NEW YORK, Jan. 5, 2018 /PRNewswire/ -- New York REIT,
Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating
and winding down pursuant to a plan of liquidation, announced today
the Company's Board of Directors has declared a cash liquidating
distribution of $2.00 per share to be
paid on January 26, 2018 to
shareholders of record as of January
19, 2018. The liquidating distribution is being paid
from the net proceeds from recent property sales.
Investors should note that the ex-dividend date is set by the
NYSE. Under the rules of the NYSE, when a distribution is
declared in a per share amount that exceeds 25% of a company's
stock price, the date on which that company's shares will begin to
trade without the dividend, or ex-dividend, is the first business
day following the payment date. Accordingly, the NYSE has
informed the Company that it will set an ex-dividend date for the
cash liquidating distribution of January
29, 2018. On the record date of January 19, 2018, the NYSE will attach a due bill
to the shares of NYRT which represents the right to receive the
distribution payable on January 26,
2018. Consequently, if a shareholder as of the record date
sells shares at any time prior to the ex-dividend date of
January 29, 2018, they will also be
selling the due bill and will not receive the cash liquidating
distribution. Conversely, anyone buying the shares between
the record date and the ex-dividend date will also be acquiring the
due bill and will be entitled to receive the distribution payable
on January 26, 2018.
Separately, the Company has announced that it has closed on the
previously announced sale of its property located at 333 West
34th Street in New York, New
York for $255.0 million to
real estate funds managed by Brookfield Asset Management. The
333 West 34th Street property was part of the collateral for the
Company's cross collateralized and secured loan. In
connection with the sale, the Company paid approximately
$110.6 million on account of the loan
as required by the loan documents, resulting in a remaining
outstanding principal balance on the loan of approximately
$65.6 million. After
satisfaction of debt, pro-rations and closing costs, the Company
received net proceeds of approximately $134.6 million. The selling price is
consistent with the Company's last reported net assets in
liquidation as of September 30,
2017.
__________________
About NYRT
NYRT is a publicly traded real estate investment trust listed on
the NYSE that owns income-producing commercial real estate,
including office and retail properties, located in New York City. NYRT's shareholders recently
adopted a plan of liquidation pursuant to which NYRT is liquidating
and winding down and, in connection therewith, is seeking to sell
its assets in an orderly fashion to maximize shareholder value. For
more information, please visit our website
at www.nyrt.com.
Forward-Looking Statements
The statements in this release that are not historical facts may
be forward-looking statements. These forward-looking statements
involve substantial risks and uncertainties. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements the
Company makes. Forward-looking statements may include, but are not
limited to, statements regarding stockholder liquidity and
investment value and returns. The words "anticipates," "believes,"
"expects," "estimates," "projects," "plans," "intends," "may,"
"will," "would," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Factors that
might cause such differences include, but are not limited to: the
purchaser consummating the transactions contemplated by the
purchase agreement; and other factors, many of which are beyond the
Company's control, including other factors included in the
Company's reports filed with the Securities and Exchange Commission
("SEC"), particularly in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's latest Annual Report on Form
10-K for the year ended December 31,
2016, filed with the SEC on March 1,
2017 and the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2017
filed with the SEC on November 9,
2017, as such Risk Factors may be updated from time to time
in subsequent reports. The Company does not assume any obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
Contacts
Wendy Silverstein, Chief
Executive Officer
New York REIT, Inc.
wsilverstein@nyrt.com
(617) 570-4750
John Garilli, Chief Financial
Officer
New York REIT, Inc.
jgarilli@nyrt.com
(617) 570-4750
Jonathan
Keehner
Mahmoud
Siddig
Joele Frank, Wilkinson Brimmer
Katcher
jkeehner@joelefrank.com
msiddig@joelefrank.com
(212)
355-4449
View original
content:http://www.prnewswire.com/news-releases/new-york-reit-inc-to-issue-a-200-per-share-cash-liquidating-distribution-300578424.html
SOURCE New York REIT, Inc.