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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/30/24 Trinity Place Holdings Inc. DEF 14A 1/30/24 1:5M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: DEF 14A Definitive Proxy Statement HTML 4.44M
tm242198-2_def14a - none - 39.0313959s |
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percent of
Class(2) |
| ||||||
Executive Officers and Directors | | | | | | | | | | | | | |
| | | | 2,049,658(3) | | | | | | 5.3% | | | |
Steven Kahn
|
| | | | 150,360(4) | | | | | | * | | |
Richard G. Pyontek
|
| | | | 39,055(5) | | | | | | * | | |
Jeffrey B. Citrin
|
| | | | 758,240(6) | | | | | | 1.9% | | |
Alan Cohen
|
| | | | 310,262(7) | | | | | | * | | |
Alexander C. Matina
|
| | | | 275,894(8) | | | | | | * | | |
Joanne M. Minieri
|
| | | | 258,365(9) | | | | | | * | | |
Keith Pattiz
|
| | | | 632,957(10) | | | | | | 1.6% | | |
Patrick J. Bartels, Jr.
|
| | | | 113,689(11) | | | | | | * | | |
All Executive Officers and Directors as a Group (9 Persons)
|
| | | | 4,588,480(12) | | | | | | 11.5% | | |
Greater than 5% Stockholders | | | | | | | | | | | | | |
MFP Partners, L.P.
|
| | | | 9,232,617(13) | | | | | | 24.0% | | |
Third Avenue Management LLC
|
| | | | 5,127,786(14) | | | | | | 13.3% | | |
DS Fund I LLC
|
| | | | 2,448,455(15) | | | | | | 6.4% | | |
| | | | TRINITY PLACE HOLDINGS INC. | | |||
| | | | By: | | |
|
|
| | | | | | | Name: Matthew Messinger | |
| | | | | | | Title: President and Chief Executive Officer | |
| | | | TPHS LENDER LLC | | |||
| | | | By: Midtown Acquisitions GP LLC, its Manager | | |||
| | | | By: | | | ||
| | | | | | |
Name: Joshua D. Morris
Title: Manager |
|
| | | | TPHS INVESTOR LLC | | |||
| | | | By: Madave Management LLC, its Manager | | |||
| | | | By: | | | ||
| | | | | | |
Name: Joshua D. Morris
Title: Manager |
|
| | |
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| SCHEDULES | | | | | | | |
| Schedule I | | | - | | | Commitments | |
| Schedule II | | | - | | | Eligibility Criteria | |
| Schedule III | | | - | | | Existing Debt | |
| Schedule IV | | | - | | | Material Contracts | |
| Schedule V | | | - | | | [Reserved] | |
| Schedule VI | | | - | | | Release Price | |
| Schedule VII | | | - | | | Excluded Subsidiaries | |
| Schedule VIII | | | - | | | [Reserved] | |
| Schedule 4.01(b) | | | - | | | Subsidiaries | |
| Schedule 4.01(p) | | | - | | | Real Estate | |
|
Part I
|
| | - | | | Restatement Effective Date Real Estate Property | |
|
Part I
|
| | - | | | Owned Real Estate | |
|
Part II
|
| | - | | | Leased Real Estate | |
|
Schedule 4.01(q)
|
| | - | | | Environmental Concerns | |
| Schedule 4.01(v) | | | - | | | Insurance | |
| Schedule 4.01(w) | | | - | | | Plans and Welfare Plans | |
| Schedule 4.01(bb) | | | - | | | Condemnation Proceedings | |
| Schedule 4.01(ff) | | | - | | | Trade Names and Principal Places of Business | |
| Schedule 5.02(f) | | | - | | | Investments | |
| Schedule 9.02 | | | | | | Administrative Agent’s Office; Certain Addresses for Notices | |
| EXHIBITS | | | | | | | |
| Exhibit A-1 | | | - | | | Form of Term Note | |
| Exhibit A-2 | | | - | | | Form of Incremental Term Note | |
| Exhibit B | | | - | | | Form of Notice of Borrowing | |
| Exhibit C | | | - | | | Form of Compliance Certificate | |
| Exhibit D | | | - | | | Form of Guaranty Supplement | |
| Exhibit E-1 | | | - | | | Form of Assignment and Acceptance | |
| Exhibit E-2 | | | - | | | Form of Administrative Questionnaire | |
| Exhibit F | | | - | | | Form of Notice of Loan Prepayment | |
| Exhibit G | | | - | | | Form of Restatement Effective Date Certificate | |
| Exhibit H | | | - | | | Form of Solvency Certificate | |
| Exhibit I | | | - | | | Form of Permitted Real Estate Certificate | |
| | | | TRINITY PLACE HOLDINGS INC. | | |||
| | | | By: | | |
|
|
| | | | | | |
Name:
|
|
| | | | | | |
Title:
President and Chief Executive Officer
|
|
| | | | TPHS LENDER LLC | | |||
| | | | By: Midtown Acquisitions GP LLC, its Manager | | |||
| | | | By: | | |
|
|
| | | | | | |
Name:
Joshua D. Morris
|
|
| | | | | | |
Title:
Manager
|
|
| | | | TPHS INVESTOR LLC | | |||
| | | | By: Madave Management LLC, its Manager | | |||
| | | | By: | | |
|
|
| | | | | | |
Name:
Joshua D. Morris
|
|
| | | | | | |
Title:
Manager
|
|
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| | | | Manager: | | |||
| | | | TPHS INVESTOR LLC, a Delaware limited liability company | | |||
| | | | By: Madave Management LLC, its Manager | | |||
| | | | By: | | |
Name: Joshua D. Morris
Title: Manager |
|
| | | | Investor Member: | | |||
| | | | TPHS INVESTOR LLC, a Delaware limited liability company | | |||
| | | | By: Madave Management LLC, its Manager | | |||
| | | | By: | | |
Name: Joshua D. Morris
Title: Manager |
|
| | | | TPH Member: | | |||
| | | | TRINITY PLACE HOLDINGS INC., a Delaware corporation | | |||
| | | | By: | | | ||
| | | | | | |
Name:
Title: |
|
Member
|
| |
Percentage
Interests |
| |
Initial Capital
Contributions |
| |||||||||
Investor Member:
|
| |
TPHS Investor LLC, a Delaware limited liability company
|
| | | | 5.00% | | | | | $ | [ ] | | |
TPH Member:
|
| | Trinity Place Holdings Inc., a Delaware corporation | | | | | 95.00% | | | | | $ | [ ] | | |
TOTAL:
|
| | | | | | | 100.00% | | | | | | | | |
| | | | | | ||||||||
ASSETS
|
| | | | | | | | | | | | |
Real estate, net
|
| | | $ | 64,651 | | | | | $ | 67,334 | | |
Residential condominium units for sale
|
| | | | 202,999 | | | | | | 216,983 | | |
Cash and cash equivalents
|
| | | | 1,548 | | | | | | 4,310 | | |
Restricted cash
|
| | | | 20,507 | | | | | | 20,535 | | |
Prepaid expenses and other assets, net
|
| | | | 3,774 | | | | | | 4,126 | | |
Investments in unconsolidated joint ventures
|
| | | | 4,386 | | | | | | 17,938 | | |
Receivables
|
| | | | 262 | | | | | | 84 | | |
Deferred rents receivable
|
| | | | 163 | | | | | | 114 | | |
Right-of-use asset
|
| | | | 945 | | | | | | 1,314 | | |
Intangible assets, net
|
| | | | 7,692 | | | | | | 8,432 | | |
Total assets
|
| | | $ | 306,927 | | | | | $ | 341,170 | | |
LIABILITIES
|
| | | | | | | | | | | | |
Loans payable, net
|
| | | $ | 208,762 | | | | | $ | 219,249 | | |
Corporate credit facility, net
|
| | | | 34,429 | | | | | | 32,844 | | |
Secured line of credit, net
|
| | | | 9,750 | | | | | | 12,750 | | |
Note payable
|
| | | | 5,863 | | | | | | 5,863 | | |
Accounts payable and accrued expenses
|
| | | | 19,018 | | | | | | 17,864 | | |
Pension liability
|
| | | | 651 | | | | | | — | | |
Lease liability
|
| | | | 1,037 | | | | | | 1,447 | | |
Warrant liability
|
| | | | 76 | | | | | | 1,146 | | |
Total liabilities
|
| | | | 279,586 | | | | | | 291,163 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | |
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued
and outstanding |
| | | | — | | | | | | — | | |
Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at December 31, 2022 and December 31, 2021
|
| | | | — | | | | | | — | | |
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at December 31, 2022 and December 31, 2021
|
| | | | — | | | | | | — | | |
Common stock, $0.01 par value; 79,999,997 shares authorized; 43,448,384 and 43,024,424 shares issued at December 31, 2022 and December 31, 2021, respectively; 36,907,862 and 36,626,549 shares outstanding at December 31, 2022 and December 31, 2021, respectively
|
| | | | 435 | | | | | | 430 | | |
Additional paid-in capital
|
| | | | 144,879 | | | | | | 144,282 | | |
Treasury stock (6,540,522 and 6,397,875 shares at December 31, 2022 and December 31, 2021, respectively)
|
| | | | (57,461) | | | | | | (57,166) | | |
Accumulated other comprehensive loss
|
| | | | (3,626) | | | | | | (1,343) | | |
Accumulated deficit
|
| | | | (56,886) | | | | | | (36,196) | | |
Total stockholders’ equity
|
| | | | 27,341 | | | | | | 50,007 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 306,927 | | | | | $ | 341,170 | | |
| | | | | | | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Rental revenues
|
| | | $ | 5,502 | | | | | $ | 3,225 | | | | | $ | 1,563 | | |
Other income
|
| | | | 182 | | | | | | 355 | | | | | | 263 | | |
Sales of residential condominium units
|
| | | | 37,300 | | | | | | 23,685 | | | | | | — | | |
Total revenues
|
| | | | 42,984 | | | | | | 27,265 | | | | | | 1,826 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | |
Property operating expenses
|
| | | | 4,180 | | | | | | 5,583 | | | | | | 9,120 | | |
Real estate taxes
|
| | | | 1,697 | | | | | | 724 | | | | | | 254 | | |
General and administrative
|
| | | | 5,754 | | | | | | 5,133 | | | | | | 5,217 | | |
Pension related costs
|
| | | | 548 | | | | | | 67 | | | | | | 345 | | |
Cost of sales – residential condominium units
|
| | | | 35,236 | | | | | | 22,370 | | | | | | — | | |
Transaction related costs
|
| | | | 163 | | | | | | — | | | | | | 133 | | |
Depreciation and amortization
|
| | | | 4,018 | | | | | | 4,003 | | | | | | 3,907 | | |
Total operating expenses
|
| | | | 51,596 | | | | | | 37,880 | | | | | | 18,976 | | |
Gain on sale of school condominium
|
| | | | — | | | | | | — | | | | | | 24,196 | | |
Operating (loss) income
|
| | | | (8,612) | | | | | | (10,615) | | | | | | 7,046 | | |
Equity in net income (loss) from unconsolidated joint ventures
|
| | | | 804 | | | | | | (555) | | | | | | (1,571) | | |
Equity in net gain on sale of unconsolidated joint venture
property |
| | | | 4,490 | | | | | | — | | | | | | — | | |
Unrealized gain on warrants
|
| | | | 1,070 | | | | | | 73 | | | | | | 965 | | |
Interest expense, net
|
| | | | (15,701) | | | | | | (7,922) | | | | | | (1,540) | | |
Interest expense – amortization of deferred finance costs
|
| | | | (2,453) | | | | | | (1,521) | | | | | | (261) | | |
(Loss) income before taxes
|
| | | | (20,402) | | | | | | (20,540) | | | | | | 4,639 | | |
Tax expense
|
| | | | (288) | | | | | | (265) | | | | | | (306) | | |
Net (loss) income attributable to common stockholders
|
| | | $ | (20,690) | | | | | $ | (20,805) | | | | | $ | 4,333 | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | |
Unrealized (loss) gain on pension liability
|
| | | | (2,283) | | | | | | 816 | | | | | | 1,015 | | |
Comprehensive (loss) income attributable to common
stockholders |
| | | $ | (22,973) | | | | | $ | (19,989) | | | | | $ | 5,348 | | |
(Loss) income per share – basic
|
| | | $ | (0.56) | | | | | $ | (0.62) | | | | | $ | 0.13 | | |
(Loss) income per share – diluted
|
| | | $ | (0.56) | | | | | $ | (0.62) | | | | | $ | 0.13 | | |
Weighted average number of common shares – basic
|
| | | | 37,224 | | | | | | 33,322 | | | | | | 32,305 | | |
Weighted average number of common shares – diluted
|
| | | | 37,224 | | | | | | 33,322 | | | | | | 32,860 | | |
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Treasury Stock
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| | ||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance as of December 31, 2019
|
| | | | 37,612 | | | | | $ | 376 | | | | | $ | 134,217 | | | | | | (5,731) | | | | | $ | (55,731) | | | | | $ | (19,724) | | | | | $ | (3,174) | | | | | $ | 55,964 | | |
Net income available to common stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,333 | | | | | | — | | | | | | 4,333 | | |
Settlement of stock awards
|
| | | | 543 | | | | | | 5 | | | | | | — | | | | | | (222) | | | | | | (701) | | | | | | — | | | | | | — | | | | | | (696) | | |
Unrealized gain on pension liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,015 | | | | | | 1,015 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | 1,163 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,163 | | |
Stock-based consulting fees
|
| | | | 190 | | | | | | 2 | | | | | | 598 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 600 | | |
Stock buy-back
|
| | | | — | | | | | | — | | | | | | — | | | | | | (220) | | | | | | (359) | | | | | | — | | | | | | — | | | | | | (359) | | |
Balance as of December 31, 2020
|
| | | | 38,345 | | | | | $ | 383 | | | | | $ | 135,978 | | | | | | (6,173) | | | | | $ | (56,791) | | | | | $ | (15,391) | | | | | $ | (2,159) | | | | | $ | 62,020 | | |
Net loss available to common stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,805) | | | | | | — | | | | | | (20,805) | | |
Settlement of stock awards
|
| | | | 535 | | | | | | 5 | | | | | | — | | | | | | (225) | | | | | | (375) | | | | | | — | | | | | | — | | | | | | (370) | | |
Unrealized gain on pension liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 816 | | | | | | 816 | | |
Sale of common stock
|
| | | | 4,144 | | | | | | 42 | | | | | | 7,597 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,639 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | 707 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 707 | | |
Balance as of December 31, 2021
|
| | | | 43,024 | | | | | $ | 430 | | | | | $ | 144,282 | | | | | | (6,398) | | | | | $ | (57,166) | | | | | $ | (36,196) | | | | | $ | (1,343) | | | | | $ | 50,007 | | |
Net loss available to common stockholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,690) | | | | | | — | | | | | | (20,690) | | |
Settlement of stock awards
|
| | | | 424 | | | | | | 5 | | | | | | — | | | | | | (143) | | | | | | (295) | | | | | | — | | | | | | — | | | | | | (290) | | |
Unrealized loss on pension liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,283) | | | | | | (2,283) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | 597 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 597 | | |
Balance as of December 31, 2022
|
| | | | 43,448 | | | | | $ | 435 | | | | | $ | 144,879 | | | | | | (6,541) | | | | | $ | (57,461) | | | | | $ | (56,886) | | | | | $ | (3,626) | | | | | $ | 27,341 | | |
| | | | | | | | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Net (loss) income attributable to common stockholders
|
| | | $ | (20,690) | | | | | $ | (20,805) | | | | | $ | 4,333 | | |
Adjustments to reconcile net (loss) income attributable to common stockholders to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization and amortization of deferred finance costs
|
| | | | 6,471 | | | | | | 5,524 | | | | | | 4,168 | | |
Other non-cash adjustment – paid-in-kind interest
|
| | | | 4,651 | | | | | | 1,850 | | | | | | — | | |
Stock-based compensation expense
|
| | | | 553 | | | | | | 530 | | | | | | 806 | | |
Gain on sale of school condominium
|
| | | | — | | | | | | — | | | | | | (24,196) | | |
Gain on sale of joint venture real estate
|
| | | | (4,490) | | | | | | — | | | | | | — | | |
Deferred rents receivable
|
| | | | (49) | | | | | | (24) | | | | | | (84) | | |
Other non-cash adjustments – pension expense
|
| | | | — | | | | | | 816 | | | | | | 1,015 | | |
Unrealized gain on warrants
|
| | | | (1,070) | | | | | | (73) | | | | | | (965) | | |
Equity in net (income) loss from unconsolidated joint ventures
|
| | | | (804) | | | | | | 555 | | | | | | 1,571 | | |
Distributions from unconsolidated joint ventures
|
| | | | 1,428 | | | | | | 885 | | | | | | 1,110 | | |
Decrease (increase) in operating assets: | | | | | | | | | | | | | | | | | | | |
Residential condominium units for sale
|
| | | | 15,600 | | | | | | (11,450) | | | | | | (46,473) | | |
Receivables
|
| | | | (178) | | | | | | 882 | | | | | | 2,392 | | |
Prepaid expenses and other assets, net
|
| | | | (1,783) | | | | | | (257) | | | | | | 190 | | |
Increase (decrease) in operating liabilities: | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | | 1,712 | | | | | | 1,617 | | | | | | 1,285 | | |
Pension liability
|
| | | | — | | | | | | (1,288) | | | | | | (1,033) | | |
Net cash provided by (used in) operating activities
|
| | | | 1,351 | | | | | | (21,238) | | | | | | (55,881) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Additions to real estate
|
| | | | (93) | | | | | | (140) | | | | | | (4,279) | | |
Investments in unconsolidated joint ventures
|
| | | | — | | | | | | — | | | | | | (5,383) | | |
Net proceeds from sale of unconsolidated joint venture
|
| | | | 17,418 | | | | | | — | | | | | | — | | |
Net cash provided by (used in) investing activities
|
| | | | 17,325 | | | | | | (140) | | | | | | (9,662) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Proceeds from loans and corporate credit facility
|
| | | | 30,239 | | | | | | 249,984 | | | | | | 86,361 | | |
Proceeds from secured line of credit
|
| | | | 500 | | | | | | 8,200 | | | | | | 5,000 | | |
Payment of finance costs
|
| | | | — | | | | | | (6,552) | | | | | | (1,497) | | |
Repayment of loans
|
| | | | (48,415) | | | | | | (225,547) | | | | | | (23,368) | | |
Repayment of secured line of credit
|
| | | | (3,500) | | | | | | (3,200) | | | | | | (2,500) | | |
Settlement of stock awards
|
| | | | (290) | | | | | | (370) | | | | | | (695) | | |
Stock buy-back
|
| | | | — | | | | | | — | | | | | | (359) | | |
Sale of common stock, net
|
| | | | — | | | | | | 7,639 | | | | | | — | | |
Net cash (used in) provided by financing activities
|
| | | | (21,466) | | | | | | 30,154 | | | | | | 62,942 | | |
| | | | | | | | ||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | (2,790) | | | | | | 8,776 | | | | | | (2,601) | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | | 24,845 | | | | | | 16,069 | | | | | | 18,670 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
| | | $ | 22,055 | | | | | $ | 24,845 | | | | | $ | 16,069 | | |
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD
|
| | | $ | 4,310 | | | | | $ | 6,515 | | | | | $ | 9,196 | | |
RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | | 20,535 | | | | | | 9,554 | | | | | | 9,474 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | $ | 24,845 | | | | | $ | 16,069 | | | | | $ | 18,670 | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
| | | $ | 1,548 | | | | | $ | 4,310 | | | | | $ | 6,515 | | |
RESTRICTED CASH, END OF PERIOD
|
| | | | 20,507 | | | | | | 20,535 | | | | | | 9,554 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
| | | $ | 22,055 | | | | | $ | 24,845 | | | | | $ | 16,069 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
| | | | | | | | | | | | | | | | | | |
Cash paid during the period for: Interest
|
| | | $ | 12,711 | | | | | $ | 16,042 | | | | | $ | 15,495 | | |
Cash paid during the period for: Taxes
|
| | | $ | 381 | | | | | $ | 395 | | | | | $ | 251 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
| | | | | | | | | | | | | | | | | | |
Capitalized amortization of deferred financing costs and warrants
|
| | | $ | 1,572 | | | | | $ | 3,193 | | | | | $ | 2,668 | | |
Capitalized stock-based compensation expense
|
| | | $ | 44 | | | | | $ | 122 | | | | | $ | 299 | | |
Unrealized loss on pension liability
|
| | | $ | (2,283) | | | | | $ | — | | | | | $ | — | | |
Loan forgiveness
|
| | | $ | — | | | | | $ | 243 | | | | | $ | — | | |
Investment in unconsolidated joint venture
|
| | | $ | — | | | | | $ | — | | | | | $ | 5,193 | | |
|
Category
|
| |
Terms
|
|
Buildings and improvements
|
| | 10 – 39 years | |
Tenant improvements
|
| | Shorter of remaining term of the lease or useful life | |
Furniture and fixtures
|
| | 5 – 8 years | |
| | | | | | ||||||||
Building and building improvements
|
| | | $ | 51,141 | | | | | $ | 51,141 | | |
Tenant improvements
|
| | | | 221 | | | | | | 200 | | |
Furniture and fixtures
|
| | | | 847 | | | | | | 775 | | |
Land and land improvements
|
| | | | 28,847 | | | | | | 28,847 | | |
| | | | | 81,056 | | | | | | 80,963 | | |
Less: accumulated depreciation
|
| | | | 16,405 | | | | | | 13,629 | | |
| | | | $ | 64,651 | | | | | $ | 67,334 | | |
Year
|
| |
Real Estate
Tax Abatement Amortization |
| |||
2023
|
| | | $ | 740 | | |
2024
|
| | | | 740 | | |
2025
|
| | | | 740 | | |
2026
|
| | | | 740 | | |
2027
|
| | | | 740 | | |
Thereafter
|
| | | | 3,992 | | |
| | | | | | ||||||||
Prepaid expenses
|
| | | $ | 2,494 | | | | | $ | 673 | | |
Deferred finance costs warrants
|
| | | | 2,184 | | | | | | 2,184 | | |
Other
|
| | | | 1,066 | | | | | | 2,736 | | |
| | | | | 5,744 | | | | | | 5,593 | | |
Less: accumulated amortization
|
| | | | 1,970 | | | | | | 1,467 | | |
| | | | $ | 3,774 | | | | | $ | 4,126 | | |
| | | | | | | | ||||||||||||
Current: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | 288 | | | | | | 265 | | | | | | 306 | | |
| | | | $ | 288 | | | | | $ | 265 | | | | | $ | 306 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Tax expense
|
| | | $ | 288 | | | | | $ | 265 | | | | | $ | 306 | | |
| | | | | | | | ||||||||||||
Statutory federal income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
State taxes
|
| | | | 13.6% | | | | | | 16.7% | | | | | | 6.3% | | |
Permanent non-deductible expenses
|
| | | | (0.1)% | | | | | | (0.3)% | | | | | | 5.0% | | |
Change of valuation allowance
|
| | | | (36.0)% | | | | | | (38.5)% | | | | | | (27.8)% | | |
Effective income tax rate
|
| | | | (1.5)% | | | | | | (1.1)% | | | | | | 4.5% | | |
| | | | | | ||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Charitable contributions
|
| | | $ | 6 | | | | | $ | 1 | | |
Net operating loss carry forwards
|
| | | | 74,313 | | | | | | 66,851 | | |
Depreciation (including air rights)
|
| | | | 5,717 | | | | | | 5,737 | | |
Lease liability
|
| | | | 359 | | | | | | 507 | | |
Other
|
| | | | 212 | | | | | | 256 | | |
Pension costs
|
| | | | 225 | | | | | | — | | |
Investment in joint ventures
|
| | | | 448 | | | | | | 777 | | |
Accrued expenses
|
| | | | 356 | | | | | | 332 | | |
Total deferred tax assets
|
| | | $ | 81,636 | | | | | $ | 74,461 | | |
Valuation allowance
|
| | | | (78,285) | | | | | | (70,134) | | |
Deferred tax asset after valuation allowance
|
| | | $ | 3,351 | | | | | $ | 4,327 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Intangibles
|
| | | $ | (2,706) | | | | | $ | (3,003) | | |
Other
|
| | | | (261) | | | | | | (253) | | |
| | | | | | ||||||||
Pension costs
|
| | | | — | | | | | | (571) | | |
Right-of-use asset
|
| | | | (384) | | | | | | (500) | | |
Total deferred tax liabilities
|
| | | $ | (3,351) | | | | | $ | (4,327) | | |
Net deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
Current deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
Long-term deferred tax assets
|
| | | | — | | | | | | — | | |
Total deferred tax assets
|
| | | $ | — | | | | | $ | — | | |
|
Year
|
| |
Future
Minimum Rent |
| |||
2023
|
| | | $ | 3,372 | | |
2024
|
| | | | 831 | | |
2025
|
| | | | 467 | | |
2026
|
| | | | 484 | | |
2027
|
| | | | 445 | | |
Thereafter
|
| | | | 2,220 | | |
| | | | $ | 7,819 | | |
| | |
Fair Value Asset as of
December 31, |
| |
Change in Fair Value as of
December 31, |
| |
Notional
Amount |
| |
All-In
Capped Rate |
| |
Interest Rate
Cap Expiration Date |
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||
Interest Rate Caps: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
77 Mortgage Loan
|
| | | $ | 1,298 | | | | | $ | 59 | | | | | $ | 1,239 | | | | | $ | (12) | | | | | $ | 100,000 | | | | | | 2.5% | | | | | | 11/1/2023 | | |
237 11th Loans
|
| | | | 707 | | | | | | 30 | | | | | | 677 | | | | | | (2) | | | | | | 60,000 | | | | | | 2.5% | | | | | | 7/9/2023 | | |
Included in prepaid expenses and other assets, net
|
| | | $ | 2,005 | | | | | $ | 89 | | | | | $ | 1,916 | | | | | $ | (14) | | | | | | | | | | | | | | | | | | | | |
| | | | | | ||||||||
CHANGE IN BENEFIT OBLIGATION: | | | | | | | | | | | | | |
Net benefit obligation – beginning of period
|
| | | $ | 14,308 | | | | | $ | 14,224 | | |
Interest cost
|
| | | | 694 | | | | | | 665 | | |
Actuarial (gain) loss
|
| | | | (888) | | | | | | 344 | | |
Gross benefits paid
|
| | | | (846) | | | | | | (925) | | |
Net benefit obligation – end of period
|
| | | $ | 13,268 | | | | | $ | 14,308 | | |
CHANGE IN PLAN ASSETS: | | | | | | | | | | | | | |
Fair value of plan assets – beginning of period
|
| | | $ | 15,940 | | | | | $ | 14,568 | | |
Employer contributions
|
| | | | 400 | | | | | | 400 | | |
Gross benefits paid
|
| | | | (846) | | | | | | (925) | | |
(Loss) return on plan assets
|
| | | | (2,877) | | | | | | 1,897 | | |
Fair value of plan assets – end of period
|
| | | $ | 12,617 | | | | | $ | 15,940 | | |
(Under) over funded status at end of period
|
| | | $ | (651) | | | | | $ | 1,632 | | |
| | | | | | | | ||||||||||||
COMPONENTS OF NET PERIODIC COST: | | | | | | | | | | | | | | | | | | | |
Interest cost
|
| | | $ | 694 | | | | | $ | 665 | | | | | $ | 658 | | |
Gain on assets
|
| | | | (953) | | | | | | (842) | | | | | | (758) | | |
Amortization of loss
|
| | | | — | | | | | | 105 | | | | | | 247 | | |
Net periodic (benefit) cost
|
| | | $ | (259) | | | | | $ | (72) | | | | | $ | 147 | | |
WEIGHTED-AVERAGE ASSUMPTION USED: | | | | | | | | | | | | | | | | | | | |
Discount rate
|
| | | | 5.0% | | | | | | 5.0% | | | | | | 5.0% | | |
Rate of compensation increase
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Year
|
| |
Amount
|
| |||
2023
|
| | | $ | 1,078 | | |
2024
|
| | | | 1,069 | | |
2025
|
| | | | 1,072 | | |
2026
|
| | | | 1,061 | | |
2027
|
| | | | 1,061 | | |
2028 – 2032
|
| | | | 4,147 | | |
| | | | | | | | | ||||||||||||||||||||
Asset Category
|
| |
Asset
Allocation |
| |
Fair Value
|
| |
% of Plan
Assets |
| |
Fair Value(1)
|
| |
% of Plan
Assets |
| ||||||||||||
Cash and equivalents
|
| |
0% to 10%
|
| | | $ | 748 | | | | | | 6% | | | | | $ | 928 | | | | | | 6% | | |
Equity securities
|
| |
40% to 57%
|
| | | | 8,870 | | | | | | 61% | | | | | | 9,678 | | | | | | 61% | | |
Fixed income securities
|
| |
35% to 50%
|
| | | | 2,999 | | | | | | 33% | | | | | | 5,334 | | | | | | 33% | | |
Total
|
| | | | | | $ | 12,617 | | | | | | 100% | | | | | $ | 15,940 | | | | | | 100% | | |
Year Ended
|
| |
Future
Minimum Rentals |
| |||
2023
|
| | | $ | 470 | | |
2024
|
| | | | 470 | | |
2025
|
| | | | 116 | | |
Total undiscounted lease payments
|
| | | $ | 1,056 | | |
Discount
|
| | | | (19) | | |
Lease Liability
|
| | | $ | 1,037 | | |
Year of Maturity
|
| |
Principal
|
| |||
2023
|
| | | $ | 226,429 | | |
2024
|
| | | | 35,750 | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
2027
|
| | | | — | | |
| | | | | 262,179 | | |
Less: deferred finance costs, net
|
| | | | (3,375) | | |
Total loans, secured line of credit, and note payable, net
|
| | | $ | 258,804 | | |
| | | | | | | | ||||||||||||
Interest expense
|
| | | $ | 20,616 | | | | | $ | 21,238 | | | | | $ | 17,174 | | |
Interest capitalized
|
| | | | (4,915) | | | | | | (13,314) | | | | | | (15,577) | | |
Interest income
|
| | | | — | | | | | | (2) | | | | | | (57) | | |
Interest expense, net
|
| | | $ | 15,701 | | | | | $ | 7,922 | | | | | $ | 1,540 | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||||||||||||||
| | |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| ||||||||||||
Balance available, beginning of period
|
| | | | 1,569,449 | | | | | | — | | | | | | 548,370 | | | | | | — | | |
Additional shares approved by stockholders
|
| | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | — | | |
Granted to employees
|
| | | | (333,500) | | | | | $ | 1.84 | | | | | | (310,000) | | | | | $ | 1.25 | | |
Granted to non-employee directors
|
| | | | (86,408) | | | | | $ | 1.25 | | | | | | (61,167) | | | | | $ | 1.77 | | |
Deferred under non-employee director’s deferral program
|
| | | | (152,217) | | | | | $ | 1.25 | | | | | | (107,754) | | | | | $ | 1.77 | | |
Forfeitures by former employees
|
| | | | 60,500 | | | | | $ | 1.68 | | | | | | — | | | | | | — | | |
Balance available, end of period
|
| | | | 1,057,824 | | | | | | — | | | | | | 1,569,449 | | | | | | — | | |
| | |
Year Ended
December 31, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||||||||||||||
| | |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| ||||||||||||
Non-vested at beginning of period
|
| | | | 551,083 | | | | | $ | 2.14 | | | | | | 469,000 | | | | | $ | 3.43 | | |
Granted RSUs
|
| | | | 333,500 | | | | | $ | 1.84 | | | | | | 310,000 | | | | | $ | 1.25 | | |
Vested
|
| | | | (296,084) | | | | | $ | 2.22 | | | | | | (227,917) | | | | | $ | 3.59 | | |
Forfeited by former employees
|
| | | | (60,500) | | | | | $ | 1.68 | | | | | | — | | | | | $ | — | | |
Non-vested at end of period
|
| | | | 527,999 | | | | | $ | 1.80 | | | | | | 551,083 | | | | | $ | 2.14 | | |
| | | | | | ||||||||
ASSETS
|
| | | | | | | | | | | | |
Real estate, net
|
| | | $ | 113,571 | | | | | $ | 164,143 | | |
Cash and cash equivalents
|
| | | | 1,345 | | | | | | 1,244 | | |
Restricted cash
|
| | | | 731 | | | | | | 891 | | |
| | | | | | ||||||||
Tenant and other receivables, net
|
| | | | 197 | | | | | | 225 | | |
Prepaid expenses and other assets, net
|
| | | | 2,185 | | | | | | 315 | | |
Intangible assets, net
|
| | | | 9,047 | | | | | | 21,527 | | |
Total assets
|
| | | $ | 127,076 | | | | | $ | 188,345 | | |
LIABILITIES
|
| | | | | | | | | | | | |
Mortgages payable, net
|
| | | $ | 80,495 | | | | | $ | 112,934 | | |
Accounts payable and accrued expenses
|
| | | | 1,507 | | | | | | 1,849 | | |
Total liabilities
|
| | | | 82,002 | | | | | | 114,783 | | |
MEMBERS’ EQUITY
|
| | | | | | | | | | | | |
Members’ equity
|
| | | | 48,677 | | | | | | 87,654 | | |
Accumulated deficit
|
| | | | (3,603) | | | | | | (14,092) | | |
Total members’ equity
|
| | | | 45,074 | | | | | | 73,562 | | |
Total liabilities and members’ equity
|
| | | $ | 127,076 | | | | | $ | 188,345 | | |
Our investments in unconsolidated joint ventures
|
| | | $ | 4,386 | | | | | $ | 17,938 | | |
|
| | | | | | | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Rental revenues
|
| | | $ | 11,383 | | | | | $ | 12,679 | | | | | $ | 12,747 | | |
Total revenues
|
| | | | 11,383 | | | | | | 12,679 | | | | | | 12,747 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | |
Property operating expenses
|
| | | | 3,596 | | | | | | 4,065 | | | | | | 3,605 | | |
Real estate taxes
|
| | | | 72 | | | | | | 100 | | | | | | 94 | | |
Amortization
|
| | | | 1,974 | | | | | | 2,479 | | | | | | 5,676 | | |
Depreciation
|
| | | | 3,032 | | | | | | 3,937 | | | | | | 3,833 | | |
Total operating expenses
|
| | | | 8,674 | | | | | | 10,581 | | | | | | 13,208 | | |
Gain on sale of real estate
|
| | | | 8,981 | | | | | | — | | | | | | — | | |
Operating income (loss)
|
| | | | 11,690 | | | | | | 2,098 | | | | | | (461) | | |
Gain on sale of interest rate swap
|
| | | | 2,005 | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | (3,138) | | | | | | (3,806) | | | | | | (3,780) | | |
Interest expense – amortization of deferred finance costs
|
| | | | (221) | | | | | | (289) | | | | | | (1,881) | | |
Interest income (expense) – change in fair market value
of interest rate swap |
| | | | 153 | | | | | | (153) | | | | | | — | | |
Net income (loss)
|
| | | $ | 10,489 | | | | | $ | (2,150) | | | | | $ | (6,122) | | |
Our equity in net income (loss) from unconsolidated joint ventures
|
| | | $ | 5,294 | | | | | $ | (555) | | | | | $ | (1,571) | | |
| | | | | | | | |
Initial Cost
|
| | | | | | | | | | | | | |
Amounts at which Carried at December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||
Property
Description
|
| |
Encumbrances(1)
|
| |
Land and
Land Improvements |
| |
Real Estate
Under Development |
| |
Building,
Building and Tenant Improvements(2) |
| |
Cost
Capitalized Subsequent to Acquisition |
| |
Building,
Building and Tenant Improvements(2) |
| |
Land
|
| |
Real Estate
Under Development |
| |
Building,
Building and Tenant Improvements(2) |
| |
Total
|
| |
Accumulated
Depreciation |
| |
Date of
Acquisition (A) / Construction (C) |
| |||||||||||||||||||||||||||||||||
Brooklyn, New York
|
| | | | 59,650 | | | | | | 27,939 | | | | | | — | | | | | | 42,177 | | | | | | — | | | | | | 249 | | | | | | 27,939 | | | | | | — | | | | | | 42,426 | | | | | | 70,365 | | | | | | 7,456 | | | |
2018(A) / 2017(C)
|
|
Paramus, NJ
|
| | | | 9,750 | | | | | | 908 | | | | | | — | | | | | | 3,647 | | | | | | — | | | | | | 6,136 | | | | | | 908 | | | | | | — | | | | | | 9,783 | | | | | | 10,691 | | | | | | 8,949 | | | |
1980(A)/ 1984(C)
|
|
| | | | $ | 69,400 | | | | | $ | 28,847 | | | | | $ | — | | | | | $ | 45,824 | | | | | $ | — | | | | | $ | 6,385 | | | | | $ | 28,847 | | | | | $ | — | | | | | $ | 52,209 | | | | | $ | 81,056 | | | | | $ | 16,405 | | | | | |
| | | | | | ||||||||
Balance at beginning of period
|
| | | $ | 80,963 | | | | | $ | 80,908 | | |
Additions
|
| | | | 93 | | | | | | 55 | | |
Balance at end of period
|
| | | $ | 81,056 | | | | | $ | 80,963 | | |
| | | | | | ||||||||
Balance at beginning of period
|
| | | $ | 13,629 | | | | | $ | 10,868 | | |
Depreciation related to real estate
|
| | | | 2,776 | | | | | | 2,761 | | |
Balance at end of period
|
| | | $ | 16,405 | | | | | $ | 13,629 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
Contractual Obligations
|
| |
Total
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |||||||||||||||
Operating lease(1)
|
| | | $ | 1,056 | | | | | $ | 470 | | | | | $ | 470 | | | | | $ | 116 | | | | | $ | — | | |
Loans payable(2)
|
| | | | 210,816 | | | | | | 210,816 | | | | | | — | | | | | | — | | | | | | — | | |
Corporate credit facility(3)
|
| | | | 35,750 | | | | | | 7,000 | | | | | | 28,750 | | | | | | — | | | | | | — | | |
Secured line of credit(4)
|
| | | | 9,750 | | | | | | 9,750 | | | | | | — | | | | | | — | | | | | | — | | |
Note payable(5)
|
| | | | 5,863 | | | | | | 5,863 | | | | | | — | | | | | | — | | | | | | — | | |
Interest payable on loans payable, corporate credit facility,
secured line of credit and note payable(6) |
| | | | 12,233 | | | | | | 6,510 | | | | | | 5,723 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 275,468 | | | | | $ | 240,409 | | | | | $ | 34,943 | | | | | $ | 116 | | | | | $ | — | | |
Category
|
| |
Terms
|
|
Buildings and improvements
|
| | 10 – 39 years | |
Tenant improvements
|
| | Shorter of remaining term of the lease or useful life | |
Furniture and fixtures
|
| | 5 – 8 years | |
| | | | | | ||||||||
ASSETS
|
| | | | | | | | | | | | |
Real estate, net
|
| | | $ | 62,736 | | | | | $ | 64,651 | | |
Residential condominium units for sale
|
| | | | 183,421 | | | | | | 202,999 | | |
Cash and cash equivalents
|
| | | | 809 | | | | | | 1,548 | | |
Restricted cash
|
| | | | 8,231 | | | | | | 20,507 | | |
Prepaid expenses and other assets, net
|
| | | | 4,323 | | | | | | 3,774 | | |
Investments in unconsolidated joint ventures
|
| | | | — | | | | | | 4,386 | | |
Receivables
|
| | | | 149 | | | | | | 262 | | |
Deferred rents receivable
|
| | | | 234 | | | | | | 163 | | |
Right-of-use asset
|
| | | | 655 | | | | | | 945 | | |
Intangible assets, net
|
| | | | 7,137 | | | | | | 7,692 | | |
Total assets
|
| | | $ | 267,695 | | | | | $ | 306,927 | | |
LIABILITIES
|
| | | | | | | | | | | | |
Loans payable, net
|
| | | $ | 190,646 | | | | | $ | 208,762 | | |
Corporate credit facility, net
|
| | | | 40,169 | | | | | | 34,429 | | |
Secured line of credit, net
|
| | | | 11,750 | | | | | | 9,750 | | |
Note payable
|
| | | | — | | | | | | 5,863 | | |
Accounts payable and accrued expenses
|
| | | | 25,320 | | | | | | 19,018 | | |
Pension liability
|
| | | | 251 | | | | | | 651 | | |
Lease liability
|
| | | | 716 | | | | | | 1,037 | | |
Warrant liability
|
| | | | 3 | | | | | | 76 | | |
Total liabilities
|
| | | | 268,855 | | | | | | 279,586 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
STOCKHOLDERS’ (DEFICIT) EQUITY
|
| | | | | | | | | | | | |
Preferred stock, $0.01 par value; 40,000,000 shares authorized; no shares issued
and outstanding |
| | | | — | | | | | | — | | |
Preferred stock, $0.01 par value; 2 shares authorized; no shares issued and outstanding at September 30, 2023 and December 31, 2022
|
| | | | — | | | | | | — | | |
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2023 and December 31, 2022
|
| | | | — | | | | | | — | | |
Common stock, $0.01 par value; 79,999,997 shares authorized; 44,869,497 and 43,448,384 shares issued at September 30, 2023 and December 31, 2022, respectively; 38,103,800 and 36,907,862 shares outstanding at September 30, 2023 and December 31, 2022, respectively
|
| | | | 449 | | | | | | 435 | | |
Additional paid-in capital
|
| | | | 145,228 | | | | | | 144,879 | | |
Treasury stock (6,765,697 and 6,540,522 shares at September 30, 2023 and December 31, 2022, respectively)
|
| | | | (57,637) | | | | | | (57,461) | | |
Accumulated other comprehensive loss
|
| | | | (3,270) | | | | | | (3,626) | | |
Accumulated deficit
|
| | | | (85,930) | | | | | | (56,886) | | |
Total stockholders’ (deficit) equity
|
| | | | (1,160) | | | | | | 27,341 | | |
Total liabilities and stockholders’ (deficit) equity
|
| | | $ | 267,695 | | | | | $ | 306,927 | | |
| | | | | | | | | | ||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental revenues
|
| | | $ | 1,460 | | | | | $ | 1,477 | | | | | $ | 4,396 | | | | | $ | 3,968 | | |
Other income
|
| | | | 29 | | | | | | 20 | | | | | | 173 | | | | | | 46 | | |
Sales of residential condominium units
|
| | | | 9,162 | | | | | | 17,509 | | | | | | 27,483 | | | | | | 28,696 | | |
Total revenues
|
| | | | 10,651 | | | | | | 19,006 | | | | | | 32,052 | | | | | | 32,710 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Property operating expenses
|
| | | | 786 | | | | | | 1,220 | | | | | | 2,864 | | | | | | 2,790 | | |
Real estate taxes
|
| | | | 668 | | | | | | 486 | | | | | | 1,582 | | | | | | 1,292 | | |
General and administrative
|
| | | | 1,511 | | | | | | 1,431 | | | | | | 4,790 | | | | | | 4,436 | | |
Pension related costs
|
| | | | 144 | | | | | | 158 | | | | | | 431 | | | | | | 473 | | |
Cost of sales – residential condominium units
|
| | | | 9,779 | | | | | | 16,714 | | | | | | 27,257 | | | | | | 27,238 | | |
Transaction related costs
|
| | | | — | | | | | | — | | | | | | 113 | | | | | | — | | |
Depreciation and amortization
|
| | | | 1,006 | | | | | | 1,006 | | | | | | 3,009 | | | | | | 3,013 | | |
Total operating expenses
|
| | | | 13,894 | | | | | | 21,015 | | | | | | 40,046 | | | | | | 39,242 | | |
Operating loss
|
| | | | (3,243) | | | | | | (2,009) | | | | | | (7,994) | | | | | | (6,532) | | |
Equity in net (loss) income from unconsolidated joint ventures
|
| | | | — | | | | | | (14) | | | | | | (4) | | | | | | 802 | | |
Equity in net gain on sale of unconsolidated joint venture property
|
| | | | — | | | | | | — | | | | | | 3,065 | | | | | | 4,490 | | |
Unrealized gain on warrants
|
| | | | 14 | | | | | | 64 | | | | | | 70 | | | | | | 995 | | |
Interest expense, net
|
| | | | (7,901) | | | | | | (3,549) | | | | | | (21,423) | | | | | | (9,613) | | |
Interest expense – amortization of deferred finance
costs |
| | | | (758) | | | | | | (763) | | | | | | (2,583) | | | | | | (1,577) | | |
Loss before taxes
|
| | | | (11,888) | | | | | | (6,271) | | | | | | (28,869) | | | | | | (11,435) | | |
Tax expense
|
| | | | — | | | | | | (82) | | | | | | (175) | | | | | | (272) | | |
Net loss attributable to common stockholders
|
| | | $ | (11,888) | | | | | $ | (6,353) | | | | | $ | (29,044) | | | | | $ | (11,707) | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized gain on pension liability
|
| | | | 119 | | | | | | 119 | | | | | | 356 | | | | | | 356 | | |
Comprehensive loss attributable to common stockholders
|
| | | $ | (11,769) | | | | | $ | (6,234) | | | | | $ | (28,688) | | | | | $ | (11,351) | | |
Loss per share – basic and diluted
|
| | | $ | (0.31) | | | | | $ | (0.17) | | | | | $ | (0.76) | | | | | $ | (0.31) | | |
Weighted average number of common shares – basic and diluted
|
| | | | 38,789 | | | | | | 37,260 | | | | | | 38,134 | | | | | | 37,184 | | |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Treasury Stock
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023
|
| | | | 44,804 | | | | | $ | 448 | | | | | $ | 145,114 | | | | | | (6,766) | | | | | $ | (57,637) | | | | | $ | (74,042) | | | | | $ | (3,389) | | | | | $ | 10,494 | | |
Net loss attributable to common stockholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(11,888)
|
| | | |
|
—
|
| | | | | (11,888) | | |
Settlement of stock awards
|
| | |
|
66
|
| | | |
|
1
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1 | | |
Unrealized gain on pension liability
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
119
|
| | | | | 119 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
114
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 114 | | |
Balance as of September 30, 2023
|
| | | | 44,870 | | | | | $ | 449 | | | | | $ | 145,228 | | | | | | (6,766) | | | | | $ | (57,637) | | | | | $ | (85,930) | | | | | $ | (3,270) | | | | | $ | (1,160) | | |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Treasury Stock
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022
|
| | | | 43,448 | | | | | $ | 435 | | | | | $ | 144,879 | | | | | | (6,541) | | | | | $ | (57,461) | | | | | $ | (56,886) | | | | | $ | (3,626) | | | | | $ | 27,341 | | |
Net loss attributable to common stockholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(29,044)
|
| | | |
|
—
|
| | | | | (29,044) | | |
Settlement of warrants
|
| | |
|
750
|
| | | |
|
8
|
| | | |
|
(5)
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | 3 | | |
Settlement of stock awards
|
| | |
|
672
|
| | | |
|
6
|
| | | |
|
—
|
| | | |
|
(225)
|
| | | |
|
(176)
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (170) | | |
Unrealized gain on pension liability
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
356
|
| | | | | 356 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
354
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 354 | | |
Balance as of September 30, 2023
|
| | | | 44,870 | | | | | $ | 449 | | | | | $ | 145,228 | | | | | | (6,766) | | | | | $ | (57,637) | | | | | $ | (85,930) | | | | | $ | (3,270) | | | | | $ | (1,160) | | |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Treasury Stock
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022
|
| | | | 43,391 | | | | | $ | 434 | | | | | $ | 144,580 | | | | | | (6,541) | | | | | $ | (57,461) | | | | | $ | (41,550) | | | | | $ | (1,106) | | | | | $ | 44,897 | | |
Net loss attributable to common stockholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(6,353)
|
| | | |
|
—
|
| | | | | (6,353) | | |
Settlement of stock awards
|
| | |
|
27
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | — | | |
Unrealized gain on pension liability
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
119
|
| | | | | 119 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
145
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 145 | | |
Balance as of September 30, 2022
|
| | | | 43,418 | | | | | $ | 434 | | | | | $ | 144,725 | | | | | | (6,541) | | | | | $ | (57,461) | | | | | $ | (47,903) | | | | | $ | (987) | | | | | $ | 38,808 | | |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Treasury Stock
|
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021
|
| | | | 43,024 | | | | | $ | 430 | | | | | $ | 144,282 | | | | | | (6,398) | | | | | $ | (57,166) | | | | | $ | (36,196) | | | | | $ | (1,343) | | | | | $ | 50,007 | | |
Net loss attributable to common stockholders
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(11,707)
|
| | | |
|
—
|
| | | | | (11,707) | | |
Settlement of stock awards
|
| | |
|
394
|
| | | |
|
4
|
| | | |
|
—
|
| | | |
|
(143)
|
| | | |
|
(295)
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (291) | | |
Unrealized gain on pension liability
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
356
|
| | | | | 356 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
443
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 443 | | |
Balance as of September 30, 2022
|
| | | | 43,418 | | | | | $ | 434 | | | | | $ | 144,725 | | | | | | (6,541) | | | | | $ | (57,461) | | | | | $ | (47,903) | | | | | $ | (987) | | | | | $ | 38,808 | | |
| | | | | | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss attributable to common stockholders
|
| | | $ | (29,044) | | | | | $ | (11,707) | | |
Adjustments to reconcile net loss attributable to common stockholders to net cash (used in) provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization and amortization of deferred finance costs
|
| | | | 5,592 | | | | | | 4,590 | | |
Other non-cash adjustment – paid-in-kind interest
|
| | | | 2,078 | | | | | | — | | |
Stock-based compensation expense
|
| | | | 347 | | | | | | 407 | | |
Gain on sale of joint venture real estate
|
| | | | (3,065) | | | | | | (4,490) | | |
Deferred rents receivable
|
| | | | (71) | | | | | | (9) | | |
Other non-cash adjustments – pension expense
|
| | | | (44) | | | | | | 356 | | |
Unrealized gain on warrants
|
| | | | (70) | | | | | | (995) | | |
Equity in net loss (income) from unconsolidated joint ventures
|
| | | | 4 | | | | | | (802) | | |
Distributions from unconsolidated joint ventures
|
| | | | — | | | | | | 1,318 | | |
Decrease (increase) in operating assets: | | | | | | | | | | | | | |
Residential condominium units for sale
|
| | | | 19,663 | | | | | | 17,259 | | |
Receivables
|
| | | | 113 | | | | | | 6 | | |
Prepaid expenses and other assets, net
|
| | | | (925) | | | | | | (2,209) | | |
Increase in operating liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | | 4,397 | | | | | | 3,104 | | |
Net cash (used in) provided by operating activities
|
| | | | (1,025) | | | | | | 6,828 | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Additions to real estate
|
| | | | (163) | | | | | | (93) | | |
Net proceeds from sale of unconsolidated joint venture
|
| | | | 7,240 | | | | | | 17,418 | | |
Net cash provided by investing activities
|
| | | | 7,077 | | | | | | 17,325 | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from loans and corporate credit facility
|
| | | | 5,000 | | | | | | 7,851 | | |
Proceeds from secured line of credit
|
| | | | 2,000 | | | | | | 500 | | |
Repayment of loans
|
| | | | (20,037) | | | | | | (41,886) | | |
Repayment of note payable
|
| | | | (5,863) | | | | | | — | | |
Repayment of secured line of credit
|
| | | | — | | | | | | (3,500) | | |
Settlement of stock awards
|
| | | | (170) | | | | | | (291) | | |
Settlement of warrants
|
| | | | 3 | | | | | | — | | |
Net cash used in financing activities
|
| | | | (19,067) | | | | | | (37,326) | | |
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | (13,015) | | | | | | (13,173) | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | | 22,055 | | | | | | 24,845 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
| | | $ | 9,040 | | | | | $ | 11,672 | | |
| | | | | | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING PERIOD
|
| | | $ | 1,548 | | | | | $ | 4,310 | | |
RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | | 20,507 | | | | | | 20,535 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
| | | $ | 22,055 | | | | | $ | 24,845 | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
| | | $ | 809 | | | | | $ | 2,190 | | |
RESTRICTED CASH, END OF PERIOD
|
| | | | 8,231 | | | | | | 9,482 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
| | | $ | 9,040 | | | | | $ | 11,672 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
| | | | | | | | | | | | |
Cash paid during the period for: Interest
|
| | | $ | 10,793 | | | | | $ | 9,624 | | |
Cash paid during the period for: Taxes
|
| | | $ | 242 | | | | | $ | 341 | | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
| | | | | | | | | | | | |
Capitalized amortization of deferred financing costs and warrants
|
| | | $ | 78 | | | | | $ | 1,480 | | |
Capitalized stock-based compensation expense
|
| | | $ | 7 | | | | | $ | 36 | | |
|
Category
|
| |
Terms
|
|
Buildings and improvements | | | 10 – 39 years | |
Tenant improvements | | |
Shorter of remaining term of the lease or useful life
|
|
Furniture and fixtures | | | 5 – 8 years | |
| | | | | | ||||||||
Building and building improvements
|
| | | $ | 51,141 | | | | | $ | 51,141 | | |
Tenant improvements
|
| | | | 296 | | | | | | 221 | | |
Furniture and fixtures
|
| | | | 935 | | | | | | 847 | | |
Land and land improvements
|
| | | | 28,847 | | | | | | 28,847 | | |
| | | | | 81,219 | | | | | | 81,056 | | |
Less: accumulated depreciation
|
| | | | 18,483 | | | | | | 16,405 | | |
| | | | $ | 62,736 | | | | | $ | 64,651 | | |
| | | | | | ||||||||
Prepaid expenses
|
| | | $ | 2,233 | | | | | $ | 2,494 | | |
Deferred finance costs warrants
|
| | | | 2,184 | | | | | | 2,184 | | |
Other
|
| | | | 2,252 | | | | | | 1,066 | | |
| | | | | 6,669 | | | | | | 5,744 | | |
Less: accumulated amortization
|
| | | | 2,346 | | | | | | 1,970 | | |
| | | | $ | 4,323 | | | | | $ | 3,774 | | |
Year of Maturity
|
| |
Principal
|
| |||
2023
|
| | | $ | 130,816 | | |
2024
|
| | | | 112,500 | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
2027
|
| | | | — | | |
| | | | | 243,316 | | |
Less: deferred finance costs, net
|
| | | | (751) | | |
Total loans, corporate credit facility and secured line of credit, net
|
| | | $ | 242,565 | | |
| | | | | | | | | | ||||||||||||||||
Interest expense
|
| | | $ | 7,901 | | | | | $ | 4,932 | | | | | $ | 22,112 | | | | | $ | 13,759 | | |
Interest capitalized
|
| | | | — | | | | | | (1,383) | | | | | | (689) | | | | | | (4,146) | | |
Interest expense, net
|
| | | $ | 7,901 | | | | | $ | 3,549 | | | | | $ | 21,423 | | | | | $ | 9,613 | | |
| | | | | | | | | | |
Notional
Amount |
| |
All-In
Capped Rate |
| |
Interest Rate
Cap Expiration Date |
| |||||||||||||||||||||||||
Interest Rate Caps: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
77 Mortgage Loan
|
| | | $ | 135 | | | | | $ | 1,298 | | | | | $ | (1,163) | | | | | $ | 745 | | | | | $ | 67,000 | | | | | | 2.5% | | | | | | 11/1/2023 | | |
237 11th Loans
|
| | | | 1,314 | | | | | | 707 | | | | | | 607 | | | | | | 482 | | | | | $ | 60,000 | | | | | | 2.5% | | | | | | 7/9/2024 | | |
Included in prepaid expenses and other assets, net
|
| | | $ | 1,449 | | | | | $ | 2,005 | | | | | $ | (556) | | | | | $ | 1,227 | | | | | | | | | | | | | | | | | | | | |
Year Ended
|
| |
Future
Minimum Rentals |
| |||
2023
|
| | | $ | 118 | | |
2024
|
| | | | 470 | | |
2025
|
| | | | 116 | | |
Total undiscounted lease payments
|
| | | $ | 704 | | |
Discount
|
| | | | 12 | | |
Lease Liability
|
| | | $ | 716 | | |
| | |
Nine Months Ended
September 30, 2023 |
| |
Year Ended
December 31, 2022 |
| ||||||||||||||||||
| | |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| ||||||||||||
Balance available, beginning of period
|
| | | | 1,057,824 | | | | | | — | | | | | | 1,569,449 | | | | | | — | | |
Additional shares approved by stockholders
|
| | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Nine Months Ended
September 30, 2023 |
| |
Year Ended
December 31, 2022 |
| ||||||||||||||||||
| | |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| ||||||||||||
Granted to employees
|
| | | | (381,760) | | | | | $ | 0.68 | | | | | | (333,500) | | | | | $ | 1.84 | | |
Granted to non-employee directors
|
| | | | (158,351) | | | | | $ | 0.56 | | | | | | (86,408) | | | | | $ | 1.25 | | |
Deferred under non-employee director’s deferral
program |
| | | | (251,768) | | | | | $ | 0.57 | | | | | | (152,217) | | | | | $ | 1.25 | | |
Forfeitures by former employees
|
| | | | — | | | | | | — | | | | | | 60,500 | | | | | $ | 1.68 | | |
Balance available, end of period
|
| | | | 2,265,945 | | | | | | — | | | | | | 1,057,824 | | | | | | — | | |
|
| | |
Nine Months Ended
September 30, 2023 |
| |
Year Ended
December 31, 2022 |
| ||||||||||||||||||
| | |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| |
Number of
Shares |
| |
Weighted
Average Fair Value at Grant Date |
| ||||||||||||
Non-vested at beginning of period
|
| | | | 527,999 | | | | | $ | 1.80 | | | | | | 551,083 | | | | | $ | 2.14 | | |
Granted RSUs
|
| | | | 381,760 | | | | | $ | 0.68 | | | | | | 333,500 | | | | | $ | 1.84 | | |
Vested
|
| | | | (362,176) | | | | | $ | 1.49 | | | | | | (296,084) | | | | | $ | 2.22 | | |
Forfeited by former employees
|
| | | | — | | | | | $ | — | | | | | | (60,500) | | | | | $ | 1.68 | | |
Non-vested at end of period
|
| | | | 547,583 | | | | | $ | 1.16 | | | | | | 527,999 | | | | | $ | 1.80 | | |
| | | | | | ||||||||
ASSETS
|
| | | | | | | | | | | | |
Real estate, net
|
| | | $ | — | | | | | $ | 113,571 | | |
Cash and cash equivalents
|
| | | | — | | | | | | 1,345 | | |
Restricted cash
|
| | | | — | | | | | | 731 | | |
Tenant and other receivables, net
|
| | | | — | | | | | | 197 | | |
Prepaid expenses and other assets, net
|
| | | | — | | | | | | 2,185 | | |
Intangible assets, net
|
| | | | — | | | | | | 9,047 | | |
Total assets
|
| | | $ | — | | | | | $ | 127,076 | | |
LIABILITIES
|
| | | | | | | | | | | | |
Mortgages payable, net
|
| | | $ | — | | | | | $ | 80,495 | | |
Accounts payable and accrued expenses
|
| | | | — | | | | | | 1,507 | | |
Total liabilities
|
| | | | — | | | | | | 82,002 | | |
MEMBERS’ EQUITY
|
| | | | | | | | | | | | |
Members’ equity
|
| | | | — | | | | | | 48,677 | | |
Accumulated deficit
|
| | | | — | | | | | | (3,603) | | |
Total members’ equity
|
| | | | — | | | | | | 45,074 | | |
Total liabilities and members’ equity
|
| | | $ | — | | | | | $ | 127,076 | | |
Our investments in unconsolidated joint ventures
|
| | | $ | — | | | | | $ | 4,386 | | |
| | | | | | | | | | ||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Rental revenues
|
| | | $ | — | | | | | $ | 2,617 | | | | | $ | 1,788 | | | | | $ | 8,639 | | |
Total revenues
|
| | | | — | | | | | | 2,617 | | | | | | 1,788 | | | | | | 8,639 | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Property operating expenses
|
| | | | — | | | | | | 879 | | | | | | 563 | | | | | | 2,760 | | |
Real estate taxes
|
| | | | — | | | | | | 15 | | | | | | 10 | | | | | | 57 | | |
General and administrative
|
| | | | — | | | | | | — | | | | | | — | | | | | | (10) | | |
Amortization
|
| | | | — | | | | | | 449 | | | | | | 299 | | | | | | 1,525 | | |
Depreciation
|
| | | | — | | | | | | 654 | | | | | | 437 | | | | | | 2,377 | | |
Total operating expenses
|
| | | | — | | | | | | 1,997 | | | | | | 1,309 | | | | | | 6,709 | | |
Gain on sale of real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8,981 | | |
Operating income
|
| | | | — | | | | | | 620 | | | | | | 479 | | | | | | 10,911 | | |
Gain on sale of interest rate swap
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,005 | | |
Interest expense
|
| | | | — | | | | | | (717) | | | | | | (483) | | | | | | (2,429) | | |
Interest expense – amortization of deferred finance costs
|
| | | | — | | | | | | (46) | | | | | | (31) | | | | | | (174) | | |
Interest income – change in fair market value of
interest rate swap |
| | | | — | | | | | | — | | | | | | — | | | | | | 153 | | |
Net (loss) income
|
| | | $ | — | | | | | $ | (143) | | | | | $ | (35) | | | | | $ | 10,466 | | |
Our equity in net (loss) income from unconsolidated joint ventures
|
| | | $ | — | | | | | $ | (14) | | | | | $ | — | | | | | $ | 5,292 | | |
Property Location
|
| |
Type of Property
|
| |
Building Size
(estimated rentable square feet) |
| |
Number of
Units |
| | | ||||||||||
Owned Locations | | | | | | | | | | | | | | | | | | | | | | |
77 Greenwich, New York, New York(1)
|
| |
Residential condominium units for sale
|
| | | | — | | | | | | — | | | | | | N/A | | |
Paramus, New Jersey(2)
|
| | Retail | | | | | 77,000 | | | | | | — | | | | | | 94.8% | | |
237 11th Street, Brooklyn, New York(3)
|
| | Multi-family | | | | | 80,000 | | | | | | 105 | | | | | | 97.1% | | |
Total
|
| | | | | | | 157,000 | | | | | | 105 | | | | | | | | |
This ‘DEF 14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/30/26 | ||||
6/19/26 | ||||
12/19/25 | ||||
3/31/25 | ||||
12/31/24 | ||||
12/19/24 | ||||
3/31/24 | ||||
3/30/24 | ||||
3/22/24 | ||||
2/16/24 | ||||
1/31/24 | ||||
Filed on / For Period end: | 1/30/24 | |||
1/5/24 | ||||
1/4/24 | 4, 8-K | |||
1/3/24 | 4 | |||
1/2/24 | 4, 8-K | |||
1/1/24 | ||||
12/31/23 | ||||
12/22/23 | ||||
12/21/23 | ||||
12/20/23 | 8-K | |||
12/14/23 | ||||
12/9/23 | ||||
12/8/23 | ||||
12/1/23 | ||||
11/28/23 | 8-K | |||
11/26/23 | ||||
11/15/23 | 8-K | |||
11/14/23 | 10-Q | |||
11/8/23 | ||||
10/31/23 | ||||
10/20/23 | ||||
10/6/23 | ||||
10/1/23 | ||||
9/30/23 | 10-Q | |||
9/29/23 | ||||
9/26/23 | ||||
9/6/23 | 8-K | |||
9/1/23 | ||||
8/31/23 | 8-K | |||
8/24/23 | 8-K | |||
8/9/23 | ||||
7/17/23 | ||||
7/9/23 | ||||
6/30/23 | 10-Q, S-8 | |||
6/27/23 | ||||
6/22/23 | ||||
6/9/23 | 8-K | |||
6/6/23 | ||||
5/23/23 | ||||
5/22/23 | ||||
5/10/23 | ||||
5/1/23 | ||||
4/30/23 | ||||
4/27/23 | 3, 8-K | |||
4/22/23 | ||||
4/21/23 | 8-K | |||
4/20/23 | ||||
3/31/23 | 10-K, 10-Q | |||
3/23/23 | ||||
3/22/23 | ||||
3/21/23 | ||||
3/20/23 | ||||
3/16/23 | ||||
3/14/23 | ||||
3/3/23 | ||||
3/1/23 | ||||
2/28/23 | ||||
2/27/23 | ||||
2/7/23 | ||||
2/1/23 | 4 | |||
1/1/23 | ||||
12/31/22 | 10-K | |||
12/22/22 | ||||
11/30/22 | 8-K | |||
10/22/22 | ||||
10/5/22 | 10-K/A, 10-Q/A | |||
9/30/22 | 10-Q | |||
9/9/22 | 8-K | |||
7/1/22 | 4 | |||
6/30/22 | 10-Q, NT 10-Q | |||
1/1/22 | ||||
12/31/21 | 10-K, 10-K/A, 4 | |||
12/15/21 | ||||
12/8/21 | 4, 8-K | |||
11/10/21 | ||||
11/3/21 | ||||
10/22/21 | 4, 8-K | |||
9/20/21 | ||||
6/10/21 | ||||
6/9/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K | |||
12/22/20 | 8-K | |||
3/27/20 | ||||
3/19/20 | ||||
3/12/20 | ||||
2/28/20 | CORRESP | |||
1/30/20 | EFFECT, SC 13G | |||
1/15/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 4 | |||
12/19/19 | 8-K | |||
9/30/19 | 10-Q | |||
9/27/19 | ||||
7/12/19 | ||||
3/28/19 | ||||
3/20/19 | ||||
12/31/18 | 10-K, 4 | |||
5/25/18 | ||||
12/31/17 | 10-K | |||
12/22/17 | 8-K | |||
10/24/17 | ||||
3/16/17 | S-3 | |||
2/21/17 | 8-K, SC 13D/A | |||
6/1/16 | ||||
9/11/15 | ||||
9/9/15 | 8-K | |||
2/9/15 | 8-K | |||
1/21/15 | 8-K | |||
10/1/13 | ||||
9/17/12 | ||||
3/4/07 | ||||
12/31/06 | ||||
10/26/01 | ||||
List all Filings |