Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May. 30, 2015 | Jul. 09, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Trinity Place Holdings Inc. | |
Entity Central Index Key | 724,742 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | TPHS | |
Entity Common Stock, Shares Outstanding | 20,121,619 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May. 30, 2015 | Feb. 28, 2015 |
ASSETS | ||
Real estate, net | $ 34,699 | $ 31,121 |
Cash and cash equivalents | 19,453 | 23,870 |
Restricted cash | 6,987 | 21,578 |
Receivables | 119 | 90 |
Prepaid expenses and other assets, net | 1,891 | 2,276 |
Total assets | 63,149 | 78,935 |
LIABILITIES | ||
Accounts payable and accrued expenses | 7,815 | 10,241 |
Liability related to share based compensation | 5,492 | 0 |
Other liabilities, primarily lease settlement liabilities | 3,132 | 16,427 |
Obligation to former majority shareholder | 7,066 | 7,066 |
Loan payable | 40,000 | 40,000 |
Total liabilities | $ 63,505 | $ 73,734 |
Commitments and Contingencies | ||
SHAREHOLDERS' (DEFICIT) EQUITY | ||
Common stock, $0.01 par value, 80,000 shares authorized; 24,712 shares issued; 20,122 and 20,016 shares outstanding at May 30, 2015 and February 28, 2015, respectively | $ 247 | $ 245 |
Preferred Stock, 40,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 42,895 | 45,375 |
Treasury stock (4,590 and 4,457 shares at May 30, 2015 and February 28, 2015, respectively) | (48,230) | (47,166) |
Accumulated other comprehensive loss | (1,476) | (1,476) |
Retained earnings | 6,208 | 8,223 |
Total shareholders' (deficit) equity | (356) | 5,201 |
Total liabilities and shareholders' (deficit) equity | $ 63,149 | $ 78,935 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | May. 30, 2015 | Feb. 28, 2015 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 80,000 | 80,000 |
Common Stock, Shares, Issued | 24,712 | 24,712 |
Common Stock, Shares, Outstanding | 20,122 | 20,016 |
Preferred Stock, Shares Authorized | 40,000 | 40,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 4,590 | 4,457 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - 3 months ended May. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total |
Revenues | |
Rental income | $ 147 |
Tenant reimbursements | 77 |
Total revenues | 224 |
Operating Expenses | |
Property operating expenses | 148 |
Real estate taxes | 53 |
General and administrative | 1,478 |
Professional fees | 492 |
Depreciation and amortization | 174 |
Total operating expenses | 2,345 |
Operating loss | (2,121) |
Interest expense, net | 120 |
Reduction of claim liability | (230) |
Loss before income taxes | (2,011) |
Income taxes | 4 |
Net loss | $ (2,015) |
Loss per share - basic and diluted | $ (0.10) |
Weighted average number of shares - basic and diluted | 20,053 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' (DEFICIT) EQUITY - 3 months ended May. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Feb. 28, 2015 | $ 5,201 | $ 245 | $ 45,375 | $ (47,166) | $ 8,223 | $ (1,476) |
Balance (in shares) at Feb. 28, 2015 | 24,473 | (4,457) | ||||
Net loss | (2,015) | $ 0 | 0 | $ 0 | (2,015) | 0 |
Settlement of stock awards | (1,064) | $ 2 | (2) | $ (1,064) | 0 | 0 |
Settlement of stock awards (in shares) | 239 | (133) | ||||
Reclassification of share based compensation to liability | (2,516) | $ 0 | (2,516) | $ 0 | 0 | 0 |
Stock based compensation expense | 38 | 0 | 38 | 0 | 0 | 0 |
Balance at May. 30, 2015 | $ (356) | $ 247 | $ 42,895 | $ (48,230) | $ 6,208 | $ (1,476) |
Balance (in shares) at May. 30, 2015 | 24,712 | (4,590) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended |
May. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | $ (2,015) |
Adjustments to reconcile net loss to net cash used in operating activities | |
Depreciation and amortization | 174 |
Stock based compensation expense | 909 |
(Increase) decrease in operating assets: | |
Receivables | (29) |
Prepaid expenses and other assets | 245 |
Decrease in operating liabilities: | |
Accounts payable and accrued expenses | (2,426) |
Other liabilities, primarily lease settlement liabilities | (13,295) |
Net cash used in operating activities | (16,437) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
Restricted cash | 14,591 |
Additions to real estate | (1,507) |
Net cash provided by investing activities | 13,084 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
Settlement of stock awards | (1,064) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (4,417) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 23,870 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 19,453 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
Interest | 413 |
Taxes | 4 |
Liability related to share based compensation | $ 5,492 |
The Company
The Company | 3 Months Ended |
May. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | Note 1 The Company Overview Trinity Place Holdings Inc. is a real estate holding, investment and asset management company. Its business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Its principal asset is a property located at 28-42 Trinity Place in Lower Manhattan, referred to as the Trinity Place Property. The Company also owns three other commercial real estate assets and controls a variety of intellectual property assets focused on the consumer sector. As described in greater detail in the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2015 (the “2014 Annual Report”), the predecessor to the Company is Syms Corp. (“Syms”). Syms and its subsidiaries (the “Debtors”), filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (“Bankruptcy Code” or “Chapter 11”) in the United States Bankruptcy Court for the District of Delaware (the “Court”) on November 2, 2011. On August 30, 2012, the Court entered an order confirming the Plan, as defined in the 2014 Annual Report. On September 14, 2012, the Plan became effective and the Debtors consummated their reorganization under Chapter 11 through a series of transactions contemplated by the Plan and emerged from bankruptcy. As part of those transactions, reorganized Syms merged with and into the Company, with Trinity Place Holdings Inc. as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act. Following a General Unsecured Claim Satisfaction and the final Majority Shareholder payment, as discussed in more detail in the Company’s 2014 Annual Report, the Company will have satisfied its remaining obligations under the Plan and will no longer operate under the terms and restrictions of the Plan. During the period from the effective date of the Plan through May 30, 2015, the end of the Company’s first fiscal quarter, the Company sold 13 of its properties and the Secaucus condominium, and paid approximately $ 104.5 14.2 7.1 3.8 and $ 3.3 3.1 11.1 On February 12, 2015, the Company amended its certificate of incorporation to, among other things, add a new provision to the certificate of incorporation intended to help preserve certain tax benefits primarily associated with the Company’s NOLs (the “Protective Amendment”). The Protective Amendment generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75% stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.75% stockholder Financial Reporting In response to the Chapter 11 filing the Company adopted the liquidation basis of accounting effective October 30, 2011. Under the liquidation basis of accounting, assets are stated at their net realizable value, liabilities are stated at their net settlement amount and estimated costs over the period of liquidation are accrued to the extent reasonably determinable. Effective February 9, 2015, the closing date of the loan transaction described in Note 5 (Loan Payable), the Company ceased reporting on the liquidation basis of accounting in light of its available cash resources, the estimated range of outstanding payments on unresolved claims, and its ability to operate as a going concern. The Company resumed reporting on the going concern basis of accounting on February 10, 2015. Claims Payment Process The Company is in the process of reconciling, objecting to and resolving the remaining claims associated with the discharge of liabilities pursuant to the Plan. The Company made cash payments during the thirteen weeks ended May 30, 2015 of $ 14.6 3.1 107.8 As of May 30, 2015, based on the reconciliation work to date and payments made as described above, the remaining estimated aggregate allowed amount of creditor claims, together with the net amount due to the former Majority Shareholder of $ 7.1 14.2 The process of reconciling claims is different from the process of actually resolving claims. Accordingly, the above estimates are based primarily on the Company’s identification and reconciliation of the amounts of asserted claims to the Company’s books and records, and not on the negotiation or settlement of specific claims. Because of the ongoing reconciliation and settlement processes, the ultimate amount of allowed claims and the ultimate amount of distributions under the Plan could be materially different from the Company’s current estimates. The descriptions of certain transactions, payments and other matters contemplated by the Plan above and elsewhere in this Quarterly Report on Form 10-Q are summaries only and do not purport to be complete and are qualified in all respects by the actual provisions of the Plan and related documents. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
May. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All material intercompany transactions have been eliminated. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s February 28, 2015 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on May 14, 2015, and other public information. a. Accounting Period b. Principles of Consolidation Use of Estimates d. Reportable Segments - e. Concentrations of Credit Risk f. Real Estate 15 39 g. Real Estate Under Development - h. Valuation of Long-Lived Assets i. Trademarks and Customer Lists 10 j. Fair Value Measurement - Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. Level 1 Level 2 Level 3 k. Cash and Cash Equivalents l. Restricted Cash - m. Revenue Recognition and Accounts Receivable The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts may be provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. n. Stock-Based Compensation Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of May 30, 2015 and February 28, 2015, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of May 30, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. p. Earnings Per Share Information - During April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-04, “Compensation Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. ASU 2015-04 provides a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. ASU 2015-04 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. ASU 2015-04 is not expected to have a material impact on the Company’s consolidated financial statements. During April 2015, the FASB ASU No. 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. The Company has not adopted ASU 2015-03 as of May 30, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements. |
Real Estate, Net
Real Estate, Net | 3 Months Ended |
May. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate, Net | Note 3 Real Estate, Net May 30, 2015 February 28, 2015 (unaudited) (audited) Real estate under development $ 30,504 $ 26,906 Buildings and building improvements 3,594 3,580 Land 2,452 2,452 36,550 32,938 Less: accumulated depreciation 1,851 1,817 $ 34,699 $ 31,121 All of the Company’s properties, other than the West Palm Beach, Florida property, are included in real estate under development. Buildings and building improvements and land consist of the West Palm Beach, Florida property. |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets, Net | 3 Months Ended |
May. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Assets, Net | Note 4 Prepaid Expenses and Other Assets, Net May 30, 2015 February 28, 2015 (unaudited) (audited) Trademarks and customer lists $ 2,090 $ 2,090 Loan closing costs 693 695 Prepaid expenses 384 628 Security deposits 100 99 3,267 3,512 Less: accumulated amortization 1,376 1,236 $ 1,891 $ 2,276 |
Loan Payable
Loan Payable | 3 Months Ended |
May. 30, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Loan Payable | Note 5 Loan Payable On February 9, 2015, TPHGreenwich Owner LLC (“TPH Borrower”), a wholly-owned subsidiary of the Company, entered into a Loan Agreement, pursuant to which the lenders agreed to extend credit to TPH Borrower in the amount of $ 40 50 August 8, 2017 The Loan bears interest at a rate per annum equal to the greater of the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the “Contract Rate”) or 4.5% and requires interest only payment through maturity. 460,000 315,000 The Loan Agreement requires TPH Borrower to comply with various affirmative and negative covenants including restrictions on debt, liens, business activities, distributions and dividends, disposition of assets and transactions with affiliates. TPH Borrower has established blocked accounts with the initial lenders, and pledged the funds maintained in such accounts, in the amount of 9 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 Fair Value Measurements The fair value of the Company’s financial instruments are determined based upon applicable accounting guidance. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted process in active markets for identical assets or liabilities (Level 1), quoted process for similar instruments in active markets or quoted process for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, other liabilities approximated their carrying value because of the short-term nature of these instruments. The fair value of the loan payable approximated the carrying value as it is a variable-rate instrument. |
Pension and Profit Sharing Plan
Pension and Profit Sharing Plans | 3 Months Ended |
May. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Profit Sharing Plans | Note 7 Pension and Profit Sharing Plans Pension Plan 2.9 The Company will maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; provided, however, that the Company may terminate the Syms pension plan from and after January 1, 2017. In the event that the Company terminates the Syms pension plan, the Company intends that any such termination shall be a standard termination. Prior to the Bankruptcy, certain employees were covered by collective bargaining agreements and participated in multiemployer pension plans. Syms ceased to have an obligation to contribute to these plans in 2012, thereby triggering a complete withdrawal from the plans within the meaning of section 4203 of the Employee Retirement Income Security Act of 1974. Consequently, the Company is subject to the payment of a withdrawal liability to these pension funds. The Company had a recorded liability of $ 3.8 4.0 0.2 In accordance with minimum funding requirements and court ordered allowed claims distributions, the Company paid approximately $ 2.4 3.2 0.2 |
Commitments
Commitments | 3 Months Ended |
May. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 8 - Commitments a. Leases 3.1 16.4 The Corporate office located at 717 Fifth Avenue, New York, New York has a remaining lease liability of $ 0.7 43,000 b. Legal Proceedings - As discussed in Note 1 (The Company), Syms and its subsidiaries filed voluntary petitions for relief under Chapter 11 on November 2, 2011. On September 14, 2012, a plan of reorganization became effective and Syms and its subsidiaries emerged from bankruptcy, with reorganized Syms merging with and into Trinity. |
Income Taxes
Income Taxes | 3 Months Ended |
May. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 Income Taxes At May 30, 2015, the Company had state net operating loss carry forwards of approximately $ 120.8 2029 2034 33.3 34.8 208.7 2034 Based on management assessment, it is more likely than not that the entire deferred tax assets will not be realized by future taxable income or tax planning strategy. Accordingly a valuation allowance of $ 89.5 0.4 89.1 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
May. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10 Related Party Transactions The Company is restricted from making any distributions, dividends or redemptions until after the former Majority Shareholder payments are made in full, under the terms of the Plan. The Company’s certificate of incorporation provides for a share of Series B preferred stock, held by the former Majority Shareholder and which is pledged as security and held in escrow, entitling the former Majority Shareholder to control a majority of the Board of Directors if the former Majority Shareholder payments are not made by October 16, 2016, provided and conditioned upon the General Unsecured Claim Satisfaction having occurred. The Company has a remaining liability of $ 7.1 The former Majority Shareholder, the Company and Filene’s, LLC also entered into an agreement in connection with the Plan whereby the rights to the “Syms” name and to any images of the former Majority Shareholder and her family members were assigned to the former Majority Shareholder. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-Based Compensation | Note 11 Stock-Based Compensation Restricted Stock Units During the thirteen weeks ended May 30, 2015, the Company granted 363,095 On April 28, 2015, the Company issued 238,095 132,904 Compensation-Stock Compensation 8 2.5 0.9 2.1 5.5 Thirteen Weeks Ended May 30, 2015 Number of Weighted Non-vested at beginning of period 1,244,463 $ 6.48 Granted RSUs 363,095 $ 7.05 Vested (279,762) $ 6.25 Non-vested at end of period 1,327,796 $ 6.68 |
Subsequent Events
Subsequent Events | 3 Months Ended |
May. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 Subsequent Events Payment of Claims In accordance with the Plan, the Company made additional payments through July 9, 2015 that constituted the full distributions payable to the then presently Allowed Claims (as defined in the Plan) to the holders of Filene’s Class 5A, and Filene’s Class 3 as defined in the Plan, in an aggregate amount of approximately $ 3.1 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All material intercompany transactions have been eliminated. The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. The Company’s management believes that the disclosures presented in these unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. In management’s opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited condensed consolidated interim financial information should be read in conjunction with the Company’s February 28, 2015 audited consolidated financial statements, as previously filed with the SEC on Form 10-K on May 14, 2015, and other public information. |
Accounting Period | a. Accounting Period |
Principles of Consolidation | b. Principles of Consolidation |
Use of Estimates | c. Use of Estimates |
Reportable Segments | d. Reportable Segments - |
Concentrations of Credit Risk | e. Concentrations of Credit Risk |
Real Estate | f. Real Estate 15 39 |
Real Estate Under Development | g. Real Estate Under Development - |
Valuation of Long-Lived Assets | h. Valuation of Long-Lived Assets |
Trademarks and Customer Lists | i. Trademarks and Customer Lists 10 |
Fair Value Measurement | j. Fair Value Measurement - Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. Assets and liabilities disclosed at fair values are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are defined by ASC 820-10-35, are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. Determining which category an asset or liability falls within the hierarchy requires significant judgment and the Company evaluates its hierarchy disclosures each quarter. Level 1 Level 2 Level 3 |
Cash and Cash Equivalents | k. Cash and Cash Equivalents |
Restricted Cash | l. Restricted Cash - |
Revenue Recognition | m. Revenue Recognition and Accounts Receivable The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts may be provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. |
Stock-Based Compensation | n. Stock-Based Compensation |
Income Taxes | Income Taxes ASC 740-10-65 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-65, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC 740-10-65 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of May 30, 2015 and February 28, 2015, the Company had determined that no liabilities are required in connection with unrecognized tax positions. As of May 30, 2015, the Company’s tax returns for the prior three years are subject to review by the Internal Revenue Service. |
Earnings Per Share Information | p. Earnings Per Share Information - |
New Accounting Pronouncements | Recent Accounting Pronouncements During April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-04, “Compensation Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets”. ASU 2015-04 provides a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end and apply that practical expedient consistently from year to year. ASU 2015-04 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. ASU 2015-04 is not expected to have a material impact on the Company’s consolidated financial statements. During April 2015, the FASB ASU No. 2015-03, "Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. The Company has not adopted ASU 2015-03 as of May 30, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements. |
Real Estate, Net (Tables)
Real Estate, Net (Tables) | 3 Months Ended |
May. 30, 2015 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | Real estate, net consists of the following (in thousands): May 30, 2015 February 28, 2015 (unaudited) (audited) Real estate under development $ 30,504 $ 26,906 Buildings and building improvements 3,594 3,580 Land 2,452 2,452 36,550 32,938 Less: accumulated depreciation 1,851 1,817 $ 34,699 $ 31,121 |
Prepaid Expenses and Other As21
Prepaid Expenses and Other Assets, Net (Tables) | 3 Months Ended |
May. 30, 2015 | |
Prepaid Expense and Other Assets [Abstract] | |
Schedule Of Prepaid Expense And Other Assets | Prepaid expenses and other assets, net include the following (in thousands): May 30, 2015 February 28, 2015 (unaudited) (audited) Trademarks and customer lists $ 2,090 $ 2,090 Loan closing costs 693 695 Prepaid expenses 384 628 Security deposits 100 99 3,267 3,512 Less: accumulated amortization 1,376 1,236 $ 1,891 $ 2,276 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Thirteen Weeks Ended May 30, 2015 Number of Weighted Non-vested at beginning of period 1,244,463 $ 6.48 Granted RSUs 363,095 $ 7.05 Vested (279,762) $ 6.25 Non-vested at end of period 1,327,796 $ 6.68 |
The Company (Details Textual)
The Company (Details Textual) - USD ($) $ in Thousands | Jul. 09, 2015 | May. 30, 2015 | Feb. 28, 2015 |
Claims Payments | $ 14,600 | ||
Contractual Obligation | 7,066 | $ 7,066 | |
Paid For Allowed Claims | $ 104,500 | ||
Amended and Restated Certificate of Incorporation Description | The Protective Amendment generally prohibits transfers of stock that would result in a person or group of persons becoming a 4.75% stockholder, or that would result in an increase or decrease in stock ownership by a person or group of persons that is an existing 4.75% stockholder | ||
Estimated Claims Remaining | $ 14,200 | ||
Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Accumulated Benefit Obligation | 3,800 | $ 4,000 | |
Majority Shareholder [Member] | |||
Contractual Obligation | $ 7,100 | ||
Subsequent Event [Member] | |||
Claims Payments | $ 3,100 | ||
Paid For Allowed Claims | 3,100 | ||
Outstanding Claims | 11,100 | ||
Total Payments For Claims Process | 107,800 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Estimated Claims Remaining | 14,200 | ||
Subsequent Event [Member] | Minimum [Member] | |||
Contractual Obligation | $ 7,100 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details Textual) - May. 30, 2015 - USD ($) $ in Millions | Total |
Other Liabilities [Member] | |
Settlement Liabilities, Current | $ 3.3 |
Trademarks and Customer Lists [Member] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Maximum [Member] | |
Useful Life of Real Estate Property | 39 years |
Minimum [Member] | |
Useful Life of Real Estate Property | 15 years |
Real Estate, Net (Details)
Real Estate, Net (Details) - USD ($) $ in Thousands | May. 30, 2015 | Feb. 28, 2015 |
Real Estate Investment Property, at Cost | $ 36,550 | $ 32,938 |
Less: accumulated depreciation | 1,851 | 1,817 |
Real Estate Investment Property, Net | 34,699 | 31,121 |
Real estate under development | ||
Real Estate Investment Property, at Cost | 30,504 | 26,906 |
Buildings and building improvements | ||
Real Estate Investment Property, at Cost | 3,594 | 3,580 |
Land | ||
Real Estate Investment Property, at Cost | $ 2,452 | $ 2,452 |
Prepaid Expenses and Other As26
Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands | May. 30, 2015 | Feb. 28, 2015 |
Trademarks and customer lists | $ 2,090 | $ 2,090 |
Loan closing costs | 693 | 695 |
Prepaid expenses | 384 | 628 |
Security deposits | 100 | 99 |
Prepaid Expense And Other Assets Gross | 3,267 | 3,512 |
Less: accumulated amortization | 1,376 | 1,236 |
Prepaid Expense and Other Assets | $ 1,891 | $ 2,276 |
Loan Payable (Details Textual)
Loan Payable (Details Textual) - USD ($) | 3 Months Ended | 11 Months Ended |
May. 30, 2015 | Feb. 09, 2015 | |
Long Term Debt Maturity Date | Aug. 8, 2017 | |
Interest Costs Capitalized Adjustment | $ 460,000 | |
Interest Costs Capitalized | $ 315,000 | |
TPH Borrower [Member] | ||
Loans Payable to Bank | $ 40,000,000 | |
Debt Instrument, Description of Variable Rate Basis | The Loan bears interest at a rate per annum equal to the greater of the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% (the Contract Rate) or 4.5% and requires interest only payment through maturity. | |
Percentage Of Loans | 9.00% | |
TPH Borrower [Member] | Minimum [Member] | ||
Loans Payable to Bank | $ 50,000,000 |
Pension and Profit Sharing Pl28
Pension and Profit Sharing Plans (Details Textual) - USD ($) $ in Millions | May. 30, 2015 | Feb. 28, 2015 |
Multiemployer Plans, Withdrawal Obligation | $ 0.2 | |
Multiemployer Plans, Minimum Contribution | 3.2 | |
Syms Plan Minimum Contribution | 2.4 | |
Syms Sponsored Plan [Member] | ||
Multiemployer Plans, Accumulated Benefit Obligation | 2.9 | $ 2.9 |
Multiemployer Plans, Minimum Contribution | 0.2 | |
Multiemployer Plans, Pension [Member] | ||
Multiemployer Plans, Accumulated Benefit Obligation | $ 3.8 | $ 4 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
May. 30, 2015 | Feb. 28, 2015 | |
Operating Leases, Rent Expense | $ 3,100,000 | $ 16,400,000 |
Fifth Avenue, New York [Member] | ||
Operating Leases, Rent Expense | 43,000 | |
Operating Leases, Future Minimum Payments, Due in Two Years | $ 700,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May. 30, 2015 | Feb. 28, 2015 | |
Valuation Allowance | $ 89.5 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 89.1 | $ 0.4 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 120.8 | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Operating Loss Carryforward Expiration Year | 2,034 | |
State and Local Jurisdiction [Member] | Minimum [Member] | ||
Operating Loss Carryforward Expiration Year | 2,029 | |
Federal [Member] | ||
Operating Loss Carryforwards | $ 208.7 | |
Operating Loss Carryforward Expiration Year | 2,034 | |
New York State [Member] | ||
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal | $ 33.3 | |
New York City [Member] | ||
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal | $ 34.8 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) $ in Millions | May. 30, 2015 | Feb. 28, 2015 |
Due to Officers or Stockholders, Noncurrent | $ 7.1 | $ 7.1 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - 3 months ended May. 30, 2015 - $ / shares | Total |
Number of Shares, Non-vested at beginning of period | 1,244,463 |
Number of Shares, Granted RSUs | 363,095 |
Number of Shares, Vested | (279,762) |
Number of Shares, Non-vested at end of period | 1,327,796 |
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period | $ 6.48 |
Weighted Average Fair Value at Grant Date, Granted RSUs | 7.05 |
Weighted Average Fair Value at Grant Date, Vested | 6.25 |
Weighted Average Fair Value at Grant Date, Non-vested at end of period | $ 6.68 |
Stock-Based Compensation (Det33
Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 27, 2015 | May. 30, 2015 | Feb. 28, 2015 | |
Allocated Share-based Compensation Expense | $ 900 | ||
Capitalized Cost To Real Estate | 2,100 | ||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | 2,516 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 5,492 | $ 0 | |
Additional Paid-in Capital [Member] | |||
Adjustments to Additional Paid in Capital Reclassification Of Share Based Compensation To Liability | $ 2,516 | ||
Chief Executive Officer [Member] | |||
Stock Repurchased Per Share | $ 8 | ||
Stock Issued During Period, Shares, New Issues | 238,095 | ||
Stock Repurchased During Period, Shares | 132,904 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 363,095 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ in Millions | Jul. 09, 2015 | May. 30, 2015 |
Subsequent Event [Line Items] | ||
Claims Payment | $ 14.6 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Claims Payment | $ 3.1 |