Trinity Place Holdings Inc. · OTC:TPHS
Trinity Place — Corporate Update (March 2020)
15 slides from Trinity Place's corporate update, Mar 24, 2020
Slide 1: Q1 Market Update & Recent Activity March 2020
NYSE American: TPHS Q1 Market Update & Recent Activity March 2020
Slide 2: Disclaimer: Forward Looking Statements
DISCLAIMER Forward Looking Statements Certain statements in this presentation and that may be made in meetings contain forward - looking statements. All statements incl uded in this presentation, other than statements of historical fact, that address activities, events or developments that we believ
Slide 3: Introductory Note from the CEO Regarding Coronavirus
INTRODUCTORY NOTE FROM THE CEO REGARDING CORONAVIRUS We are actively monitoring the rapidly evolving COVID - 19 situation and its impact on New York City and our business. Our primary concern is the safety of our tenants, business associates , investors, employees, and those who live or work in our
Slide 4: Monetization of legacy assets and redeployment of capital
CORPORATE UPDATE ► Monetization of legacy assets and redeployment of capital into strategic investments ▪ Taking advantage of local expertise and management and board relationships to identify and acquire stable , cash flowing real estate assets or portfolios, primarily in metro New York region ▪ Le
Slide 5: Growth Capital
GROWTH CAPITAL ► In December 2019, TPHS closed on a $70 million 2 term loan that can be drawn down over ± 30 months ▪ Lender is an affiliate of an institutional global investment manager with more than $34 billion in assets under management ▪ Strategically aligned with management and Board’s vision
Slide 6: Multifamily Thesis with a NYC Focus: A Contrarian View
Trinity Place Holdings Inc. (NYSE American: TPHS) 6 Data sources include Rent Guidelines Board of NYC research; Douglas Elliman/Miller Samuel Research; US Census Bureau; Office of NYS Comptroller; C ush man & Wakefield MULTIFAMILY THESIS WITH A NYC FOCUS A “CONTRARIAN” VIEW Economic & Demographic Tr
Slide 7: NYC Multifamily Opportunity
NYC MULTIFAMILY OPPORTUNITY Unique Opportunity to Buy Long - Term Value at a Discount ► Recent changes to New York rent regulations have led to a profound pullback in the multifamily investment sales market. This has created an appealing risk - adjusted opportunity to acquire certain high - quality
Slide 8: 2019 Rent Reform Has Major Impact on Overall Market
Trinity Place Holdings Inc. (NYSE American: TPHS) 8 2019 Rent Reform Has Major Impact on Overall Market; Minor Impact on Recently Built Assets ► Greatest impact on permanently rent stabilized stock, which is over 90% of the regulated housing market ► Restricts ability of landlords to remove certain
Slide 9: Portfolio Activity
PORTFOLIO ACTIVITY Trinity Place Holdings Inc. (NYSE American: TPHS) 9 ► Strong Investment ▪ Closed in January 2020 for $137.75 million. o Institutional seller purchased the building for approximately $170 million in 2015 after completion of construction in 2014 ▪ Price of $588,675 per unit or $570
Slide 10: Portfolio Activity, Continued: Strategic Partner
PORTFOLIO ACTIVITY, CONTINUED ► Strategic Partner ▪ Partnership with TF Cornerstone (TFC) who holds a 90% interest and lent TPHS its share of equity to purchase o TPHS did not use any corporate cash for the acquisition ▪ TFC is a family - owned New York City - based real estate investment firm with
Slide 11: Portfolio Activity, Continued: Strong Performing Joint Venture
PORTFOLIO ACTIVITY, CONTINUED Trinity Place Holdings Inc. (NYSE American: TPHS) 11 ► Strong Performing Joint Venture ▪ $ 33 million mortgage refinance closed in February 2020 ▪ Fixed interest rate of approx. 2.71 % and 7 year term. Interest only for 5 years ▪ Replaces previous floating - rate loan w
Slide 12: Portfolio Activity, Continued: Remediation Project Update
PORTFOLIO ACTIVITY, CONTINUED Trinity Place Holdings Inc. (NYSE American: TPHS) 12 ► Update on remediation project: ▪ 5 of 12 floors have been remediated to date o Cost recovery being pursued through property insurance and ongoing litigation against Seller and general contractor, both of which have
Slide 13: Greenwich
77 GREENWICH ► New York City School Construction Authority (SCA) certified in January 2020 that core and shell construction work is substantially complete; C ity has approved new tax lots and condo unit closing is anticipated to occur imminently ► $46.5 million total payable by SCA comprised of $41.
Slide 14: Legacy Assets
LEGACY ASSETS Trinity Place Holdings Inc. (NYSE American: TPHS) 14 ► Sold for $19.6 million in November 2019 as part of successful execution of multi - year redevelopment, repositioning and disposition plan ► Net proceeds of $8.3 million and gain on sale of approximately $ 9.5 million ► Gain effecti
Slide 15: Appendix: Greenwich in the Media
APPENDIX: 77 GREENWICH IN THE MEDIA https ://www.nytimes.com/2019/05/ 11/realestate/from - slacks - to - square - footage.html https ://www.forbes.com/sites/keithfl amer/2019/05/16/first - peek - at - downtown - manhattans - 77 - greenwich - condominium https://www.cityrealty.com/nyc/market - insigh
Trinity Place Holdings — Corporate Update (March 2020) on 6ix