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Trinity Place Holdings Inc. (TPHS+0.21%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the Recapitalization Transactions completed on February 14, 2024, where TPHGreenwich Holdings LLC, previously a wholly-owned subsidiary, became 95% owned by Trinity Place Holdings Inc., with the remaining 5% owned by an affiliate of the lender under the company's corporate credit facility.
TPHGreenwich Holdings LLC holds real estate assets including the 77 Greenwich Street property in Lower Manhattan, which is a mixed-use project, and previously held properties at 237 11th Street in Brooklyn and a retail property in Paramus, New Jersey, both of which were sold in early 2025.
The company reported net income attributable to common stockholders of $5.6 million for the year ended December 31, 2024, compared to a net loss of $39.0 million in the previous year. This improvement was largely due to a gain on contribution to joint venture of approximately $21.0 million.
Rental revenues decreased to $798,000 from $5.9 million in the prior year, primarily due to the deconsolidation of TPHGreenwich.
General and administrative expenses decreased to $5.4 million from $6.0 million, while property operating expenses decreased to $480,000 from $4.0 million, reflecting the impact of the Recapitalization Transactions.
Trinity Place Holdings Inc. sold its Paramus property for $15.6 million and its 237 11th property for $68.5 million, resulting in net cash proceeds of approximately $2.9 million and $6.0 million, respectively, after repayment of underlying loans and closing costs.
The company continues to own intellectual property assets, including FilenesBasement.com and rights to the Stanley Blacker® brand, and is exploring potential business expansions and alternatives to maximize stockholder value.
In connection with the Steel Partners Transaction, Trinity Place Holdings Inc. entered into a stock purchase agreement with Steel IP Investments, LLC, an affiliate of Steel Partners Holdings L.P., for the purchase of 25,862,245 shares of common stock.
The company issued a Senior Secured Promissory Note to Steel Connect, LLC, allowing it to borrow up to $5.0 million, with $1.0 million outstanding as of March 24, 2025.
Trinity Place Holdings Inc. has terminated the registration of its common stock under the Exchange Act, ceasing to be a U.S. public company with reporting obligations.
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. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.