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Trinity Place Holdings Inc (TPHS0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's recent recapitalization transactions, including the transfer of real estate assets and related liabilities to TPHGreenwich Holdings LLC, a subsidiary now 95% owned by Trinity Place Holdings.
The company reported a net income attributable to common stockholders of $6.1 million for the nine months ended September 30, 2024, compared to a net loss of $29.0 million in the previous year.
Rental revenues decreased to $798,000 from $4.4 million in the same period the previous year, primarily due to the transfer of real estate assets to TPHGreenwich.
Sales of residential condominium units at 77 Greenwich decreased to $1.4 million from $27.5 million in the previous year, reflecting the impact of the recapitalization transactions.
General and administrative expenses decreased to $4.3 million from $4.8 million, with reductions in legal, accounting, and other professional fees.
The company has a limited amount of unrestricted cash and liquidity available, with cash and cash equivalents totaling approximately $505,000 as of September 30, 2024.
Trinity Place Holdings continues to explore strategic and financing alternatives to maximize stockholder value, including potential equity or debt financing, refinancing of existing debt, or a sale or merger.
The company's liquidity remains a concern, with cash and cash equivalents projected to be insufficient to fund operations beyond the next few months without additional capital or a strategic transaction.
The filing also discusses the company's focus on preserving its net operating loss carryforwards, which total approximately $700 million at the federal, state, and local levels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trinity Place Holdings Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.