CPTP — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2025-02-07

• * See Note 7,"Description of leasing arrangements" in the accompanying Consolidated Financial Statements for further discussion.

• The Company’s corporate information technology, communication networks, and accounting and financial reporting platforms are necessary for the operation of its business. The Company uses these systems, along with others, to manage its tenant and vendor relationships, for internal and external commun…

• Company has implemented and maintains various information security processes designed to identify, assess and manage material risks from cybersecurity threats to its critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, includi…

• Management works primarily with third parties (principally professional services and consulting firms) to assist them in identifying, assessing, and managing cybersecurity risks. To operate its business, the Company utilizes certain third-party service providers to perform a variety of functions and…

Text removed vs the prior filing · source: 10-K · 2024-02-16

• The Company’s corporate information technology, communication networks, and accounting and financial reporting platforms are necessary for the operation of its business. The Company uses these systems, along with others, to manage its tenant and vendor relationships, for internal and external commun…

• Management works primarily with third parties (principally professional services and consulting firms) that assist management in identifying, assessing, and managing cybersecurity risks. To operate its business, the Company utilizes certain third-party service providers to perform a variety of funct…

Text added vs the prior filing · source: 10-K · 2025-02-07

• Through February 7, 2025 all tenants have paid their monthly rent in accordance with their lease agreements.

• The COVID-19 pandemic had an adverse impact on Metropark’s parking operations as the move by many companies to a hybrid workplace model (one that mixes in-office and remote work) resulted in lower demand for parking spaces. From June 2020 through December 31, 2023 the Company and Metropark operated …

• exceed $70,000 per month whereupon Metropark would be obligated to resume regularly scheduled rental payments under its lease. During this time, revenue was recognized on a cash basis with the difference between the regularly scheduled rental payments and amounts paid ("deferred rent") recorded as a…

• Leasing revenue increased $101,000 from 2023 due principally to a net increase in rent (contractual and contingent) from tenants ($122,000) and an increase in other revenue of $21,000, offset by a net decrease in revenue from Metropark ($42,000) as 2023 included the settlement of $150,000 for rent t…

• Operating expenses increased $67,000 in 2024 due principally to professional fees associated with billboard operations ($62,000) offset by a decrease in property taxes ($53,000) attributable to the adjustment of the property tax accrual for an over accrual in a prior year. The remaining net increase…

Text removed vs the prior filing · source: 10-K · 2024-02-16

• The City of Providence (“City”) conducted a City-wide property revaluation for 2022. This revaluation increased the assessed value of the Company’s parcels that are available for lease by 26.5%, resulting in an annual property tax increase of $139,000 that was to be borne entirely by the Company. Th…

• Through February 16, 2024 all tenants have paid their monthly rent in accordance with their lease agreements.

• The COVID-19 pandemic had an adverse impact on Metropark’s parking operations as the move by many companies to a hybrid workplace model (one that mixes in-office and remote work) resulted in lower demand for parking spaces. From June 2020 through December 31, 2023 the Company and Metropark operated …

• Leasing revenue increased $450,000 from 2022 due principally to an increase in cash collections from Metropark along with the $150,000 deferred rent settlement ($315,000) and a net increase in rent (contractual and contingent) from tenants ($135,000).

• Operating expenses decreased $40,000 in 2023 as there were no professional fees associated with the property tax appeal that occurred in 2022.