0001144204-16-132084.txt : 20161107 0001144204-16-132084.hdr.sgml : 20161107 20161107162407 ACCESSION NUMBER: 0001144204-16-132084 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161107 DATE AS OF CHANGE: 20161107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Trinity Place Holdings Inc. CENTRAL INDEX KEY: 0000724742 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 222465228 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08546 FILM NUMBER: 161978412 BUSINESS ADDRESS: STREET 1: 717 5TH AVE STREET 2: SUITE 1303 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212) 235-2190 MAIL ADDRESS: STREET 1: 717 5TH AVE STREET 2: SUITE 1303 CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: Trinity Place Holdings Inc DATE OF NAME CHANGE: 20120914 FORMER COMPANY: FORMER CONFORMED NAME: SYMS CORP DATE OF NAME CHANGE: 19920703 10-Q 1 v451504_10q.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________ to _____________

Commission File Number 001-08546

TRINITY PLACE HOLDINGS INC.
(Exact Name of Registrant as Specified in Its Charter)

Delaware	22-2465228
(State or Other Jurisdiction of	(I.R.S. Employer Identification No.)
Incorporation or Organization)

717 Fifth Avenue, New York, New York	10022
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 235-2190

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One):

Large Accelerated Filer ¨ Accelerated Filer x Non-Accelerated Filer ¨

Smaller Reporting Company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes x No ¨

As of November 7, 2016, there were 25,493,521 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

INDEX

		PAGE NO.
PART I.	FINANCIAL INFORMATION	3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015 (audited)(restated)	3

	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 (unaudited) and thirteen and twenty-six weeks ended August 29, 2015 (unaudited)	4

	Condensed Consolidated Statement of Stockholders' Equity for the nine months ended September 30, 2016 (unaudited)	5

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 (unaudited) and twenty-six weeks ended August 29, 2015 (unaudited)	6

	Notes to Condensed Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31

Item 4.	Controls and Procedures	32

PART II.	OTHER INFORMATION	33

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	34

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TRINITY PLACE HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	September 30, 2016			December 31, 2015
	(unaudited)			(audited)
				(restated)
ASSETS

Real estate, net	$	57,321		$	42,638
Cash and cash equivalents		18,240			38,173
Restricted cash		7,146			3,600
Receivables, net		239			31
Deferred rents receivable		496			200
Prepaid expenses and other assets, net		1,821			1,929
Total assets	$	85,263		$	86,571

LIABILITIES

Loans payable, net	$	48,584		$	39,615
Accounts payable and accrued expenses		2,585			3,284
Pension liabilities		5,316			6,500
Liability related to stock-based compensation		-			5,140
Obligation to former Majority Shareholder		-			7,066
Total liabilities		56,485			61,605

Commitments and Contingencies

STOCKHOLDERS' EQUITY

Preferred stock, 40,000,000 shares authorized; no shares issued and outstanding		-			-
Preferred stock, $0.01 par value; no shares authorized, issued and outstanding at September 30, 2016 and 2 shares authorized, issued and outstanding at December 31, 2015		-			-
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2016 and December 31, 2015		-			-
Common stock, $0.01 par value; 79,999,997 shares authorized; 30,509,267 and 29,978,471 shares issued at September 30, 2016 and December 31, 2015, respectively; 25,493,521 and 25,240,878 shares outstanding at September 30, 2016 and December 31, 2015, respectively		305			300
Additional paid-in capital		84,769			74,455
Treasury stock (5,015,746 and 4,737,593 shares at September 30, 2016 and December 31, 2015, respectively)		(51,086	)		(49,114	)
Accumulated other comprehensive loss		(2,337	)		(2,337	)
(Accumulated deficit) retained earnings		(2,873	)		1,662

Total stockholders' equity		28,778			24,966

Total liabilities and stockholders' equity	$	85,263		$	86,571

See Notes to Condensed Consolidated Financial Statements

TRINITY PLACE HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

	Three Months Ended September 30, 2016			Thirteen Weeks Ended August 29, 2015			Nine Months Ended September 30, 2016			Twenty-Six Weeks Ended August 29, 2015
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Revenues
Rental revenues	$	328		$	145		$	974		$	292
Tenant reimbursements		208			43			435			120

Total revenues		536			188			1,409			412

Operating Expenses
Property operating expenses		190			171			491			319
Real estate taxes		63			55			167			108
General and administrative		1,159			629			4,188			2,108
Professional fees		373			741			1,137			1,233
Depreciation and amortization		121			86			334			170

Total operating expenses		1,906			1,682			6,317			3,938

Operating loss		(1,370	)		(1,494	)		(4,908	)		(3,526	)

Interest (expense) income, net		(12	)		(83	)		83			(203	)
Amortization of deferred finance costs		(38	)		(87	)		(60	)		(176	)
Reduction of claims liability		(2	)		300			132			530

Loss before taxes		(1,422	)		(1,364	)		(4,753	)		(3,375	)

Tax expense		-			-			-			4

Net loss available to common stockholders	$	(1,422	)	$	(1,364	)	$	(4,753	)	$	(3,379	)

Loss per share - basic and diluted	$	(0.06	)	$	(0.07	)	$	(0.19	)	$	(0.17	)

Weighted average number of common shares - basic and diluted		25,483			20,124			25,409			20,088

See Notes to Condensed Consolidated Financial Statements

TRINITY PLACE HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKOLDERS' EQUITY

(In thousands)

													Retained			Accumulated
					Additional								Earnings			Other
	Common Stock				Paid-In		Treasury Stock						(Accumulated			Comprehensive
	Shares		Amount		Capital		Shares			Amount			Deficit)			Loss			Total

Balance as of December 31, 2015 (audited)(restated)		29,979	$	300	$	74,455		(4,738	)	$	(49,114	)	$	1,662		$	(2,337	)	$	24,966

Cumulative change in accounting principle (Note 2)		-		-		4,381		-			-			218			-			4,599
Net loss available to common stockholders		-		-		-		-			-			(4,753	)		-			(4,753	)
Settlement of stock awards		530		5		-		(278	)		(1,972	)		-			-			(1,967	)
Stock-based compensation expense		-		-		5,933		-			-			-			-			5,933

Balance as of September 30, 2016 (unaudited)		30,509	$	305	$	84,769		(5,016	)	$	(51,086	)	$	(2,873	)	$	(2,337	)	$	28,778

See Notes to Condensed Consolidated Financial Statements

TRINITY PLACE HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Nine Months Ended September 30, 2016			Twenty-Six Weeks Ended August 29, 2015
	(unaudited)			(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss available to common stockholders	$	(4,753	)	$	(3,379	)
Adjustments to reconcile net loss available to common stockholders to net cash used in operating activities:
Depreciation and amortization		334			346
Amortization of deferred finance costs		60			-
Stock-based compensation expense		1,856			931
Deferred rents receivable		(296	)		-
Reduction of claims liability		(135	)		-
(Increase) decrease in operating assets:
Restricted cash, net		(102	)		17,848
Receivables, net		(208	)		5
Prepaid expenses and other assets, net		(81	)		(89	)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		450			(1,808	)
Pension liabilities		(1,184	)		(406	)
Obligation to former Majority Shareholder		(6,931	)		-
Other liabilities, primarily lease settlement liabilities		-			(16,427	)
Net cash used in operating activities		(10,990	)		(2,979	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate		(12,183	)		(3,490	)
Restricted cash, net		(3,444	)		-
Net cash used in investing activities		(15,627	)		(3,490	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan, net		8,651			-
Settlement of stock awards		(1,967	)		(1,105	)
Net cash provided by (used in) financing activities		6,684			(1,105	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(19,933	)		(7,574	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		38,173			23,870
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	18,240		$	16,296

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	1,526		$	873
Taxes	$	38		$	4

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment of liability related to stock-based compensation	$	(5,140	)	$	5,154
Adjustment to retained earnings for capitalized stock-based compensation expense	$	(541	)	$	-
Accrued development costs included in accounts payable and accrued expenses	$	(1,149	)	$	-
Capitalized amortization of deferred financing costs	$	258		$	-
Capitalized stock-based compensation expense	$	4,077		$	-

See Notes to Condensed Consolidated Financial Statements

Trinity Place Holdings Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

September 30, 2016

Note 1 – BUSINESS

Overview

Trinity Place Holdings Inc. (referred to in this Quarterly Report as “Trinity”, “we”, “our”, or “us”) is a real estate holding, investment and asset management company. Our business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Currently, our principal asset is a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan, formerly known as 28-42 Trinity Place. We also own a retail strip center located in West Palm Beach, Florida and former retail properties in Westbury, New York and Paramus, New Jersey. We also control a variety of intellectual property assets focused on the consumer sector, through which we launched our on-line marketplace at FilenesBasement.com in September 2015. We had approximately $225.3 million of Federal net operating loss carry forwards (“NOLs”) at September 30, 2016.

As described in greater detail in our 2015 Transition Report, the predecessor to Trinity 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 (the “Petition Date”). On August 30, 2012, the Court entered an order confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and its Subsidiaries (the “Plan”). 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 Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act.

Change from Liquidation Accounting to Going Concern Accounting

In response to the Chapter 11 filing, we 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 77 Greenwich Loan transaction described in Note 5 - Loans Payable, we ceased reporting on the liquidation basis of accounting in light of our available cash resources, the estimated range of outstanding payments on unresolved claims, and our ability to operate as a going concern. We resumed reporting on the going concern basis of accounting on February 10, 2015. Because the bases of accounting are non-comparable to each other and due to the change in our fiscal year (see Note 2 – Summary of Significant Accounting Policies – Accounting Period below), we are not reporting information for periods prior to February 10, 2015.

On March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) occurred. On March 14, 2016, we made the Majority Shareholder payment (as defined in the Plan) to the former Majority Shareholder (as defined in the Plan) in the amount of approximately $6.9 million. As of September 30, 2016, the only claim remaining to be paid, excluding claims covered by insurance, is an aggregate of $2.7 million payable to the multi-employer pension plan in quarterly installments of $0.2 million, which is included in pension liabilities in our condensed consolidated balance sheets (see Note 7 – Pension and Profit Sharing Plans for further details). Upon the General Unsecured Claim Satisfaction and payment to the former Majority Shareholder, we satisfied our payment and reserve obligations under the Plan and we have no further liability to the former Majority Shareholder.

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.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries.

The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the 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. Our 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 our December 31, 2015 audited consolidated financial statements, as previously filed with the SEC in our 2015 Transition Report, and other public information.

a. Accounting Period - Our fiscal year has historically been a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal year ended February 28, 2015 was comprised of 52 weeks. On November 12, 2015, our Board of Directors approved a change to our fiscal year end from the Saturday closest to the last day of February to a December 31 calendar year end, effective with the year ending December 31, 2015. The transition period resulting from this change was from March 1, 2015 to December 31, 2015. This reported third quarter presents the period from July 1, 2016 to September 30, 2016 compared to the thirteen weeks from May 31, 2015 to August 29, 2015, the nine month period from January 1, 2016 to September 30, 2016 and the twenty-six week period from March 1, 2015 to August 29, 2015.

b. Principles of Consolidation - The financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

c. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

d. Reportable Segments - For the periods ending September 30, 2016, December 31, 2015 and August 29, 2015, we operated in one reportable segment, namely, commercial real estate.

e. Concentrations of Credit Risk - Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. We hold substantially all of our cash and cash equivalents in banks. Such cash balances at times exceed federally-insured limits. We have not experienced any losses in such accounts.

f. Real Estate - Real estate assets are stated at historical cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. Depreciation and amortization are determined using the straight-line method over estimated useful lives described in the table below:

Category		Terms

Buildings and improvements		10 - 39 years
Tenant improvements		Shorter of remaining term of the lease or useful life

g. Real Estate Under Development - We capitalize certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs and construction costs for each specific project. Additionally, we capitalize operating costs, real estate taxes, insurance, interest, and salaries and related costs of personnel directly involved with the specific project related to real estate under development, which totaled $2.1 million and $7.5 million for the three and nine months ended September 30, 2016, respectively, and $1.5 million and $5.1 million for the thirteen and twenty-six weeks ended August 29, 2015, respectively. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs.

h. Valuation of Long-Lived Assets - We periodically review long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. We consider relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, we compare the carrying amount of the assets to the undiscounted expected future cash flows from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No provision for impairment was recorded at either September 30, 2016 or December 31, 2015.

i. Trademarks and Customer Lists - Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of 10 years.

j. Fair Value Measurement - We determine fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.

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 value 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 we evaluate our hierarchy disclosures each quarter.

Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 2 - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

k. Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less.

l. Restricted Cash - Restricted cash represents amounts required to be restricted under the 77 Greenwich Loan agreement and the West Palm Beach loan agreement (see Note 5 - Loans Payable), tenant security deposits and a deposit on an acquisition (see Note 12 – Subsequent Event).

m. Revenue Recognition and Accounts Receivable - Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant takes possession of the space. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable. In addition, leases typically provide for the reimbursement of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the expenses are incurred. We make estimates of the uncollectability of our accounts receivable related to tenant revenues. An allowance for doubtful accounts has been 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 – We have granted stock-based compensation, which is described below in Note 11 – Stock-Based Compensation. We account for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods (see Adoption of New Accounting Principle below).

o. Income Taxes - We account for income taxes under the asset and liability method as required by the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We provide a valuation allowance for deferred tax assets for which we do not consider realization of such assets to be more likely than not.

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, we 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 both September 30, 2016 and December 31, 2015, we had determined that no liabilities were required in connection with unrecognized tax positions. As of September 30, 2016, our tax returns for the prior three years are subject to review by the Internal Revenue Service.

We are subject to Federal, state, and certain local and franchise taxes.

p. Earnings (loss) Per Share - We present both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Shares issuable under restricted stock units that have vested but not yet settled were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented.

q. Deferred Financing Costs – Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are being offset against loans payable on the condensed consolidated balance sheets. These costs are amortized over the terms of the respective financing. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close.

r. Deferred Lease Costs – Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term.

s. Underwriting Commissions and Costs – Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital.

t. Reclassifications – Certain prior year financial statement amounts have been reclassified to conform to the current year presentation due to the adoption of Accounting Standards Update (“ASU”) 2016-09 and ASU 2015-03 as described below.

Recent Accounting Pronouncements

In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). This ASU provides specific guidance over eight identified cash flow issues. This standard is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are evaluating the impact of this standard on our consolidated financial statements.

In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period. We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $0.5 million, a reduction in liability related to stock-based compensation of $5.1 million, an increase in additional paid-in capital of $4.4 million and an increase in retained earnings of $0.2 million (see Adoption of New Accounting Principle below).

In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements.

In September 2015, FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-16 did not impact our consolidated financial statements.

In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date”. ASU 2015-14 defers the effective date of adoption of ASU 2014-09, “Revenue from Contracts with Customers”, to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 was issued in May 2014 and it supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the standard will be adopted.

In April 2015, the FASB issued 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. The adoption of ASU 2015-04 is not expected to have a material impact on our consolidated financial statements.

In April 2015, the FASB issued 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. We adopted ASU 2015-03 effective January 1, 2016, resulting in the reclassification of $385,000 from prepaid expenses and other assets, net, to loans payable, net, as of December 31, 2015. There was no effect on the results of operations for any period presented (see Changes in Accounting Principles below).

In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810, “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. The adoption of ASU 2015-02 did not have any impact on our consolidated financial statements.

Adoption of New Accounting Principle

As noted above, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard contains several amendments that will simplify the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The changes in the new standard eliminate the accounting for excess tax benefits to be recognized in additional paid-in capital and tax deficiencies recognized either in the income tax provision or in additional paid-in capital. We elected adoption of ASU 2016-09 in the first quarter of 2016 using the prospective approach. For the three months ended March 31, 2016, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. No income tax benefit or expense was recognized in the quarterly period ended March 31, 2016 as a result of the adoption of ASU 2016-09. There will be no change to retained earnings with respect to excess tax benefits, as this is not applicable to us as any tax benefits associated with stock compensation were historically not recorded with any windfalls or shortfalls that would give rise to APIC pool adjustments and is not expected to be recognized in the foreseeable future. The treatment of forfeitures has not changed as we are electing to continue our current process of estimating the number of forfeitures. As such, this has no cumulative effect on retained earnings. With the early adoption of ASU 2016-09 on a prospective basis, the adoption had no impact on our prior period statement of operations, statement of cash flow, balance sheet and statement of stockholders equity.

As reported on Form 10-Q filed for the quarter ended March 31, 2016, we early adopted the provisions of ASU 2016-09 and restated our December 31, 2015 condensed consolidated balance sheet. Subsequent to the filing, we determined that such adoption should have been effected as of January 1, 2016 and as such we corrected our condensed consolidated balance sheet and condensed consolidated statement of stockholders’ equity at December 31, 2015 on Form 10-Q filed for the quarter ended June 30, 2016. The correction had no impact on the consolidated financial statements as of and for the three months ended March 31, 2016.

Note 3 – Real Estate, Net

As of September 30, 2016 and December 31, 2015, real estate, net, includes the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Real estate under development	$	50,625	$	37,856
Buildings and building improvements		5,755		3,868
Tenant improvments		572		400
Land		2,452		2,452
		59,404		44,576
Less: accumulated depreciation		2,083		1,938
	$	57,321	$	42,638

Real estate under development consists of the 77 Greenwich, Paramus, New Jersey and Westbury, New York properties. Buildings and building improvements, tenant improvements and land consist of the West Palm Beach, Florida property.

Note 4 – Prepaid Expenses and Other Assets, Net

Prepaid expenses and other assets, net, include the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Trademarks and customer lists	$	2,090	$	2,090
Prepaid expenses		492		564
Lease commissions		433		416
Other		402		266
		3,417		3,336
Less: accumulated amortization		1,596		1,407
	$	1,821	$	1,929

Note 5 – Loans Payable

77 Greenwich Loan

On February 9, 2015, our wholly-owned subsidiary that owns 77 Greenwich and related assets (“TPH Greenwich Borrower”), entered into a loan agreement with Sterling National Bank as lender and administrative agent (the “Agent”) and Israel Discount Bank of New York as lender, pursuant to which we borrowed $40.0 million (the “77 Greenwich Loan”). The 77 Greenwich Loan can be increased up to $50.0 million, subject to satisfaction of certain conditions. The 77 Greenwich Loan matures on February 8, 2017, subject to a six month extension to August 8, 2017 under certain circumstances.

The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) 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 (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 4.50% through December 16, 2015, at which time it was increased to 4.75%. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with Agent sufficient to make payments then due under the 77 Greenwich Loan documents. TPH Greenwich Borrower can prepay the 77 Greenwich Loan at any time, in whole or in part, without premium or penalty.

The collateral for the 77 Greenwich Loan is TPH Greenwich Borrower’s fee interest in 77 Greenwich and the related air rights, which is the subject of a mortgage in favor of the Agent. TPH Greenwich Borrower also entered into an environmental compliance and indemnification undertaking.

The 77 Greenwich Loan agreement requires TPH Greenwich 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 Greenwich Borrower has established blocked accounts with the initial lenders, and pledged the funds maintained in such accounts, in the amount of 9% of the outstanding loans. The 77 Greenwich Loan agreement also provides for certain events of default. As of September 30, 2016, TPH Greenwich Borrower was in compliance with all 77 Greenwich Loan covenants.

We entered into a Nonrecourse Carve-Out Guaranty pursuant to which we agreed to guarantee certain items, including losses arising from fraud, intentional harm to 77 Greenwich, or misapplication of loan, insurance or condemnation proceeds, a voluntary bankruptcy filing by TPH Greenwich Borrower, and the payment by TPH Greenwich Borrower of maintenance costs, insurance premiums and real estate taxes.

West Palm Beach, Florida Loan

On May 11, 2016, our wholly-owned subsidiary that owns our West Palm Beach, Florida property commonly known as The Shoppes at Forest Hill (the “TPH Forest Hill Borrower”), entered into a loan agreement with Citizens Bank, National Association, as lender (the “WPB Lender”), pursuant to which the WPB Lender will provide a loan to the TPH Forest Hill Borrower in the amount of up to $12.6 million, subject to the terms and conditions as set forth in the Loan Agreement (the “WPB Loan”). TPH Forest Hill Borrower borrowed $9.1 million under the WPB Loan at closing. The WPB Loan requires interest-only payments and bears interest at the 30-day LIBOR plus 230 basis points. The effective rate at September 30, 2016 was 2.82%. The WPB Loan matures on May 11, 2019, subject to extension until May 11, 2021 under certain circumstances. The TPH Forest Hill Borrower can prepay the WPB Loan at any time, in whole or in part, without premium or penalty.

The collateral for the WPB Loan is the TPH Forest Hill Borrower’s fee interest in our West Palm Beach, Florida property commonly known as The Shoppes at Forest Hill. The WPB Loan requires the TPH Forest Hill Borrower to comply with various customary affirmative and negative covenants and provides for certain events of default, the occurrence of which permit the WPB Lender to declare the WPB Loan due and payable, among other remedies. As of September 30, 2016, the TPH Forest Hill Borrower was in compliance with all WPB Loan covenants.

On May 11, 2016 we entered into an interest rate cap agreement as required under the WPB Loan. The interest rate cap agreement provides the right to receive cash if the reference interest rate rises above a contractual rate. We paid a premium of $14,000 for the 3.0% interest rate cap for the 30-day LIBOR rate on the notional amount of $9.1 million. The fair value of the interest rate cap of as of September 30, 2016 is recorded in prepaid expenses and other assets in our condensed consolidated balance sheet. We did not designate this interest rate cap as a hedge and are recognizing the change in estimated fair value in interest expense. During the three and nine months ended September 30, 2016, we recorded additional interest expense of approximately $1,000 and $2,000, respectively, related to this interest rate cap.

Consolidated interest (expense) income, net, includes the following (in thousands):

	Three Months Ended September 30, 2016			Thirteen Weeks Ended August 29, 2015			Nine Months Ended September 30, 2016			Twenty-Six Weeks Ended August 29, 2015
	(unaudited)			(unaudited)			(unaudited)			(unaudited)

Interest expense	$	(553	)	$	(460	)	$	(1,549	)	$	(920	)
Interest capitalized		486			355			1,438			671
Interest income		55			22			194			46
Interest (expense) income, net	$	(12	)	$	(83	)	$	83		$	(203	)

Note 6 – Fair Value Measurements

The fair value of our 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, prepaid expenses and other assets, accounts payable and accrued expenses, and other liabilities approximated their carrying value because of the short-term nature of these instruments. The fair value of each of the loans payable approximated their carrying value as both loans are variable-rate instruments.

Note 7 – Pension and Profit Sharing Plans

Pension Plan - Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. As of September 30, 2016 and December 31, 2015, we had a recorded liability of $2.6 million and $3.1 million, respectively, which is included in pension liabilities on the accompanying condensed consolidated balance sheets. We will maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; provided, however, that we may terminate the Syms pension plan from and after January 1, 2017. In the event that we terminate the Syms pension plan, we intend 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, we are subject to the payment of a withdrawal liability to the remaining pension fund. As of September 30, 2016 and December 31, 2015, we had a recorded liability of $2.7 million and $3.4 million, respectively, which is reflected in pension liabilities on the accompanying condensed consolidated balance sheets, and is included as part of the remaining estimated allowed net claims. We are required to make quarterly distributions in the amount of $0.2 million until this liability is completely paid to the multiemployer plan.

In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $3.6 million to the Syms sponsored plan and approximately $4.2 million to the multiemployer plans from September 17, 2012 through September 30, 2016. Approximately $0.6 million was funded during the three and nine months ended September 30, 2016 to the Syms sponsored plan and $0.2 million and $0.6 million was funded during the three months and nine months, respectively, ended September 30, 2016 to the multiemployer plan.

Note 8 – Commitments

Leases - Our corporate office located at 717 Fifth Avenue, New York, New York has a remaining lease obligation of $0.3 million payable through September 2017. The rent expense paid for this operating lease for the three and nine months ended September 30, 2016 was approximately $75,000 and $225,000, respectively.

Legal Proceedings - We are a party to routine litigation incidental to our business. Some of the actions to which we are a party are covered by insurance and are being defended or reimbursed by our insurance carriers.

Note 9 – Income Taxes

At September 30, 2016, we had Federal NOLs of approximately $225.3 million. These NOLs will expire in years through fiscal 2034. At September 30, 2016, we also had state NOLs of approximately $134.6 million, primarily in New York, New Jersey, Massachusetts, Florida and Georgia, amongst others. These NOLs expire between 2029 and 2034. We also had New York State and New York City prior net operating loss conversion (“PNOLC”) subtraction pools of approximately $34.4 million and $29.0 million, respectively. The conversion to the PNOLC under the New York State and New York City corporate tax reforms does not have any material tax impact.

Based on management’s 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 $91.3 million was recorded as of December 31, 2015. The valuation allowance was adjusted by approximately $0.9 million during the nine months ended September 30, 2016 to $90.4 million.

Note 10 – Related Party Transactions

On March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) occurred. Under the Plan, a General Unsecured Claim Satisfaction occurs when all of the allowed creditor claims of Syms Corp. and Filene’s Basement, LLC, have been paid in full their distributions provided for under the Plan and any disputed creditor claims have either been disallowed or reserved for by Trinity. On March 14, 2016, we made the former Majority Shareholder payment (as defined in the Plan) to the former Majority Shareholder in the amount of approximately $6.9 million. Following the General Unsecured Claim Satisfaction and payment to the former Majority Shareholder, we satisfied our payment and reserve obligations under the Plan and we have no further liability to the former Majority Shareholder.

Note 11 – Stock-Based Compensation

Restricted Stock Units

During the nine months ended September 30, 2016, we granted 75,500 Restricted Stock Units (“RSUs”) to certain employees. The RSUs vest and settle over two years, subject to each employee’s continued employment. The weighted average fair market value at grant date for these shares was approximately $0.4 million, and we incurred approximately $74,000 and $223,000 of RSU expense for the three and nine months ended September 30, 2016, respectively, of which $40,000 and $121,000 was capitalized in real estate under development for the three and nine months ended September 30, 2016, respectively.

During the nine months ended September 30, 2016, we granted 1,184,167 RSUs to our President and Chief Executive Officer (the “CEO”), pursuant to his employment agreement. The RSUs have vesting periods ranging over five years, subject to the CEO’s continued employment, and settle in shares ranging over an eight-year period. Until shares are issued with respect to the RSUs, the CEO will not have any rights as a shareholder with respect to the RSUs and will not receive dividends or be able to vote the shares represented by the RSUs. We use the fair-market value of our common stock on the date an award is granted to value the grant. The weighted average fair market value at grant date for these shares were approximately $7.1 million, and we incurred approximately $0.8 million and $3.7 million of RSU expense for the three and nine months ended September 30, 2016, respectively, of which $0.6 million and $2.6 million was capitalized in real estate under development for the three and nine months ended September 30, 2016, respectively.

In April, 2015, we issued 238,095 shares of common stock to the CEO to settle vested RSUs from previous RSU grants. In connection with that transaction, we repurchased/withheld (from the 238,095 shares issued) 132,904 shares to provide for the CEO’s withholding tax liability. In accordance with ASC Topic 718, Compensation-Stock Compensation, the repurchase or withholding of immature shares (i.e. shares held for less than six months) by us upon the vesting of a restricted share would ordinarily result in liability accounting. ASC 718 provides an exception, if the fair value of the shares repurchased or withheld is equal or less than the employer’s minimum statutory withholding requirements. The aggregate fair value of the shares repurchased/withheld (valued at the then current fair value of $8.00 per share) was in excess of the minimum statutory tax withholding requirements and as such we are required to account for the restricted stock awards as a liability. At each reporting period in fiscal 2015, we re-measured the liability, until settled, with changes in the fair value being recorded as stock compensation expense in the statement of operations. As of January 1, 2016, we have elected to early adopt ASU 2016-09 (see Note 2 – Summary of Significant Accounting Policies - Recent Accounting Pronouncements) and the adoption has resulted in a reduction in real estate, net, of $0.5 million, a reduction in liability related to stock-based compensation of $5.1 million, an increase in additional paid-in capital of $4.4 million and an increase in retained earnings of $0.2 million.

Our RSU activity for the nine months ended September 30, 2016 was as follows:

	Nine Months Ended September 30, 2016
	(unaudited)
	Number of Shares			Weighted Average Fair Value at Grant Date

Non-vested at beginning of period		1,220,097		$	6.65
Granted RSUs		1,259,667		$	5.94
Vested		(635,290	)	$	6.33
Non-vested at end of period		1,844,474		$	6.27

As of September 30, 2016, there was approximately $5.1 million of total unrecognized compensation cost related to RSUs which is expected to be recognized through December 2020.

During the nine months ended September 30, 2016, we issued 530,796 shares of common stock to the CEO and to other employees to settle vested RSUs from previous RSU grants. In connection with those transactions, we repurchased/withheld (from the 530,796 shares issued) 278,153 shares to provide for the CEO’s and other employees’ withholding tax liability at the minimum statutory withholding rates.

Note 12 – Subsequent Event

On October 13, 2016, the Company, through a wholly-owned subsidiary, formed a joint venture with an affiliate of Pacolet Milliken Enterprises, Inc. (“Pacolet”) in which each of Trinity and Pacolet will indirectly own a 50% interest. The joint venture entered into an agreement to acquire the property located at 223 North 8th Street, Brooklyn, or The Berkley, for $68,875,000. The Berkley is a newly constructed luxury multi-family property with 95 units encompassing approximately 65,000 rentable square feet. The Berkley has a 25-year 421-a real estate tax abatement, pursuant to which 20% of the units have been designated as affordable rate units and the remaining 80% of the units are market rate units. Pacolet and Trinity paid an initial deposit of $6,887,500 upon entry into the purchase agreement, which was funded equally by the joint venture members and is non-refundable other than upon seller default or failure of certain closing conditions to be satisfied. The acquisition of the Property is expected to close in the fourth quarter of 2016.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report, including information included or incorporated by reference in this Quarterly Report or any supplement to this Quarterly Report, may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and information relating to us that is based on the beliefs of management as well as assumptions made by and information currently available to management. These forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “may,” “will,” “expects,” believes,” “plans,” “estimates,” “potential,” or “continue,” or the negative thereof or other and similar expressions. In addition, in some cases, you can identify forward-looking statements by words or phrases such as “trend,” “potential,” “opportunity,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including among others:

our ability to execute our business plan, including as it relates to the development of our current principal asset, a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan;

our ability to obtain additional financing and refinance existing loans;

our limited operating history;

general economic and business conditions, including with respect to real estate, and their effect on the New York City real estate market in particular;

risks associated with acquisitions and investments in owned and leased real estate generally;

our ability to enter into new leases and renew existing leases;

our ability to obtain required permits, site plan approvals and/or other governmental approvals in connection with the development and/or redevelopment of our properties;

the influence of certain significant stockholders;

potential conflicts of interest as a result of certain of our directors having affiliations with certain of our stockholders;

limitations in our certificate of incorporation on acquisitions and dispositions of our common stock designed to protect our ability to utilize our net operating loss (“NOLs”) carryforwards and certain other tax attributes, which may not succeed in protecting our ability to utilize such tax attributes, and/or may limit the liquidity of our common stock;

our ability to utilize our NOLs to offset future taxable income and capital gains for U.S. Federal and state income tax purposes;

the failure of our wholly-owned subsidiaries to repay outstanding indebtedness;

stock price volatility;

loss of key personnel;

certain provisions in our charter documents and Delaware law may have the effect of making more difficult or otherwise discouraging, delaying or deterring a takeover or other change of control of us;

competition;

risks associated with partnerships or joint ventures; and

unanticipated difficulties which may arise and other factors which may be outside our control or that are not currently known to us or which we believe are not material.

In evaluating such statements, you should specifically consider the risks identified under the section entitled “Risk Factors” in our 2015 Transition Report on Form 10-KT for the transition period ended December 31, 2015 (the “2015 Transition Report”), as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2016, any of which could cause actual results to differ materially from the anticipated results. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those contemplated by any forward looking statements. Subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere described in the aforementioned 2015 Transition Report, this Form 10-Q and other reports filed with the SEC. All forward-looking statements speak only as of the date of this Form 10-Q or, in the case of any documents incorporated by reference in this Form 10-Q, the date of such document, in each case based on information available to us as of such date, and we assume no obligation to update any forward-looking statements, except as required by law.

The following discussion and analysis is intended to assist readers in understanding our financial condition and results of operations during the three and nine months ended September 30, 2016 and the thirteen and twenty-six weeks ended August 29, 2015 and should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this Quarterly Report on From 10-Q and our 2015 Transition Report.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

Trinity is a real estate holding, investment and asset management company. Our business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Currently, our principal asset is a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan. We also own a retail strip center located in West Palm Beach, Florida and former retail properties in Westbury, New York and Paramus, New Jersey (see Properties below for a more detailed description). We also control a variety of intellectual property assets focused on the consumer sector, through which we launched our on-line marketplace at FilenesBasement.com in September 2015. We had approximately $225.3 million of Federal net operating loss carry forwards (“NOLs”) at September 30, 2016.

During the nine months ended September 30, 2016, we paid approximately $7.5 million in approved claims, which included the final payment of $6.9 million to the former Majority Shareholder during the first quarter ended March 31, 2016 prior to the occurrence of the General Unsecured Claims Satisfaction. An estimated $2.7 million of payments remains to be made, excluding claims covered under insurance, to the multiemployer pension plan, which amount is payable in quarterly installments of $0.2 million through 2019. The claims amounts paid during the three and nine months ended September 30, 2016 reflects an improvement of approximately $0 and $132,000, respectively, as compared with previous estimated amounts in respect of such claims. Upon emergence from bankruptcy in September 2012, we had recorded approximately $130.1 million of claims liabilities and claims related costs in our consolidated statement of net assets. We have paid $116.0 million through September 30, 2016 which reflects cumulative improvements of approximately $11.4 million in respect of all claim payments made to date as compared with amounts initially estimated. These improvements were achieved through our claims reconciliation process, negotiation with claimants and the decisions of the bankruptcy court in certain bankruptcy matters. We also continued our ongoing work related to a potential sale, development and/or redevelopment of our four real estate properties, including pre-development work on 77 Greenwich, as well as with our intellectual property portfolio.

As described in greater detail in Note 1 to our condensed consolidated financial statements and our 2015 Transition Report, the predecessor to Trinity is Syms Corp. Syms and its subsidiaries filed voluntary petitions for relief under Chapter 11 on November 2, 2011. On August 30, 2012, the Court entered an order confirming the Plan. 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. Upon the General Unsecured Claim Satisfaction and payment to the former Majority Shareholder in March 2016, we satisfied our payment and reserve obligations under the Plan and we have no further liability to the former Majority Shareholder.

Properties

The table below provides information on the properties we owned at September 30, 2016:

Property Location	Type of Property	Building Size (estimated square feet)		Leased at September 30, 2016			Occupancy at September 30, 2016

New York, New York (77 Greenwich)	Property under development		57,000		N/A	⁽¹⁾		N/A

Paramus, New Jersey	Property under development		77,000		-	⁽²⁾		100.0	%

West Palm Beach, Florida	Operating property		112,000		67.8	%⁽³⁾		67.8	%

Westbury, New York	Property under development		92,000		-	⁽⁴⁾		100.0	%
Total Square Feet			338,000

(1) 77 Greenwich. The 77 Greenwich property consists of a vacant six-story commercial building of approximately 57,000 square feet, yielding approximately 174,000 square feet of zoning floor area as-of-right. We also have ownership of approximately 60,000 square feet of development rights from adjacent tax lots, one of which is owned in fee by us and has a 4-story landmark building. We are currently in the pre-development stage for the development of an over 280,000 gross square foot mixed-use building that corresponds to the approximate total of 234,000 zoning square feet as described above. The plans call for approximately 89 luxury residential condominiums and 7,000 square feet of retail space on Greenwich Street, as well as a 476-seat elementary school serving District 2. The school project has obtained city council and mayoral approval. The demolition and environmental remediation have begun and are expected to be complete by the end of 2016.

(2) Paramus Property. The Paramus property consists of a one-story and partial two-story, 73,000 square foot freestanding building and an outparcel building of approximately 4,000 square feet, for approximately 77,000 total square feet of rentable space. The 73,000 square foot building was leased pursuant to a short-term license agreement to Restoration Hardware Holdings, Inc. (NYSE: RH) (“Restoration Hardware”) from October 15, 2015 to February 29, 2016 when the tenant vacated. Subsequently, we entered into a new twelve month license agreement with Restoration Hardware that began on June 1, 2016, which is terminable upon notice to the other party. The outparcel building is leased to a tenant whose lease expires on March 31, 2018. The tenant has been in the space since 1996. The primary building is comprised of approximately 47,000 square feet of ground floor space, and two separate mezzanine levels of approximately 21,000 and 5,000 square feet. The land area of the Paramus property consists of approximately 292,000 square feet, or approximately 6.7 acres. We have entered into an option agreement with an investment grade tenant for a complete building development. The option agreement includes a fully negotiated lease agreement. This transaction is subject to town approvals.

(3) West Palm Beach Property. The West Palm Beach property consists of a one-story neighborhood retail strip center that consists of approximately 112,000 square feet of rentable area, which includes three outparcel locations with approximately 11,000 combined square feet. The land area of the West Palm Beach property consists of approximately 515,000 square feet, or approximately 11.8 acres. Our redevelopment of the center is nearing completion. Our two largest tenants, Walmart Marketplace, with 41,662 square feet of space and Tire Kingdom, a national credit tenant who took possession of one of the out parcels, both opened for business in June, 2016.

(4) Westbury Property. The Westbury property consists of a one-story building and lower level that in the aggregate contains approximately 92,000 square feet of rentable space. The land area of the Westbury property consists of approximately 256,000 square feet, or approximately 6.0 acres. As of March 28, 2016, we entered into a short term lease agreement with New York Community Bank to lease a portion of the parking lot of the Westbury property. This agreement ended on October 31, 2016. We also entered into a twelve month license agreement with Restoration Hardware that began on June 1, 2016, which can be terminated by either party after six months.

Lease Expirations

The following chart shows the tenancy, by year of lease expiration, of our retail properties for all tenants in place as of September 30, 2016, excluding the license agreements with Restoration Hardware (dollars in thousands):

	Number of Tenants		Leased Square Feet by Year of Expiration		Annualized Rent in Year of Expiration (A)

2016 (B)		2		2,400	$	29
2017		-		-		-
2018		1		4,000		140
2019		-		-		-
2020		8		12,488		245
Thereafter		7		61,325		1,211
		18		80,213	$	1,625

(A)

This is calculated by multiplying the rent in the final month of the lease by 12.

(B)

Reflects tenants with a month to month tenancy.

Critical Accounting Policies and Estimates

Management’s discussion and analysis of financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that could affect the reported amounts in our condensed consolidated financial statements. Actual results could differ from these estimates. A summary of the accounting policies that management believes are critical to the preparation of the condensed consolidated financial statements are included in this report (see Note 2 - Summary of Significant Accounting Policies - Basis of Presentation). Certain of the accounting policies used in the preparation of these condensed consolidated financial statements are particularly important for an understanding of the financial position and results of operations presented in the historical consolidated financial statements included in this report and require the application of significant judgment by management and, as a result, are subject to a degree of uncertainty. We believe there have been no material changes to the items that we disclosed as our critical accounting policies under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our 2015 Transition Report.

Results of Operations for the Three Months Ended September 30, 2016 Compared to the Thirteen Weeks Ended August 29, 2015

Total rental revenues and tenant reimbursement revenues for the three months ended September 30, 2016 were approximately $536,000 compared to $188,000 for the thirteen weeks ended August 29, 2015. This represents rental revenues and tenant expense reimbursements from our West Palm Beach, Florida and Paramus, New Jersey properties. The increase is mainly due to the increased occupancy in West Palm Beach since June 2016 compared to the same period in 2015.

Property operating expenses for the three months ended September 30, 2016 were approximately $190,000 compared to $171,000 for the thirteen weeks ended August 29, 2015. This consisted of costs incurred for maintenance and repairs, utilities and general operating expenses at our West Palm Beach, Florida property.

Real estate tax expense for the three months ended September 30, 2016 and the thirteen weeks ended August 29, 2015 was approximately $63,000 and $55,000, respectively, for the West Palm Beach, Florida property.

General and administrative expenses for the three months ended September 30, 2016 were approximately $1.2 million. Of this amount, approximately $446,000 related to non-cash stock-based compensation, $392,000 related to payroll and payroll related expenses and $321,000 related to other corporate costs including board fees, corporate office rent and insurance. General and administrative expenses for the thirteen weeks ended August 29, 2015 was approximately $629,000. Of this amount, approximately $22,000 related to non-cash stock-based compensation, $194,000 related to payroll and payroll related expenses and $413,000 related to other corporate costs including board fees, corporate office rent and insurance.

Professional fees for the three months ended September 30, 2016 were approximately $373,000. These costs consisted of general corporate legal fees of approximately $128,000, bankruptcy related professional fees of approximately $23,000, accounting, tax, audit and audit related fees of approximately $79,000, intellectual property maintenance, licensing, operating and start-up costs (inclusive of FilenesBasement.com) of approximately $91,000, and other professional fees of approximately $52,000. Professional fees for the thirteen weeks ended August 29, 2015 were approximately $741,000. These costs consisted of general corporate legal fees of approximately $153,000, bankruptcy related professional fees of approximately $138,000, accounting, tax, audit and audit related fees of approximately $122,000, intellectual property start-up costs of $316,000 and other professional fees of approximately $12,000.

Depreciation and amortization expenses for the three months ended September 30, 2016 were approximately $121,000. These costs consisted of depreciation for the West Palm Beach, Florida property of approximately $29,000 and the amortization of trademarks, lease commissions and tenant improvements of approximately $92,000. Depreciation and amortization expenses for the thirteen weeks ended August 29, 2015 were approximately $86,000. These costs consisted of depreciation for the West Palm Beach, Florida property of approximately $35,000 and the amortization of trademarks of approximately $51,000.

Operating loss for the three months ended September 30, 2016 was approximately $1.4 million. Operating loss for the thirteen weeks ended August 29, 2015 was approximately $1.5 million.

Interest expense, net, for the three months ended September 30, 2016 was approximately $12,000, which consisted of $553,000 of gross interest incurred offset by $486,000 of capitalized interest and $55,000 of interest income. Interest expense, net, for the thirteen weeks ended August 29, 2015 was approximately $83,000, which consisted of $460,000 of gross interest incurred offset by $355,000 of capitalized interest and $22,000 of interest income.

Amortization of deferred financing costs for the three months ended September 30, 2016 was approximately $38,000, which consisted of $125,000 of amortization of costs related to obtaining the loans encumbering 77 Greenwich and West Palm Beach partially offset by $87,000 of capitalized costs. Amortization of deferred financing costs for the thirteen weeks ended August 29, 2015 was approximately $87,000, which consisted of amortization of costs related to obtaining the loan encumbering 77 Greenwich.

We recorded an adjustment to our claims liability for the thirteen weeks ended August 30, 2015 of $300,000 which was due to the settlement of certain claims for amounts less than what had been reserved.

We did not incur any tax expense for the three months ended September 30, 2016 nor the thirteen weeks ended August 30, 2015.

Net loss available to common stockholders for the three months ended September 30, 2016 was approximately $1.4 million. Net loss available to common stockholders for the thirteen weeks ended August 29, 2015 was approximately $1.4 million.

Results of Operations for the Nine Months Ended September 30, 2016 Compared to the Twenty-Six Weeks Ended August 29, 2015

Due to the change in our year end date, the comparable period presented only covers the twenty-six week period from March 1, 2015 to August 29, 2015, which is a shorter period than the nine months ended September 30, 2016 and thus is not directly comparable.

Total rental revenues and tenant reimbursement revenues for the nine months ended September 30, 2016 were approximately $1.4 million. Total revenues for the twenty-six weeks ended August 29, 2015 were approximately $412,000. These amounts represent rental revenues and tenant expense reimbursements from our West Palm Beach, Florida and Paramus, New Jersey properties. The relative increase was mainly due to the increased occupancy at the West Palm Beach property since June 2016.

Property operating expenses for the nine months ended September 30, 2016 were approximately $491,000. Property operating expenses for the twenty-six weeks ended August 29, 2015 were approximately $319,000. These amounts consisted of costs incurred for maintenance and repairs, utilities and general operating expenses at our West Palm Beach, Florida property

Real estate tax expense for the nine months ended September 30, 2016 was approximately $167,000 for the West Palm Beach, Florida property. Real estate tax expense for the twenty-six weeks ended August 29, 2015 was approximately $108,000, primarily for the West Palm Beach, Florida property.

General and administrative expenses for the nine months ended September 30, 2016 were approximately $4.2 million. Of this amount, approximately $1.9 million related to stock-based compensation, $1.2 million related to payroll and payroll related expenses and $1.1 million related to other corporate costs including board fees, corporate office rent and insurance. General and administrative expenses for the twenty-six weeks ended August 29, 2015 were approximately $2.1 million. Of this amount, approximately $931,000 related to stock-based compensation, $407,000 related to payroll and payroll related costs and $769,000 related to other corporate costs including board fees, corporate office rent and insurance.

Professional fees for the nine months ended September 30, 2016 were approximately $1.1 million. These costs consisted of general corporate legal fees of approximately $331,000, bankruptcy related professional fees of approximately $212,000, accounting, tax, audit and audit related fees of approximately $194,000, intellectual property maintenance, licensing, operating and start-up costs (inclusive of FilenesBasement.com) of approximately $256,000, and other professional fees of approximately $144,000. Professional fees for the twenty-six weeks ended August 29, 2015 were approximately $1.2 million which consisted of general corporate legal fees of approximately $211,000, bankruptcy related professional fees of approximately $265,000, accounting, tax, audit and audit related fees of approximately $238,000, professional fees related to work on our intellectual property of $495,000 and other professional fees of approximately $24,000.

Depreciation and amortization expenses for the nine months ended September 30, 2016 were approximately $334,000. These costs consisted of depreciation for the West Palm Beach, Florida property of approximately $116,000 and the amortization of trademarks, lease commissions and tenant improvements of approximately $218,000. Depreciation and amortization expenses for the twenty-six weeks ended August 29, 2015 were approximately $170,000. These costs consisted of depreciation for the West Palm Beach, Florida property of $68,000, as well as amortization of trademarks and deferred financing costs of $102,000.

Operating loss for the nine months ended September 30, 2016 was approximately $4.9 million. Operating loss for the twenty-six weeks ended August 29, 2015 was approximately $3.5 million.

Interest income, net, for the nine months ended September 30, 2016 was approximately $83,000, which consisted of $1.5 million of gross interest incurred offset by $1.4 million of capitalized interest and $194,000 of interest income. Interest expense, net, for the twenty-six weeks ended August 29, 2015 was approximately $203,000 which consisted of $920,000 of gross interest incurred offset by $671,000 of capitalized interest and $46,000 of interest income.

Amortization of deferred financing costs for the nine months ended September 30, 2016 was approximately $60,000, which consisted of $318,000 of amortization of costs related to obtaining the loans encumbering 77 Greenwich and West Palm Beach partially offset by $258,000 of capitalized costs. Amortization of deferred financing costs for the twenty-six weeks ended August 29, 2015 was approximately $176,000, which consisted of amortization of costs related to obtaining the loan encumbering 77 Greenwich.

We recorded an adjustment to our claims liability for the nine months ended September 30, 2016 of $132,000 which was due mainly to the positive settlement of the former Majority Shareholder liability. We recorded an adjustment to our claims liability for the twenty-six weeks ended August 29, 2015 of $530,000, which was due to the lower settlement of certain claims.

We did not incur any tax expense for the nine months ended September 30, 2016. We recorded tax expense for the twenty-six weeks ended August 29, 2015 of approximately $4,000.

Net loss available to common stockholders for the nine months ended September 30, 2016 was approximately $4.8 million. Net loss available to common stockholders for the twenty-six weeks ended August 29, 2015 was approximately $3.4 million.

Liquidity and Capital Resources

We currently expect that our principal sources of funds to meet our short and long-term liquidity requirements for working capital and funds for acquisition and development or redevelopment of properties, tenant improvements, leasing costs, and repayments of outstanding indebtedness will include:

(1)

Cash on hand;

(2)

Availability under existing financing facilities;

(3)

New secured and/or unsecured financings and/or debt offerings;

(4)

Net proceeds from divestitures of properties;

(5)

Proceeds from common or preferred equity offerings; and

(6)

Cash flow from operations.

Cash flow from operations is primarily dependent upon the occupancy level of our property portfolio, the net effective rental rates achieved on our leases, the collectability of rent, operating escalations and recoveries from our tenants and the level of operating and other costs.

As of September 30, 2016, we had total cash of $25.4 million, of which approximately $18.2 million was cash and cash equivalents and approximately $7.2 million was restricted cash. As of December 31, 2015, we had total cash of $41.8 million, of which approximately $38.2 million was cash and cash equivalents and approximately $3.6 million was restricted cash. Restricted cash represents reserves required under the 77 Greenwich Loan and WPB Loan (see Note 5 to our condensed consolidated financial statements (Loans Payable)), tenant security deposits and a deposit on an acquisition. The decrease in total cash during the period was primarily the result of the final payment made to the former Majority Shareholder as well as payments for operating expenses and pre-development activities.

We have a $40.0 million loan secured by 77 Greenwich. The 77 Greenwich Loan can be increased up to $50.0 million subject to satisfaction of certain conditions. We also have a $9.1 million loan secured by the West Palm Beach, Florida property. The WPB Loan can be increased up to $12.6 million subject to satisfaction of certain conditions.

We have claims liabilities recorded at September 30, 2016 of approximately $2.7 million related to the multiemployer pension plan which is payable in quarterly installments of $0.2 million through 2019 (see Note 7 to our condensed consolidated financial statements (Pension and Profit Sharing Plans)).

On March 8, 2016, a General Unsecured Claim Satisfaction occurred and on March 14, 2016, we made the payment to the former Majority Shareholder in the amount of approximately $6.9 million. Upon the General Unsecured Claim Satisfaction and payment to the former Majority Shareholder as described in Note 1 to our condensed consolidated financial statements (Business – Overview), we satisfied our payment and reserve obligations under the Plan.

Cash Flows

Cash Flows for the Nine Months Ended September 30, 2016

Net cash used in operating activities was approximately $11.0 million for the nine months ended September 30, 2016. The net cash used during this period reflects the net loss available to common stockholders of $4.8 million as well as a decrease in other liabilities, primarily the obligation to the former Majority Shareholder, of $6.9 million and a decrease in pension liabilities of $1.2 million. This was partially offset by the non-cash stock-based compensation expense of $1.9 million.

Net cash used in investing activities for the nine months ended September 30, 2016 was approximately $15.6 million. The net cash used mainly reflects the payments for certain property development and redevelopment costs of $12.2 million and a reclass of $3.4 million to restricted cash related to the deposit for the acquisition.

Net cash provided by financing activities for the nine months ended September 30, 2016 was approximately $6.7 million. This amount related mainly to the net proceeds of approximately $8.7 million received from the loan on the West Palm Beach, Florida property (see Note 5 to our condensed consolidated financial statements (Loans Payable)), which was partially offset by the repurchase of approximately $2.0 million of common stock from certain employees in order to pay withholding taxes on the common stock for those employees.

Net Operating Losses

We believe that our U.S. Federal NOLs as of the emergence date were approximately $162.8 million and believe our U.S. Federal NOLs at September 30, 2016 were approximately $225.3 million. Based on management’s 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 $90.4 million was recorded as of September 30, 2016.

We believe that the rights offering and the redemption of the Syms shares owned by the former Majority Shareholder that occurred in connection with our emergence from bankruptcy on September 14, 2012 resulted in us undergoing an “ownership change,” as that term is used in Section 382 of the Code. However, while the analysis is complex and subject to subjective determinations and uncertainties, we believe that we should qualify for treatment under Section 382(l)(5) of the Code. As a result, we currently believe that our NOLs are not subject to an annual limitation under Code Section 382. However, if we were to undergo a subsequent ownership change in the future, our NOLs could be subject to limitation under Code Section 382.

Notwithstanding the above, even if all of our regular U.S. Federal income tax liability for a given year is reduced to zero by virtue of utilizing our NOLs, we may still be subject to the U.S. Federal alternative minimum tax and to state, local or other non-Federal income taxes.

On February 12, 2015, we amended our certificate of incorporation to, among other things, add a provision to the certificate of incorporation intended to help preserve certain tax benefits primarily associated with our 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, without prior Board approval.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risks that arise from changes in interest rates, foreign currency exchange rates and other market changes affect market sensitive instruments. In pursuing our business strategies, the primary market risk which we are exposed to is interest rate risk.

Low to moderate levels of inflation during the past several years have favorably impacted our operations by stabilizing operating expenses. At the same time, low inflation has had the indirect effect of reducing our ability to increase tenant rents. However, our tenant leases include expense reimbursements and other provisions to minimize the effect of inflation.

The market risk associated with financial instruments and derivative financial instruments is the risk of loss from adverse changes in market prices or interest rates. Of our long-term debt, which consists of secured financings, the 77 Greenwich Loan bears interest at a rate per annum equal to the greater (i) of the rate published from time to time by the Wall Street Journal as the U.S. Prime Rate plus 1.25% or (ii) 4.50% and the WPB Loan bears interest at the 30-day LIBOR plus 230 basis points. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. From time to time, we may enter into interest rate hedge contracts such as swaps, collars, and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We would not hold or issue these derivative contracts for trading or speculative purposes. We do not have any foreign operations and thus we are not exposed to foreign currency fluctuations.

As of September 30, 2016, our debt consisted of two variable-rate secured mortgage loans payable, with carrying values of $40.0 million and $9.1 million, respectively, which approximated their fair value at September 30, 2016. Changes in market interest rates on our variable-rate debt impact the fair value of the loans and interest incurred or cash flow. For instance, if interest rates increase 100 basis points and our variable-rate debt balance remains constant, we expect the fair value of our obligation to decrease, the same way the price of a bond declines as interest rates rise. The sensitivity analysis related to our variable–rate debt assumes an immediate 100 basis point move in interest rates from their September 30, 2016 levels, with all other variables held constant. A 100 basis point increase in market interest rates would result in a decrease in the fair value of our variable-rate debt by $0.5 million. A 100 basis point decrease in market interest rates would result in an increase in the fair value of our variable-rate debt by $0.5 million. These amounts were determined by considering the impact of hypothetical interest rates changes on our borrowing costs, and assuming no other changes in our capital structure.

As the information presented above includes only those exposures that existed as of September 30, 2016, it does not consider exposures or positions arising after that date. The information represented herein has limited predictive value. Future actual realized gains or losses with respect to interest rate fluctuations will depend on cumulative exposures, hedging strategies employed and the magnitude of the fluctuations.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (the “CEO”) and Chief Financial Officer (the “CFO”), as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of “disclosure controls and procedures” in Rule 13a-15(e) of the Exchange Act. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within Trinity to disclose material information otherwise required to be set forth in our periodic reports.

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the three months ended September 30, 2016, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

We are a party to routine legal proceedings, which are primarily incidental to our former business. Some of the actions to which we are a party are covered by insurance and are being defended or reimbursed by our insurance carriers. Based on an analysis performed by our actuary and available information and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from this routine litigation will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position. Additionally, as discussed in Note 1 to our condensed consolidated financial statements, we currently operate under the Plan that was approved in connection with the resolution of the Chapter 11 cases involving Syms and its subsidiaries.

Item 1A.

Risk Factors

There are no material changes to the Risk Factors as disclosed in our 2015 Transition Report.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not Applicable.

Item 5.

Other Information

None.

Item 6.

Exhibits

3.1

Amended and Restated Certificate of Incorporation of Trinity Place Holdings Inc. (incorporated by reference to Exhibit 3.1 of the Form 8-K filed by us on February 13, 2015)

3.2

Bylaws of Trinity Place Holdings Inc. (incorporated by reference to Exhibit 3.2 of the Form 8-K filed by us on September 19, 2012)

4.3

Form of Trinity Place Holdings Inc. Common Stock Certificate (incorporated by reference to Exhibit 4.3 of the Registration Statement on Form S-3 filed by us on September 15, 2015)

10.1*

Limited Liability Company Agreement of Pacolet Trinity 223 Partners, LLC, dated as of October 13, 2016.

31.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Securities and Exchange Act of 1934 and 18.U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities and Exchange Act of 1934 and 18.U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*

The following materials from our Quarterly Report on Form 10-Q for the period ended September 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of September 30, 2016 (unaudited) and December 31, 2015 (audited)(restated), (ii) Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2016 (unaudited) and thirteen and twenty-six weeks ended August 29, 2015 (unaudited), (iii) Condensed Consolidated Statement of Stockholders’ Equity for the nine months ended September 30, 2016 (unaudited), (iv) Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 (unaudited) and twenty-six weeks ended August 29, 2015 (unaudited) and (v) Notes to Condensed Consolidated Financial Statements (unaudited).

Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TRINITY PLACE HOLDINGS INC.

Date: November 7, 2016	By	/s/ Matthew Messinger
		MATTHEW MESSINGER
		PRESIDENT and CHIEF EXECUTIVE OFFICER
		(Principal Executive Officer)

Date: November 7, 2016	By	/s/ Steven Kahn
		STEVEN KAHN
		CHIEF FINANCIAL OFFICER
		(Principal Financial Officer)

EX-10.1 2 v451504_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

EXECUTION

LIMITED LIABILITY COMPANY AGREEMENT

PACOLET TRINITY 223 PARTNERS, LLC

A DELAWARE LIMITED LIABILITY COMPANY

DATED AS OF OCTOBER 13, 2016

TABLE OF CONTENTS

		Page


Section 1. Definitions.		1

Section 2. Organization of the Company		11

2.1 Name		11
2.2 Place of Registered Office; Registered Agent		11
2.3 Principal Office		11
2.4 Filings		11
2.5 Term		11
2.6 Expenses of the Company; Member Reimbursement		11

Section 3. Purpose		12

Section 4. Intentionally Omitted.		12

Section 5. Capital Contributions and Capital Accounts.		12

5.1 Initial Capital Contributions		12
5.2 Additional Capital Contributions		12
5.3 Return of Capital Contribution		15
5.4 No Interest on Capital		15
5.5 Capital Accounts		15
5.6 New Members		15
5.7 No Further Capital Contributions		15

Section 6. Distributions.		16

6.1 Distribution of Distributable Funds		16

Section 7. Allocations.		16

7.1 Allocations of Net Income and Net Losses		16
7.2 Allocation of Net Income and Net Losses in Liquidation		16
7.3 Mandatory Allocations		16
7.4 Tax Allocations		18

Section 8. Books, Records, Tax Matters and Bank Accounts.		19

8.1 Books and Records		19

8.2 Reports and Financial Statements		19
8.3 Tax Matters Member		19
8.4 Bank Accounts		20
8.5 Tax Returns		20
8.6 New Partnership Audit Rules		20

Section 9. Management and Operations.		21

9.1 Management		21
9.2 Property Management Agreement		23
9.3 Annual Business Plan; Annual Budget		23
9.4 Other Activities		24
9.5 Limitation on Actions of Members; Binding Authority		24
9.6 Foreign Corrupt Practices Act		25
9.7 Prohibited Persons, Patriot Act and Anti-Money Laundering		25
9.8 Bad Conduct of Administrative Member; Removal Procedure		26

Section 10. Confidentiality.		25

Section 11. Representations and Warranties.		27

11.1 In General		27
11.2 Representations and Warranties		27
11.3 Representations and Warranties of PME		31

Section 12. Sale, Assignment, Transfer or other Disposition.		32

12.1 Prohibited Transfers		32
12.2 Permitted Transfers		32
12.3 Admission of Transferee		33
12.4 Withdrawals; Liquidations		33
12.5 Offering Member Sale Right		33
12.6 Buy-Sell Election.		36

Section 13. Dissolution.		39

13.1 Limitations		39
13.2 Exclusive Events Requiring Dissolution		39
13.3 Liquidation		39
13.4 Continuation of the Company		40

Section 14. Indemnification.		40

14.1 Exculpation of Members		40
14.2 Indemnification by Company		40
14.3 General Indemnification by the Members		41

Section 15. Miscellaneous.		41

15.1 Notices		41
15.2 Governing Law		43
15.3 Successors		43
15.4 Pronouns; Construction		43
15.5 Table of Contents and Captions Not Part of Agreement		43
15.6 Severability		43
15.7 Counterparts		43
15.8 Entire Agreement and Amendment		43
15.9 Further Assurances		44
15.10 No Third Party Rights		44
15.11 Incorporation by Reference		44
15.12 Limitation on Liability		44
15.13 Remedies Cumulative		44
15.14 No Waiver		44
15.15 Limitation On Use of Names		45
15.16 Publicly Traded Partnership Provision		45
15.17 Public Announcements		45
15.18 No Construction Against Drafter		45

Exhibit A	Initial Capital Contributions
Exhibit B	Major Decisions
Exhibit C	Property Description
Exhibit D	2016 Annual Budget

iii

LIMITED LIABILITY COMPANY AGREEMENT
OF
PACOLET TRINITY 223 PARTNERS, LLC

THIS LIMITED LIABILITY COMPANY AGREEMENT of PACOLET TRINITY 223 PARTNERS, LLC, a Delaware limited liability company (this “Agreement”) is made and entered into and is effective as of October 13, 2016, by and among PACOLET MULTI-FAMILY HOLDINGS, LLC, a Delaware limited liability company (“PME”), TPH 223 N 8TH INVESTOR LLC, a Delaware limited liability company (“TPH”). Capitalized terms used herein shall have the meanings ascribed to such terms in this Agreement.

WITNESSETH:

In consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1. Definitions. As used in this Agreement:

“2015 Budget Act” means the Bipartisan Budget Act of 2015.

“Act” shall mean the Delaware Limited Liability Company Act (currently Chapter 18 of Title 6 of the Delaware Code), as amended from time to time.

“Additional Capital Contributions” shall have the meaning provided in Section 5.2(a).

“Administrative Member” shall mean the Member charged with administering the day-to-day operations of the Company in accordance with the terms hereof, as such Administrative Member may be replaced pursuant to the terms of Section 9.8. The initial Administrative Member shall be PME.

“Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the applicable calendar year after (i) crediting such Capital Account with any amounts which such Member is deemed to be obligated to restore pursuant to Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), and (ii) debiting such Capital Account by the amount of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

“Affiliate” shall mean as to any Person any other Person that directly or indirectly controls, is controlled by, or is under common control with such first Person. For the purposes of this Agreement, a Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management, policies and/or decision making of such other Person, whether through the ownership of voting securities, by contract or otherwise; provided that, for the avoidance of doubt, each of PME, TPH and the Company shall not be deemed to be Affiliates of each other by virtue of this Agreement, the other agreements contemplated hereby, or the transactions contemplated hereby and thereby.

“Agreed Upon Value” shall mean the fair market value (net of any debt then outstanding) agreed upon pursuant to a written agreement between the Members of property contributed by a Member to the capital of the Company, which shall for all purposes hereunder be deemed to be the amount of the Capital Contribution applicable to such property contributed.

“Agreement” shall mean this Limited Liability Company Agreement, as amended from time to time.

“Annual Business Plan” shall have the meaning provided in Section 9.3.

“Annual Budget” shall have the meaning provided in Section 9.3.

“Approval Item” shall have the meaning provided in Section 9.3.

“Approved Budget” shall mean any Annual Budget duly approved by the Members in accordance with this Agreement.

“Approved Business Plan” shall mean any Annual Business Plan duly approved by the Members in accordance with this Agreement.

“Assumed Gross Property Value” shall mean a single amount chosen by the Offering Member (in connection with a Forced Sale Election) or the Triggering Member (in connection with a Buy-Sell Election), as the assumed gross value of the Property in determining the Membership Interest Price.

“Bad Conduct” means, with respect to a Person, acts or omissions of the Person constituting gross negligence, fraud, criminal conduct constituting a felony for which the Person is charged by competent governmental authority or convicted by a court of competent jurisdiction (but only if such felony has a material adverse effect on the financial condition of the Company or any Company Subsidiary or on the value of the Property), a material breach of this Agreement (if the breach continues for more than ten (10) Business Days after a Member gives the Person a written notice specifying the breach), or a material violation of law. Notwithstanding the foregoing to the contrary, if any alleged material breach of this Agreement is attributable to the action or inaction of the Property Manager (including, without limitation, in respect of preparation and delivery of the Annual Business Plan, Annual Budget, and other reporting and financial statements) and the Property Manager is not an Affiliate of the Administrative Member, such action or inaction shall not be imputed to the Administrative Member provided that the Administrative Member is using commercially reasonable efforts to cause the Property Manger to take such action or forgo taking such action, including, subject to the Major Decisions hereunder, terminating the Property Manager in accordance with the terms of the applicable property management agreement.

“Bad Conduct Notice” shall have the meaning provided in Section 9.8.

“Bankruptcy Code” shall mean Title 11 of the United States Code, as amended or any other applicable bankruptcy or insolvency statute or similar law.

“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks are authorized to do business and are not required by law or executive order to close in New York, New York, or South Carolina.

“Buying Member” shall have the meaning provided in Section 12.6(b).

“Buy-Sell Closing” shall have the meaning provided in Section 12.6(b).

“Buy-Sell Closing Date” shall have the meaning provided in Section 12.6(b).

“Buy-Sell Default” shall have the meaning provided in Section 12.6(d).

“Buy-Sell Election” shall have the meaning provided in Section 12.6(a).

“Buy-Sell Election Period” shall have the meaning provided in Section 12.6(a).

“Buy-Sell Notice” shall have the meaning provided in Section 12.6(a).

“Calling Member” shall have the meaning provided in Section 5.2(a).

“Capital Account” shall have the meaning provided in Section 5.5.

“Capital Call” shall have the meaning provided in Section 5.2(a).

“Capital Contribution” shall mean, with respect to any Member, the aggregate amount of (i) cash, and (ii) the Agreed Upon Value of other property contributed by such Member to the capital of the Company.

“Capital Request Notice” shall have the meaning provided in Section 5.2(a).

“Cash Flow” shall mean, for any period for which Cash Flow is being calculated, gross cash receipts of the Company (but excluding Capital Contributions) plus any released Reserves, less the following payments and expenditures (i) all payments of operating expenses of the Company, (ii) all payments of principal of, interest on and any other amounts due with respect to indebtedness (including, without limitation, Reserves), leases or other commitments or obligations of the Company (including loans by Members to the Company), (iii) all sums expended by the Company for capital expenditures and (iv) all sums expended by the Company which are otherwise capitalized.

“Certificate of Formation” shall mean the Certificate of Formation of the Company, as amended from time to time.

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, including the corresponding provisions of any successor law.

“Company” shall mean Pacolet Trinity 223 Partners, LLC, a limited liability company organized under the Act.

“Company Minimum Gain” shall have the meaning given to the term “partnership minimum gain” in Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

“Company Property” shall mean any assets owned by the Company, including, without limitation, the Property.

“Company Subsidiaries” shall mean all Subsidiaries of the Company.

“Confidential Information” shall have the meaning provided in Section 10(a).

“Contributing Member” shall have the meaning provided in Section 5.2(a)(i).

“Contributing Percentage Interest” shall have the meaning provided in Section 5.2(a)(i).

“Contribution Notice” shall have the meaning provided in Section 5.2(a)(i).

“Control” (or words of similar import, whether or not capitalized) shall mean with respect to any Person means the possession, directly or indirectly, of the power to decide, affirmatively (by direction) or negatively (by veto), the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. The words “Controlling”, “Controlled by” and under common “Control” shall have correlative meanings.

“Consumer Price Index” means the Consumer Price Index for All Urban Consumers published by the United States Department of Labor applicable to the Index Area that includes the Properties (All Items) (1982-1984 = 100), or any successor index thereto as such successor index may be appropriately adjusted to establish substantial equivalence with the Consumer Price Index, or if the Consumer Price Index ceases to be published and there is no successor thereto, such other index as shall be approved by the Members.

“Default Contribution” shall have the meaning provided in Section 5.2(a)(ii).

“Default Loan” shall have the meaning provided in Section 5.2(a)(i).

“Default Loan Rate” shall have the meaning provided in Section 5.2(a)(ii).

“Deposit” shall mean a deposit of ten percent (10%) of the applicable Membership Interest Price to be delivered to, and held by, an escrow agent reasonably acceptable to the Members in connection with a ROFO Sale or a Buy-Sell Election, as applicable.

“Depreciation” shall mean, for each calendar year, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year bears to such beginning adjusted tax basis, except as otherwise required by Regulation Section 1.704-3(d)(2); provided, however, that if the federal income tax depreciation, amortization, or other cost recovery deductions for such year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Tax Matters Member.

“Diluting Member” shall have the meaning provided in Section 5.2(a)(ii).

“Dissolution Event” shall have the meaning provided in Section 13.2.

“Distributable Funds” with respect to any month or other period, as applicable, shall mean an amount equal to the Cash Flow of the Company for such month or other period, as applicable.

“Distributions” shall mean the distributions payable to a Member.

“Emergency” shall mean an event which reasonably requires immediate action in order to avert or mitigate significant injury or damage to any individual or the Property.

“Exercise Period” shall have the meaning provided in Section 12.5(a).

“Forced Sale Election” shall have the meaning provided in Section 12.5(a).

“Foreign Corrupt Practices Act” shall mean the Foreign Corrupt Practices Act of the United States, 15 U.S.C. Sections 78a, 78m, 78dd-1, 78dd-2, 78dd-3, and 78ff, as amended, if applicable, or any similar law of any jurisdiction where one or more of the Properties are located or where the Company or any of its Subsidiaries transacts business or any other jurisdiction, if applicable.

“Gross Asset Value” shall mean, with respect to any asset of the Company, such asset’s adjusted basis for federal income tax purposes, except as follows or as otherwise specifically provided herein:

(a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset at the time of contribution, as determined by Administrative Member using such reasonable method of valuation as it may adopt, which, in the case of the Property, shall be equal to its Agreed Upon Value;

(b) in the discretion of Administrative Member or as required pursuant to Regulations Section 1.704-1, the Gross Asset Values of the Company Property shall be adjusted to equal their respective gross fair market values, as reasonably determined by Administrative Member, immediately prior to the following events:

(i) a Capital Contribution (other than a de minimis Capital Contribution) or a contribution of services to the Company by a new or existing Member as consideration for Interests;

(ii) the distribution by the Company to a Member of more than a de minimis amount of the Company Property as consideration for the redemption of Interests;

(iii) the liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), except as provided in Regulations Section 1.704-1(b)(2)(iv)(l); and

(iv) at such other times as may be required or permitted pursuant to Regulations Section 1.704-1; and

(c) the Gross Asset Values of the Company Property distributed to any Member shall be the gross fair market values of such assets as reasonably determined by Administrative Member as of the date of distribution.

At all times, Gross Asset Values shall be adjusted by any Depreciation taken into account with respect to the Company Property for purposes of computing Net Income and Net Loss. Gross Asset Values shall be further adjusted to reflect adjustments to Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to the extent not otherwise reflected in adjustments to Gross Asset Values.

“Indemnified Losses” shall have the meaning provided in Section 14.2.

“Indemnified Party” shall have the meaning provided in Section 14.3(a).

“Indemnifying Party” shall have the meaning provided in Section 14.3(a).

“Initial Capital Contributions” shall have the meaning provided in Section 5.1(a).

“Interest” of any Member shall mean the entire limited liability company interest of such Member in the Company, which includes, without limitation, any and all rights, powers and benefits accorded a Member under this Agreement and the duties and obligations of such Member hereunder.

“Lender” shall mean any third-party lender to the Company or any Subsidiary.

“Loan” shall mean any loans made to the Company or any of Company Subsidiaries permitted hereunder.

“Major Decisions” shall have the meaning provided on Exhibit B.

“Major Transfer” shall have the meaning provided in Section 12.2(b).

“Member” and “Members” shall mean PME and TPH and any other Person admitted to the Company pursuant to this Agreement.

“Member in Question” shall have the meaning provided in Section 15.12.

“Member Minimum Gain” shall mean an amount, determined in accordance with Regulations Section 1.704-2(i)(3) with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability.

“Member Nonrecourse Debt” shall have the meaning given the term “partner nonrecourse debt” in Regulations Section 1.704-2(b)(4).

“Member Nonrecourse Deductions” shall have the meaning given the term “partner nonrecourse deductions” in Regulations Section 1.704-2(i).

“Membership Interest Price” shall mean the aggregate amount that the Offering Member (in connection with a Forced Sale Election) or the Triggering Member or the Non-Triggering Member, as applicable (in connection with a Buy-Sell Election) would be entitled to receive if (x) the Property were sold for an all cash price equal to the Assumed Gross Property Value, (y) all Loans were repaid in full, and (z) the resulting hypothetical Distributable Funds (calculated as of the projected closing date), together with all cash and cash equivalents of the Company or any Subsidiary (other than reserves held by any Lender and security deposits) less (without duplication of clause (y) above) expenses of the Company or any Subsidiary that are then due and payable (or will be due and payable within the ensuing thirty day period), were distributed to the Members in accordance with Section 13.3(d) of this Agreement.

“Net Income” and “Net Loss” shall mean, respectively, for each calendar year or other period, the Company’s taxable income or loss for such calendar year or other period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), adjusted as follows:

(a) any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss shall be added to such taxable income or loss;

(b) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such calendar year or other period;

(c) any items that are specially allocated pursuant to Section 7.3 shall not be taken into account in computing Net Income or Net Loss;

(d) any expenditures of the Company described in Code Section 705(a)(2)(B) (or treated as such under Regulations Section 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing Net Income or Net Loss shall be deducted from such taxable income or loss;

(e) in the event the Gross Asset Value of any of the Company Property is adjusted in accordance with paragraph (b), (c) or (d) of the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss;

(f) gain or loss resulting from any disposition of any of the Company Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding the fact that the adjusted tax basis of such asset differs from its Gross Asset Value;

(g) and an allocation of the Company Net Income or Net Loss to a Member shall be treated as an allocation to such Member of the same share of each item of income, gain, loss and deduction that has been taken into account in computing such Net Income or Net Loss except as otherwise required by law.

“New Partnership Audit Rules” shall mean the provisions of Subchapter C of Chapter 63 of the Code, as revised by Section 1101 of the 2015 Budget Act, as such provisions may thereafter be amended and including Treasury regulations or other guidance issued thereunder.

“Non-Administrative Member” shall mean the Member that is not then acting as the Administrative Member pursuant to the terms of this Agreement.

“Non-Affiliated Member” shall have the meaning provided in Section 9.1(f).

“Non-Contributing Member” shall have the meaning provided in Section 5.2(a)(i).

“Nonrecourse Deduction” shall have the meaning given such term in Regulations Section 1.704-2(b)(1).

“Nonrecourse Liability” shall have the meaning given such term in Regulations Section 1.704-2(b)(3).

“Non-Transferring Member” shall have the meaning provided in Section 12.2(b).

“Non-Triggering Member” shall have the meaning provided in Section 12.6(a).

“OFAC” shall mean the United States Treasury’s Office of Foreign Assets Control.

“Offeree” shall have the meaning provided in Section 12.5(a).

“Offering Member” shall have the meaning provided in Section 12.5(a).

Offer Notice” shall have the meaning provided in Section 12.5(a).

“Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56 and the regulations issued thereunder, all as amended and in effect.

“Percentage Interests” shall mean the following percentages (subject to adjustment as set forth in Section 5.2(a)): PME: 50% and TPH: 50%.

“Person” shall mean any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other legal entity.

“PME” shall have the meaning provided in the first paragraph of this Agreement.

“Prior Approved Budget” shall have the meaning provided in Section 9.3.

Prohibited Person” shall mean any Person that is named on the most current list of “Specially Designated Nationals and Blocked Persons” published by the United States Treasury Department, Office of Foreign Assets Control.

“Property” shall mean that certain property more particularly described on Exhibit C.

“Property Manager” shall have the meaning provided in Section 9.2.

“Property Owner” shall mean the subsidiary of PME which is the purchaser under the PSA.

“Property Owner LLC Agreement” shall have the meaning provided in Section 11.3(e).

“PSA” shall mean that certain Purchase and Sale Agreement dated as of September 21, 2016 by and between 223 North 8^th Partners LLC and Property Owner, as amended by that certain Reinstatement and First Amendment to Purchase and Sale Agreement dated as of October 7, 2016 between 223 North 8^th Partners LLC and Property Owner.

“Purchasing Election” shall have the meaning provided in Section 12.6(a).

“Regulations” shall mean the Treasury Regulations promulgated pursuant to the Code, as amended from time to time, including the corresponding provisions of any successor regulations.

“Regulatory Allocations” shall have the meaning provided in Section 7.3(h).

“Regulatory Agreement” means that certain agreement between 223 North 8th Partners LLC and the City of New York, through HPD, dated as of December 10, 2014 and recorded in the Office of the City Register of the City of New York on January 15, 2015, as CRFN 2015000018739, as the same may be amended or otherwise modified in accordance with the terms hereof.

“Regulatory Documents” means, collectively, (i) the Regulatory Agreement, and (ii) that certain restrictive declaration entered into by 223 North 8th Partners LLC as of March 3, 2016 and recorded in the Office of the City Register of the City of New York on March 15, 2016, as CRFN 2016000091014, as the same may be amended or otherwise modified in accordance with the terms hereof.

“Required Consent” shall have the meaning provided in Section 12.5(g).

“Reserves” means, as the context may require, (a) the amount of any escrows or reserves required to be held and maintained pursuant to a Loan to which the Company or any Company Subsidiary is a party, and/or (b) the amount of any escrows or reserves held by the Company pursuant to the Annual Budget or as otherwise agreed to by the Members as a Major Decision.

“Revisions Notice” shall have the meaning provided in Section 9.3.

“ROFO Closing” shall have the meaning provided in Section 12.5(c).

“ROFO Closing Date” shall have the meaning provided in Section 12.5(c).

“ROFO Default” shall have the meaning provided in Section 12.5(c).

“ROFO Election” shall have the meaning provided in Section 12.5(a).

“ROFO Sale” shall have the meaning provided in Section 12.5(a).

“Sale” shall have the meaning provided in Section 12.5(b).

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Selling Election” shall have the meaning provided in Section 12.6(a).

“Selling Member” shall have the meaning provided in Section 12.6(b).

“Subsidiary” shall mean any Person of which fifty percent (50%) or more is owned, directly or indirectly, by the Company.

“Tax Matters Member” shall have the meaning provided in Section 8.3.

“TPH” shall have the meaning provided in the first paragraph of this Agreement.

“Transfer” means, as a noun, any direct or indirect transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation, conveyance, encumbrance or other disposition, voluntary or involuntary, by operation of law or otherwise and, as a verb, voluntarily or involuntarily, by operation of law or otherwise, to transfer, sell, assign, exchange, charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of.

“Triggering Member” shall have the meaning provided in Section 12.6(a).

Section 2. Organization of the Company.

2.1 Name. The name of the Company shall be “Pacolet Trinity 223 Partners, LLC”. The business and affairs of the Company shall be conducted under such name or such other name as may be determined by the Members, or as may be or become necessary to comply with the requirements of law in any jurisdiction in which the Company may elect to do business, subject to the approval of the Members.

2.2 Place of Registered Office; Registered Agent. The address of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801. The name and address of the registered agent for service of process on the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. The Members may at any time agree to change the location of the Company’s registered office or change the registered agent.

2.3 Principal Office. The principal address of the Company shall be 550 S. Main Street, Suite 601, Greenville, South Carolina 29601 or at such other place as may be agreed upon by the Members from time to time.

2.4 Filings. On or before execution of this Agreement, an authorized person within the meaning of the Act shall have duly filed or caused to be filed the Certificate of Formation of the Company with the office of the Secretary of State of Delaware, as provided in Section 18-201 of the Act, and shall have arranged for the qualification of the Company to transact business in New York as a foreign limited liability company with such qualification to occur after the execution of this Agreement, and the Members hereby ratify such filing and qualification. Administrative Member shall use its commercially reasonable efforts to take such other actions as may be reasonably necessary to perfect and maintain the status of the Company as a limited liability company in good standing under the laws of Delaware and its qualification to transact business as a foreign limited liability company and its good standing under the laws of New York. Notwithstanding anything contained herein to the contrary, the Company shall not do business in any jurisdiction that would jeopardize the limitation on liability afforded to the Members under the Act or this Agreement.

2.5 Term. The Company shall continue in existence in perpetuity or until the Company is dissolved as provided in Section 13, whichever shall occur earlier.

2.6 Expenses of the Company; Member Reimbursement. The Company shall reimburse each Member for all reasonable out-of-pocket costs and expenses relating to such Member fulfilling its duties under this Agreement as set forth in the Approved Budget. Any costs for professionals advising the Company, including legal and accounting fees and costs arising from audit and reporting matters shall be expenses of the Company. Administrative Member shall not receive any compensation in connection with the management of the Company.

Section 3. Purpose. The purpose of the Company, subject in each case to the terms hereof, shall be to directly or indirectly engage in the business of acquiring, owning, operating, developing, renovating, repositioning, managing, leasing, selling, financing and refinancing the Property (or portions thereof), which may be held by the Company directly or through entities in which the Company owns interests, and all other activities reasonably necessary to carry out such purpose.

Section 4. Intentionally Omitted.

Section 5. Capital Contributions and Capital Accounts.

5.1 Initial Capital Contributions.

(a) On or prior to the date hereof, the Members have made an initial Capital Contribution (the “Initial Capital Contribution”) to the Company in the amount set forth in the column labeled “Initial Capital Contributions” on Exhibit A attached hereto.

(b) On the date hereof, PME shall Transfer and assign to the Company, pursuant to an assignment of membership interests, in a form reasonably acceptable to TPH, one hundred percent (100%) of the limited liability company membership interests of Property Owner free and clear of all liens and other encumbrances.

5.2 Additional Capital Contributions.

(a) At such time as a Member determines that the Company requires cash (1) for capital expenditures, operating expenses and/or other purposes of the Company or Company Subsidiaries in accordance with the Annual Budget, or (2) upon a Member’s good faith determination that there is a need for funds in respect of costs in excess of the Annual Budget including in the event any of the direct or indirect assets of the Company is affected by an Emergency, such Member (the “Calling Member”) shall recommend to the other Member in a written notice provided to such other Member (a “Capital Request Notice”) that a call should be made for additional Capital Contributions (“Additional Capital Contributions”) which Capital Request Notice shall set forth the amount of capital that such Member has determined is required by the Company. If the request for Additional Capital Contributions is approved as a Major Decision (other than Capital Calls in the case of an Emergency which shall not require unanimous consent), the Calling Member shall provide written notice thereof (a “Capital Call”) to the Members which notice shall, in accordance with the applicable Capital Request Notice, request that the Members make further contributions to the capital of the Company as hereinafter provided.

(i) Within ten (10) Business Days after approval of the Capital Call pursuant to Section 5.2(a), the Members shall make an Additional Capital Contribution pro rata in proportion to their Percentage Interests pursuant to such Capital Call. If any Member fails to make its Additional Capital Contribution pursuant to this Section 5.2(a)(i) (a “Non-Contributing Member”) as and when due for any reason, then the Contributing Member (as defined below) shall provide prompt written notice thereof (the “Contribution Notice”) to each Member, such notice to identify each Non-Contributing Member and the amount that each such Non-Contributing Member failed to contribute. Each Member who has not failed to make its Additional Capital Contribution (a “Contributing Member”) shall have the right upon written notice to the Contributing Member within five (5) days after delivery of the Contribution Notice, to contribute the amount of any Non-Contributing Member’s Additional Capital Contribution to the Company, which payment shall not be deemed an Additional Capital Contribution, but rather a loan (a “Default Loan”) to such Non-Contributing Member(s) in an amount equal to the unfunded Additional Capital Contribution, each of which loans will be evidenced by a promissory note in form reasonably satisfactory to the Contributing Member(s) and shall constitute a debt owed by the Non-Contributing Member(s) to the Contributing Member(s). In the event that there is more than one Contributing Member electing to make a Default Loan, then each such Contributing Member shall fund its pro rata share (determined based on such Contributing Member’s Percentage Interest in the Company over the sum of all Contributing Members’ Percentage Interests in the Company (the “Contributing Percentage Interest”)).

(ii) Any Default Loan shall bear interest at the rate of twenty percent (20%) per annum, compounded monthly, but in no event in excess of the highest rate permitted by applicable laws (the “Default Loan Rate”) and shall be payable by the Non-Contributing Member to the Contributing Member(s) pro rata in accordance with their Contributing Percentage Interest from any Distributions due to Non-Contributing Member hereunder. Interest on a Default Loan to the extent unpaid, shall accrue and compound at the Default Loan Rate. A Default Loan shall be prepayable, in whole or in part, at any time or from time to time without penalty to the Contributing Member(s) pro rata in accordance with their Contributing Percentage Interest. Any such Default Loans shall be with full recourse to the Non-Contributing Member and shall be secured by the Non-Contributing Member’s Interests including, without limitation, the Non- Contribution Member’s right to Distributions. In furtherance thereof, upon the making of such Default Loan, the Non-Contributing Member hereby pledges, assigns and grants a security interest in its Interest to the Contributing Member(s) and agrees to execute such documents and statements reasonably requested by the Contributing Member(s) to further evidence and secure such security interest; provided, however, that such security interest may be foreclosed upon only in the event that during the period in which a Default Loan is outstanding, Distributions are paid to the Non-Contributing Member prior to payment in full of all amounts (including interest) owed under the Default Loan. All Distributions that would have otherwise gone to the Non-Contributing Member absent the existence of a Default Loan shall be applied first to the payment of any interest due under any Default Loan and then to the principal of the Default Loan of each Contributing Member pro rata in accordance with their Contributing Percentage Interest until all amounts due thereunder are paid in full. While any Default Loan is outstanding, the Company shall be obligated to pay directly to the Contributing Member(s), for application to and until all Default Loans (and interest accrued thereon) have been paid in full, the amount of (x) any Distributions payable to the Non-Contributing Member, and (y) any proceeds of the sale of the Non- Contributing Member’s Interest in the Company until the Default Loan is repaid in full. Each Contributing Member may, by delivering a notice to the Non- Contributing Member at any time following the date that shall be thirty (30) days after the making of such Default Loan and prior to the full repayment of such Default Loan (and all accrued and unpaid interest thereon), elect to terminate such Default Loan and have a portion of the Non-Contributing Member’s Interest diluted as set forth in Section 5.2(a)(ii)(1) through (a)(ii)(2) (such portion equal to such Contributing Member’s Contributing Percentage Interest), with such portion of the outstanding principal amount of the Default Loan, together with the accrued and unpaid interest thereon, treated as a Capital Contribution to the Company (“Default Contribution”) and the Capital Accounts of the Non- Contributing Member and such Contributing Member adjusted accordingly (such Contributing Member making such election, a “Diluting Member”).\

(1)

If a Default Loan is converted into a Default Contribution pursuant to subsection 5.2(a)(ii) above, then as of the date of such conversion, (A) the Diluting Member electing such conversion will be deemed to have made a Default Contribution in the amount of the Diluting Member’s Contributing Percentage Interest of the outstanding principal balance and interest under such Default Loan, and (B) the Non-Contributing Member shall be treated as having received a distribution in the amount of the Diluting Member’s Contributing Percentage Interest of the outstanding principal balance and interest under the Default Loan which distribution shall be deemed as having repaid such portion of the Default Loan.

(2)

At the time the Diluting Member converts the Default Loan into a Default Contribution, the Diluting Member’s Percentage Interest shall be recalculated and increased by an amount equal to the percentage equivalent of a fraction, the numerator of which is 200% of the Diluting Member’s Default Contribution and the denominator of which is equal to the total sum of the aggregate amount of the Capital Contributions made by all Members through and including the date such Diluting Member made such Default Contribution. The Interest of a Non-Contributing Member shall be reduced by an amount equal to the percentage by which the Diluting Member’s Interest was increased pursuant to the preceding sentence.

(b) Except as set forth in this Section 5.2, no Member shall be permitted to lend any money or make any Capital Contributions to the Company.

5.3 Return of Capital Contribution. Except as approved by the Members, no Member shall have any right to withdraw or make a demand for withdrawal of the balance reflected in such Member’s Capital Account (as determined under Section 5.5) until the full and complete winding up and liquidation of the business of the Company; provided, however, that nothing contained in this Section 5.3 shall preclude Members from receiving Distributions of Distributable Funds in accordance with Section 6.1 herein.

5.4 No Interest on Capital. Interest earned on Company funds shall inure solely to the benefit of the Company, and no interest shall be paid upon any Capital Contributions nor upon any undistributed or reinvested income or profits of the Company.

5.5 Capital Accounts. “Capital Account” shall mean a book account which shall be maintained by the Company in accordance with the following provisions for each Member:

(a) To each Member’s Capital Account there shall be credited the amount of cash contributed by such Member, the initial Gross Asset Value of any other asset contributed by such Member to the capital of the Company (net of liabilities secured by such contributed property that the Company assumes or takes subject to), such Member’s distributive share of Net Income, the amount of any of the liabilities of the Company assumed by the Member, and any other items in the nature of income or gain that are allocated to such Member; and

(b) To each Member’s Capital Account there shall be debited the amount of cash distributed to the Member, the Gross Asset Value of any of the Company Property distributed to such Member pursuant to any provision of this Agreement (net of liabilities secured by such distributed property that such Member assumes or takes subject to), and such Member’s distributive share of Net Losses and any other items in the nature of expenses or losses that are allocated to such Member.

In the event that a Member’s Interests or portion thereof is Transferred within the meaning of Regulations §1.704-1(b)(2)(iv)(l), the transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the Interests or portion thereof so Transferred.

The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations §1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations.

5.6 New Members. The Company shall not issue additional Interests or admit new Members unless approved as a Major Decision.

5.7 No Further Capital Contributions. Except as expressly provided in this Agreement or with the prior written consent of the Members, and subject to the provisions of this Agreement, no Member shall be required or entitled to contribute any other or further capital to the Company, nor shall any Member be required or entitled to loan any funds to the Company. No Member will have any obligation to restore any negative balance in its Capital Account at any time including upon liquidation or dissolution of the Company.

Section 6. Distributions.

6.1 Distribution of Distributable Funds. From and after the date hereof, Distributable Funds, if any, shall be distributed to the Members at such times as determined by the Members, but not less often than quarterly. Such Distributable Funds shall be distributed to the Members pro rata and pari passu in accordance with their Percentage Interests.

Section 7. Allocations.

7.1 Allocations of Net Income and Net Losses. Subject to Section 7.3 and except as otherwise provided in this Agreement, Net Income and Net Losses of the Company for each calendar year shall be allocated among the Members in a manner such that, as of the end of such calendar year and taking into account all prior allocations of Net Income and Net Losses of the Company and all Distributions made by the Company through such date, the Capital Account of each Member is, as nearly as possible, equal to (i) the distributions that would be made to such Member pursuant to Section 13.3(d)(2) if the Company were dissolved, its affairs wound up and assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each Nonrecourse Liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed in accordance with Section 13.3(d)(2) immediately after such allocation, minus (ii) such Member’s share of Company Minimum Gain and Member Minimum Gains immediately prior to such hypothetical gain.

7.2 Allocation of Net Income and Net Losses in Liquidation. Net Income and Net Losses (or items thereof) realized by the Company in connection with the liquidation of the Company pursuant to Section 13 shall be allocated among the Members in a manner such that, taking into account all prior allocations of Net Income and Net Losses of the Company and all Distributions made by the Company through such date, the Capital Account of each Member is, as nearly as possible, equal to the amount which such Member is entitled to receive pursuant to Section 13.3(d)(2).

7.3 Mandatory Allocations.

(a) No Excess Deficit. To the extent that any Member has or would have, as a result of an allocation of Net Loss (or item thereof), an Adjusted Capital Account Deficit, such amount of Net Loss (or item thereof) shall be allocated on a Member-by-Member basis so as to allocate the maximum permissible deduction or loss to each Member under Regulations Section 1.704-1(b)(2)(ii)(d).

(b) Company Minimum Gain Chargeback. Notwithstanding any other provision of this Section 7, if there is a net decrease in Company Minimum Gain during any calendar year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2), (3), (4) and (5), each Member shall be specially allocated items of the Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). This Section 7.3(b) is intended to comply with the minimum gain chargeback requirements in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

(c) Member Minimum Gain Chargeback. Notwithstanding any other provision of this Section 7 except Section 7.3(b), if there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any calendar year, then, subject to the exceptions set forth in Regulations Section 1.704-2(i)(4), each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of the Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section 7.3(c) is intended to comply with the minimum gain chargeback requirement in such Section of the Regulations and shall be interpreted consistently therewith.

(d) Qualified Income Offset. Notwithstanding any other provision of this Section 7, except Section 7.3(b) and Section 7.3(c), in the event any Member receives any adjustments, allocations or distributions described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), that cause or increase an Adjusted Capital Account Deficit of such Member, items of the Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this Section 7.3(d) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 7 have been tentatively made as if this Section 7.3(d) were not in the Agreement.

(e) Nonrecourse Deductions. Nonrecourse Deductions for any calendar year shall be allocated to the Members in accordance with their Percentage Interest.

(f) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any calendar year shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations §1.704-2(i)(1).

(g) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company Property pursuant to Code Sections 734(b) or 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to Regulations Section 1.704-1(b)(2)(iv)(m). Each Member hereby agrees to provide the Company with all information necessary to give effect to an election made under Code Section 754 if the Company has made or if Administrative Member determines to make such an election.

(h) Curative Allocations. The allocations set forth in Section 7.3(a) through Section 7.3(g) (the “Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1704-1(b) and 1.704-2. The Regulatory Allocations shall be taken into account for the purpose of equitably adjusting subsequent allocations of Net Income and Net Losses, and items of income, gain, loss, and deduction among the Members so that, to the extent possible, the net amount of such allocations of Net Income and Net Losses and other items to each Member shall be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.

7.4 Tax Allocations. Subject to Section 704(c) of the Code, for U.S. federal and state income tax purposes, all items of Company income, gain, loss, deduction and credit shall be allocated among the Members in the same manner as the corresponding item of income, gain, loss, deduction or credit was allocated pursuant to the preceding paragraphs of this Section 7.

(a) Code Section 704(c). In accordance with Code Section 704(c) and the Regulations promulgated thereunder, income and loss with respect to any property contributed to the capital of the Company (including, if the property so contributed constitutes a partnership interest, the applicable distributive share of each item of income, gain, loss, expense and other items attributable to such partnership interest whether expressly so allocated or reflected in partnership allocations) shall, solely for U.S. federal and applicable state income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for U.S. federal income tax purposes and its Agreed Upon Value at the time of contribution. Such allocation with respect to PME’s Initial Capital Contribution shall be made in accordance with the traditional method set forth in Regulations Section 1.704-3(b).

Any elections or other decisions relating to such allocations shall be made by the Tax Matters Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 7.4 are solely for purposes of U.S. federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Member’s share of Net Income, Net Loss, other items or distributions pursuant to any provisions of this Agreement.

Section 8. Books, Records, Tax Matters and Bank Accounts.

8.1 Books and Records. The books and records of account of the Company shall be maintained by the Administrative Member in accordance with generally accepted accounting principles in the United States, consistently applied and shall be reconciled to comply with the methods followed by the Company for U.S. federal income tax purposes, consistently applied. The books and records shall be maintained at the Company’s principal office or at a location approved by the Members, and all such books and records (and the dealings and other affairs of the Company and its Subsidiaries) shall be available to any Member at such location for review, investigation, audit and copying, at such Member’s sole cost and expense, during normal business hours on at least twenty-four (24) hours prior notice; provided, however, that (i) the Company shall pay for all costs of any audit that is performed at the request of a Lender, and (ii) if one (but not both) of the Members otherwise desires for the annual financial statements of the Company to be audited than the Company shall reimburse such Member for up to ten thousand dollars ($10,000) per calendar year of out-of-pocket costs in respect of such audit.

8.2 Reports and Financial Statements. Administrative Member shall deliver to the Members no later than fifteen (15) calendar days after the previous month end date (i) the trial balance, balance sheet, statement of operations, statement of members equity, statement of monthly cash flows and the rent roll, (ii) any financial reports required by any Loan, (iii) all other reports required to be prepared by the Property Manager under the Management Agreement, and (iv) no later than one hundred twenty (120) days after the end of a calendar year, a statement of the Members’ Capital Accounts and changes therein during such applicable calendar year. To the extent applicable, the reports required by this Section 8.2 shall be prepared in accordance with generally accepted accounting principles in the United States, consistently applied and shall be reconciled to comply with the methods followed by the Company for U.S. Federal income tax purposes, consistently applied. All reports and financial statements required by this Section 8.2 shall be in form and substance satisfactory to the Members. The reasonable out-of-pocket expenses incurred in connection with the preparation of such reports and statements shall be reimbursed by the Company to Administrative Member. Any Member may request an audit of any such reports at their own cost and expense, with such audit to be performed by BDO USA LLP, or such other firm of independent certified public accountants approved by the Members as a Major Decision.

8.3 Tax Matters Member. TPH is hereby designated as the “tax matters partner” of the Company and its Subsidiaries to the extent applicable with respect to taxable years beginning before January 1, 2018, and otherwise as the “company representative” (the “Tax Matters Member”). Except as otherwise provided in this Agreement (including Major Decisions), all elections required or permitted to be made by the Company and its Subsidiaries under the Code or state tax law shall be timely determined and made by the Tax Matters Member. The Members intend that the Company be treated as a partnership for U.S. federal, state and local tax purposes, and the Members will not elect or authorize any person to elect to change the status of the Company from that of a partnership for U.S. federal, state and local income tax purposes without the prior written reasonable consent of all Members. The Tax Matters Member agrees to consult with PME with respect to any written notice of any material tax elections and any material inquiries, claims, assessments, audits, controversies or similar events received from any taxing authority (and shall not settle or offer to settle the same without the prior written consent of PME). The Tax Matters Member will not elect into application of the New Partnership Audit Rules under Section 1101(g)(4) of the 2015 Budget Act or any similar provision relating to the New Partnership Audit Rules without the prior written consent of PME. The Company hereby indemnifies and holds harmless the Tax Matters Member from and against any claim, loss, expense, liability, action or damage resulting from its acting or its failure to take any action as the “tax matters partner” of the Company and its Subsidiaries, provided that any such action or failure to act does not constitute gross negligence or willful misconduct. If the Tax Matters Member institutes a proceeding in the United States District Court or Claims Court for the benefit of (or in defense of) the Company or any Subsidiary, and is thereby required by statute to make a deposit, that deposit will be made by the Company.

8.4 Bank Accounts. The Administrative Member through the Property Manager shall, as soon as reasonably practicable, establish and maintain segregated bank accounts in the name of the Company and for the business of the Company, which accounts shall, to the extent reasonably practicable, be interest-bearing. All funds of the Company are to be deposited in the Company’s name in such bank account or accounts of the Company as may be designated by Administrative Member, and shall be withdrawn on the signature of such Person or Persons authorized and designated as signatories for such purpose by Administrative Member and Non-Administrative Member, respectively; provided that any withdrawals or payments from such accounts in excess of $10,000 shall require prior notice to the other Member unless such withdrawal or payments are made pursuant to an Approved Budget.

8.5 Tax Returns. The Tax Matters Member shall prepare or cause to be prepared all income and other tax returns of the Company and its Subsidiaries required by applicable law. The Tax Matters Member will obtain consent from all Members before filing any tax returns of the Company or its Subsidiaries. On or before March 15 of each calendar year (subject to extension to the extent permitted under applicable law), the Tax Matters Member shall deliver or cause to be delivered to each Member a copy of the tax returns for the Company and such Subsidiaries with respect to such calendar year, together with such information with respect to the Company and such Subsidiaries as shall be necessary for the preparation by such Member of its U.S. federal and state income or other tax and information returns.

8.6 New Partnership Audit Rules. The Company will not elect into application of the New Partnership Audit Rules under Section 1101(g)(4) of the 2015 Budget Act or any similar provision relating to the New Partnership Audit Rules. If the Company comes to be subject to the New Partnership Audit Rules for any period the Company will, with respect to any “final partnership adjustment” (as such term is defined for purposes of Section 6226(a) of the Code (as revised to reflect the New Partnership Audit Rules) or any successor provision), make the election provided for in Section 6226(a) of the Code (as revised to reflect the New Partnership Audit Rules) or any successor provision). If the Company comes to be subject to the New Partnership Audit Rules for any period, the Company’s Partnership Representative for purposes of the New Partnership Audit Rules will be the Tax Matters Member. The Tax Matters Member shall have no authority pursuant to its designation under Section 8.3 hereof to exercise any authority with respect to matters subject to the New Partnership Audit Rules. Promptly following the written request of the Tax Matters Member, the Company shall, to the fullest extent permitted by law, reimburse and indemnify the Tax Matters Member for all reasonable, documented, out-of-pocket expenses, including reasonable legal and accounting fees, claims, liabilities, losses, and damages incurred by the Tax Matters Member (in its capacity as such) in connection with any administration or judicial proceedings (a) with respect to the tax liability of the Company and/or (b) with respect to the tax liability of the Members in connection with the operations of the Company. The provisions of this Section 8.6 shall survive the dissolution and liquidation of Company or the termination, cancellation or redemption of any Interest and shall remain binding on the Members for as long a period of time as is necessary to resolve with the Internal Revenue Service any and all matters regarding the federal income taxation of the Company or the Members (relating to the operations of the Company). The Tax Matters Member will, on a reasonably timely basis, provide the Company with copies of all notices received by the Tax Matters Member in connection with any proceeding or potential adjustment relating to the Company that is subject to the New Partnership Audit Rules. With respect to any proceeding or potential adjustment subject to the New Partnership Audit Rules, the Tax Matters Member will, on a reasonably timely basis, provide each Member with copies of all notices received by the Company or the Tax Matters Member from the Internal Revenue Service. In exercising its authority as Tax Matters Member under the New Partnership Audit Rules, the Tax Matters Member shall at times be subject to the direction of Administrative Member.

Section 9. Management and Operations.

9.1 Management.

(a) Except as otherwise expressly provided herein, a unanimous vote of the Members shall be required to take any action, make any decision or approve any matter.

(b) Subject in all respects to the provisions of Section 9.1(a) and 9.1(c) herein, the Members hereby delegate to the Administrative Member the power and authority to conduct, and the Administrative Member shall have signing authority on behalf of the Company in connection with (i) the day-to-day management and operation of the business and affairs of the Company in accordance with the Annual Business Plan and Annual Budget, (ii) carrying out and implementing immaterial day-to-day operations of the Company, (iii) preparing specified reports and financial statements, (iv) communications and follow-up with the Property Manager (including reporting and budgeting matters the Members jointly request from the Property Manager), and (vi) managing the Company consistent with the other terms and conditions of this Agreement. In addition, the Non-Administrative Member shall have signing authority on behalf of the Company in connection with an Emergency pursuant to the provisions of Section 9.3.

(c) Notwithstanding the provisions of Section 9.1(b), the Administrative Member may not cause the Company to take or omit to take any action or make any decision with respect to any of the matters set forth on Exhibit B (“Major Decisions”), without in each instance, obtaining the consent of both Members. Either Member may initiate a Major Decision; provided that, prior to the third (3^rd) anniversary of the date hereof, neither Member may require that a Major Decision be made in respect of the sale of the Property. Each Member shall, within ten (10) days after a Major Decision is proposed, notify the Administrative Member and the other Member in writing that such Member approves of same, or provide reasonable details for objecting to such Major Decision. If approval of, or objection to, such Major Decision is not received prior to the end of such ten (10) day period, Administrative Member or the other Member, as applicable, shall deliver a follow-up notice in accordance with the terms hereof to the other Member (and shall make reasonable efforts to contact such Member by telephone) clearly disclosing to the recipient that its failure to respond will result in the deemed disapproval of such Member, and if notwithstanding such follow-up notice and reasonable efforts by Administrative Member such Member still fails to respond within five (5) days of receipt of such follow-up request, such Major Decision shall be deemed disapproved by such Member. Upon approval of a Major Decision, Administrative Member shall promptly implement such decision on behalf of the Company or its Subsidiaries. If both Members shall not approve any such Major Decision, Administrative Member shall not take the proposed action or refrain from the proposed inaction, as applicable, on behalf of the Company or its Subsidiaries. Administrative Member will keep Non-Administrative Member apprised of, and will regularly consult with Non-Administrative Member on, material decisions, operations and affairs of the Company and will extend invitations to the Non-Administrative Member on meetings or conferences of a material nature to the Company (including with the Property Manager and any Lenders).

(d) None of the Members or Administrative Member shall have any duties or liabilities to the Company or any other Member (including any fiduciary duties), whether or not such duties or liabilities otherwise arise or exist in law or in equity, and each Member hereby expressly waives any such duties or liabilities; provided, however, that this sentence shall not eliminate or limit the liability of such parties (A) for acts or omissions that involve fraud, intentional misconduct, gross negligence or a knowing and culpable violation of law, or (B) for any transaction or action not permitted or authorized under or pursuant to this Agreement; provided further, however, that the duty of care of each of such parties is to not commit fraud, intentional misconduct, gross negligence or a knowing and culpable violation of law.

(e) It is expressly understood that the Company may conduct its business directly or indirectly through direct or indirect Subsidiaries. Administrative Member shall perform the same or substantially identical services for each such direct or indirect Subsidiary of the Company as Administrative Member performs for the Company, subject to the terms, conditions, limitations and restrictions of this Agreement, including the terms regarding Major Decisions.

(f) Notwithstanding anything to the contrary, if there is a contract or agreement between the Company or any Subsidiary, on the one hand, and a Member or an Affiliate of a Member, on the other hand, then the other Member (the “Non-Affiliated Member”) shall have the right unilaterally (but not the obligation) to make all decisions and take (or refrain from taking) all actions with respect to the following: (i) the issuance by the Company or any Subsidiary of any waiver, release or non-ordinary course consent; (ii) the exercise by the Company or any Subsidiary of any rights or remedies, or the institution of any action, under the applicable contract or agreement; (iii) the enforcement of any rights of the Company or any Subsidiary, or obligations of an applicable Member or Affiliate, under the applicable contract or agreement; (iv) the verification of any fees or reimbursable expenses payable to the applicable Member or any Affiliate thereof under the applicable contract or agreement; (v) any obligations or rights of the Company or any Subsidiary in respect of the applicable contract or agreement following the termination or expiration of the applicable contract or agreement; (vi) any matter or dispute between the Company or any Subsidiary and the applicable Member or any Affiliate thereof in respect of the applicable contract or agreement (whether or not such dispute or matter is being arbitrated or litigated); and (vii) any consent or approval required of the Company or any Subsidiary in respect of any contract or agreement or any transaction or arrangement between the applicable Member or Affiliate and any Affiliate thereof to the extent such consent or approval requires the consent of such Member under this Agreement.

9.2 Property Management Agreement. The Company shall cause to enter into a property management agreement with a property manager (“Property Manager”) pursuant to a property management agreement approved by the Members as a Major Decision.

9.3 Annual Business Plan; Annual Budget. Attached is a copy of the 2016 Approved Budget for the balance of the 2016 calendar year approved by the Members, it being understood that there is no Approved Business Plan for the balance of the 2016 calendar year. Promptly following the acquisition of the Property by Property Owner in respect of the 2017 calendar year, and thereafter no later than sixty (60) days prior to the end of each calendar year, Administrative Member shall cause the Property Manager to prepare an annual budget (the “Annual Budget”) and an annual business plan the (“Annual Business Plan”), and deliver such Annual Budget and Annual Business Plan to the Members for approval as a Major Decision. If Administrative Member, or any other Member upon notice to the Administrative Member, desires to amend the Approved Budget or Approved Business Plan during the course of any calendar year, Administrative Member shall cause Property Manager to prepare such amended Approved Budget or Approved Business Plan and deliver the same to the Members for approval as a Major Decision. Each Member shall, within fifteen (15) days after a proposed Annual Budget, Annual Business Plan, or amendment to any Approved Budget or Approved Business Plan, is submitted to such Member, notify the proposing Member in writing (a) that such Member approves of same, or (b) of any revisions such Member believes should be made thereto (a “Revisions Notice”). With respect to all or any portion of such Annual Budget, Annual Business Plan, or amendment to any Approved Budget or Approved Business Plan (each, an “Approval Item”) as to which no Revisions Notice is delivered prior to the end of such fifteen (15) day period, Administrative Member shall deliver a follow-up notice in accordance with the terms hereof to such Member (and shall make reasonable efforts to contact such Member by telephone) clearly disclosing to the recipient that its failure to respond will result in the deemed disapproval of such Member, and if notwithstanding such follow-up notice and reasonable efforts by Administrative Member such Member still fails to deliver a Revisions Notice within five (5) days of receipt of such follow-up request, the Approval Item or such portion thereof will be deemed to have been disapproved and not consented to by such Member. If the Revisions Notice is timely delivered, Administrative Member shall cause the Property Manager to modify the Approval Item pursuant to the Revisions Notice, and shall resubmit the same to the Members for the Members’ approval, within ten (10) days thereafter, and either Member may deliver further Revisions Notices (if any) within ten (10) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue until the Approval Item in question is accepted and consented to by the Members, or deemed to be so accepted and consented to). As to any portion of the proposed Annual Budget that is the subject of a Revisions Notice, Administrative Member shall be permitted (and shall be permitted to allow the Property Manager) to continue to act pursuant to the related portions of the Approved Budget for the immediately preceding calendar year (the “Prior Approved Budget”), with the line items therein adjusted as follows, if applicable thereto: (i) insurance, taxes, utilities, and debt service, if any, shall each be adjusted to actual amounts, (ii) except for multi-year capital items that have otherwise been approved and authorized by the Members in accordance with this Agreement, all capital and nonrecurring items for the current calendar year in such Prior Approved Budget shall be deleted (except to the extent such capital and nonrecurring items are a part of the Approved Budget for the immediately preceding calendar year, were not incurred in such calendar year and are required, under a prior contractual commitment of the Company entered into in accordance with the terms of this Agreement, to be incurred in the current calendar year), and (iii) all other expense line items in such Prior Approved Budget for the calendar year in question, shall, in such proposed Annual Budget, be revised to reflect any changes in the Consumer Price Index over the twelve (12) month period ending on the last day of the month preceding the month during which the proposed Annual Budget is first submitted to the Members for their approval under this Section 9.3. Notwithstanding anything to the contrary, if a Member believes that emergency expenditures are considered necessary in connection with an Emergency, such Member shall notify the other Member of the event giving rise to such expenditures and the actions that such Member believes must be taken with respect thereto and make reasonable efforts to obtain the consent of the Members. Upon receipt of this notice, or upon its own good faith decision that such expenditures are necessary in connection with an Emergency, as applicable, such Member shall promptly take any and all actions (including making expenditures outside of the Annual Budget out of available Company funds or pursuant to Section 5.2(a)) as determined in good faith to alleviate the situation, and shall notify the other Members when such Emergency has been resolved and inform them of the actions taken to effect such resolution.

9.4 Other Activities. Except as expressly set forth in this Agreement, neither the Company nor any Member (or any Affiliate of any Member) shall have any right by virtue of this Agreement either to participate in or to share in any other now existing or future ventures, activities or opportunities or in the income or proceeds derived from such ventures, activities or opportunities of any of the other Members or their respective Affiliates even if such ventures, activities or opportunities are competitive with the Company.

9.5 Limitation on Actions of Members; Binding Authority. No Member shall, without the prior written consent of the other Members, take any action on behalf of, or in the name of, the Company, or enter into any contract, agreement, commitment or obligation binding upon the Company, or, in its capacity as a Member of the Company, perform any act in any way relating to the Company or the Company’s assets, except in a manner and to the extent consistent with the provisions of this Agreement.

9.6 Foreign Corrupt Practices Act.

(a) In compliance with the Foreign Corrupt Practices Act, each Member will not, and will ensure that its officers, directors, employees, shareholders, members, agents and Affiliates, acting on its behalf or on the behalf of the Company or any of its Subsidiaries or Affiliates do not, for a corrupt purpose, offer, directly or indirectly, promise to pay, pay, promise to give, give or authorize the paying or giving of anything of value to any official representative or employee of any government agency or instrumentality, any political party or officer thereof or any candidate for office in any jurisdiction, except for any facilitating or expediting payments to government officials, political parties or political party officials the purpose of which is to expedite or secure the performance of a routine governmental action by such government officials or political parties or party officials. The term “routine governmental action” for purposes of this provision shall mean an action which is ordinarily and commonly performed by the applicable government official in (i) obtaining permits, licenses, or other such official documents which such Person is otherwise legally entitled to; (ii) processing governmental papers; (iii) providing police protection, mail pick-up and delivery or scheduling inspections associated with contract performance or inspections related to transit of goods across country; (iv) providing phone service, power and water supply, loading and unloading of cargo, or protecting perishable products or commodities from deterioration; or (v) actions of a similar nature. The term routine governmental action does not include any decision by a government official whether, or on what terms, to award new business to or to continue business with a particular party, or any action taken by an official involved in the decision making process to encourage a decision to award new business to or continue business with a particular party.

(b) Each Member agrees to notify immediately the other Members of any request that such Member or any of its officers, directors, employees, shareholders, members, agents or Affiliates, acting on its behalf, receives to take any action that may constitute a violation of the Foreign Corrupt Practices Act.

9.7 Prohibited Persons, Patriot Act and Anti-Money Laundering. Each Member hereby represents that neither such Member nor, to such Member’s knowledge, any of its officers, directors, employees, representatives or investors, or any persons or entities controlling, controlled by, or under common control with such Member, are Prohibited Persons. Each Member hereby represents that such Member is in compliance with the Patriot Act. Each Member hereby represents that to such Member’s knowledge neither such Member nor any of its officers, directors, employees, representatives or investors or any persons or entities controlling, controlled by, or under common control with such Member, is in violation of any legal requirement related to money laundering or anti-terrorism and none of such persons or entities are located in or transacting business in any countries listed as embargoed countries under OFAC regulations.

9.8 Bad Conduct of Administrative Member; Removal Procedure. If Non-Administrative Member makes a good faith determination that Administrative Member has engaged in Bad Conduct, it may deliver a notice to Administrative Member (a “Bad Conduct Notice”). The Bad Conduct Notice shall set forth a reasonably detailed explanation of the basis for Non-Administrative Member’s allegation of Bad Conduct. Upon delivery of the Bad Conduct Notice to the Administrative Member, all rights and duties of PME as Administrative Member hereunder shall be suspended and during the pendency of such suspension the Company will be managed in all respects jointly by the Members and all actions taken by the Company shall require the approval of both Members, and any purported action (including, without limitation, any action previously to be performed by the Administrative Member acting alone) that does not have the approval of both Members shall be void ab initio. Within ten (10) days after Non-Administrative Member gives the Bad Conduct Notice, either Member shall give the other Member a notice (i) that it desires to initiate the Buy-Sell Election described in Section 12.6 or (ii) that it desires to submit the question of whether or not Administrative Member engaged in Bad Conduct to arbitration. If either Member gives a notice under clause (i), regardless of whether either Member gave a notice under clause (ii), the Member first providing notice under such clause (i) shall initiate the Buy-Sell Election described in Section 12.6. If either, or both, Members give a notice under clause (ii) or fail to respond to the Bad Conduct Notice within such ten (10) day period, and neither Member gave a notice under clause (i), the parties shall submit the allegation to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and the arbitrator will make the determination as to whether Bad Conduct has occurred. If the arbitrator determines that Bad Conduct of Administrative Member has occurred, (a) either Administrative Member or Non-Administrative Member may initiate the Buy-Sell Election set forth in Section 12.6 by notice given to the other Member, and (b) regardless of whether any Buy-Sell Election is timely made, Non- Administrative Member delivering the Bad Conduct Notice shall automatically and immediately be deemed to have been appointed as Administrative Member hereunder. No action or inaction of Administrative Member under this Agreement shall be deemed to constitute an admission of Bad Conduct for any purpose, unless Administrative Member in writing expressly admits to such Bad Conduct. An arbitrator’s determination of Bad Conduct shall not be binding on Administrative Member in any way, other than to give Non-Administrative Member the right to initiate the Buy-Sell Election described in Section 12.6 or to replace Administrative Member, but shall not be a determination of Bad Conduct, or an admission of Bad Conduct, for the purpose of any suit for damages, criminal prosecution, any other arbitration, litigation or dispute resolution proceeding or for any other purpose.

Section 10. Confidentiality.

(a) Any information relating to a Member’s business, operation or finances which are proprietary to, or considered proprietary by, a Member are hereinafter referred to as “Confidential Information”. All Confidential Information in tangible form (plans, writings, drawings, computer software and programs, etc.) or provided to or conveyed orally or visually to a receiving Member or the Company, including its Subsidiaries, shall be presumed to be Confidential Information at the time of delivery to the receiving Member or the Company, including its Subsidiaries. All such Confidential Information shall be protected by the receiving Member and the Company, including its Subsidiaries, as applicable, from disclosure with the same degree of care with which the receiving Member or the Company, including its Subsidiaries, as applicable, protects its own Confidential Information from disclosure. Each Member agrees: (i) not to disclose such Confidential Information to any Person except to those of its investors, employees or representatives who need to know such Confidential Information in connection with the conduct of the business of the Company and its Subsidiaries and who have agreed to maintain the confidentiality of such Confidential Information and (ii) neither it nor any of its investors, employees or representatives will use the Confidential Information for any purpose other than in connection with the conduct of the business of the Company and its Subsidiaries; provided that such restrictions shall not apply if such Confidential Information: (1) is or hereafter becomes public, other than by breach of this Agreement, (2) was already in the receiving Member’s possession prior to any disclosure of the Confidential Information to the receiving Member by the divulging Member; or (3) has been or is hereafter obtained by the receiving Member from a third party not bound by any confidentiality obligation with respect to the Confidential Information; provided, further, that nothing herein shall prevent any Member from disclosing any portion of such Confidential Information (1) to the Company and allowing the Company to use such Confidential Information in connection with the Company’s business, (2) pursuant to judicial order or in response to a governmental or regulatory authority inquiry, by subpoena or other legal process, but only to the extent required by such order, inquiry, subpoena or process, and only after reasonable notice to the original divulging Member, (3) as necessary or appropriate in connection with or to prevent the audit by a governmental agency of the accounts of a Member, (4) in order to initiate, defend or otherwise pursue legal proceedings between the parties regarding this Agreement, (5) necessary in connection with a Transfer or potential Transfer of an Interest permitted hereunder, (6) to a Member’s respective attorneys or accountants or other representative, or (7) to a Member’s direct and indirect investors, partners, potential partners, potential transferees or lenders provided the recipients thereof have agreed to maintain the confidentiality of such Confidential Information. Notwithstanding anything to the contrary, TPH may make such disclosures including, without limitation, publicly filing this Agreement, as TPH determines is required by law upon advice of counsel due to the fact that Trinity Place Holdings Inc. is a public company.

(b) The Members and their Affiliates shall each act to safeguard the secrecy and confidentiality of, and any proprietary rights to, any non-public information relating to the Company and its business, except to the extent such information is required to be disclosed by law or reasonably necessary to be disclosed in order to carry out the business of the Company. Each Member may, from time to time, provide the other Members written notice of its non-public information which is subject to this Section 10.

Section 11. Representations and Warranties.

11.1 In General. As of the date hereof, and as of the date of the admission of any Member, each of the Members hereby makes each of the representations and warranties applicable to such Member as set forth in Section 11.2 and, solely with respect to PME, in Section 11.3. Such representations and warranties shall survive the execution of this Agreement.

11.2 Representations and Warranties. Each Member hereby represents and warrants to the other Member and the Company that:

(a) Due Incorporation or Formation; Authorization of Agreement. Such Member is a corporation duly organized or a partnership or limited liability company duly formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and has the corporate, partnership or company power and authority to own its property and carry on its business as owned and carried on at the date hereof and as contemplated hereby. Such Member is duly licensed or qualified to do business and in good standing in each of the jurisdictions in which the failure to be so licensed or qualified would have a material adverse effect on its financial condition or its ability to perform its obligations hereunder. Such Member has the corporate, partnership or company power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and the execution, delivery and performance of this Agreement has been duly authorized by all necessary corporate, partnership or company action. This Agreement constitutes the legal, valid and binding obligation of such Member.

(b) No Conflict with Restrictions; No Default. Neither the execution, delivery or performance of this Agreement nor the consummation by such Member (or any of its Affiliates) of the transactions contemplated hereby (i) does or will conflict with, violate or result in a breach of (or has conflicted with, violated or resulted in a breach of) any of the terms, conditions or provisions of any law, regulation, order, writ, injunction, decree, determination or award of any court, any governmental department, board, agency or instrumentality, domestic or foreign, or any arbitrator, applicable to such Member or any of its Affiliates, (ii) does or will conflict with, violate, result in a breach of or constitute a default under (or has conflicted with, violated, resulted in a breach of or constituted a default under) any of the terms, conditions or provisions of the articles of incorporation, bylaws, partnership agreement or operating agreement of such Member or any of its Affiliates or of any material agreement or instrument to which such Member or any of its Affiliates is a party or by which such Member or any of its Affiliates is or may be bound or to which any of its properties or assets is subject, (iii) does or will conflict with, violate, result in (or has conflicted with, violated or resulted in) a breach of, constitute (or has constituted) a default under (whether with notice or lapse of time or both), accelerate or permit the acceleration of (or has accelerated) the performance required by, give (or has given) to others any material interests or rights or require any consent, authorization or approval under any indenture, mortgage, lease, agreement or instrument to which such Member or any of its Affiliates is a party or by which such Member or any of its Affiliates or any of their properties or assets is or may be bound or (iv) does or will result (or has resulted) in the creation or imposition of any material lien upon any of the properties or assets of such Member or any of its Affiliates.

(c) Governmental Authorizations. Any registration, declaration or filing with, or consent, approval, license, permit or other authorization or order by, or exemption or other action of, any governmental, administrative or regulatory authority, domestic or foreign, that was or is required in connection with the valid execution, delivery, acceptance and performance by such Member under this Agreement or consummation by such Member (or any of its Affiliates) of any transaction contemplated hereby has been completed, made or obtained on or before the date hereof.

(d) Litigation. There are no actions, suits, proceedings or investigations pending, or, to the knowledge of such Member or any of its Affiliates, threatened against or affecting such Member or any of its Affiliates or any of their properties, assets or businesses in any court or before or by any governmental department, board, agency or instrumentality, domestic or foreign, or any arbitrator which could, if adversely determined (or, in the case of an investigation could lead to any action, suit or proceeding which if adversely determined could) reasonably be expected to materially impair such Member’s ability to perform its obligations under this Agreement or to have a material adverse effect on the consolidated financial condition of such Member; such Member or any of its Affiliates has not received any currently effective notice of any default, and such Member or any of its Affiliates is not in default, under any applicable order, writ, injunction, decree, permit, determination or award of any court, any governmental department, board, agency or instrumentality, domestic or foreign, or any arbitrator which could reasonably be expected to materially impair such Member’s (or any of its Affiliate’s) ability to perform its obligations under this Agreement or to have a material adverse effect on the consolidated financial condition of such Member.

(e) Investigation. Such Member is acquiring its Interest based upon its own investigation, and the exercise by such Member of its rights and the performance of its obligations under this Agreement will be based upon its own investigation, analysis and expertise. Such Member is a sophisticated investor possessing an expertise in analyzing the benefits and risks associated with acquiring investments that are similar to the acquisition of its Interest.

(f) Broker. No broker, agent or other person acting as such on behalf of such Member was instrumental in consummating this transaction and that no conversations or prior negotiations were had by such party with any broker, agent or other such person concerning the transaction that is the subject of this Agreement.

(g) Investment Company Act. Neither such Member nor any of its Affiliates is, nor will the Company as a result of such Member holding an interest therein be, an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

(h) Securities Matters. None of the Interests are registered under the Securities Act or any state securities laws. Such Member understands that the offering, issuance and sale of the Interests are intended to be exempt from registration under the Securities Act, based, in part, upon the representations, warranties and agreements contained in this Agreement. Such Member is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act.

(i)

Neither the Securities and Exchange Commission nor any state securities commission has approved the Interests or passed upon or endorsed the merits of the offer or sale of the Interests. Such Member is acquiring the Interests solely for such Member’s own account for investment and not with a view to resale or distribution thereof in violation of the Securities Act.

(ii)

Such Member is unaware of, and in no way relying on, any form of general solicitation or general advertising in connection with the offer and sale of the Interests, and no Member has taken any action which could give rise to any claim by any person for brokerage commissions, finders’ fees (without regard to any finders’ fees payable by the Company directly) or the like relating to the transactions contemplated hereby.

(iii)

Such Member is not relying on the Company or any of its officers, directors, employees, advisors or representatives with regard to the tax and other economic considerations of an investment in the Interests.

(iv)

Such Member understands that the Interests may not be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and applicable state securities laws, or an exemption from registration is available. Such Member agrees that it will not attempt to sell, Transfer, assign, pledge or otherwise dispose of all or any portion of the Interests in violation of this Agreement.

(v)

Such Member has adequate means for providing for its current financial needs and anticipated future needs and possible contingencies and emergencies and has no need for liquidity in the investment in the Interests.

(vi)

Such Member has significant prior investment experience, including investment in non-listed and non-registered securities. Such Member is knowledgeable about investment considerations and has a sufficient net worth to sustain a loss of such Member’s entire investment in the Company in the event such a loss should occur. Such Member’s overall commitment to investments which are not readily marketable is not excessive in view of such Member’s net worth and financial circumstances and the purchase of the Interests will not cause such commitment to become excessive. The investment in the Interests is suitable for such Member.

(vii)

Such Member represents to the Company that the information contained in this subparagraph (h) and in all other writings, if any, furnished to the Company with regard to such Member (to the extent such writings relate to its exemption from registration under the Securities Act) is complete and accurate and may be relied upon by the Company in determining the availability of an exemption from registration under federal and state securities laws in connection with the sale of the Interests.

11.3 Representations and Warranties of PME. PME hereby represents and warrants to TPH and the Company that:

(a) The Property Owner is a limited liability company, duly formed, validly existing and in good standing under the laws of the state of Delaware and is authorized to transact business in the state where the Property it owns is located.

(b) The Property Owner is the purchaser of the Property under the PSA, and the PSA has not been amended or modified and is in full force and effect.

(c) Immediately prior to the date hereof Pacolet Milliken Enterprises, Inc. was the sole member, manager and owner, beneficially and of record, of one hundred percent (100%) of the membership interests of Property Owner free and clear of all liens and other encumbrances; as of the date hereof there is no non-member manager or director of Property Owner.

(d) There are no rights, subscriptions, warrants, options, conversion rights or agreements of any kind outstanding to purchase or otherwise acquire any membership or other interest in the Property Owner (including any securities or obligations of any kind convertible into any partnership interest or other equity interest or profit participation of any kind in the Property Owner).

(e) PME has delivered a true, correct and complete copy of the limited liability company agreement of the Property Owner to TPH (the “Property Owner LLC Agreement”); the Property Owner LLC Agreement is in full force and effect.

(f) The interests under the Property Owner LLC Agreement have been validly issued in compliance with such agreement, the certificate of formation and other organizational documents of the Property Owner, and all applicable federal and state securities laws.

(g) The Property Owner (i) is a special purpose entity that does not own (and has not owned) any real property and has not engaged in any business other than in connection with the Property it owns, and (ii) has no employees.

(h) The Property Owner has no assets, liabilities or obligations (whether asserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, due or to become due) except those under the express terms of the PSA.

Section 12. Sale, Assignment, Transfer or other Disposition.

12.1 Prohibited Transfers. Except as otherwise provided in this Section 12, neither PME nor TPH shall Transfer all or any part of its direct Interest in the Company or any of its Subsidiaries, or permit any Transfer of any direct or indirect interest in such Member, whether legal or beneficial, and any attempt to so Transfer (and such Transfer) shall be null and void and of no effect.

12.2 Permitted Transfers.

(a) Either Member shall be permitted to Transfer its Membership Interest, or permit Transfers of direct or indirect interests in such Member, provided that in all cases the following conditions are satisfied in all respects:

(i)

the transferring Member shall provide not less than ten (10) Business Days prior written notice to the other Member of such proposed Transfer, together with the name of the proposed transferee;

(ii)

such sale or assignment shall not result in a change of Control (i.e., Pacolet Milliken Enterprises, Inc. or Trinity Place Holdings Inc., as applicable, holding less than 25% of the equity in and/or no longer Controlling its affiliated Member);

(iii)

such sale or assignment is permitted by any Loan to which the Company or any Subsidiary is subject;

(iv)

no Member shall be permitted to Transfer, or permit a Transfer of, all or any portion of a direct or indirect Interest in the Company or any Subsidiary to a Prohibited Person; and

(v)

following such Transfer, the proposed transferee is able to, and shall make all of the representations and warranties contained in Section 11.2.

(b) Notwithstanding anything to the contrary, Transfers of direct or indirect interests in Trinity Place Holdings Inc. and Pacolet Milliken Enterprises, Inc. shall be permitted without the consent or the approval of any Member or other party; provided, however, that in the event of any Transfer of more than fifty percent (50%) of the direct or indirect stock of Trinity Place Holdings Inc. or Pacolet Milliken Enterprises, Inc. (or of the real estate interests held, directly or indirectly, by either such corporation, measured by fair market value of assets) in a single transaction or a series of related transactions (a “Major Transfer”), the Member that is affiliated with Trinity Place Holdings Inc. or Pacolet Milliken Enterprises, Inc., as applicable, shall provide notice of the Major Transfer to the other Member (the “Non-Transferring Member”) promptly after learning of the Major Transfer, and upon receipt of such notice the Non-Transferring Member may exercise its rights under the Buy-Sell Election as set forth in Section 12.6.

12.3 Admission of Transferee. Notwithstanding anything in Section 12 to the contrary, no Transfer of direct Interests in the Company shall be permitted unless the potential transferee is admitted as a Member under this Section 12.3. If a Member Transfers all or any portion of its direct Interest in the Company, such transferee may become a Member if (i) such transferee agrees in writing to be bound by this Agreement, (ii) the transferor and/or transferee pays all reasonable legal and other fees and expenses incurred by the Company in connection with such assignment and substitution and (iii) the transferor and transferee execute such documents and deliver such certificates to the Company and the remaining Members as may be required by applicable law. Notwithstanding the foregoing, any Transfer or purported Transfer of any Interest, whether to another Member or to a third party, shall be of no effect, and such transferee shall not become a Member, if:

(a) the Transfer would require registration of any Interest under, or result in a violation of, any federal or state securities laws; or

(b) as a result of such Transfer the Company would be required to register as an investment company under the Investment Company Act of 1940, as amended, or any rules or regulations promulgated thereunder.

Any Member may require the provision of a certificate as to the legal nature and composition of a proposed transferee of an Interest of a Member and from any Member as to its legal nature and composition and shall be entitled to rely on any such certificate in satisfying the Members that such proposed transferee meets the requirements under this Section 12.3.

Upon admission of a transferee as a Member, the Members shall agree to amend and restate this Agreement to account for such transferee.

12.4 Withdrawals; Liquidations. Each of the Members does hereby covenant and agree that it will not (i) withdraw, resign, retire or disassociate from the Company, except as a result of a Transfer of its entire Interest in the Company permitted under the terms of this Agreement, (ii) take any action that would cause the Company to dissolve (excluding any dissolution pursuant to Section 13 hereof), and (iii) dissolve itself voluntarily, and each of the Members further covenant and agree that it will carry out its duties and responsibilities hereunder until the Company is terminated, liquidated and dissolved under Section 13. No Member shall be entitled to receive any Distribution or otherwise receive the fair market value of its Interest in compensation for any purported resignation or withdrawal not in accordance with the terms of this Agreement.

12.5 Offering Member Sale Right.

(a) At any time after the third (3^rd) anniversary of the date hereof, if any Member desires to cause the sale, exchange, Transfer, assignment or other disposition of all (but not less than all) of the Property, whether by sale, merger or other transaction to a Person that is not an Affiliate of a Member (a “Forced Sale Election”), then such Member (the “Offering Member”) shall first give notice (an “Offer Notice”) to the other Member (“Offeree”) setting forth the Assumed Gross Property Value that will be used in determining the Membership Interest Price of Offering Member’s Interest. Within thirty (30) days of receipt of an Offer Notice (the “Exercise Period”), Offeree shall have the right to elect (which election shall be irrevocable) to purchase Offering Member’s Interest in the Company for the applicable Membership Interest Price (the “ROFO Sale”), by giving written notice of such election within the Exercise Period (the “ROFO Election”) and simultaneously making the Deposit.

(b) If no timely ROFO Election is made by Offeree, or Offeree affirmatively waives such right, Offering Member shall be free to proceed to initiate and consummate the sale of the Property (a “Sale”) at a price not less than ninety-eight percent (98%) of the Assumed Gross Property Value and other terms and conditions as shall be reasonably acceptable to the Members. Offering Member may, at its sole cost and expense, market the Property, and shall be entitled to the reasonable cooperation of the Company, the Administrative Member, any applicable Subsidiary and the Offeree in connection with the marketing and sale of the Property, including, without limitation, delivering financial information with respect to the Property and providing access to the Property, the books and records of the Company and such Subsidiary with respect thereto, and the employees and consultants to the Company and the Subsidiary, including engineers, who have knowledge regarding the Property. If Offering Member fails to close such Sale within one hundred eighty (180) days after the expiration of the Exercise Period, then any attempt to consummate a Sale thereafter shall be subject to the Forced Sale Election provisions set forth herein (including any ROFO Election).

(c) If Offeree has timely and properly delivered a ROFO Election, Offering Member and Offeree shall consummate the closing of the ROFO Sale (the “ROFO Closing”) on an “as is” and “where is” basis within ninety (90) days after the date of the ROFO Election (the “ROFO Closing Date”). If Offering Member (or its Affiliates) remains subject to any guaranty or indemnity with respect to the Company, except as otherwise set forth below, it shall be a condition to the ROFO Closing that Offeree shall be required to deliver to such party a release of obligations thereunder arising from and after the ROFO Closing. If Offeree is unable to satisfy such condition on or before the ROFO Closing Date, Offeree shall be entitled to extend the ROFO Closing Date by thirty (30) days; provided that Offeree diligently proceeds to satisfy such condition. If Offeree is still unable to satisfy such condition, then the ROFO Closing shall be completed as provided herein on the condition that a credit worthy Affiliate of Offeree indemnifies Offering Member for all losses, costs and damages incurred with respect to such guaranty or indemnity related to activities from and after the ROFO Closing Date. If Offeree fails to close on or before the ROFO Closing Date for any reason (other than the default of Offering Member) (a “ROFO Default”), then Offeree shall be in material default under this Section 12.5 and (i) Offeree shall no longer have any right to the Deposit and the escrow agent shall release the Deposit to Offering Member who shall have the right to retain the Deposit as liquidated damages, it being agreed that in such instance the actual damages would be difficult, if not impossible, to ascertain, (ii) the Offeree shall have no further rights under this Section 12.5 including the right to give a ROFO Election but may receive and respond to Offer Notices, and (iii) Offering Member shall have the right to cause the Sale to a third party on any arm’s length terms and conditions determined by Offering Member without any further obligation under this Section 12.5.

(d) If Offering Member defaults in its obligation to complete the ROFO Closing by the ROFO Closing Date, then Offeree shall (i) have the right to terminate the ROFO Sale, in which event the Deposit (together with the interest thereon) shall promptly be returned to Offeree, or (ii) be entitled to bring an action for specific performance of Offering Member’s obligation to complete the ROFO Closing (Offering Member expressly agreeing that the remedy at law for breach of the obligations of Offering Member set forth in this Section 12.5 is inadequate in view of (A) the complexities and uncertainties in measuring the actual damage to be sustained by Offeree on account of the default of Offering Member; and (B) the uniqueness of the Company’s business and relationship of the Members).

(e) On the ROFO Closing Date, Offeree shall pay to Offering Member, an amount equal to the applicable Membership Interest Price, net of the Deposit (which shall be delivered to Offering Member) and interest earned thereon, by wire transfer of immediately available funds to an account or accounts designated by Offering Member. Offering Member shall be responsible for the payment of any transfer taxes related to the sale of its Interests under this Section 12.5. At the ROFO Closing, (i) each Member shall execute and deliver such deeds, bills of sale, instruments of conveyance, assignments and other instruments as may reasonably be required, to give good and clear title to the transferred Interest, (ii) Offering Member and the Offeree shall each represent and warrant to each other that each is duly organized, validly existing, has the necessary power and authority to consummate the subject transactions and requires no consents which have not been obtained, and (iii) Offering Member shall represent to Offeree that Offering Member is the owner of its Interest in the Company free and clear of all liens and encumbrances. If any Member shall fail or refuse to execute any of such instruments, the other Member shall deliver a notice to such non-executing Member (and shall make reasonable efforts to contact such Member by telephone) clearly disclosing to the recipient that its failure to respond will result in the other Member being granted power of attorney to execute the instruments on behalf of such non-executing Member. If, upon the expiration of five (5) Business Days after delivery of such notice, the non-executing Member has failed to deliver the executed instruments required hereunder, the other Member is hereby granted an irrevocable power of attorney, coupled with an interest, which shall be binding on the non-executing Member as to all third parties, to execute and deliver on behalf of the non-executing Member all such required instruments necessary to Transfer the Interest.

(f) If a Sale is elected, at the closing of such Sale each Member shall execute and deliver such deeds, bills of sale, instruments of conveyance, assignments and other instruments as may reasonably be required, to give good and clear title to the Property transferred in such Sale. If any Member shall fail or refuse to execute any of such instruments, the other Member shall deliver a notice to such non-executing Member (and shall make reasonable efforts to contact such Member by telephone) clearly disclosing to the recipient that its failure to respond will result in the other Member being granted power of attorney to execute the instruments on behalf of such non-executing Member. If, upon the expiration of five (5) Business Days after delivery of such notice, the non-executing Member has failed to deliver the executed instruments required hereunder, the other Member is hereby granted an irrevocable power of attorney, coupled with an interest, which shall be binding on the non-executing Member as to all third parties, to execute and deliver on behalf of the non-executing Member all such required instruments necessary to Transfer the Interest.

(g) It shall be the duty of the Offeree to ascertain prior to making a ROFO Election whether any consent or approval is needed from any Lender (a “Required Consent”) in order to consummate the ROFO Sale pursuant to the terms hereof without causing a violation of any agreement to which the Company or any Subsidiary is a party. If the Offeree shall fail to obtain the Required Consent prior to the closing hereunder, then, unless the loan in question shall be refinanced at or prior to the ROFO Closing, the Offeree shall not be permitted to close the ROFO Sale, the Offeree shall be deemed to be in default hereunder and the other Member shall be entitled to exercise the remedies set forth herein with respect to a default by such Member. With respect to the obtaining of each Required Consent, the Administrative Member shall cooperate in good faith and in a timely manner with the reasonable requests of the Offeree for information or documents reasonably necessary to determine if a Required Consent is needed in order for the consummation of the ROFO Sale pursuant to the terms hereof without causing a violation of any agreement to which the Company or any Subsidiary is a party.

12.6 Buy-Sell Election.

(a) If (i) at any time a Major Transfer shall occur or a Non-Transferring Member shall receive a notice of Major Transfer pursuant to Section 12.2(b) hereof, the Non-Transferring Member may, or (ii) after the first (1st) anniversary of the date hereof, the Members are unable to agree on any Major Decision, any Member may thereafter invoke the provisions of this Section 12.6 (the “Buy-Sell Election”), by sending a notice (the “Buy-Sell Notice”) to the other Member (the “Non-Triggering Member” and the Member first delivering the Buy-Sell Notice being the “Triggering Member”) which such Buy-Sell Notice shall contain (i) a statement that Triggering Member will either buy Non-Triggering Member’s Interest or sell Triggering Member’s Interest at the election of Non-Triggering Member and (ii) the Assumed Gross Property Value that will be used in determining the related Membership Interest Price. Within thirty (30) days of receipt of the Buy-Sell Notice (the “Buy-Sell Election Period”), Non- Triggering Member shall elect (which election shall be irrevocable) to (i) purchase Triggering Member’s Interest (notwithstanding whether the Triggering Member’s Buy-Sell Notice indicated its wish to sell its Interest) for the Membership Interest Price applicable thereto (a “Purchasing Election”), or (ii) sell Non-Triggering Member’s Interest to Triggering Member for the Membership Interest Price applicable thereto (a “Selling Election”). If Non-Triggering Member fails to make either a Purchasing Election or a Selling Election during the Buy-Sell Election Period, Non-Triggering Member shall be deemed to have elected to make a Selling Election.

(b) If Non-Triggering Member elects (or is deemed to have elected) a Selling Election, Triggering Member shall purchase the Interest of Non-Triggering Member for the applicable Membership Interest Price. If Non-Triggering Member makes a Purchasing Election, Non-Triggering Member shall purchase the Interests of Triggering Member for the applicable Membership Interest Price. The Member required to buy Interests under this Section 12.6 (the “Buying Member”) shall, within two (2) Business Days of establishing the obligation to purchase, make the applicable Deposit, which Deposit will be paid at the closing of the Buy-Sell Election (the “Buy-Sell Closing”) to the Member required to sell its Interest under this Section 12.6 (“Selling Member”). The Buy-Sell Closing shall take place on a date (the “Buy-Sell Closing Date”) on an “as is” and “where is” basis within ninety (90) days after the last day of the Buy-Sell Election Period. If Selling Member (or its Affiliates) remains subject to any guaranty or indemnity with respect to the Company, except as otherwise set forth below, it shall be a condition to the Buy-Sell Closing that Buying Member shall be required to deliver to such party a release of the obligations thereunder arising from and after the ROFO Closing. If Buying Member is unable to satisfy such condition on or before the Buy-Sell Closing Date, Buying Member shall be entitled to extend the Buy-Sell Closing Date by thirty (30) days; provided that Buying Member diligently proceeds to satisfy such condition. If Buying Member is still unable to satisfy such condition, then the Buy-Sell Closing shall be completed as provided herein on the condition that a credit worthy Affiliate of Buying Member indemnifies Selling Member for all losses, costs and damages incurred with respect to such guaranty or indemnity related to activities from and after the Buy-Sell Closing Date.

(c) On the Buy-Sell Closing Date, Buying Member shall pay to Selling Member, an amount equal to the applicable Membership Interest Price, net of the Deposit (which shall be delivered to Selling Member) and interest earned thereon, by wire transfer of immediately available funds to an account or accounts designated by Selling Member. Selling Member shall be responsible for the payment of any transfer taxes related to the sale of its Interests under this Section 12.6. At the Buy-Sell Closing, (i) each Member shall execute and deliver such deeds, bills of sale, instruments of conveyance, assignments and other instruments as may reasonably be required, to give good and clear title to the transferred Interest, (ii) the Buying Member and the Selling Member shall each represent and warrant to each other that each is duly organized, validly existing, has the necessary power and authority to consummate the subject transactions and requires no consents which have not been obtained, and (iii) Selling Member shall represent to the Buying Member that Selling Member is the owner of its Interest in the Company free and clear of all liens and encumbrances. If any Member shall fail or refuse to execute any of such instruments, the other Member shall deliver a notice to such non-executing Member (and shall make reasonable efforts to contact such Member by telephone) clearly disclosing to the recipient that its failure to respond will result in the other Member being granted power of attorney to execute the instruments on behalf of such non-executing Member. If, upon the expiration of five (5) Business Days after delivery of such notice, the non-executing Member has failed to deliver the executed instruments required hereunder, the other Member is hereby granted an irrevocable power of attorney, coupled with an interest, which shall be binding on the non-executing Member as to all third parties, to execute and deliver on behalf of the non-executing Member all such required instruments necessary to transfer the Interest.

(d) If Buying Member fails to close on or before the Buy-Sell Closing Date for any reason (other than the default of Selling Member) (a “Buy-Sell Default”), then Buying Member shall be in material default under this Section 12.6 and (i) Buying Member shall no longer have any right to the Deposit and the escrow agent shall release the Deposit to Selling Member who shall have the right to retain the Deposit as liquidated damages, it being agreed that in such instance the actual damages would be difficult, if not impossible, to ascertain, and (ii) Selling Member may elect to become Buying Member and purchase the defaulting Buying Member’s (which would then be Selling Member) Interest at ninety-five (95%) percent of the applicable Buy-Sell Price, such election to be made within fifteen (15) Business Days after the Buy-Sell Default, with such closing to take place within fifteen (15) Business Days after delivery of such election notice.

(e) Prior to the Buy-Sell Closing Date (provided that no Buy-Sell Default has occurred), the Company may take any action which would otherwise require the vote of Selling Member without Selling Member’s approval, however, Selling Member (A) shall have no obligation to make any further Capital Contributions, and (B) shall not be liable, responsible or accountable in damages or otherwise to any of the other Members, the Company or any other party in respect of any contracts or agreements entered into by the Company or any expenses incurred in connection therewith. If a Buy-Sell Default occurs and Selling Member elects to purchase the defaulting Buying Member’s Interest as described in this Section 12.6, then in addition to any other rights and remedies set forth in this Section 12.6, any Capital Contributions made by the original Buying Member after delivery of the Buy-Sell Notice shall be disregarded for all purposes of this Agreement.

(f) It shall be the duty of the Buying Member to ascertain prior to making a Buy-Sell Election or Selling Election, as applicable, whether a Required Consent is needed in order to consummate the applicable closing pursuant to Section 12.6 hereof pursuant to the terms hereof without causing a violation of any agreement to which the Company or any Subsidiary is a party. If the Buying Member shall fail to obtain the Required Consent prior to the closing hereunder, then, unless the loan in question shall be refinanced at or prior to the Buy-Sell Closing, the Buying Member shall not be permitted to close the applicable closing pursuant to this Section 12.6, the Buying Member shall be deemed to be in default hereunder and the other Member shall be entitled to exercise the remedies set forth herein with respect to a default by such Member. With respect to the obtaining of each Required Consent, the Administrative Member shall cooperate in good faith and in a timely manner with the reasonable requests of the Buying Member for information or documents reasonably necessary to determine if a Required Consent is needed in order for the consummation of the applicable closing pursuant to this Section 12.6 without causing a violation of any agreement to which the Company or any Subsidiary is a party.

Section 13. Dissolution.

13.1 Limitations. The Company may be dissolved, liquidated and terminated only pursuant to the provisions of this Section 13, and, to the fullest extent permitted by law but subject to the terms of this Agreement, the parties hereto do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company’s assets.

13.2 Exclusive Events Requiring Dissolution. The Company shall be dissolved only upon the earliest to occur of the following events (a “Dissolution Event”):

(a) at any time at the election of all of the Members in writing;

(b) the sale or other disposition of the Property and receipt of the final payment of any installment obligation received as a result of any such sale or disposition, unless the Members both agree to continue the Company after such sale or other disposition;

(d) at any time there are no Members (unless otherwise continued in accordance with the Act);

(e) the entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act.

13.3 Liquidation. Upon the occurrence of a Dissolution Event, the business of the Company shall be continued to the extent necessary to allow an orderly winding up of its affairs, including the liquidation of the assets of the Company pursuant to the provisions of this Section 13.3, as promptly as practicable thereafter, and each of the following shall be accomplished:

(a) Administrative Member shall cause to be prepared a statement setting forth the assets and liabilities of the Company as of the date of dissolution, a copy of which statement shall be furnished to all of the Members.

(b) The property and assets of the Company shall be liquidated or distributed in kind under the supervision of Administrative Member as promptly as possible, but in an orderly, businesslike and commercially reasonable manner.

(c) Any gain or loss realized by the Company upon the sale of its property shall be deemed recognized and allocated to the Members in the manner set forth in Section 7.2. To the extent that an asset is to be distributed in kind, such asset shall be deemed to have been sold at its fair market value on the date of distribution, the gain or loss deemed realized upon such deemed sale shall be allocated in accordance with Section 7.2 and the amount of the distribution shall be considered to be such fair market value of the asset.

(d) The proceeds of sale and all other assets of the Company shall be applied and distributed as follows and in the following order of priority:

(1) to the satisfaction of the debts and liabilities of the Company (contingent or otherwise) and the expenses of liquidation or distribution (whether by payment or reasonable provision for payment), other than liabilities to Members or former Members for distributions;

(2) the balance, if any, to the Members in accordance with Section 6.1.

13.4 Continuation of the Company. Notwithstanding anything to the contrary contained herein, the death, retirement, resignation, expulsion, bankruptcy, dissolution or removal of a Member shall not in and of itself cause the dissolution of the Company, and the Members are expressly authorized to continue the business of the Company in such event, without any further action on the part of the Members.

Section 14. Indemnification.

14.1 Exculpation of Members. No Member, representative or officer of the Company shall be liable to the Company or to the other Members for damages or otherwise with respect to any actions or failures to act taken or not taken relating to the Company, except to the extent any related loss results from fraud, gross negligence or willful or wanton misconduct on the part of such Member, representative or officer or the willful breach of any obligation under this Agreement; provided that the foregoing shall not relieve or release a Member from liability for a breach of this Agreement that does not constitute a willful breach to the extent same is not covered by applicable insurance maintained by the Company.

14.2 Indemnification by Company. The Company hereby indemnifies, holds harmless and defends the Members, representatives, the officers and each of their respective agents, officers, directors, members, partners, shareholders and employees from and against any loss, expense, damage or injury suffered or sustained by them (including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim) (collectively, “Indemnified Losses”) by reason of or arising out of (i) their activities on behalf of the Company or in furtherance of the interests of the Company, including, without limitation, the provision of guaranties to Lenders in respect of financings relating to the Company or any of its assets (but specifically excluding from such indemnity by the Company any so called “bad boy” guaranties, recourse carve-out guaranties or similar agreements which provide for recourse as a result of failure to comply with covenants, willful misconduct or gross negligence, to the extent the reason for such loss, expense, damage or injury relates to such party’s failure to comply with covenants, willful misconduct or gross negligence), (ii) their status as Members, representatives, employees or officers of the Company, or (iii) the Company’s assets, property, business or affairs (including, without limitation, the actions of any officer, director, member or employee of the Company or any of its Subsidiaries), if the acts or omissions were not performed or omitted fraudulently or as a result of gross negligence or willful or wanton misconduct by the indemnified party or as a result of the willful breach of any obligation under this Agreement by the indemnified party (or as a result of a breach that is not willful but is not covered by applicable insurance maintained by the Company). For the purposes of this Section 14.2, officers, directors, employees and other representatives of Affiliates of a Member who are functioning as representatives of such Member in connection with this Agreement shall be considered representatives of such Member for the purposes of this Section 14.2. Reasonable expenses incurred by the indemnified party in connection with any such proceeding relating to the foregoing matters shall be paid or reimbursed by the Company in advance of the final disposition of such proceeding upon receipt by the Company of (x) written affirmation by the Person requesting indemnification of its good faith belief that it has met the standard of conduct necessary for indemnification by the Company and (y) a written undertaking by or on behalf of such Person to repay such amount if it shall ultimately be determined by a court of competent jurisdiction that such Person has not met such standard of conduct, which undertaking shall be an unlimited general obligation of the indemnified party but need not be secured.

14.3 General Indemnification by the Members.

(a) Notwithstanding any other provision contained herein, each Member (the “Indemnifying Party”) hereby indemnifies and holds harmless the other Members, the Company and each of their subsidiaries and their agents, officers, directors, members, partners, shareholders and employees (each, an “Indemnified Party”) from and against all losses, costs, expenses, damages, claims and liabilities (including reasonable attorneys’ fees) as a result of or arising out of (i) any breach of any obligation of the Indemnifying Party under this Agreement, or (ii) any breach of any obligation by or any inaccuracy in or breach of any representation or warranty made by the Indemnifying Party in each case other than to the extent arising out of any fraud, gross negligence or willful or wanton misconduct on the part of, or by, an Indemnified Party or any representative appointed by such Indemnified Party. In addition, each Member shall indemnify, defend and hold harmless the other Members from and against any liability, cost or damage arising from the indemnifying Member’s fraud, gross negligence or willful misconduct as set forth in a judgment of a court of competent jurisdiction.

(b) Except as otherwise provided herein or in any other agreement, recourse for the indemnity obligation of the Members under this Section 14.3 shall be limited to such Indemnifying Party’s Interest in the Company unless the loss, cost, expense, damage, claim or liability is the result of fraud, gross negligence or willful misconduct of the Indemnifying Party.

(c) The indemnities, contributions and other obligations under this Agreement shall be in addition to any rights that any Indemnified Party may have at law, in equity or otherwise. The terms of this Section 14 shall survive termination of this Agreement.

Section 15. Miscellaneous.

15.1 Notices. All notices, requests, approvals, authorizations, consents and other communications required or permitted under this Agreement shall be in writing and shall be (as elected by the Person giving such notice) hand delivered by messenger or overnight courier service, mailed (airmail, if international) by registered or certified mail (postage prepaid), return receipt requested, sent via facsimile or by e-mail to the addresses set forth in this Section 15.1 (provided such facsimile or e-mail, respectively, is immediately followed by the delivery of an original copy of same via one of the other foregoing delivery methods) addressed to:

If to PME:

c/o Pacolet Milliken Enterprises
550 S. Main Street
Suite 601
Greenville, SC 29601

with a copy to (which shall not constitute notice):

Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019

If to TPH:

c/o Trinity Place Holdings Inc.
717 5th Ave., Suite 1303
New York, NY 10022

with a copy to:

Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036-2714

Each such notice shall be deemed delivered (a) on the date delivered if by hand delivery or overnight courier service; (b) on the date upon which the return receipt is signed or delivery is refused or the notice is designated by the postal authorities as not deliverable, as the case may be, if mailed (provided, however, if such actual delivery occurs after 5:00 p.m. (local time where received), then such notice or demand shall be deemed delivered on the immediately following business day after the actual day of delivery); or (c) if delivered by e-mail or facsimile, on the day sent if sent during normal business hours on a Business Day, otherwise the next Business Day.

(a) By giving to the other parties at least fifteen (15) days written notice thereof, the parties hereto and their respective successors and assigns shall have the right from time to time and at any time during the term of this Agreement to change their respective addresses.

15.2 Governing Law. This Agreement and the rights of the Members hereunder shall be governed by, and interpreted in accordance with, the laws of the State of Delaware. Each of the parties hereto irrevocably submits to the jurisdiction of the New York State courts within New York County and the Federal courts sitting in the State of New York and agree that all matters involving this Agreement shall be heard and determined in such courts. Each of the parties hereto waives irrevocably the defense of inconvenient forum to the maintenance of such action or proceeding. Each of the parties hereto designates the Secretary of State of the State of New York, as its agent for service of process in the State of New York, which designation may only be changed on not less than ten (10) days’ prior notice to all of the other parties.

15.3 Successors. This Agreement shall be binding upon, and inure to the benefit of, the parties and their successors and permitted assigns. Except as otherwise provided herein, any Member who Transfers its Interest as permitted by the terms of this Agreement shall have no further liability or obligation hereunder, except with respect to claims arising prior to such Transfer.

15.4 Pronouns; Construction. Whenever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in either the masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter. For all purposes of this Agreement except as otherwise expressly provided or unless the context otherwise requires the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision, and the words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase “without limitation.”

15.5 Table of Contents and Captions Not Part of Agreement. The table of contents and captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provisions hereof.

15.6 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction or in any respect, then the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the Members shall use their best efforts to amend or substitute such invalid, illegal or unenforceable provision with enforceable and valid provisions which would produce as nearly as possible the rights and obligations previously intended by the Members without renegotiation of any material terms and conditions stipulated herein.

15.7 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.

15.8 Entire Agreement and Amendment. This Agreement and the other written agreements described herein between the parties hereto entered into as of the date hereof, constitute the entire agreement between the Members relating to the subject matter hereof. In the event of any conflict between this Agreement or such other written agreements, the terms and provisions of this Agreement shall govern and control. No amendment or waiver by a Member shall be enforceable against such Member unless it is in writing and duly executed by such Member.

15.9 Further Assurances. Subject to the other terms and conditions of this Agreement, each Member agrees to execute and deliver any and all additional instruments and documents and do any and all acts and things as may be necessary or expedient to effectuate more fully this Agreement or any provisions hereof or to carry on the business contemplated hereunder.

15.10 No Third Party Rights. The provisions of this Agreement are for the exclusive benefit of the Members and the Company, and no other party (including, without limitation, any creditor of the Company) shall have any right or claim against any Member by reason of those provisions or be entitled to enforce any of those provisions against any Member.

15.11 Incorporation by Reference. Every Exhibit and Annex attached to this Agreement is incorporated in this Agreement by reference.

15.12 Limitation on Liability. Except as set forth in Section 14, the Members shall not be bound by, or be personally liable for, by reason of being a Member, a judgment, decree or order of a court or in any other manner, for the expenses, liabilities or obligations of the Company, and the liability of each Member shall be limited solely to the amount of its Capital Contributions as provided under Section 5. Except as set forth in Section 14.3(a), any claim against any Member (the “Member in Question”) which may arise under this Agreement shall be made only against, and shall be limited to, such Member in Question’s Interest, the proceeds of the sale by the Member in Question of such Interest or the undivided interest in the assets of the Company distributed to the Member in Question pursuant to Section 13.3(d) hereof. Except as set forth in Section 14.3(a) or (b), any right to proceed against (i) any other assets of the Member in Question or (ii) any agent, officer, director, member, partner, shareholder or employee of the Member in Question or the assets of any such Person, as a result of such a claim against the Member in Question arising under this Agreement or otherwise, is hereby irrevocably and unconditionally waived.

15.13 Remedies Cumulative. The rights and remedies given in this Agreement and by law to a Member shall be deemed cumulative, and the exercise of one of such remedies shall not operate to bar the exercise of any other rights and remedies reserved to a Member under the provisions of this Agreement or given to a Member by law. In the event of any dispute between the parties hereto, the prevailing party shall be entitled to recover from the other party reasonable attorney’s fees and costs incurred in connection therewith.

15.14 No Waiver. One or more waivers of the breach of any provision of this Agreement by any Member shall not be construed as a waiver of a subsequent breach of the same or any other provision, nor shall any delay or omission by a Member to seek a remedy for any breach of this Agreement or to exercise the rights accruing to a Member by reason of such breach be deemed a waiver by a Member of its remedies and rights with respect to such breach.

15.15 Limitation On Use of Names. Notwithstanding anything contained in this Agreement or otherwise to the contrary, each Member as to itself agree that neither it nor any of its Affiliates, agents, or representatives is granted a license to use or shall use the name of the other under any circumstances whatsoever, except such name may be used in furtherance of the business of the Company but only as and to the extent unanimously approved by the Members.

15.16 Publicly Traded Partnership Provision. Each Member hereby severally covenants and agrees with the other Members for the benefit of such Members, that (i) it is not currently making a market in Interests in the Company and will not in the future make such a market and (ii) it will not Transfer its Interest on an established securities market, a secondary market or an over-the-counter market or the substantial equivalent thereof within the meaning of Code Section 7704 and the Regulations, rulings and other pronouncements of the U.S. Internal Revenue Service or the Department of the Treasury thereunder. Each Member further agrees that it will not assign any Interest in the Company to any assignee unless such assignee agrees to be bound by this section and to assign such Interest only to such Persons who agree to be similarly bound.

15.17 Public Announcements. No Member nor any of its Affiliates shall, without the prior approval of Administrative Member, issue any press releases or otherwise make any public statements with respect to the Company or the transactions contemplated by this Agreement, except as may be required by applicable law or regulation or by obligations pursuant to any listing agreement with any national securities exchange.

15.18 No Construction Against Drafter. This Agreement has been negotiated and prepared by Administrative Member and its attorneys and, should any provision of this Agreement require judicial interpretation, the court interpreting or construing such provision shall not apply the rule of construction that a document is to be construed more strictly against one party.

[Signatures on Next Page]

IN WITNESS WHEREOF, this Agreement is executed by the Members, effective as of the date first set forth above.

	PACOLET MULTI-FAMILY HOLDINGS, LLC,
	a Delaware limited liability company

	By:	/s/ Clay Adams
		Name: Clay Adams
		Title: Authorized Signatory

	TPH 223 N 8TH INVESTOR LLC,
	a Delaware limited liability company

	By:	/s/ Steven Kahn
		Name: Steven Kahn
		Title: Chief Financial Officer

EX-31.1 3 v451504_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Matthew Messinger, certify that:

I have reviewed this quarterly report on Form 10-Q of Trinity Place Holdings Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s third fiscal quarter in the case of a Quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2016

By:	/s/ Matthew Messinger
	Matthew Messinger
	President and Chief Executive Officer

EX-31.2 4 v451504_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Steven Kahn, certify that:

I have reviewed this quarterly report on Form 10-Q of Trinity Place Holdings Inc.;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2016

By:	/s/ Steven Kahn
	Steven Kahn
	Chief Financial Officer

EX-32.1 5 v451504_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Trinity Place Holdings Inc. (“Trinity”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew Messinger, President and Chief Executive Officer of Trinity, certify, to the best of my knowledge, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Trinity.

/s/ Matthew Messinger
Matthew Messinger
President and Chief Executive Officer
Trinity Place Holdings Inc.
November 7, 2016

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Trinity and will be retained by Trinity and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of this report or as a separate disclosure document.

EX-32.2 6 v451504_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Trinity Place Holdings Inc. (“Trinity”) on Form 10-Q as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Steven Kahn, Chief Financial Officer of Trinity, certify, to the best of my knowledge, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Trinity.

/s/ Steven Kahn
Steven Kahn
Chief Financial Officer
Trinity Place Holdings Inc.
November 7, 2016

A signed original of this written statement required by section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by section 906, has been provided to Trinity and will be retained by Trinity and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of this report or as a separate disclosure document.

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Note 1  BUSINESS</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Overview</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Trinity Place Holdings Inc. (referred to in this Quarterly Report as “Trinity”, “we”, “our”, or “us”) is a real estate holding, investment and asset management company. Our business is primarily to own, invest in, manage, develop and/or redevelop real estate assets and/or real estate related securities. Currently, our principal asset is a property located at 77 Greenwich Street (“77 Greenwich”) in Lower Manhattan, formerly known as 28-42 Trinity Place. We also own a retail strip center located in West Palm Beach, Florida and former retail properties in Westbury, New York and Paramus, New Jersey. We also control a variety of intellectual property assets focused on the consumer sector, through which we launched our on-line marketplace at FilenesBasement.com in September 2015. We had approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">225.3</font> million of Federal net operating loss carry forwards (“NOLs”) at September 30, 2016.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As described in greater detail in our 2015 Transition Report, the predecessor to Trinity 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 (the “Petition Date”). On August 30, 2012, the Court entered an order confirming the Modified Second Amended Joint Chapter 11 Plan of Reorganization of Syms Corp. and its Subsidiaries (the “Plan”). 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 Trinity, with Trinity as the surviving corporation and successor issuer pursuant to Rule 12g-3 under the Exchange Act.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Change from Liquidation Accounting to Going Concern Accounting</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In response to the Chapter 11 filing, we 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 77 Greenwich Loan transaction described in Note 5 - Loans Payable, we ceased reporting on the liquidation basis of accounting in light of our available cash resources, the estimated range of outstanding payments on unresolved claims, and our ability to operate as a going concern. We resumed reporting on the going concern basis of accounting on February 10, 2015. Because the bases of accounting are non-comparable to each other and due to the change in our fiscal year (see Note 2  Summary of Significant Accounting Policies  Accounting Period below), we are not reporting information for periods prior to February 10, 2015.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 8, 2016, a General Unsecured Claim Satisfaction (as defined in the Plan) occurred. On March 14, 2016, we made the Majority Shareholder payment (as defined in the Plan) to the former Majority Shareholder (as defined in the Plan) in the amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.9</font> million. As of September 30, 2016, the only claim remaining to be paid, excluding claims covered by insurance, is an aggregate of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.7</font> million payable to the multi-employer pension plan in quarterly installments of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million, which is included in pension liabilities in our condensed consolidated balance sheets (see Note 7  Pension and Profit Sharing Plans for further details). Upon the General Unsecured Claim Satisfaction and payment to the former Majority Shareholder, we satisfied our payment and reserve obligations under the Plan and we have no further liability to the former Majority Shareholder.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Basis of Presentation</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the 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. Our 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 our December 31, 2015 audited consolidated financial statements, as previously filed with the SEC in our 2015 Transition Report, and other public information.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal">f.  </font> <i> Real Estate</i> <font style="FONT-STYLE: normal">- <font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> Real estate assets are stated at historical cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Depreciation and amortization are determined using the straight-line method over estimated useful lives described in the table below:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; WIDTH: 35%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Category</font></div> </td> <td style="WIDTH: 2%; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; WIDTH: 63%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Terms</font></div> </td> </tr> <tr> <td style="white-space:nowrap; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Buildings and improvements</font></div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> 10 - 39 years</font></div> </td> </tr> <tr> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Tenant improvements</font></div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Shorter of remaining term of the lease or useful life<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

6887500

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> m.  <i>Revenue Recognition and Accounts Receivable</i> - Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant takes possession of the space. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable. In addition, leases typically provide for the reimbursement of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the expenses are incurred. We make estimates of the uncollectability of our accounts receivable related to tenant revenues. An allowance for doubtful accounts has been 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.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">p.  <i>Earnings (loss) Per Share -</i> We present both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Shares issuable under restricted stock units that have vested but not yet settled were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Recent Accounting Pronouncements</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). This ASU provides specific guidance over eight identified cash flow issues. This standard is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are evaluating the impact of this standard on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In March 2016, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows.  ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods.  If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period.  We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million, a reduction in liability related to stock-based compensation of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.1</font> million, an increase in additional paid-in capital of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.4</font> million and an increase in retained earnings of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million (see Adoption of New Accounting Principle below).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In September 2015, FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-16 did not impact our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date”. ASU 2015-14 defers the effective date of adoption of ASU 2014-09, “Revenue from Contracts with Customers”, to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 was issued in May 2014 and it supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the standard will be adopted.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2015, the FASB issued 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. The adoption of ASU 2015-04 is not expected to have a material impact on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2015, the FASB issued 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. We adopted ASU 2015-03 effective January 1, 2016, resulting in the reclassification of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">385,000</font> from prepaid expenses and other assets, net, to loans payable, net, as of December 31, 2015. There was no effect on the results of operations for any period presented (see Changes in Accounting Principles below).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810)  Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810, “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. The adoption of ASU 2015-02 did not have any impact on our consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify">Note 2  Summary of Significant Accounting Policies</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Basis of Presentation</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include our financial statements and the financial statements of our wholly-owned subsidiaries.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying unaudited condensed consolidated interim financial information has been prepared according to the rules and regulations of the 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. Our 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 our December 31, 2015 audited consolidated financial statements, as previously filed with the SEC in our 2015 Transition Report, and other public information.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>a.  </font> <i>Accounting Period</i> <font style="FONT-STYLE: normal; FONT-WEIGHT: normal">- Our fiscal year has historically been a 52-week or 53-week period ending on the Saturday on or nearest to February 28. The fiscal year ended February 28, 2015 was comprised of 52 weeks. On November 12, 2015, our Board of Directors approved a change to our fiscal year end from the Saturday closest to the last day of February to a December 31 calendar year end, effective with the year ending December 31, 2015. The transition period resulting from this change was from March 1, 2015 to December 31, 2015. This reported third quarter presents the period from July 1, 2016 to September 30, 2016 compared to the thirteen weeks from May 31, 2015 to August 29, 2015, the nine month period from January 1, 2016 to September 30, 2016 and the twenty-six week period from March 1, 2015 to August 29, 2015.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>b.  </font> Principles of Consolidation <font style="FONT-STYLE: normal">- <font style="FONT-SIZE: 10pt; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> The financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>c.  </font> Use of Estimates <font style="FONT-STYLE: normal">- <font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>d.  </font> <i>Reportable Segments</i> <font style="FONT-STYLE: normal">- <font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif">For the periods ending September 30, 2016, December 31, 2015 and August 29, 2015, we operated in one reportable segment, namely, commercial real estate.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>e.  </font> <i>Concentrations of Credit Risk</i> <font style="FONT-STYLE: normal">- <font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif">Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. We hold substantially all of our cash and cash equivalents in banks. Such cash balances at times exceed federally-insured limits. We have not experienced any losses in such accounts.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>f.  </font> <i>Real Estate</i> <font style="FONT-STYLE: normal">- <font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> Real estate assets are stated at historical cost, less accumulated depreciation and amortization. All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Depreciation and amortization are determined using the straight-line method over estimated useful lives described in the table below:</font></font></div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <table style="WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" width="75%"> <tr> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 35%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="bottom" width="35%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Category</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 2%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top" width="2%"></td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 63%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="bottom" width="63%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> Terms</font></div> </td> </tr> <tr> <td style="white-space:nowrap; BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="bottom"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"></td> <td style="white-space:nowrap; BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="bottom"></td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Buildings and improvements</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10 - 39 years</font></div> </td> </tr> <tr> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; WIDTH: 35%; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" width="35%"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Tenant improvements</font></div> </td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in" valign="top"></td> <td style="BORDER-BOTTOM: #d4d0c8; BORDER-LEFT: #d4d0c8; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: transparent; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: #d4d0c8; BORDER-RIGHT: #d4d0c8; PADDING-TOP: 0in"> <div style="CLEAR:both;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Shorter of remaining term of the lease or useful life</font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>g.  </font> <font style="FONT-FAMILY:Times New Roman, Times, Serif"><i>Real Estate Under Development</i> <font style="FONT-STYLE: normal; FONT-WEIGHT: normal">- We capitalize certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs and construction costs for each specific project. Additionally, we capitalize operating costs, real estate taxes, insurance, interest, and salaries and related costs of personnel directly involved with the specific project related to real estate under development, which totaled $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.1</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.5</font> million for the three and nine months ended September 30, 2016, respectively, and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.1</font> million for the thirteen and twenty-six weeks ended August 29, 2015, respectively. Capitalization of these costs begins when the activities and related expenditures commence, and ceases when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. Revenue earned under short-term license agreements at properties under development is offset against these capitalized costs.</font></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal;FONT-FAMILY:Times New Roman, Times, Serif"> h.  </font> <font style="FONT-FAMILY:Times New Roman, Times, Serif">Valuation of Long-Lived Assets - <font style="FONT-STYLE: normal; FONT-WEIGHT: normal">We periodically review long-lived assets for impairment whenever changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. We consider relevant cash flow, management’s strategic plans and significant decreases in the market value of the asset and other available information in assessing whether the carrying value of the assets can be recovered. When such events occur, we compare the carrying amount of the assets to the undiscounted expected future cash flows from the use and eventual disposition of the asset. If this comparison indicates an impairment, the carrying amount would then be compared to the estimated fair value of the long-lived asset. An impairment loss would be measured as the amount by which the carrying value of the long-lived asset exceeds its estimated fair value. No provision for impairment was recorded at either September 30, 2016 or December 31, 2015.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal;FONT-FAMILY:Times New Roman, Times, Serif">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> i.  </font> <font style="FONT-FAMILY:Times New Roman, Times, Serif"><i>Trademarks and Customer Lists</i> <font style="FONT-STYLE: normal; FONT-WEIGHT: normal">- Trademarks and customer lists are stated at cost, less accumulated amortization. Amortization is determined using the straight-line method over useful lives of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10</font> years.</font></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> j.  </font> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i>Fair Value Measurement</i><font style="FONT-STYLE: normal"> - We determine fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Assets and liabilities disclosed at fair value 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 we evaluate our hierarchy disclosures each quarter.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 1</b> - Valuations based on quoted prices for identical assets and liabilities in active markets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 2</b> - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 3</b> - Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal">k. </font> <i>  Cash and Cash Equivalents</i> <font style="FONT-STYLE: normal">  - Cash and cash equivalents include securities with original maturities of three months or less.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">l.  <i>Restricted Cash -</i> Restricted cash represents amounts required to be restricted under the 77 Greenwich Loan agreement and the West Palm Beach loan agreement (see Note 5 - Loans Payable), tenant security deposits and a deposit on an acquisition (see Note 12  Subsequent Event).</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>m.  <i>Revenue Recognition and Accounts Receivable</i> - Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant takes possession of the space. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in deferred rents receivable. In addition, leases typically provide for the reimbursement of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the expenses are incurred. We make estimates of the uncollectability of our accounts receivable related to tenant revenues. An allowance for doubtful accounts has been 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.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">n.  <i>Stock-Based Compensation</i>  We have granted stock-based compensation, which is described below in Note 11  Stock-Based Compensation. We account for stock-based compensation in accordance with ASC 718-30-30, which establishes accounting for stock-based awards exchanged for employee services. Under the provisions of ASC 718-10-35, stock-based compensation cost is measured at the grant date, based on the fair value of the award on that date, and is expensed at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods (see Adoption of New Accounting Principle below).</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">o.  <i>Income Taxes</i> - We account for income taxes under the asset and liability method as required by the provisions of ASC 740, “Income Taxes”. Under this method, deferred tax assets and liabilities are established based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We provide a valuation allowance for deferred tax assets for which we do not consider realization of such assets to be more likely than not.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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, we 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 both September 30, 2016 and December 31, 2015, we had determined that no liabilities were required in connection with unrecognized tax positions. As of September 30, 2016, our tax returns for the prior three years are subject to review by the Internal Revenue Service.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">We are subject to Federal, state, and certain local and franchise taxes.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">p.  <i>Earnings (loss) Per Share -</i> We present both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower per share amount. Shares issuable under restricted stock units that have vested but not yet settled were excluded from the computation of diluted earnings (loss) per share because the awards would have been antidilutive for the periods presented.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">q.  <i>Deferred Financing Costs</i>  Deferred financing costs represent commitment fees, legal, title and other third party costs associated with obtaining commitments for financing which result in a closing of such financing. These costs are being offset against loans payable on the condensed consolidated balance sheets. These costs are amortized over the terms of the respective financing. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period in which it is determined that the financing will not close.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size:10pt;" align="justify"><i> </i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>r<i> . Deferred Lease Costs </i> Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>s. <i>Underwriting Commissions and Costs </i> Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>t. <i>Reclassifications </i> Certain prior year financial statement amounts have been reclassified to conform to the current year presentation due to the adoption of Accounting Standards Update (“ASU”) 2016-09 and ASU 2015-03 as described below.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Recent Accounting Pronouncements</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the FASB Emerging Issues Task Force). This ASU provides specific guidance over eight identified cash flow issues. This standard is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We are evaluating the impact of this standard on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In March 2016, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows.  ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods.  If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period and the entity must adopt all of the amendments from ASU 2016-09 in the same period.  We elected to early adopt ASU 2016-09 as of January 1, 2016 and the adoption has resulted in an adjustment of a reduction in real estate, net of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million, a reduction in liability related to stock-based compensation of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.1</font> million, an increase in additional paid-in capital of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.4</font> million and an increase in retained earnings of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million (see Adoption of New Accounting Principle below).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as a financing. If the lessor does not convey risks and rewards or control, an operating lease results. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessors for sales-type, direct financing, and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In September 2015, FASB issued ASU No. 2015-16, “Business Combination (Topic 805): Simplifying the Accounting for Measurement Period Adjustments.” ASU 2015-16 requires adjustments to provisional amounts that are identified during the measurement period to be recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 requires an entity to disclose the nature and amount of measurement-period adjustments recognized in the current period, including separately the amounts in current-period income statement line items that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of ASU 2015-16 did not impact our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of Effective Date”. ASU 2015-14 defers the effective date of adoption of ASU 2014-09, “Revenue from Contracts with Customers”, to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 was issued in May 2014 and it supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which the standard will be adopted.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2015, the FASB issued 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. The adoption of ASU 2015-04 is not expected to have a material impact on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2015, the FASB issued 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. We adopted ASU 2015-03 effective January 1, 2016, resulting in the reclassification of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">385,000</font> from prepaid expenses and other assets, net, to loans payable, net, as of December 31, 2015. There was no effect on the results of operations for any period presented (see Changes in Accounting Principles below).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810)  Amendments to the Consolidation Analysis.” ASU 2015-02 amends the consolidation requirements in ASC 810, “Consolidation” and changes the required consolidation analysis. The amendments in ASU No. 2015-02 affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments impact limited partnerships and legal entities, the evaluation of fees paid to a decision maker or service provider of a variable interest, the effect of fee arrangements on the primary beneficiary determination, the effect of related parties on the primary beneficiary determination, and certain investment funds. The adoption of ASU 2015-02 did not have any impact on our consolidated financial statements.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Adoption of New Accounting Principle</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As noted above, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  <font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> The new standard contains several amendments that will simplify the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The changes in the new standard eliminate the accounting for excess tax benefits to be recognized in additional paid-in capital and tax deficiencies recognized either in the income tax provision or in additional paid-in capital. We elected adoption of ASU 2016-09 in the first quarter of 2016 using the prospective approach. For the three months ended March 31, 2016, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. No income tax benefit or expense was recognized in the quarterly period ended March 31, 2016 as a result of the adoption of ASU 2016-09. There will be no change to retained earnings with respect to excess tax benefits, as this is not applicable to us as</font> any tax benefits associated with stock compensation were historically not recorded with any windfalls or shortfalls that would give rise to APIC pool adjustments and is not expected to be recognized in the <font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> foreseeable future. The treatment of forfeitures has not changed as we are electing to continue our current process of estimating the number of forfeitures. As such, this has no cumulative effect on retained earnings. With the early adoption of ASU 2016-09 on a prospective basis, the adoption had no impact on our prior period statement of operations, statement of cash flow, balance sheet and statement of stockholders equity.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> As reported on Form 10-Q filed for the quarter ended March 31, 2016, we early adopted the provisions of ASU 2016-09 and restated our December 31, 2015 condensed consolidated balance sheet.  Subsequent to the filing, we determined that such adoption should have been effected as of January 1, 2016 and as such we corrected our condensed consolidated balance sheet and condensed consolidated statement of stockholders</font><font style="BACKGROUND-COLOR: #f9f9f9">’ <font style="FONT-FAMILY:Times New Roman, Times, Serif">equity at December 31, 2015 on Form 10-Q filed for the quarter ended June 30, 2016.  The correction had no impact on the consolidated financial statements as of and for the three months ended March 31, 2016.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> j.  </font> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Times New Roman, Times, Serif"><i>Fair Value Measurement</i><font style="FONT-STYLE: normal"> - We determine fair value in accordance with Accounting Standards Codification (“ASC”) 820-10-05 for financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Assets and liabilities disclosed at fair value 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 we evaluate our hierarchy disclosures each quarter.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 1</b> - Valuations based on quoted prices for identical assets and liabilities in active markets.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 2</b> - Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Level 3</b> - Valuations based on unobservable inputs reflecting management’s own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: italic 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal"><font style="FONT-WEIGHT: normal;FONT-FAMILY:Times New Roman, Times, Serif"> Depreciation and amortization are determined using the straight-line method over estimated useful lives described in the table below:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-STYLE: normal; FONT-WEIGHT: normal"> </font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; WIDTH: 35%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Category</font></div> </td> <td style="WIDTH: 2%; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; WIDTH: 63%; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Terms</font></div> </td> </tr> <tr> <td style="white-space:nowrap; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="white-space:nowrap; VERTICAL-ALIGN: bottom"> <div style="CLEAR:both;CLEAR: both"> </div> </td> </tr> <tr> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Buildings and improvements</font></div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> 10 - 39 years</font></div> </td> </tr> <tr> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Tenant improvements</font></div> </td> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: top"> <div style="CLEAR:both;CLEAR: both"> </div> </td> <td style="FONT-SIZE: 10pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-SIZE: 10pt"> Shorter of remaining term of the lease or useful life</font></div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

10 years

39 years

Shorter of remaining term of the lease or useful life

530796

2100000 1500000

P10Y

385000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As of September 30, 2016 and December 31, 2015, real estate, net, includes the following (in thousands):</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>September 30,<br/> 2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>December 31,<br/> 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(audited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Real estate under development</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>50,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>37,856</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Buildings and building improvements</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>5,755</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,868</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Tenant improvments</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>572</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>400</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Land</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,452</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,452</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>59,404</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>44,576</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Less: accumulated depreciation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,083</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,938</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>57,321</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>42,638</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

59404000

44576000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Prepaid expenses and other assets, net, include the following (in thousands):</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="MARGIN: 0px:auto; WIDTH: 70%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>September 30,<br/> 2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>December 31,<br/> 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(audited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Trademarks and customer lists</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,090</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>2,090</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Prepaid expenses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>492</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>564</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Lease commissions</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>433</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>416</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>402</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>266</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>3,417</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>3,336</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div>Less: accumulated amortization</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,596</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,407</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,821</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,929</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 2600000 3100000 3417000 3336000

1821000

1929000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="left">Consolidated interest (expense) income, net, includes the following (in thousands):</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="left">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>Three Months<br/> Ended<br/> September 30,<br/> 2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>Thirteen<br/> Weeks Ended<br/> August 29,<br/> 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>Nine Months<br/> Ended<br/> September 30,<br/> 2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>Twenty-Six<br/> Weeks Ended<br/> August 29,<br/> 2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>(unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Interest expense</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(553)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(460)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(1,549)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(920)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Interest capitalized</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>486</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>355</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,438</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>671</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Interest income</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>22</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>194</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>46</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="43%"> <div>Interest (expense) income, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>(12)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>(83)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>83</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>(203)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>  <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) 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 (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 4.50% through December 16, 2015, at which time it was increased to 4.75%. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with Agent sufficient to make payments then due under the 77 Greenwich Loan documents.

interest at the 30-day LIBOR plus 230 basis points

0.2 0.8

0.5

65000

P25Y 95

200000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><strong> Note 7  Pension and Profit Sharing Plans<i> </i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"><strong> <i>Pension Plan</i></strong> - Syms sponsored a defined benefit pension plan for certain eligible employees not covered under a collective bargaining agreement. The pension plan was frozen effective December 31, 2006. As of September 30, 2016 and December 31, 2015, we had a recorded liability of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.6</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.1</font> million, respectively, which is included in pension liabilities on the accompanying condensed consolidated balance sheets. We will maintain the Syms pension plan and make all contributions required under applicable minimum funding rules; provided, however, that we may terminate the Syms pension plan from and after January 1, 2017. In the event that we terminate the Syms pension plan, we intend that any such termination shall be a standard termination.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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, we are subject to the payment of a withdrawal liability to the remaining pension fund. As of September 30, 2016 and December 31, 2015, we had a recorded liability of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.7</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.4</font> million, respectively, which is reflected in pension liabilities on the accompanying condensed consolidated balance sheets, and is included as part of the remaining estimated allowed net claims. We are required to make quarterly distributions in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million until this liability is completely paid to the multiemployer plan.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">In accordance with minimum funding requirements and court ordered allowed claims distributions, we paid approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.6</font> million to the Syms sponsored plan and approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.2</font> million to the multiemployer plans from September 17, 2012 through September 30, 2016. Approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font></font> million was funded during the three and nine months ended September 30, 2016 to the Syms sponsored plan and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.6</font> million was funded during the three months and nine months, respectively, ended September 30, 2016 to the multiemployer plan.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

LIBOR

P2Y

P5Y

P8Y

200000

6900000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Adoption of New Accounting Principle</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As noted above, FASB issued ASU 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.  <font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> The new standard contains several amendments that will simplify the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The changes in the new standard eliminate the accounting for excess tax benefits to be recognized in additional paid-in capital and tax deficiencies recognized either in the income tax provision or in additional paid-in capital. We elected adoption of ASU 2016-09 in the first quarter of 2016 using the prospective approach. For the three months ended March 31, 2016, we recognized all excess tax benefits and tax deficiencies as income tax expense or benefit as a discrete event. No income tax benefit or expense was recognized in the quarterly period ended March 31, 2016 as a result of the adoption of ASU 2016-09. There will be no change to retained earnings with respect to excess tax benefits, as this is not applicable to us as</font> any tax benefits associated with stock compensation were historically not recorded with any windfalls or shortfalls that would give rise to APIC pool adjustments and is not expected to be recognized in the <font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> foreseeable future. The treatment of forfeitures has not changed as we are electing to continue our current process of estimating the number of forfeitures. As such, this has no cumulative effect on retained earnings. With the early adoption of ASU 2016-09 on a prospective basis, the adoption had no impact on our prior period statement of operations, statement of cash flow, balance sheet and statement of stockholders equity.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="BACKGROUND-COLOR: #f9f9f9;FONT-FAMILY:Times New Roman, Times, Serif"> As reported on Form 10-Q filed for the quarter ended March 31, 2016, we early adopted the provisions of ASU 2016-09 and restated our December 31, 2015 condensed consolidated balance sheet.  Subsequent to the filing, we determined that such adoption should have been effected as of January 1, 2016 and as such we corrected our condensed consolidated balance sheet and condensed consolidated statement of stockholders</font><font style="BACKGROUND-COLOR: #f9f9f9">’ <font style="FONT-FAMILY:Times New Roman, Times, Serif">equity at December 31, 2015 on Form 10-Q filed for the quarter ended June 30, 2016.  The correction had no impact on the consolidated financial statements as of and for the three months ended March 31, 2016.</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

600000

1000

2000

68875000

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Preferred Stock, Par or Stated Value Per Share Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Excess Stock Par or Stated Value Per Share Special Stock, Par or Stated Value Per Share Face amount or stated value per share of excess stock. Excess Stock, Shares Authorized Special Stock, Shares Authorized Excess Stock, Shares Issued Special Stock, Shares Issued Excess Stock, Shares Outstanding Special Stock, Shares Outstanding Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] Schedule of Share-based Compensation, Restricted Stock Units Award Activity Organization, Consolidation and Presentation Of Financial Statements [Abstract] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Multiemployer Plan Type [Axis] Range [Axis] Range [Domain] Counterparty Name [Axis] Counterparty Name [Domain] Finite-Lived Intangible Assets By Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Trademarks and Customer Lists [Member] Major Customers [Axis] Name Of Major Customer [Domain] Property Subject To Or Available For Operating Lease [Axis] Property Subject To Or Available For Operating Lease [Domain] Liability To Restore Properties [Axis] Liability To Restore Properties [Domain] Plan Name [Axis] Plan Name [Domain] Components Of Accrued Liquidation Costs [Axis] Components Of Accrued Liquidation Costs [Domain] It represents the components of accrued liquidation costs during the period. Income Statement Location [Axis] Income Statement Location [Domain] Income Tax Authority [Axis] Income Tax Authority [Domain] Balance Sheet Location [Axis] Finite-Lived Intangible Asset, Useful Life Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Building and Building Improvements [Member] Buildings and building improvements Buildings and Improvements [Member] Defined Benefit Plan, Asset Categories [Axis] Plan Asset Categories [Domain] Real Estate [Member] Real estate under development Real Estate Investment Property, at Cost Real Estate Investment Property, Accumulated Depreciation Less: accumulated depreciation Finite-Lived Trademarks, Gross Trademarks and customer lists Prepaid Expense Prepaid expenses Lease commissions Lease commissions It represents the amount leasing commissions. Other Deferred Costs, Net Other State and Local Jurisdiction [Member] Domestic Tax Authority [Member] Federal [Member] Maximum [Member] Minimum [Member] Operating Loss Carryforwards Operating Loss Carryforwards Deferred Tax Assets, Valuation Allowance Valuation allowance Valuation Allowance Valuation Allowance, Deferred Tax Asset, Change in Amount Operating Loss Carryforward Expiration Year Operating Loss Carryforwards Expiration Year Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal Income Statement [Abstract] Revenues [Abstract] Revenues Operating Leases, Income Statement, Lease Revenue Rental revenues Tenant Reimbursements Tenant reimbursements Operating Expenses [Abstract] Operating Expenses Cost of Property Repairs and Maintenance Property operating expenses Real Estate Tax Expense Real estate taxes General and Administrative Expense General and administrative Professional Fees Adjustment To Increase Reserve For Professional Fees Professional fees Depreciation and Amortization Depreciation and amortization Operating Expenses Total operating expenses Total operating expenses Operating Income Loss Operating loss Operating loss Interest Income (Expense), Net, Total Interest (expense) income, net Interest (expense) income, net Amortization of Financing Costs Amortization of deferred finance costs Amortization of deferred finance costs Gain (Loss) Related to Litigation Settlement Reduction of claims liability Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Loss before taxes Loss before taxes Income Tax Expense (Benefit) Provision for taxes Tax expense Cash and Cash Equivalents [Axis] Cash and Cash Equivalents [Domain] Financial Instrument [Axis] Financial Instruments [Domain] Multiemployer Plans Type [Domain] Syms Sponsored Plan [Member] Multiemployer Plans, Pension [Member] Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period Defined Benefit Plan Cost Of Providing Standard Termination benefits recognized during period. Multiemployer Plans, Withdrawal Obligation Multiemployer Plans, Withdrawal Obligation Multiemployer Plans, Accumulated Benefit Obligation Multiemployer Plans, Accumulated Benefit Obligation Multiemployer Plans, Minimum Contribution Multiemployer Plans, Minimum Contribution Syms Plan Minimum Contribution Amount of minimum contribution(s) required for syms sponsored plan as per period. Fifth Avenue, New York [Member] Operating Leases, Rent Expense Operating Leases, Future Minimum Payments, Due in Two Years TPH Borrower [Member] Credit Facility [Axis] Loans Payable to Bank Long Term Debt Maturity Date Long Term Debt Maturity Date. Debt Instrument, Description of Variable Rate Basis Debt Instrument, Interest Rate, Stated Percentage Percentage Of Loans Represents the percentage of outstanding loans to be pledge. 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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Trinity Place Holdings Inc.
Entity Central Index Key	0000724742
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	TPHS
Entity Common Stock, Shares Outstanding		25,493,521

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Real estate, net	$ 57,321	$ 42,638
Cash and cash equivalents	18,240	38,173
Restricted cash	7,146	3,600
Receivables, net	239	31
Deferred rents receivable	496	200
Prepaid expenses and other assets, net	1,821	1,929
Total assets	85,263	86,571
LIABILITIES
Loans payable, net	48,584	39,615
Accounts payable and accrued expenses	2,585	3,284
Pension liabilities	5,316	6,500
Liability related to stock-based compensation	0	5,140
Obligation to former Majority Shareholder	0	7,066
Total liabilities	56,485	61,605
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Preferred stock	0	0
Special stock, $0.01 par value; 1 share authorized, issued and outstanding at September 30, 2016 and December 31, 2015	0	0
Common stock, $0.01 par value; 79,999,997 shares authorized; 30,509,267 and 29,978,471 shares issued at September 30, 2016 and December 31, 2015, respectively; 25,493,521 and 25,240,878 shares outstanding at September 30, 2016 and December 31, 2015, respectively	305	300
Additional paid-in capital	84,769	74,455
Treasury stock (5,015,746 and 4,737,593 shares at September 30, 2016 and December 31, 2015, respectively)	(51,086)	(49,114)
Accumulated other comprehensive loss	(2,337)	(2,337)
(Accumulated deficit) retained earnings	(2,873)	1,662
Total stockholders' equity	28,778	24,966
Total liabilities and stockholders' equity	85,263	86,571
Preferred Stock One [Member]
STOCKHOLDERS' EQUITY
Preferred stock	$ 0	$ 0

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Preferred Stock, Shares Authorized	40,000,000	40,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Special Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Special Stock, Shares Authorized	1	1
Special Stock, Shares Issued	1	1
Special Stock, Shares Outstanding	1	1
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	79,999,997	79,999,997
Common Stock, Shares, Issued	30,509,267	29,978,471
Common Stock, Shares, Outstanding	25,493,521	25,240,878
Treasury Stock, Shares	5,015,746	4,737,593
Preferred Stock One [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	0	2
Preferred Stock, Shares Issued	0	2
Preferred Stock, Shares Outstanding	0	2

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2016	Aug. 29, 2015	Aug. 29, 2015	Sep. 30, 2016
Revenues
Rental revenues	$ 328	$ 145	$ 292	$ 974
Tenant reimbursements	208	43	120	435
Total revenues	536	188	412	1,409
Operating Expenses
Property operating expenses	190	171	319	491
Real estate taxes	63	55	108	167
General and administrative	1,159	629	2,108	4,188
Professional fees	373	741	1,233	1,137
Depreciation and amortization	121	86	170	334
Total operating expenses	1,906	1,682	3,938	6,317
Operating loss	(1,370)	(1,494)	(3,526)	(4,908)
Interest (expense) income, net	(12)	(83)	(203)	83
Amortization of deferred finance costs	(38)	(87)	(176)	(60)
Reduction of claims liability	(2)	300	530	132
Loss before taxes	(1,422)	(1,364)	(3,375)	(4,753)
Tax expense	0	0	4	0
Net loss available to common stockholders	$ (1,422)	$ (1,364)	$ (3,379)	$ (4,753)
Loss per share - basic and diluted	$ (0.06)	$ (0.07)	$ (0.17)	$ (0.19)
Weighted average number of common shares - basic and diluted	25,483	20,124	20,088	25,409

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CONDENSED CONSOLIDATED STATEMENT OF STOCKOLDERS' EQUITY - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2015	$ 24,966	$ 300	$ 74,455	$ (49,114)	$ 1,662	$ (2,337)
Balance (in shares) at Dec. 31, 2015		29,979		(4,738)
Net loss available to common stockholders	(4,753)	$ 0	0	$ 0	(4,753)	0
Settlement of stock awards	(1,967)	$ 5	0	$ (1,972)	0	0
Settlement of stock awards (in shares)		530		(278)
Stock-based compensation expense	5,933	$ 0	5,933	$ 0	0	0
Balance at Sep. 30, 2016	28,778	$ 305	84,769	$ (51,086)	(2,873)	(2,337)
Balance (in shares) at Sep. 30, 2016		30,509		(5,016)
Cumulative change in accounting principle (Note 2)	$ 4,599	$ 0	$ 4,381	$ 0	$ 218	$ 0

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Aug. 29, 2015	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss available to common stockholders	$ (3,379)	$ (4,753)
Adjustments to reconcile net loss available to common stockholders to net cash used in operating activities:
Depreciation and amortization	346	334
Amortization of deferred finance costs	0	60
Stock-based compensation expense	931	1,856
Deferred rents receivable	0	(296)
Reduction of claims liability	0	(135)
(Increase) decrease in operating assets:
Restricted cash, net	17,848	(102)
Receivables, net	5	(208)
Prepaid expenses and other assets, net	(89)	(81)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(1,808)	450
Pension liabilities	(406)	(1,184)
Obligation to former Majority Shareholder	0	(6,931)
Other liabilities, primarily lease settlement liabilities	(16,427)	0
Net cash used in operating activities	(2,979)	(10,990)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate	(3,490)	(12,183)
Restricted cash, net	0	(3,444)
Net cash used in investing activities	(3,490)	(15,627)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan, net	0	8,651
Settlement of stock awards	(1,105)	(1,967)
Net cash provided by (used in) financing activities	(1,105)	6,684
NET DECREASE IN CASH AND CASH EQUIVALENTS	(7,574)	(19,933)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	23,870	38,173
CASH AND CASH EQUIVALENTS, END OF PERIOD	16,296	18,240
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	873	1,526
Taxes	4	38
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to retained earnings for capitalized stock-based compensation expense	0	(541)
Accrued development costs included in accounts payable and accrued expenses	0	(1,149)
Capitalized amortization of deferred financing costs	0	258
Stock Compensation Plan [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Adjustment of liability related to stock-based compensation	5,154	(5,140)
Real Estate [Member]
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capitalized stock-based compensation expense	$ 0	$ 4,077

XML 19 R7.htm IDEA: XBRL DOCUMENT

BUSINESS

9 Months Ended

Sep. 30, 2016

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Business

Note 1 – BUSINESS

Overview

Change from Liquidation Accounting to Going Concern Accounting

XML 20 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

d. Reportable Segments - For the periods ending September 30, 2016, December 31, 2015 and August 29, 2015, we operated in one reportable segment, namely, commercial real estate.

Category		Terms

Buildings and improvements		10 - 39 years
Tenant improvements		Shorter of remaining term of the lease or useful life

Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets.

k. Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less.

We are subject to Federal, state, and certain local and franchise taxes.

r . Deferred Lease Costs – Deferred lease costs consist of fees and direct costs incurred to initiate and renew operating leases and are amortized on a straight-line basis over the related lease term.

s. Underwriting Commissions and Costs – Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital.

t. Reclassifications – Certain prior year financial statement amounts have been reclassified to conform to the current year presentation due to the adoption of Accounting Standards Update (“ASU”) 2016-09 and ASU 2015-03 as described below.

Recent Accounting Pronouncements

Adoption of New Accounting Principle

XML 21 R9.htm IDEA: XBRL DOCUMENT

Real Estate, Net

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Real Estate, Net

Note 3 – Real Estate, Net

As of September 30, 2016 and December 31, 2015, real estate, net, includes the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Real estate under development	$	50,625	$	37,856
Buildings and building improvements		5,755		3,868
Tenant improvments		572		400
Land		2,452		2,452
		59,404		44,576
Less: accumulated depreciation		2,083		1,938
	$	57,321	$	42,638

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 35
-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

Prepaid Expenses and Other Assets, Net

9 Months Ended

Sep. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Assets, Net

Note 4 – Prepaid Expenses and Other Assets, Net

Prepaid expenses and other assets, net, include the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Trademarks and customer lists	$	2,090	$	2,090
Prepaid expenses		492		564
Lease commissions		433		416
Other		402		266
		3,417		3,336
Less: accumulated amortization		1,596		1,407
	$	1,821	$	1,929

XML 23 R11.htm IDEA: XBRL DOCUMENT

Loans Payable

9 Months Ended

Sep. 30, 2016

Long-term Debt, Unclassified [Abstract]

Loan Payable

Note 5 – Loans Payable

77 Greenwich Loan

West Palm Beach, Florida Loan

Consolidated interest (expense) income, net, includes the following (in thousands):

	Three Months Ended September 30, 2016		Thirteen Weeks Ended August 29, 2015		Nine Months Ended September 30, 2016		Twenty-Six Weeks Ended August 29, 2015
	(unaudited)		(unaudited)		(unaudited)		(unaudited)

Interest expense	$	(553)	$	(460)	$	(1,549)	$	(920)
Interest capitalized		486		355		1,438		671
Interest income		55		22		194		46
Interest (expense) income, net	$	(12)	$	(83)	$	83	$	(203)

XML 24 R12.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6 – Fair Value Measurements

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 25 R13.htm IDEA: XBRL DOCUMENT

Pension and Profit Sharing Plans

9 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Pension and Profit Sharing Plans

Note 7 – Pension and Profit Sharing Plans

XML 26 R14.htm IDEA: XBRL DOCUMENT

Commitments

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 8 – Commitments

XML 27 R15.htm IDEA: XBRL DOCUMENT

Income Taxes

9 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 – Income Taxes

XML 28 R16.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2016

Related Party Transactions

Note 10 – Related Party Transactions

XML 29 R17.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Stock-Based Compensation

Note 11 – Stock-Based Compensation

Restricted Stock Units

Our RSU activity for the nine months ended September 30, 2016 was as follows:

	Nine Months Ended September 30, 2016
	(unaudited)
	Number of Shares		Weighted Average Fair Value at Grant Date

Non-vested at beginning of period		1,220,097	$	6.65
Granted RSUs		1,259,667	$	5.94
Vested		(635,290)	$	6.33
Non-vested at end of period		1,844,474	$	6.27

As of September 30, 2016, there was approximately $5.1 million of total unrecognized compensation cost related to RSUs which is expected to be recognized through December 2020.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 30 R18.htm IDEA: XBRL DOCUMENT

Subsequent Event

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Note 12 – Subsequent Event

XML 31 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Basis of Presentation

Accounting Period

Principles of Consolidation

Use of Estimates

Reportable Segments

d. Reportable Segments - For the periods ending September 30, 2016, December 31, 2015 and August 29, 2015, we operated in one reportable segment, namely, commercial real estate.

Concentrations of Credit Risk

Real Estate

Category		Terms

Buildings and improvements		10 - 39 years
Tenant improvements		Shorter of remaining term of the lease or useful life

Real Estate Under Development

Valuation of Long-Lived Assets

Trademarks and Customer Lists

Fair Value Measurement

Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets.

Cash and Cash Equivalents

k. Cash and Cash Equivalents - Cash and cash equivalents include securities with original maturities of three months or less.

Restricted Cash

Revenue Recognition and Accounts Receivable

Stock-Based Compensation

Income Taxes

We are subject to Federal, state, and certain local and franchise taxes.

Earnings (loss) Per Share

Deferred Financing Costs

Underwriting Commissions and Costs

s. Underwriting Commissions and Costs – Underwriting commissions and costs incurred in connection with our stock offerings are reflected as a reduction of additional paid-in-capital.

Reclassifications

Recent Accounting Pronouncements

Changes in Accounting Principles

Adoption of New Accounting Principle

XML 32 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

Depreciation and amortization are determined using the straight-line method over estimated useful lives described in the table below:

Category		Terms

Buildings and improvements		10 - 39 years
Tenant improvements		Shorter of remaining term of the lease or useful life

XML 33 R21.htm IDEA: XBRL DOCUMENT

Real Estate, Net (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Schedule of Real Estate Properties

As of September 30, 2016 and December 31, 2015, real estate, net, includes the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Real estate under development	$	50,625	$	37,856
Buildings and building improvements		5,755		3,868
Tenant improvments		572		400
Land		2,452		2,452
		59,404		44,576
Less: accumulated depreciation		2,083		1,938
	$	57,321	$	42,638

XML 34 R22.htm IDEA: XBRL DOCUMENT

Prepaid Expenses and Other Assets, Net (Tables)

9 Months Ended

Sep. 30, 2016

Prepaid Expense and Other Assets [Abstract]

Schedule Of Prepaid Expense And Other Assets

Prepaid expenses and other assets, net, include the following (in thousands):

	September 30, 2016		December 31, 2015
	(unaudited)		(audited)

Trademarks and customer lists	$	2,090	$	2,090
Prepaid expenses		492		564
Lease commissions		433		416
Other		402		266
		3,417		3,336
Less: accumulated amortization		1,596		1,407
	$	1,821	$	1,929

XML 35 R23.htm IDEA: XBRL DOCUMENT

Loans Payable (Tables)

9 Months Ended

Sep. 30, 2016

Long-term Debt, Unclassified [Abstract]

Schedule of Interest Income and Interest Expense

Consolidated interest (expense) income, net, includes the following (in thousands):

	Three Months Ended September 30, 2016		Thirteen Weeks Ended August 29, 2015		Nine Months Ended September 30, 2016		Twenty-Six Weeks Ended August 29, 2015
	(unaudited)		(unaudited)		(unaudited)		(unaudited)

Interest expense	$	(553)	$	(460)	$	(1,549)	$	(920)
Interest capitalized		486		355		1,438		671
Interest income		55		22		194		46
Interest (expense) income, net	$	(12)	$	(83)	$	83	$	(203)

XML 36 R24.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

Our RSU activity for the nine months ended September 30, 2016 was as follows:

	Nine Months Ended September 30, 2016
	(unaudited)
	Number of Shares		Weighted Average Fair Value at Grant Date

Non-vested at beginning of period		1,220,097	$	6.65
Granted RSUs		1,259,667	$	5.94
Vested		(635,290)	$	6.33
Non-vested at end of period		1,844,474	$	6.27

XML 37 R25.htm IDEA: XBRL DOCUMENT

BUSINESS (Details Textual) - USD ($) $ in Millions	Mar. 14, 2016	Sep. 30, 2016
Operating Loss Carryforwards		$ 225.3
Payment to Former Majority Shareholder	$ 6.9
Multiemployer Plans, Pension [Member]
Estimated Claims Remaining		2.7
Quarterly Installments Payable Multi-Employer Pension Plan		$ 0.2

XML 38 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Sep. 30, 2016
Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10 years
Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	39 years
Tenant Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of remaining term of the lease or useful life

XML 39 R27.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2016	Aug. 29, 2015	Aug. 29, 2015	Sep. 30, 2016	Dec. 31, 2015
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 4,599,000			$ 4,599,000
Real Estate Inventory, Capitalized Costs Incurred	2,100,000	$ 1,500,000	$ 5,100,000	7,500,000
Real Estate [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	500,000			500,000
Deferred Compensation, Share-based Payments [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	5,100,000			5,100,000
Additional Paid-in Capital [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	4,381,000			4,381,000
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	218,000			218,000
Accounting Standards Update 2016-09 [Member]
Reclassification Of Prepaid Expenses And Other Assets to Loans Payable					$ 385,000
Accounting Standards Update 2016-09 [Member] \| Real Estate [Member] \| Adjustment [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	500,000			500,000
Accounting Standards Update 2016-09 [Member] \| Deferred Compensation, Share-based Payments [Member] \| Adjustment [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	5,100,000			5,100,000
Accounting Standards Update 2016-09 [Member] \| Additional Paid-in Capital [Member] \| Adjustment [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	4,400,000			4,400,000
Accounting Standards Update 2016-09 [Member] \| Retained Earnings [Member] \| Adjustment [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 200,000			$ 200,000
Trademarks and Customer Lists [Member]
Finite-Lived Intangible Asset, Useful Life				10 years

XML 40 R28.htm IDEA: XBRL DOCUMENT

Real Estate, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real Estate Investment Property, at Cost	$ 59,404	$ 44,576
Less: accumulated depreciation	2,083	1,938
Real Estate Investment Property, Net	57,321	42,638
Real estate under development
Real Estate Investment Property, at Cost	50,625	37,856
Buildings and building improvements
Real Estate Investment Property, at Cost	5,755	3,868
Tenant improvements
Real Estate Investment Property, at Cost	572	400
Land
Real Estate Investment Property, at Cost	$ 2,452	$ 2,452

XML 41 R29.htm IDEA: XBRL DOCUMENT

Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Trademarks and customer lists	$ 2,090	$ 2,090
Prepaid expenses	492	564
Lease commissions	433	416
Other	402	266
Prepaid Expense And Other Assets Gross	3,417	3,336
Less: accumulated amortization	1,596	1,407
Prepaid Expense and Other Assets	$ 1,821	$ 1,929

XML 42 R30.htm IDEA: XBRL DOCUMENT

Loans Payable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
Loans Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Aug. 29, 2015	Aug. 29, 2015	Sep. 30, 2016
Interest expense	$ (553)	$ (460)	$ (920)	$ (1,549)
Interest capitalized	486	355	671	1,438
Interest income	55	22	46	194
Interest (expense) income, net	$ (12)	$ (83)	$ (203)	$ 83

XML 43 R31.htm IDEA: XBRL DOCUMENT

Loans Payable (Details Textual) - USD ($)			3 Months Ended	9 Months Ended
Loans Payable (Details Textual) - USD ($)	May 11, 2016	Feb. 09, 2015	Sep. 30, 2016	Sep. 30, 2016
Long Term Debt Maturity Date		Aug. 08, 2017
West Palm Beach, Florida Loan [Member]
Long Term Debt Maturity Date	May 11, 2019
Debt Instrument, Description of Variable Rate Basis	LIBOR
Debt Instrument, Unamortized Premium	$ 14,000
Interest Expense, Debt			$ 1,000	$ 2,000
Debt Instrument, Interest Rate, Basis for Effective Rate	interest at the 30-day LIBOR plus 230 basis points
Derivative, Notional Amount	$ 9,100,000
Debt Instrument, Interest Rate, Effective Percentage			2.82%	2.82%
Maximum [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
TPH Borrower [Member]
Loans Payable to Bank		$ 40,000,000
Debt Instrument, Description of Variable Rate Basis				The 77 Greenwich Loan bears interest at a rate per annum equal to the greater of (i) 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 (ii) 4.50% and requires interest only payments through maturity. The interest rate on the 77 Greenwich Loan was 4.50% through December 16, 2015, at which time it was increased to 4.75%. The Contract Rate will be increased by 1.5% per annum during any period in which TPH Greenwich Borrower does not maintain funds in its deposit accounts with Agent sufficient to make payments then due under the 77 Greenwich Loan documents.
Percentage Of Loans		9.00%
TPH Borrower [Member] \| West Palm Beach, Florida Loan [Member]
Long-term Line of Credit	$ 9,100,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 12,600,000
TPH Borrower [Member] \| Maximum [Member]
Loans Payable to Bank		$ 50,000,000

XML 44 R32.htm IDEA: XBRL DOCUMENT

Pension and Profit Sharing Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Defined Benefit Plan Cost Of Providing Standard Termination Benefit Recognized During Period		$ 2.6	$ 3.1
Multiemployer Plans, Withdrawal Obligation	$ 0.2	0.2
Multiemployer Plans, Accumulated Benefit Obligation	2.7	2.7	$ 3.4
Multiemployer Plans, Minimum Contribution	4.2	4.2
Syms Sponsored Plan [Member]
Syms Plan Minimum Contribution	3.6	3.6
Syms Plan, Period Contributions	0.6	0.6
Multiemployer Plans, Pension [Member]
Multiemployer Plan, Period Contributions	$ 0.2	$ 0.6

XML 45 R33.htm IDEA: XBRL DOCUMENT

Commitments (Details Textual) - Fifth Avenue, New York [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)
Operating Leases, Rent Expense	$ 75,000	$ 225,000
Operating Leases, Future Minimum Payments, Due in Two Years	$ 300,000	$ 300,000

XML 46 R34.htm IDEA: XBRL DOCUMENT

Income Taxes (Details Textual) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Operating Loss Carryforwards	$ 225.3
Valuation Allowance	90.4	$ 91.3
Valuation Allowance, Deferred Tax Asset, Change in Amount	0.9
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 134.6
State and Local Jurisdiction [Member] \| Maximum [Member]
Operating Loss Carryforward Expiration Year	2034
State and Local Jurisdiction [Member] \| Minimum [Member]
Operating Loss Carryforward Expiration Year	2029
Federal [Member]
Operating Loss Carryforwards	$ 225.3
Federal [Member] \| Maximum [Member]
Operating Loss Carryforward Expiration Year	2034
New York State [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 34.4
New York City [Member]
Discontinued Operation, Tax Effect of Adjustment to Prior Period Gain (Loss) on Disposal	$ 29.0

XML 47 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Textual) $ in Millions	Mar. 14, 2016 USD ($)
Payment to Majority Shareholder	$ 6.9

XML 48 R36.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details)	9 Months Ended
Stock-Based Compensation (Details)	Sep. 30, 2016 $ / shares shares
Number of Shares, Non-vested at beginning of period \| shares	1,220,097
Number of Shares, Granted \| shares	1,259,667
Number of Shares, Vested \| shares	(635,290)
Number of Shares, Non-vested at end of period \| shares	1,844,474
Weighted Average Fair Value at Grant Date, Non-vested at beginning of period \| $ / shares	$ 6.65
Weighted Average Fair Value at Grant Date, Granted \| $ / shares	5.94
Weighted Average Fair Value at Grant Date, Vested \| $ / shares	6.33
Weighted Average Fair Value at Grant Date, Non-vested at end of period \| $ / shares	$ 6.27

XML 49 R37.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Stock-Based Compensation (Details Textual) - USD ($)	Apr. 30, 2015	Sep. 30, 2016	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,259,667
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 4,599,000	$ 4,599,000
Real Estate [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		500,000	500,000
Additional Paid-in Capital [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		4,381,000	$ 4,381,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues			530,796
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		0	$ 0
Deferred Compensation, Share-based Payments [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		5,100,000	5,100,000
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		218,000	$ 218,000
Chief Executive Officer [Member]
Stock Repurchased Per Share			$ 8.00
Stock Issued During Period, Shares, New Issues	238,095
Stock Repurchased During Period, Shares	132,904
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		5,100,000	$ 5,100,000
Stock Issued During Period, Shares, New Issues			530,796
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings			278,153
Restricted Stock Units (RSUs) [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			1,184,167
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted average fair market value		7,100,000	$ 7,100,000
Restricted Stock or Unit Expense		800,000	3,700,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition		600,000	$ 2,600,000
Restricted Stock Units (RSUs) [Member] \| Chief Executive Officer [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Restricted Stock Units (RSUs) [Member] \| Chief Executive Officer [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			8 years
Restricted Stock Units (RSUs) [Member] \| Other Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			75,500
Share-based Compensation Arrangement by Share-based Payment Award, Grants in Period, Weighted average fair market value		400,000	$ 400,000
Restricted Stock or Unit Expense		74,000	223,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition		$ 40,000	$ 121,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			2 years

XML 50 R38.htm IDEA: XBRL DOCUMENT

Subsequent Event (Details Textual) - Subsequent Event [Member]	Oct. 13, 2016 USD ($) a Units
Purchase And Sale Agreement [Member]
Subsequent Event [Line Items]
Payment For Initial Deposit	$ 6,887,500
Purchase Price Of Property	$ 68,875,000
Joint Venture Agreement [Member]
Subsequent Event [Line Items]
Real Estate Tax Abatement Period	25 years
Percentage Of Units As Market Rate Units	80.00%
Percentage Of Units As Affordable Rate Units	20.00%
Equity Method Investment, Ownership Percentage	50.00%
Area of Land \| a	65,000
Number Of Units \| Units	95

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