Trinity Place (US:TPHS)2022-05-16 21:06Financial Position - As of March 31, 2022, Trinity Place Holdings Inc. had total cash and restricted cash of $15.6 million, with $1.4 million in cash and cash equivalents and $14.2 million in restricted cash[180]. - Total cash and restricted cash as of March 31, 2022, was $15.6 million, down from $24.8 million as of December 31, 2021, with approximately $1.4 million in cash and cash equivalents[213]. - As of March 31, 2022, the Corporate Credit Facility had an outstanding balance of $35.75 million with an effective interest rate of 9.63%[218]. - As of March 31, 2022, the company reported a net cash used in operating activities of $619,000, a decrease of approximately $1.4 million from $2.0 million for the same period in 2021[248]. - The company had approximately $162.8 million in U.S. federal net operating losses (NOLs) as of the emergence date of the Syms bankruptcy, increasing to approximately $251.9 million as of March 31, 2022[251]. Property and Investments - The company owns a 105-unit multi-family property at 237 11th Street, Brooklyn, which is fully leased, and a retail property in Paramus, New Jersey, also fully leased[182]. - The joint venture sale of The Berkley, a 95-unit multi-family property, was completed in April 2022 for $71.02 million[188]. - The 77 Greenwich project is nearing completion, consisting of 90 luxury residential units and 7,500 square feet of retail space, with 17 units sold as of March 31, 2022[182]. - The Paramus property has a retail lease with annualized rent of $140,000 expiring in 2023, and the 237 11th property has multiple retail leases with varying expiration dates[190]. - The company is exploring new investment opportunities, focusing on newly constructed multi-family properties in New York City and properties near public transportation[179]. Revenue and Expenses - Rental revenues increased by approximately $813,000 to $1.3 million for the three months ended March 31, 2022, compared to $447,000 for the same period in 2021, driven by higher occupancy and face rents[193]. - Property operating expenses decreased by approximately $1.2 million to $548,000 for the three months ended March 31, 2022, from $1.7 million for the same period in 2021, primarily due to lower remediation costs[196]. - Net loss attributable to common stockholders decreased by approximately $4.4 million to $2.5 million for the three months ended March 31, 2022, from $6.9 million for the same period in 2021, mainly due to increased rental revenue and lower property operating expenses[208]. - Equity in net income from unconsolidated joint ventures increased by approximately $1.1 million to $746,000 for the three months ended March 31, 2022, from a net loss of $372,000 for the same period in 2021[203]. Financing and Debt - The 77 Mortgage Loan has a total credit amount of up to $166.7 million, with $133.1 million borrowed on the closing date[223]. - The 77 Mortgage Loan has been paid down by approximately $20.5 million to a balance of $115.9 million as of March 31, 2022[228]. - The Mezzanine Loan balance as of March 31, 2022, was $30.3 million with accrued interest totaling approximately $2.1 million[233]. - The blended interest rate for the 77 Greenwich Construction Facility and the Mezzanine Loan was 8.26% on an annual basis[230]. - The company is required to achieve completion of the construction work for the 77 Mortgage Loan Project on or before July 1, 2022[226]. Legal and Compliance - The company is actively engaged in litigation regarding construction defects at the 237 11th property, seeking recovery for damages incurred[186]. - The company was in compliance with all covenants of the Corporate Credit Facility as of March 31, 2022[222]. Capital Raising and Stock Issuance - The company is exploring various capital-raising transactions, including asset sales and equity offerings, to address liquidity needs[211]. - The company issued 2,539,473 shares of common stock at a price of $1.90 per share in a private placement, resulting in gross proceeds of $4.8 million in October 2021[243]. - A common stock rights offering in December 2021 resulted in the issuance of 903,576 shares at $1.90 per share, generating gross proceeds of $1.7 million[244]. - The company has approximately $8.6 million of common stock remaining available for issuance under its at-the-market equity offering program as of March 31, 2022[247]. Interest and Expenses - Interest expense, net increased by approximately $199,000 to $802,000 for the three months ended March 31, 2022, from $603,000 for the same period in 2021[205]. - General and administrative expenses decreased by approximately $104,000 to $1.1 million for the three months ended March 31, 2022, from $1.2 million for the same period in 2021[198]. - Unrealized loss on warrants decreased by approximately $1.6 million to $369,000 for the three months ended March 31, 2022, from a loss of $2.0 million for the same period in 2021[204]. - The company has a commitment fee of $2.45 million for the Corporate Credit Facility, of which $1.85 million has been paid as of March 31, 2022[217].