000 shares of blank-check preferred stock. The share of Series A preferred stock was issued to a trustee acting for the benefit of our creditors. The share of Series B preferred stock was issued to the former Majority Shareholder. The share of special stock was issued and sold to Third Avenue, and enables Third Avenue or its affiliated designee to elect one member of the Board of Directors. On or about March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) occurred. Under the Plan, a General Unsecured Claim Satisfaction occurs when all of the allowed creditor claims of Syms Corp. and Filene’s Basement, LLC, have been paid in full their distributions provided for under the Plan and any disputed creditor claims have either been disallowed or reserved for by Trinity. On March 14, 2016, we made the final Majority Shareholder payment (as defined in the Plan) to the Majority Shareholder in the amount of approximately $ 6.9 Upon the occurrence of the General Unsecured Claim Satisfaction, the share of Series A Preferred Stock was automatically redeemed in accordance with its terms and may not be reissued. In addition, upon the payment to the former Majority Shareholder, the share of Series B Preferred Stock was automatically redeemed in accordance with its terms and may not be reissued. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 12 STOCK-BASED COMPENSATION Restricted Stock Units During the year ended December 31, 2016, we granted 75,500 0.4 0.3 0.2 During the year ended December 31, 2016, we granted 1,214,169 7.4 4.5 3.1 In April, 2015, we issued 238,095 132,904 8.00 0.5 5.1 4.4 0.2 Stock-based compensation expense recognized in the consolidated statement of operations during the year ended December 31, 2016 and the period ended December 31, 2015 totaled $ 2.8 1.4 5.0 3.3 Year Ended Period from December 31, 2016 31, 2015 Weighted Weighted Average Fair Average Fair Number of Shares Value at Grant Date Number of Shares Value at Grant Date Non-vested at beginning of period 1,220,097 $ 6.65 1,244,463 $ 6.48 Granted 1,289,669 $ 6.02 393,095 $ 7.02 Vested (888,531) $ 6.23 (417,461) $ 6.47 Non-vested at end of period 1,621,235 $ 6.38 1,220,097 $ 6.65 Stock Incentive Plan During October 2015, we instituted the Trinity Place Holdings Inc. 2015 Stock Incentive Plan (the “SIP”). The SIP, which has a ten year term, authorizes (i) the grant of stock options that do not qualify as incentive stock options under Section 422 of the Code, or NQSOs, (ii) the grant of stock appreciation rights, (iii) grants of shares of restricted and unrestricted common stock, and (iv) restricted stock units. The exercise price of stock options will be determined by the compensation committee, but may not be less than 100% of the fair market value of the shares of common stock on the date of grant. At December 31, 2016, approximately 644,500 During the 2016 year, there were 75,500 0.4 50,000 0.5 During the period ending December 31, 2015, there were 30,000 6.70 Director Deferral Plan Under our Non-Employee Director's Deferral Program, which commenced November 2016, our non-employee directors may elect to defer 100% of their annual stock grant. Compensation deferred under the program shall be credited in the form of a number of phantom stock units equal to the number of shares that would have been received absent a deferral election. (The number of shares to be received by a director is generally determined by applying the closing price of our common stock on the business day prior to the respective grant date to the amount of director compensation being paid in shares.) The program provides that a director's phantom stock units generally will be settled in an equal number of shares of common stock within 10 days after the participant ceases to be a director. In the event that the Company distributes dividends, each participant shall receive a number of additional phantom stock units (including fractional phantom stock units) equal to the quotient of (i) the aggregate amount of the dividend that the participant would have received had all outstanding stock units been shares of common stock divided by (ii) the closing price of a share of common stock on the date the dividend was issued. During the year ended December 31, 2016, no phantom stock units were earned and no shares of common stock were issued to our board of directors under this plan. As of December 31, 2016, there were no phantom stock units outstanding pursuant to our Non-Employee Director's Deferral Program. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 13 RELATED PARTY TRANSACTIONS Former Majority Shareholder On March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) occurred. Under the Plan, a General Unsecured Claim Satisfaction occurs when all of the allowed creditor claims of Syms Corp. and Filene’s Basement, LLC, have been paid in full their distributions provided for under the Plan and any disputed creditor claims have either been disallowed or reserved for by Trinity. On March 14, 2016, we made the final payment to the former Majority Shareholder (as defined in the Plan) in the amount of approximately $ 6.9 |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure | NOTE 14 INVESTMENT IN UNCONSOLIDATED JOINT VENTURE We indirectly own a 50 99,000 square feet. On December 5, 2016, the joint venture closed on the acquisition of The Berkley through a wholly-owned special purpose entity (the “Property Owner”) for a purchase price 68.885 42.5 10 interest at the 30-day LIBOR rate plus 216 basis points 1 This joint venture is a voting interest entity. As we do not control this joint venture, we account for it under the equity method of accounting. The balance sheet for the unconsolidated joint venture at December 31, 2016 is as follows (in thousands): December 31, 2016 ASSETS Real estate, net $ 54,310 Cash and cash equivalents 77 Restricted cash 52 Tenant and other receivables, net 101 Prepaid expenses and other assets, net 169 Intangible assets, net 14,362 Total assets $ 69,071 LIABILITIES Mortgage payable, net $ 40,799 Accounts payable and accrued expenses 403 Total liabilities 41,202 MEMBERS' EQUITY Members' equity 28,485 Accumulated deficit (616) Total members equity 27,869 Total liabilities and members' equity $ 69,071 Our investment in unconsolidated joint venture $ 13,939 For the Period from December 5, 2016 (acquisition date) to December 31, 2016 Revenues Rental revenues $ 238 Total revenues 238 Operating Expenses Property operating expenses 107 Real estate taxes 3 General and administrative 24 Interest expense, net 106 Transaction related costs 395 Amortization 126 Depreciation 93 Total operating expenses 854 Net loss $ (616) Our equity in net loss from unconsolidated joint venture $ (308) |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
QUARTERLY FINANCIAL DATA | NOTE 15 QUARTERLY FINANCIAL DATA (unaudited) For the Year Ended December 31, 2016 January 1, April 1, July 1, 2016 October 1, 2016 to 2016 to to 2016 to March 31, June 30, September December 31, 2016 2016 30, 2016 2016 Total revenues $ 475 $ 398 $ 536 $ 447 Total operating expenses 2,519 1,892 1,906 2,717 Operating loss (2,044) (1,494) (1,370) (2,270) Equity in net loss from unconsolidated joint venture - - - (308) Interest income (expense), net 73 22 (12) (41) Amortization of deferred finance costs (2) (20) (38) (38) Reduction of claims liability 135 (1) (2) - Loss before taxes (1,838) (1,493) (1,422) (2,657) Tax expense - - - 26 Net loss available to common stockholders $ (1,838) $ (1,493) $ (1,422) $ (2,683) Loss per share - basic and diluted $ (0.07) $ (0.06) $ (0.06) $ (0.11) Weighted average number of common shares - basic and diluted 25,284 25,458 25,483 25,531 For the Ten Months Ended December 31, 2015 March 1, May 31, August 30, November 29, 2015 to 2015 to 2015 to 2015 to May 30, August 29, November December 31, 2015 2015 28, 2015 2015 Total revenues $ 224 $ 188 $ 326 $ 103 Total operating expenses 2,345 1,769 2,663 806 Operating loss (2,121) (1,581) (2,337) (703) Interest (expense) income, net (120) (83) (54) 11 Amortization of deferred finance costs - - - (63) Reduction of claims liability 230 300 27 - Loss before taxes (2,011) (1,364) (2,364) (755) Tax expense 4 - 22 41 Net loss available to common stockholders $ (2,015) $ (1,364) $ (2,386) $ (796) Loss per share - basic and diluted $ (0.10) $ (0.07) $ (0.12) $ (0.03) Weighted average number of common shares - basic and diluted 20,053 20,124 20,159 23,877 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16 SUBSEQUENT EVENTS On January 23, 2017, we received approximately $ 1.0 On February 14, 2017, we sold an aggregate of 3,585,000 7.50 26,887,500 Our Board of Directors also approved a rights offering of up to 3,700,000 7.50 On February 22, 2017, we entered into two secured lines of credit for an aggregate of $ 12.0 12 100 basis points 3.75 |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation | Schedule III - Consolidated Real Estate and Accumulated Depreciation (dollars in thousands) Initial Cost Amounts at which Carried at December 31, 2016 Cost Building & Capitalized Building & Property Air Improvements Subsequent to Air Improvements Accumulated Date of Acquisition (A) / Description Encumbrances Land Rights (1) Acquisition Land Rights (1) Total Depreciation Construction (C) 77 Greenwich, NY $ 40,000 $ 5,500 $ 9,134 $ 3,587 $ 19,990 $ 5,500 $ 9,134 $ 23,577 $ 38,211 $ - 1990 Paramus, NJ - 908 - 640 3,147 908 - 3,787 4,695 - 1980 (A) / 1984 (C) Westbury, NY - 4,920 - 1,707 4,179 4,920 - 5,886 10,806 - 1988 (A)/1989 (A) / 1989 (C) West Palm Beach, FL 9,100 2,452 - 3,707 2,656 2,452 - 6,363 8,815 (2,143) 2001 $ 49,100 $ 13,780 $ 9,134 $ 9,641 $ 29,972 $ 13,780 $ 9,134 $ 39,613 $ 62,527 $ (2,143) (1) Depreciation on buildings and improvements reflected in the consolidated statement of operations is calculated on the straight-line basis over estimated useful lives of 10 39 (2) (a) Reconciliation of Real Estate Properties: The following table reconciles the activity for the real estate properties for the periods reported (dollars in thousands): Period from March 1, 2015 Year Ended through December 31, December 31, 2016 2015 Balance at beginning of period $ 44,576 $ 32,938 Additions 17,951 11,638 Balance at end of period $ 62,527 $ 44,576 The aggregate cost of land, building and improvements, before depreciation, for federal income tax purposes at December 31, 2016 was $ 53.4 (b) Reconciliation of Accumulated Depreciation: The following table reconciles the accumulated depreciation for the periods reported (dollars in thousands): Period from March 1, Year Ended 2015 through December 31, December 31, 2016 2015 Balance at beginning of period $ 1,938 $ 1,817 Depreciation related to real estate 205 121 Balance at end of period $ 2,143 $ 1,938 |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Period | Accounting Period - Our fiscal year has historically been a 52-week or 53-week period ending on the Saturday on or nearest to February 28. On November 12, 2015, our Board of Directors approved a change to a December 31 calendar year end, effective with the year ended December 31, 2015. The 2016 year is based on a calendar year and Fiscal 2015 is based on the period from March 1, 2015 to December 31, 2015. |
Principles of Consolidation | b. Principles of Consolidation - The consolidated financial statements include our accounts and those of our subsidiaries, which are wholly-owned or controlled by us. Entities which we do not control through our voting interest and entities which are variable interest entities, but where we are not the primary beneficiary, are accounted for under the equity method. Accordingly, our share of the earnings of these unconsolidated joint ventures is included in our consolidated statement of operations (see Note 14 - Investment in Unconsolidated Joint Venture). All significant intercompany balances and transactions have been eliminated. We consolidate a variable interest entity (the “VIE”) in which we are considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. As of December 31, 2016, we had no VIEs. We assess the accounting treatment for each joint venture. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, we review such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where we and our partner approve, among other things, the annual budget, receive a detailed monthly reporting package, meet on a quarterly basis to review the results of the joint venture, review and approve the joint venture's tax return before filing, and approve all leases that cover more than a nominal amount of space relative to the total rentable space at each property, we do not consolidate the joint venture as we consider these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. Our joint venture agreements may contain certain protective rights such as requiring partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan. |
Investments in Unconsolidated Joint Ventures | c. We account for our investments in unconsolidated joint ventures under the equity method of accounting. We also assess our investments in unconsolidated joint ventures for recoverability, and if it is determined that a loss in value of the investment is other than temporary, we write down the investment to its fair value. We evaluate our equity investments for impairment based on the joint ventures' projected discounted cash flows. We do not believe that the value of our equity investment was impaired at December 31, 2016. |
Use of Estimates | d. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 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. |
Reportable Segments | e. Reportable Segments - As of December 31, 2016 and December 31, 2015, we operated in one reportable segment, commercial real estate. |
Concentrations of Credit Risk | f. Concentrations of Credit Risk - 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. We have not experienced any losses in such accounts. |
Real Estate | g. Real Estate - Real estate assets are stated at historical cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Category Terms Buildings and improvements 10 Tenant improvements |
Real Estate Under Development | h. Real Estate Under Development - We capitalize certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs and construction costs for each specific property. Additionally, we capitalize operating costs, interest, real estate taxes, insurance and salaries and related costs of personnel directly involved with the specific project related to real estate under development. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs. |
Valuation of Long-Lived Assets | i. Valuation of Long-Lived Assets - We periodically review long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. We consider relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, we compare the carrying amount of the asset to the expected future cash flows, excluding interest charges, from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No provision for impairment was recorded during either of the year ended December 31, 2016 or the period ended December 31, 2015. |
Trademarks and Customer Lists | j. Trademarks and Customer Lists - Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of 10 |
Fair Value Measurement | k. Fair Value Measurements - We determine fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 - Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. |
Cash and Cash Equivalents | l. Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less when purchased. |
Restricted Cash | m. Restricted Cash - Restricted cash represents amounts required to be restricted under the 77 Greenwich Loan agreement (see Note 10 - Loans Payable) and the West Palm Beach, Florida tenant and property related security deposits. |
Revenue Recognition | n. Revenue Recognition - Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant takes possession of the space. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable. In addition, leases typically provide for the reimbursement of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the expenses are incurred. We make estimates of the collectability of our accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. |
Stock-Based Compensation | Stock-Based Compensation We have granted stock-based compensation, which is described below in Note 12 Stock-Based Compensation. We account for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods (see Adoption of New Accounting Principle below). |
Income Taxes | p. Income Taxes - We account for income taxes under the asset and liability method as required by the provisions of ASC 740-10-30, “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We provide a valuation allowance for deferred tax assets for which we do not consider realization of such assets to be more likely than not. ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of both December 31, 2016 and December 31, 2015, we had determined that no liabilities are required in connection with unrecognized tax positions. As of December 31, 2016, our tax returns for the prior three years are subject to review by the Internal Revenue Service. We are subject to certain federal, state, and certain local and franchise taxes. |
Earnings (loss) Per Share | q. Earnings (loss) Per Share - We present both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Shares issuable under restricted stock units that have vested but not yet settled were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented. |
Deferred Financing Costs | r. Deferred Financing Costs Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for mortgage financing which result in a closing of such financing. These costs are being offset against loans payable in the consolidated balance sheets. These costs are amortized over the terms of the related financing arrangements. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions which do not close are expensed in the period in which it is determined that the financing will not close. |
Deferred Lease Costs | s. Deferred Lease Costs Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term |
Underwriting Commissions and Costs | t. Underwriting Commissions and Costs Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital. |
Reclassifications | u. Reclassifications - Certain prior year financial statement amounts have been reclassified to conform to the current year presentation due to the adoption of Accounting Standards Update (“ASU”) 2016-09 and ASU 2015-03 as described below. |
Change in Estimate | Change in Estimate - Management periodically reviews the assumptions used in determining the accrued postretirement benefit obligation (see Note 8 Pension and Profit Sharing Plans). In 2016, management changed the base mortality table used in determining the accrued postretirement benefit obligation to the newer RP-2016 table. The accrued postretirement benefit obligation increased by approximately $ 0.8 |
Estimated Costs of Liquidation | Estimated Costs of Liquidation Significant estimates and judgment were required to determine the accrued costs of liquidation, which reflects all other remaining operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, professional fees and other outside services to be incurred during the liquidation period. Liquidation Period Balance Balance February 9, Adjustments March 1, Estimated Costs of Liquidation 2015 to Reserves Payments 2014 Real estate related carrying costs $ 259 $ (5,119) $ (5,583) $ 10,961 Professional fees 641 958 (3,983) 3,666 Payroll related costs 372 (227) (2,118) 2,717 Other - (453) (115) 568 $ 1,272 $ (4,841) $ (11,799) $ 17,912 The assumptions underlying the estimated accrued costs of liquidation of $ 1.3 The following discussion explains the adjustments to the costs of liquidation reserves as recorded during the period from March 2, 2014 through February 9, 2015: Adjustments to decrease the reserve for real estate related carrying costs of approximately $ 5.1 Adjustments to increase the reserve for professional fees of approximately $ 1.0 Adjustments to decrease the reserve for payroll and related liquidation expenses of approximately $ 0.2 The assumptions underlying the estimated accrued costs of liquidation of $ 17.9 We reviewed all of our operating expenses and contractual commitments such as payroll and related expenses, lease termination costs, property carrying costs and professional fees to determine the estimated costs to be incurred during the liquidation period. The liquidation period, which was initially anticipated to conclude in August 2012, was amended in fiscal 2012 to conclude in July 2015 based on expectations that substantially all of our real estate properties were likely to be monetized prior to the end of 2014, with a short period thereafter to conclude the liquidation . |
Accounting Standards Updates | Accounting Standards Updates In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) to add guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, U.S. GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. ASU 2017-05 reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. ASU 2017-05 is effective for annual reporting periods after December 16, 2017, including interim reporting period within that reporting period. The adoption of ASU 2017-05 is not expected to have a material impact on our consolidated financial statements. In January, 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The guidance clarifies the definition of a business and provides guidance to assist with determining whether transactions should be accounted for as acquisitions of assets or businesses. The main provision is that an acquiree is not a business if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or group of assets. We adopted the guidance on the issuance date effective January 5, 2017. We expect that most of our real estate acquisitions will be considered asset acquisitions under the new guidance and that transaction costs will be capitalized to the investment basis which is then subject to a purchase price allocation based on relative fair value. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). The ASU provides final guidance on eight cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity method investees, separately identifiable cash flows and application of the predominance principle, and others. The amendments in the ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. We have not yet adopted this new guidance and are currently evaluating the impact of adopting this new accounting standard on our consolidated financial statements. In March 2016, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $ 0.5 5.1 4.4 0.2 In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In September 2015, FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-16 in 2016 did not impact our consolidated financial statements. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date”. ASU 2015-14 defers the effective date of adoption of ASU 2014-09, “Revenue from Contracts with Customers”, to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 was issued in May 2014 and it supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the standard will be adopted. In April 2015, the FASB issued ASU No. 2015-04, “Compensation Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. ASU 2015-04 provides a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. ASU 2015-04 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The adoption of ASU 2015-04 is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. We adopted ASU 2015-03 effective January 1, 2016, resulting in the reclassification of $ 385,000 In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810, “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. The adoption of ASU 2015-02 in 2015 did not have any impact on our consolidated financial statements. |
Adoption of New Accounting Principle | As noted above, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard contains several amendments that will simplify the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The changes in the new standard eliminate the accounting for excess tax benefits to be recognized in additional paid-in capital and tax deficiencies recognized either in the income tax provision or in additional paid-in capital. We elected adoption of ASU 2016-09 in the first quarter of 2016 using the prospective approach. For the three months ended March 31, 2016, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. No income tax benefit or expense was recognized in the quarterly period ended March 31, 2016 as a result of the adoption of ASU 2016-09. There will be no change to retained earnings with respect to excess tax benefits, as this is not applicable to us as any tax benefits associated with stock compensation were historically not recorded with any windfalls or shortfalls that would give rise to APIC pool adjustments and is not expected to be recognized in the foreseeable future. The treatment of forfeitures has not changed as we are electing to continue our current process of estimating the number of forfeitures. As such, this has no cumulative effect on retained earnings. With the early adoption of ASU 2016-09 on a prospective basis, the adoption had no impact on our prior period statement of operations, statement of cash flow, balance sheet and statement of stockholders equity. |
Liquidation Basis of Accounting [Member] | |
Accounting Period | Accounting Period - Our fiscal year has historically been a 52-week or 53-week period ending on the Saturday on or nearest to February 28. On November 12, 2015, our Board of Directors approved a change to a December 31 calendar year end, effective with the year ended December 31, 2015. The 2016 year is based on a calendar year and Fiscal 2015 is based on the period from March 1, 2015 to December 31, 2015. |
Use of Estimates | e. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with the liquidation basis of accounting requires management to make significant estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities. These estimates include, among others, realizable value of real estate and other assets, accrued liquidation costs, lease settlement costs, and deferred tax assets. Actual results could differ from those estimates. |
Accrued Liquidation Costs | b. Accrued Liquidation Costs Under the liquidation basis of accounting, management was required to make significant estimates and judgments regarding the anticipated costs of liquidation. These estimates were subject to change based upon work required for the claims settlement process, changes in market conditions and changes in the strategy surrounding the sale of properties. |
Pension Expense | c. Pension Expense We may, at our option, terminate our pension plans. Under the liquidation basis of accounting, actuarial valuation analyses are prepared annually to determine the fair value, or termination value, of the plans. These valuations and the ultimate liability to settle the plans may result in adjustments driven by changes in assumptions due to market conditions. The liabilities related to these pension plans will be settled at the same payout percentage as all other unsecured creditor claims |
Income Taxes | Income Taxes To the extent that income taxes, including alternate minimum income taxes, were expected to be incurred as a result of the liquidation of our properties, such costs are reflected in accrued expenses. As of February 9, 2015 a total of $ 1.2 162.8 195.0 Since under liquidation basis accounting all future estimated taxes are accrued as of the reporting date net of the benefit expected to be derived from available NOLs, it is not appropriate to record a separate deferred tax asset on the same NOLs. Accordingly, a valuation allowance of approximately $ 89.5 |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciation and amortization are determined using the straight-line method over the estimated useful lives described in the table below: Category Terms Buildings and improvements 10 Tenant improvements |
Schedule of Accrued Liabilities | Liquidation Period Balance Balance February 9, Adjustments March 1, Estimated Costs of Liquidation 2015 to Reserves Payments 2014 Real estate related carrying costs $ 259 $ (5,119) $ (5,583) $ 10,961 Professional fees 641 958 (3,983) 3,666 Payroll related costs 372 (227) (2,118) 2,717 Other - (453) (115) 568 $ 1,272 $ (4,841) $ (11,799) $ 17,912 |
REAL ESTATE, NET (Tables)
REAL ESTATE, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2016 and December 31, 2015, real estate, net consisted of the following (dollars in thousands): December 31, December 31, 2016 2015 Real estate under development $ 53,712 $ 37,856 Buildings and building improvements 5,794 3,868 Tenant improvements 569 400 Land 2,452 2,452 62,527 44,576 Less: accumulated depreciation 2,143 1,938 $ 60,384 $ 42,638 |
PREPAID EXPENSES AND OTHER AS28
PREPAID EXPENSES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule Of Prepaid Expense And Other Assets | Prepaid expenses and other assets, net include the following (dollars in thousands): December 31, 2016 December 31, 2015 Trademarks and customer lists $ 2,090 $ 2,090 Prepaid expenses 867 564 Lease commissions 433 416 Other 417 266 3,807 3,336 Less: accumulated amortization 1,658 1,407 $ 2,149 $ 1,929 |
TAXES (Tables)
TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for taxes is as follows (dollars in thousands): March 1, 2015 Year Ended through 31, 2016 31, 2015 Current: Federal $ - $ - State 26 41 $ 26 $ 41 Deferred: Federal $ - $ - State - - $ - $ - Provision for taxes $ 26 $ 41 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of income taxes computed as the U.S. Federal statuary rate to the provision for income taxes: March 1, 2015 Year Ended through 31, 2016 31, 2015 Statuary Federal income tax rate 35.0 % 35.0 % State taxes 7.5 % 16.2 % Non-taxable bargain purchase gain -6.9 % -7.4 % Change of valuation allowance -35.7 % -44.4 % Effective income tax rate -0.1 % -0.6 % |
Schedule of Deferred Tax Assets and Liabilities | The composition of our deferred tax assets and liabilities is as follows (dollars in thousands): Year Ended March 1, 2015 December through December 31, 2016 31, 2015 Deferred tax assets: Pension costs $ 1,801 $ 2,589 Stock-based compensation reserves not currently deductible (220) 71 Net operating loss carry forwards 88,968 83,486 Depreciation (including air rights) 1,685 2,058 AMT Credit 3,181 3,181 Accrued expenses 212 42 Total deferred tax assets $ 95,627 $ 91,427 Valuation allowance (95,327) (91,277) Deferred tax asset after valuation allowance $ 300 $ 150 Deferred tax liabilities: Intangibles $ (300) $ (150) Other - - Total deferred tax liabilities $ (300) $ (150) Net deferred tax assets $ - $ - Current deferred tax assets $ - $ - Long term deferred tax assets - - Total deferred tax assets $ - $ - |
RENTAL REVENUE (Tables)
RENTAL REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rentals under noncancellable terms of tenants’ operating leases as of December 31, 2016 are as follows (dollars in thousands): Year ended: Future 2017 $ 1,227 2018 1,083 2019 1,069 2020 1,040 2021 831 Thereafter 7,212 $ 12,462 |
PENSION AND PROFIT SHARING PL31
PENSION AND PROFIT SHARING PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Presented below is financial information relating to this plan for the periods indicated (dollars in thousands): Period from March 1, 2015 Year Ended through December 31, 2016 December 31, 2015 CHANGE IN BENEFIT OBLIGATION: Net benefit obligation - beginning of period $ 13,394 $ 13,333 Interest cost 653 538 Actuarial loss 867 52 Gross benefits paid (636) (529) Net benefit obligation - end of period $ 14,278 $ 13,394 CHANGE IN PLAN ASSETS: Fair value of plan assets - beginning of period $ 10,254 $ 10,423 Employer contributions 575 631 Gross benefits paid (636) (529) Actual return (loss) on plan assets 696 (271) Fair value of plan assets - end of period $ 10,889 $ 10,254 Funded status at end of period $ (3,389) $ (3,140) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The pension expense includes the following components (dollars in thousands): Period from March 1, Year Ended 2015 through December 31, 2016 December 31, 2015 COMPONENTS OF NET PERIODIC COST: Interest cost $ 653 $ 538 (Gain) loss of assets (696) 271 Amortization of loss 478 454 Net periodic cost $ 435 $ 1,263 WEIGHTED-AVERAGE ASSUMPTION USED: Discount rate 5.0 % 5.0 % Rate of compensation increase 0.0 % 0.0 % |
Schedule of Expected Benefit Payments | As of December 31, 2016 the benefits expected to be paid in the next five fiscal years and then in the aggregate for the five fiscal years thereafter are as follows (dollars in thousands): Year Amount 2017 $ 807 2018 918 2019 932 2020 940 2021 969 2022-2026 4,678 |
Schedule Of Level One Defined Benefit Plan Assets Roll Forward | The fair values and asset allocation of our plan assets as of December 31, 2016 and December 31, 2015 and the target allocation for fiscal 2016, by asset category, are presented in the following table. All fair values are based on quoted prices in active markets for identical assets (Level 1 in the fair value hierarchy) (dollars in thousands): December 31, 2016 December 31, 2015 % of Plan % of Plan Asset Category Asset Allocation Fair Value Assets Fair Value Assets Cash and equivalents 0% to 10% $ 648 6 % $ 932 9 % Equity securities 40% to 55% 5,871 54 % 5,295 52 % Fixed income securities 35% to 50% 4,150 38 % 3,854 37 % Alternative investments 2% to 10% 220 2 % 173 2 % Total $ 10,889 100 % $ 10,254 100 % |
LOANS PAYABLE (Tables)
LOANS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Interest Income and Interest Expense | Consolidated interest expense, excluding capitalized interest, was comprised of the following (in thousands): For the For the Period Year Ended March 1, 2015 December through December 31, 2016 31, 2015 Interest expense $ 2,110 $ 1,534 Interest capitalized (1,929) (1,201) Interest income (223) (87) Interest (income) expense, net $ (42) $ 246 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Our RSU activity is as follows: Year Ended Period from December 31, 2016 31, 2015 Weighted Weighted Average Fair Average Fair Number of Shares Value at Grant Date Number of Shares Value at Grant Date Non-vested at beginning of period 1,220,097 $ 6.65 1,244,463 $ 6.48 Granted 1,289,669 $ 6.02 393,095 $ 7.02 Vested (888,531) $ 6.23 (417,461) $ 6.47 Non-vested at end of period 1,621,235 $ 6.38 1,220,097 $ 6.65 |
INVESTMENT IN UNCONSOLIDATED 34
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investment, Summarized Financial Information, Statement of Financial Position | The balance sheet for the unconsolidated joint venture at December 31, 2016 is as follows (in thousands): December 31, 2016 ASSETS Real estate, net $ 54,310 Cash and cash equivalents 77 Restricted cash 52 Tenant and other receivables, net 101 Prepaid expenses and other assets, net 169 Intangible assets, net 14,362 Total assets $ 69,071 LIABILITIES Mortgage payable, net $ 40,799 Accounts payable and accrued expenses 403 Total liabilities 41,202 MEMBERS' EQUITY Members' equity 28,485 Accumulated deficit (616) Total members equity 27,869 Total liabilities and members' equity $ 69,071 Our investment in unconsolidated joint venture $ 13,939 |
Equity Method Investment, Summarized Financial Information, Statement of Operations | The statement of operations for the unconsolidated joint venture, from acquisition date through December 31, 2016, is as follows (in thousands): For the Period from December 5, 2016 (acquisition date) to December 31, 2016 Revenues Rental revenues $ 238 Total revenues 238 Operating Expenses Property operating expenses 107 Real estate taxes 3 General and administrative 24 Interest expense, net 106 Transaction related costs 395 Amortization 126 Depreciation 93 Total operating expenses 854 Net loss $ (616) Our equity in net loss from unconsolidated joint venture $ (308) |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The following table reflects quarterly consolidated statements of operations for the periods indicated (in thousands, except per share amounts): For the Year Ended December 31, 2016 January 1, April 1, July 1, 2016 October 1, 2016 to 2016 to to 2016 to March 31, June 30, September December 31, 2016 2016 30, 2016 2016 Total revenues $ 475 $ 398 $ 536 $ 447 Total operating expenses 2,519 1,892 1,906 2,717 Operating loss (2,044) (1,494) (1,370) (2,270) Equity in net loss from unconsolidated joint venture - - - (308) Interest income (expense), net 73 22 (12) (41) Amortization of deferred finance costs (2) (20) (38) (38) Reduction of claims liability 135 (1) (2) - Loss before taxes (1,838) (1,493) (1,422) (2,657) Tax expense - - - 26 Net loss available to common stockholders $ (1,838) $ (1,493) $ (1,422) $ (2,683) Loss per share - basic and diluted $ (0.07) $ (0.06) $ (0.06) $ (0.11) Weighted average number of common shares - basic and diluted 25,284 25,458 25,483 25,531 For the Ten Months Ended December 31, 2015 March 1, May 31, August 30, November 29, 2015 to 2015 to 2015 to 2015 to May 30, August 29, November December 31, 2015 2015 28, 2015 2015 Total revenues $ 224 $ 188 $ 326 $ 103 Total operating expenses 2,345 1,769 2,663 806 Operating loss (2,121) (1,581) (2,337) (703) Interest (expense) income, net (120) (83) (54) 11 Amortization of deferred finance costs - - - (63) Reduction of claims liability 230 300 27 - Loss before taxes (2,011) (1,364) (2,364) (755) Tax expense 4 - 22 41 Net loss available to common stockholders $ (2,015) $ (1,364) $ (2,386) $ (796) Loss per share - basic and diluted $ (0.10) $ (0.07) $ (0.12) $ (0.03) Weighted average number of common shares - basic and diluted 20,053 20,124 20,159 23,877 |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) - USD ($) $ in Millions | 1 Months Ended | |
Mar. 14, 2016 | Dec. 31, 2016 | |
Operating Loss Carryforwards | $ 230.2 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Repayment By Former Majority Shareholder | $ 6.9 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years |
Tenant Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Shorter of remaining term of the lease or useful life |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) $ in Thousands | 11 Months Ended |
Feb. 09, 2015USD ($) | |
Estimated Costs of Liquidation, Opening Balance | $ 17,912 |
Estimated Costs of Liquidation, Payments | (11,799) |
Estimated Costs of Liquidation, Adjustments to Reserves | (4,841) |
Estimated Costs of Liquidation, Ending Balance | 1,272 |
Real Estate Related Carrying Costs [Member] | |
Estimated Costs of Liquidation, Opening Balance | 10,961 |
Estimated Costs of Liquidation, Payments | (5,583) |
Estimated Costs of Liquidation, Adjustments to Reserves | (5,119) |
Estimated Costs of Liquidation, Ending Balance | 259 |
Professional Fees Expenses [Member] | |
Estimated Costs of Liquidation, Opening Balance | 3,666 |
Estimated Costs of Liquidation, Payments | (3,983) |
Estimated Costs of Liquidation, Adjustments to Reserves | 958 |
Estimated Costs of Liquidation, Ending Balance | 641 |
Payroll Related Costs [Member] | |
Estimated Costs of Liquidation, Opening Balance | 2,717 |
Estimated Costs of Liquidation, Payments | (2,118) |
Estimated Costs of Liquidation, Adjustments to Reserves | (227) |
Estimated Costs of Liquidation, Ending Balance | 372 |
Other Credit Derivatives [Member] | |
Estimated Costs of Liquidation, Opening Balance | 568 |
Estimated Costs of Liquidation, Payments | (115) |
Estimated Costs of Liquidation, Adjustments to Reserves | (453) |
Estimated Costs of Liquidation, Ending Balance | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 28, 2015 | Nov. 28, 2015 | Dec. 31, 2015 | Feb. 09, 2015 | Dec. 31, 2016 | Mar. 01, 2014 | |
Accrued cost of liquidation | $ 1,300,000 | |||||
Adjustment To Increase Reserve For Professional Fees | $ 121,000 | $ 1,000,000 | $ 2,237,000 | 1,000,000 | $ 1,523,000 | |
Adjustments to decrease the reserve for payroll and related liquidation expenses | 200,000 | |||||
Accrued liquidation costs | 1,272,000 | $ 17,912,000 | ||||
Operating Loss Carryforwards | 230,200,000 | |||||
Deferred Tax Assets, Valuation Allowance | 91,277,000 | 89,500,000 | 95,327,000 | |||
Adjustment To Decrease Reserve For Real Estate Carrying Cost | 5,100,000 | |||||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease), Total | 800,000 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,599,000 | |||||
Deferred Compensation, Share-based Payments [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 5,100,000 | |||||
Additional Paid-in Capital [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,381,000 | |||||
Retained Earnings [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 218,000 | |||||
Real Estate [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 500,000 | |||||
Accounting Standards Update 2016 09 [Member] | ||||||
Reclassification Of Prepaid Expenses And Other Assets To Loans Payable | $ 385,000 | |||||
Liquidation Basis of Accounting [Member] | ||||||
Accrued liquidation costs | $ 17,900,000 | |||||
Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards | 230,200,000 | |||||
Adjustment [Member] | Accounting Standards Update 2016 09 [Member] | Deferred Compensation, Share-based Payments [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 5,100,000 | |||||
Adjustment [Member] | Accounting Standards Update 2016 09 [Member] | Additional Paid-in Capital [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,400,000 | |||||
Adjustment [Member] | Accounting Standards Update 2016 09 [Member] | Retained Earnings [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 200,000 | |||||
Adjustment [Member] | Accounting Standards Update 2016 09 [Member] | Real Estate [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 500,000 | |||||
Trademarks and Customer Lists [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||
Maximum [Member] | Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards | 195,000,000 | |||||
Minimum [Member] | Domestic Tax Authority [Member] | ||||||
Operating Loss Carryforwards | $ 162,800,000 |
REAL ESTATE, NET (Details)
REAL ESTATE, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Investment Property, at Cost | $ 62,527 | $ 44,576 |
Less: accumulated depreciation | 2,143 | 1,938 |
Real Estate Investment Property, Net | 60,384 | 42,638 |
Real estate under development | ||
Real Estate Investment Property, at Cost | 53,712 | 37,856 |
Buildings and building improvements | ||
Real Estate Investment Property, at Cost | 5,794 | 3,868 |
Tenant improvements | ||
Real Estate Investment Property, at Cost | 569 | 400 |
Land | ||
Real Estate Investment Property, at Cost | $ 2,452 | $ 2,452 |
REAL ESTATE, NET (Details Textu
REAL ESTATE, NET (Details Textual) - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Depreciation, Total | $ 121,000 | $ 205,000 |
PREPAID EXPENSES AND OTHER AS42
PREPAID EXPENSES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Trademarks and customer lists | $ 2,090 | $ 2,090 |
Prepaid expenses | 867 | 564 |
Lease commissions | 433 | 416 |
Other | 417 | 266 |
Prepaid Expense And Other Assets Gross | 3,807 | 3,336 |
Less: accumulated amortization | 1,658 | 1,407 |
Prepaid Expense and Other Assets | $ 2,149 | $ 1,929 |
TAXES (Details)
TAXES (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Current: | |||||||||||
Federal | $ 0 | $ 0 | |||||||||
State | 41 | 26 | |||||||||
Current Income Tax Expense Total | 41 | 26 | |||||||||
Deferred: | |||||||||||
Federal | 0 | 0 | |||||||||
State | 0 | 0 | |||||||||
Deferred Income Tax Expense Total | 0 | 0 | |||||||||
Provision for taxes | $ 41 | $ 2 | $ 26 | $ 0 | $ 0 | $ 0 | $ 22 | $ 0 | $ 4 | $ 67 | $ 26 |
TAXES (Details 1)
TAXES (Details 1) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Statuary Federal income tax rate | 35.00% | 35.00% |
State taxes | 16.20% | 7.50% |
Non-taxable bargain purchase gain | (7.40%) | (6.90%) |
Change of valuation allowance | (44.40%) | (35.70%) |
Effective income tax rate | (0.60%) | (0.10%) |
TAXES (Details 2)
TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 09, 2015 |
Deferred tax assets: | |||
Pension costs | $ 1,801 | $ 2,589 | |
Stock-based compensation reserves not currently deductible | (220) | 71 | |
Net operating loss carry forwards | 88,968 | 83,486 | |
Depreciation (including air rights) | 1,685 | 2,058 | |
AMT Credit | 3,181 | 3,181 | |
Accrued expenses | 212 | 42 | |
Total deferred tax assets | 95,627 | 91,427 | |
Valuation allowance | (95,327) | (91,277) | $ (89,500) |
Deferred tax asset after valuation allowance | 300 | 150 | |
Deferred tax liabilities: | |||
Intangibles | (300) | (150) | |
Other | 0 | 0 | |
Total deferred tax liabilities | (300) | (150) | |
Net deferred tax assets | 0 | 0 | |
Current deferred tax assets | 0 | 0 | |
Long term deferred tax assets | 0 | 0 | |
Total deferred tax assets | $ 0 | $ 0 |
TAXES (Details Textual)
TAXES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 09, 2015 | |
Operating Loss Carryforwards | $ 230,200 | ||
Valuation Allowance | 95,327 | $ 91,277 | $ 89,500 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 4,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 100,200 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforward Expiration Year | 2,034 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforward Expiration Year | 2,029 | ||
Federal [Member] | |||
Operating Loss Carryforwards | $ 230,200 | ||
Federal [Member] | Maximum [Member] | |||
Operating Loss Carryforwards | 195,000 | ||
Operating Loss Carryforward Expiration Year | 2,034 | ||
Federal [Member] | Minimum [Member] | |||
Operating Loss Carryforwards | $ 162,800 | ||
New York State [Member] | |||
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal | $ 31,100 | ||
New York City [Member] | |||
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal | $ 25,500 |
RENTAL REVENUE (Details)
RENTAL REVENUE (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,227 |
2,018 | 1,083 |
2,019 | 1,069 |
2,020 | 1,040 |
2,021 | 831 |
Thereafter | 7,212 |
Operating Leases, Future Minimum Payments Receivable | $ 12,462 |
RENTAL REVENUE (Details Textual
RENTAL REVENUE (Details Textual) | Dec. 31, 2016 |
West Palm Beach property [Member] | |
Leased Asset Percent | 67.80% |
Number Of Tenants | 17 |
Paramus, New Jersey property [Member] | |
Leased Asset Percent | 100.00% |
Westbury, New York property [Member] | |
Leased Asset Percent | 100.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 |
Defined Benefit Plan, Fair Value Of Plan Assets | $ 10,889 | $ 10,254 | $ 10,423 |
PENSION AND PROFIT SHARING PL50
PENSION AND PROFIT SHARING PLANS (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
CHANGE IN BENEFIT OBLIGATION: | ||
Net benefit obligation - beginning of period | $ 13,333 | $ 13,394 |
Interest cost | 538 | 653 |
Actuarial loss | 52 | 867 |
Gross benefits paid | (529) | (636) |
Net benefit obligation - end of period | 13,394 | 14,278 |
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets - beginning of period | 10,423 | 10,254 |
Employer contributions | 631 | 575 |
Gross benefits paid | (529) | (636) |
Actual return (loss) on plan assets | (271) | 696 |
Fair value of plan assets - end of period | 10,254 | 10,889 |
Funded status at end of period | $ (3,140) | $ (3,389) |
PENSION AND PROFIT SHARING PL51
PENSION AND PROFIT SHARING PLANS (Details 1) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
COMPONENTS OF NET PERIODIC COST: | ||
Interest cost | $ 538 | $ 653 |
(Gain) loss of assets | 271 | (696) |
Amortization of loss | 454 | 478 |
Net periodic cost | $ 1,263 | $ 435 |
WEIGHTED-AVERAGE ASSUMPTION USED: | ||
Discount rate | 5.00% | 5.00% |
Rate of compensation increase | 0.00% | 0.00% |
PENSION AND PROFIT SHARING PL52
PENSION AND PROFIT SHARING PLANS (Details 2) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 807 |
2,018 | 918 |
2,019 | 932 |
2,020 | 940 |
2,021 | 969 |
2022-2026 | $ 4,678 |
PENSION AND PROFIT SHARING PL53
PENSION AND PROFIT SHARING PLANS (Details 3) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | Feb. 28, 2015 | |
Fair Value | $ 10,254 | $ 10,889 | $ 10,423 |
Percentage of Plan Assets | 100.00% | 100.00% | |
Cash and Cash Equivalents [Member] | |||
Asset Allocation Minimum | 0.00% | ||
Asset Allocation Maximum | 10.00% | ||
Fair Value | $ 932 | $ 648 | |
Percentage of Plan Assets | 9.00% | 6.00% | |
Equity Securities [Member] | |||
Asset Allocation Minimum | 40.00% | ||
Asset Allocation Maximum | 55.00% | ||
Fair Value | $ 5,295 | $ 5,871 | |
Percentage of Plan Assets | 52.00% | 54.00% | |
Fixed Income Securities [Member] | |||
Asset Allocation Minimum | 35.00% | ||
Asset Allocation Maximum | 50.00% | ||
Fair Value | $ 3,854 | $ 4,150 | |
Percentage of Plan Assets | 37.00% | 38.00% | |
Alternative Investment [Member] | |||
Asset Allocation Minimum | 2.00% | ||
Asset Allocation Maximum | 10.00% | ||
Fair Value | $ 173 | $ 220 | |
Percentage of Plan Assets | 2.00% | 2.00% |
PENSION AND PROFIT SHARING PL54
PENSION AND PROFIT SHARING PLANS (Details Textual) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended |
Feb. 27, 2012 | Dec. 31, 2015 | Dec. 31, 2016 | |
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period | $ 15,000,000 | $ 3,100,000 | $ 3,400,000 |
Multiemployer Plans, Withdrawal Obligation | 200,000 | ||
Multiemployer Plans, Minimum Contribution | 4,400,000 | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 43,000 | $ 54,000 | |
Expected Long Term Rate Of Return | 6.00% | 6.00% | |
Minimum [Member] | |||
Expected Long Term Rate Of Return | 0.00% | ||
Syms Sponsored Plan [Member] | |||
Syms Plan Minimum Contribution | $ 3,600,000 | ||
Multiemployer Plan, Period Contributions | 600,000 | ||
Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Accumulated Benefit Obligation | $ 3,400,000 | 2,500,000 | |
Multiemployer Plan, Period Contributions | $ 600,000 | $ 800,000 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - Fifth Avenue, New York [Member] - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 225,000 | $ 300,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 200,000 |
LOANS PAYABLE (Details)
LOANS PAYABLE (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Interest expense | $ 1,534 | $ 2,110 | |||||||||
Interest capitalized | (1,201) | (1,929) | |||||||||
Interest income | (87) | (223) | |||||||||
Interest (income) expense, net | $ (11) | $ 40 | $ 41 | $ 12 | $ (22) | $ (73) | $ 54 | $ 83 | $ 120 | $ 246 | $ (42) |
LOANS PAYABLE (Details Textual)
LOANS PAYABLE (Details Textual) - USD ($) | May 11, 2016 | Feb. 09, 2015 | Dec. 31, 2016 |
Long Term Debt Maturity Date | Aug. 8, 2017 | ||
Interest Rate Cap [Member] | |||
Interest Expense, Debt | $ 6,000 | ||
West Palm Beach Florida Loan [Member] | |||
Long Term Debt Maturity Date | May 11, 2021 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Interest Rate, Basis for Effective Rate | interest at the 30-day LIBOR plus 230 basis points | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.07% | ||
Debt Instrument, Unamortized Premium | $ 14,000 | ||
Derivative, Notional Amount | $ 9,100,000 | ||
Maximum [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
TPH Borrower [Member] | |||
Loans Payable to Bank | $ 40,000,000 | ||
Debt Instrument, Description of Variable Rate Basis | The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the Contract Rate) or (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 4.50% through December 16, 2015, when it was then increased to 4.75% through December 15, 2016 and then increased to 5.00%. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with the Agent and the Lender sufficient to make payments then due under the 77 Greenwich Loan documents. | ||
Percentage Of Loans | 9.00% | ||
TPH Borrower [Member] | West Palm Beach Florida Loan [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,600,000 | ||
Long-term Line of Credit | $ 9,100,000 | ||
TPH Borrower [Member] | Maximum [Member] | |||
Loans Payable to Bank | $ 50,000,000 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended |
Mar. 14, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Capital Stock Shares Authorised | 120,000,000 | ||
Capital Stock par or Stated Value Per Share | $ 0.01 | ||
Common Stock, Shares Authorized | 79,999,997 | 79,999,997 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Authorized | 2 | 2 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Special Stock, Shares Authorized | 1 | 1 | |
Special Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Stock Issued During Period, Value, New Issues | $ 29,558,000 | $ 880,000 | |
Common Stock, Shares, Issued | 29,978,471 | 30,679,566 | |
Common Stock, Shares, Outstanding | 25,240,878 | 25,663,820 | |
Payment to Majority Shareholder | $ 6,900,000 | ||
Common Stock [Member] | |||
Stock Issued During Period, Value, New Issues | $ 50,000 | $ 1,000 | |
Stock Issued During Period, Shares, New Issues | 5,000,000 | 120,000 | |
At-The-Market Equity Offering Program [Member] | |||
Stock Issuance Program, Maximum Amount Authorized | $ 12,000,000 | ||
Payments for Brokerage Fees | $ 218,000 | ||
Shares Issued, Price Per Share | $ 9.76 | ||
Stock Issuance Program, Remaining Amount Authorized | $ 10,800,000 | ||
At-The-Market Equity Offering Program [Member] | Common Stock [Member] | |||
Stock Issued During Period, Value, New Issues | $ 1,200,000 | ||
Stock Issued During Period, Shares, New Issues | 120,299 | ||
Series A and Series B preferred stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Blank Check Preferred Stock [Member] | |||
Preferred Stock, Shares Authorized | 40,000,000 | 40,000,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - $ / shares | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Number of Shares, Non-vested at beginning of period | 1,244,463 | 1,220,097 |
Number of Shares, Granted | 393,095 | 1,289,669 |
Number of Shares, Vested | (417,461) | (888,531) |
Number of Shares, Non-vested at end of period | 1,220,097 | 1,621,235 |
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $ 6.48 | $ 6.65 |
Weighted Average Fair Value at Grant Date, Granted | 7.02 | 6.02 |
Weighted Average Fair Value at Grant Date, Vested | 6.47 | 6.23 |
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $ 6.65 | $ 6.38 |
STOCK-BASED COMPENSATION (Det60
STOCK-BASED COMPENSATION (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended |
Apr. 27, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Allocated Share-based Compensation Expense | $ 3,300 | $ 5,000 | |
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 2,516 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 393,095 | 1,289,669 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4,599 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.02 | $ 6.02 | |
Real Estate [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 500 | ||
Additional Paid-in Capital [Member] | |||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 2,516 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 4,381 | ||
Common Stock [Member] | |||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 0 | ||
Stock Issued During Period, Shares, New Issues | 5,000,000 | 120,000 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0 | ||
Deferred Compensation, Share-based Payments [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 5,100 | ||
Retained Earnings [Member] | |||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 0 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 218 | ||
Chief Executive Officer [Member] | |||
Stock Repurchased Per Share | $ 8 | ||
Stock Issued During Period, Shares, New Issues | 238,095 | ||
Stock Repurchased During Period, Shares | 132,904 | ||
Restricted Stock Units (RSUs) [Member] | |||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 1,400 | $ 2,800 | |
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,214,169 | ||
Sharebased Compensation Arrangement By Share based Payment Award Grants In Period Weighted Average Fair Market Value | $ 7,400 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | 3,100 | ||
Restricted Stock or Unit Expense | $ 4,500 | ||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 8 years | ||
Restricted Stock Units (RSUs) [Member] | Other Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 75,500 | ||
Sharebased Compensation Arrangement By Share based Payment Award Grants In Period Weighted Average Fair Market Value | $ 400 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | 200 | ||
Restricted Stock or Unit Expense | $ 300 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Restricted Stock Units (RSUs) [Member] | One Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 6.70 | ||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 75,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 400,000 | ||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 500,000 | ||
Stock Incentive Plan [Member] | Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 644,500 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) $ in Millions | 1 Months Ended |
Mar. 14, 2016USD ($) | |
Payment to Majority Shareholder | $ 6.9 |
INVESTMENT IN UNCONSOLIDATED 62
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Real estate, net | $ 54,310 | |
Cash and cash equivalents | 77 | |
Restricted cash | 52 | |
Tenant and other receivables, net | 101 | |
Prepaid expenses and other assets, net | 169 | |
Intangible assets, net | 14,362 | |
Total assets | 69,071 | |
LIABILITIES | ||
Mortgage payable, net | 40,799 | |
Accounts payable and accrued expenses | 403 | |
Total liabilities | 41,202 | |
MEMBERS' EQUITY | ||
Members' equity | 28,485 | |
Accumulated deficit | (616) | |
Total members equity | 27,869 | |
Total liabilities and members' equity | 69,071 | |
Our investment in unconsolidated joint venture | $ 13,939 | $ 0 |
INVESTMENT IN UNCONSOLIDATED 63
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details 1) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Feb. 28, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Revenues | ||||||||
Rental revenues | $ 238 | |||||||
Total revenues | 238 | |||||||
Operating Expenses | ||||||||
Property operating expenses | 107 | |||||||
Real estate taxes | 3 | |||||||
General and administrative | 24 | |||||||
Interest expense, net | 106 | |||||||
Transaction related costs | 395 | |||||||
Amortization | 126 | |||||||
Depreciation | 93 | |||||||
Total operating expenses | 854 | |||||||
Net loss | (616) | |||||||
Our equity in net loss from unconsolidated joint venture | $ (308) | $ 0 | $ (308) | $ 0 | $ 0 | $ 0 | $ 0 | $ (308) |
INVESTMENT IN UNCONSOLIDATED 64
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details Textual) | Dec. 05, 2016USD ($) | Dec. 31, 2016a |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
The Loan [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt Instrument,Prepayment Premium | 1.00% | |
Debt Instrument, Description of Variable Rate Basis | interest at the 30-day LIBOR rate plus 216 basis points | |
Debt Instrument, Face Amount | $ 42.5 | |
Debt Instrument, Term | 10 years | |
The Berkley [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price Of Property | $ 68.885 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Area of Land | a | 99,000 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Nov. 28, 2015 | Aug. 29, 2015 | May 30, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | |
Total revenues | $ 103 | $ 43 | $ 447 | $ 536 | $ 398 | $ 475 | $ 326 | $ 188 | $ 224 | $ 841 | $ 1,856 | |
Total operating expenses | 806 | 346 | 2,717 | 1,906 | 1,892 | 2,519 | 2,663 | 1,769 | 2,345 | 7,583 | 9,034 | |
Operating loss | (703) | (303) | (2,270) | (1,370) | (1,494) | (2,044) | (2,337) | (1,581) | (2,121) | (6,742) | (7,178) | |
Equity in net loss from unconsolidated joint venture | $ (308) | 0 | (308) | 0 | 0 | 0 | 0 | (308) | ||||
Interest income (expense), net | 11 | (40) | (41) | (12) | 22 | 73 | (54) | (83) | (120) | (246) | 42 | |
Amortization of deferred finance costs | (63) | (17) | (38) | (38) | (20) | (2) | 0 | 0 | 0 | (63) | (98) | |
Reduction of claims liability | 0 | 0 | 0 | (2) | (1) | 135 | 27 | 300 | 230 | 557 | 132 | |
Loss before taxes | (755) | (360) | (2,657) | (1,422) | (1,493) | (1,838) | (2,364) | (1,364) | (2,011) | (6,494) | (7,410) | |
Tax expense | 41 | 2 | 26 | 0 | 0 | 0 | 22 | 0 | 4 | 67 | 26 | |
Net loss available to common stockholders | $ (796) | $ (362) | $ (2,683) | $ (1,422) | $ (1,493) | $ (1,838) | $ (2,386) | $ (1,364) | $ (2,015) | $ (6,561) | $ (7,436) | |
Loss per share - basic and diluted | $ (0.03) | $ (0.02) | $ (0.11) | $ (0.06) | $ (0.06) | $ (0.07) | $ (0.12) | $ (0.07) | $ (0.10) | $ (0.32) | $ (0.29) | |
Weighted average number of common shares - basic and diluted | 23,877 | 20,016 | 25,531 | 25,483 | 25,458 | 25,284 | 20,159 | 20,124 | 20,053 | 20,518 | 25,439 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||
Feb. 22, 2017 | Feb. 14, 2017 | Jan. 23, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Mar. 01, 2017 | |
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 29,558,000 | $ 880,000 | ||||
Common Stock, Shares Authorized | 79,999,997 | 79,999,997 | ||||
RightsOfferingMember [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Sale of Stock, Price Per Share | $ 7.50 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Settlements of Funds Held as Collateral | $ 1,000,000 | |||||
Subsequent Event [Member] | Sterling National Bank [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |||||
Debt Instrument, Term | 12 months | |||||
Debt Instrument, Description of Variable Rate Basis | 100 basis points | |||||
Subsequent Event [Member] | Non-Brokered Private Placement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $ 26,887,500 | |||||
Sale of Stock, Price Per Share | $ 7.50 | |||||
Stock Issued During Period, Shares, New Issues | 3,585,000 | |||||
Subsequent Event [Member] | Maximum [Member] | Sterling National Bank [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | |||||
Subsequent Event [Member] | Rights Offering Member | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Shares Authorized | 3,700,000 |
Schedule III - Consolidated R67
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,100 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,780 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 9,134 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 9,641 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 29,972 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,780 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 9,134 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 39,613 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 62,527 | $ 44,576 | $ 32,938 | |
SEC Schedule III, Real Estate Accumulated Depreciation | (2,143) | $ (1,938) | $ (1,817) | |
77 Greenwich, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,500 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 9,134 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 3,587 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 19,990 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,500 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 9,134 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 23,577 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 38,211 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ 0 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1 | 1,990 | |||
Paramus, NJ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 908 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 640 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 3,147 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 908 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 3,787 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 4,695 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ 0 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1 | 1,980 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Construction 1 | 1,984 | |||
Westbury, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,920 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 1,707 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 4,179 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,920 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 5,886 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 10,806 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ 0 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1 | 1,988 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 2 | 1,989 | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Construction 1 | 1,989 | |||
West Palm Beach, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,100 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,452 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | [1] | 3,707 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,656 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,452 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount Of Air Rights | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | [1] | 6,363 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Total | 8,815 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (2,143) | |||
SEC Schedule III, Real Estate And Accumulated Depreciation Date of Acquisition 1 | 2,001 | |||
[1] | Depreciation on buildings and improvements reflected in the consolidated statement of operations is calculated on the straight-line basis over estimated useful lives of 10 to 39 years. |
Schedule III - Consolidated R68
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Balance at beginning of period | $ 32,938 | $ 44,576 |
Additions | 11,638 | 17,951 |
Balance at end of period | $ 44,576 | $ 62,527 |
Schedule III - Consolidated R69
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Balance at beginning of period | $ 1,817 | $ 1,938 |
Depreciation related to real estate | 121 | 205 |
Balance at end of period | $ 1,938 | $ 2,143 |
Schedule III - Consolidated R70
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule III, Real Estate, Gross | $ 62,527 | $ 44,576 | $ 32,938 |
Buildings and Improvements [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule III, Real Estate, Gross | $ 53,400 | ||
Buildings and Improvements [Member] | Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 10 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years |