NEW YORK, May 10, 2017 /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
its financial results for the first quarter ended March 31, 2017.
Financial Results
Liquidation Basis of Accounting
As a result of NYRT's shareholder approval of the plan of
liquidation on January 3, 2017,
effective January 1, 2017, in
accordance with Generally Accepted Accounting Principles ("GAAP"),
the Company began reporting its financial results on the
liquidation basis of accounting. The liquidation basis of
accounting requires, among other things, that management estimate
net sales proceeds on an undiscounted basis as well as include in
the Company's assets and liabilities the undiscounted estimate of
future revenues and expenses of the Company through the end of the
liquidation. The net assets in liquidation at March 31, 2017 would result in liquidating
distributions of approximately $9.25
per Common Share. This estimate of liquidating distributions
includes projections of costs and expenses to be incurred during
the period required to complete the plan of liquidation.
There is inherent uncertainty with these projections, and
accordingly, these projections could change materially based on a
number of factors both within and outside of NYRT's control
including the timing of the sales, the performance of the
underlying assets and any changes in the underlying assumptions of
projected cash flows.
Wendy Silverstein, CEO stated,
"We look forward to sharing our thoughts regarding the plan of
liquidation in our upcoming conference call and discussion with
investors and analysts."
Conference Call Information
The Company will host a conference call to discuss its first
quarter 2017 activities tomorrow, Thursday,
May 11, 2017 at 10:00 am Eastern
Time. Interested parties may access the live call by
dialing (866) 682-6100 or (862) 255-5401, or via the Internet
at www.nyrt.com within the Company News section in the
Investor Relations tab. An online replay will be available
for one year. A replay of the call will be available through
May 25, 2017 by dialing (877)
481-4010; conference ID 10351.
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
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. The statements in this release state the
Company's and management's hopes, intentions, beliefs, expectations
or projections of the future and are forward-looking statements for
which the Company claims the protections of the safe harbor for
forward-looking statements under the Private Securities Litigation
Reform Act of 1995. It is important to note that future events
and the Company's actual results could differ materially from those
described in or contemplated by such forward-looking
statements. Factors that could cause actual results to differ
materially from current expectations include, but are not limited
to, (i) general economic conditions, (ii) the inability of major
tenants to continue paying their rent obligations due to
bankruptcy, insolvency or general downturn in their business, (iii)
local real estate conditions, (iv) increases in interest rates, (v)
increases in operating costs and real estate taxes, (vi) changes in
accessibility of debt and equity capital markets and (vii) the
timing of asset sales. Additional information concerning
factors that could cause actual results to differ materially from
those forward-looking statements is contained from time to time in
the Company's filings with the Securities and Exchange Commission,
copies of which may be obtained from the Company or the Securities
and Exchange Commission. The Company refers you to the
documents filed by the Company from time to time with the
Securities and Exchange Commission, specifically the section titled
"Risk Factors" in the Company's most recent Annual Report on Form
10-K, as may be updated or supplemented in the Company's Form 10-Q
filings, which discuss these and other factors that could adversely
affect the Company's results.
CONSOLIDATED
STATEMENT OF NET ASSETS
(Liquidation
Basis)
(unaudited, in
thousands)
|
|
|
|
|
|
March 31,
2017
|
Assets
|
|
|
Investments in real
estate
|
|
$
1,957,919
|
Investment in
unconsolidated joint venture
|
|
529,364
|
Cash and cash
equivalents
|
|
51,743
|
Restricted cash held
in escrows
|
|
236,430
|
Accounts
receivable
|
|
8,245
|
Total
Assets
|
|
$
2,783,701
|
|
|
|
Liabilities
|
|
|
Mortgage notes
payable
|
|
$
1,128,999
|
Liability for
estimated costs in excess of estimated receipts during
liquidation
|
|
82,874
|
Accounts payable,
accrued expenses and other liabilities
|
|
18,735
|
Related party fees
payable
|
|
46
|
Total
Liabilities
|
|
1,230,654
|
Commitments and
Contingencies
|
|
|
Net assets in
liquidation
|
|
$
1,553,047
|
|
|
|
Further details regarding the Company's results of operations,
properties, joint ventures and tenants are available in the
Company's Form 10-Q for the quarter ended March 31, 2017 which will be filed with the
Securities and Exchange Commission and will be available for
download at the Company's website www.nyrt.com or at the
Securities and Exchange Commission website www.sec.gov.
Contacts
|
|
Media:
|
Investor
Relations:
|
Jonathan
Keehner
|
Wendy Silverstein,
Chief Executive
Officer
|
Mahmoud
Siddig
|
New York REIT,
Inc.
|
Joele Frank,
Wilkinson Brimmer Katcher
|
wsilverstein@winthropcapital.com
|
jkeehner@joelefrank.com
|
(617)
570-4750
|
msiddig@joelefrank.com
|
|
(212)
355-4449
|
Carolyn
Tiffany
|
|
Winthrop REIT
Advisors, LLC
|
|
ctiffany@winthropcapital.com
|
|
(617)
570-4606
|
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SOURCE New York REIT, Inc.