New York REIT Liquidating LLC fka NYRT

[Enterprising Investor]

New York REIT, Inc. To Issue A $1.00 Per Share Cash Liquidating Distribution (12/06/17)

NEW YORK, Dec. 6, 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 the Company's Board of Directors has declared a cash liquidating distribution of $1.00 per share to be paid on December 27, 2017 to shareholders of record as of December 18, 2017. The liquidating distribution is being paid from the net proceeds from recent property sales.

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.

https://www.prnewswire.com/news-releases/new-york-reit-inc-to-issue-a-100-per-share-cash-liquidating-distribution-300568048.html

[Enterprising Investor]

New York REIT: Will The Biggest Bust Of 2017 Be A Hit For 2021? (11/14/17)

https://seekingalpha.com/article/4124813-new-york-reit-will-biggest-bust-2017-hit-2021

[Enterprising Investor]

New York REIT, Inc. Clarifies Ex-Dividend Date For Cash Liquidating Distribution (11/14/17)

NEW YORK, Nov. 14, 2017 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, today clarified the date on which the Company's common stock, par value $0.01 per share (the "Shares"), will trade ex-dividend of the previously announced cash liquidating distribution of $2.07 per share. As previously announced, the cash liquidating distribution will be payable on November 28, 2017 to shareholders of record on November 20, 2017.

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 has set an ex-dividend date for the cash liquidating distribution of November 29, 2017. Consequently, if a shareholder as of the record date sells shares at any time prior to the ex-dividend date of November 29, 2017, they will not receive the cash liquidating distribution.

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.

https://www.prnewswire.com/news-releases/new-york-reit-inc-clarifies-ex-dividend-date-for-cash-liquidating-distribution-300555145.html

[Enterprising Investor]

New York REIT, Inc. Enters Into Contract To Sell Its 333 West 34th Street Property (11/09/17)

NEW YORK, Nov. 9, 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 that it has entered into a contract to sell its property located at 333 West 34th Street, in New York, New York for $255 million to real estate funds managed by Brookfield.  The consummation of the sale is subject to customary closing conditions for sales of real property in New York, New York.  The closing is expected to occur prior to year-end. 
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.

https://www.prnewswire.com/news-releases/new-york-reit-inc-enters-into-contract-to-sell-its-333-west-34th-street-property-300553540.html

[Enterprising Investor]

Conference Call Script (11/09/17)

https://www.sec.gov/Archives/edgar/data/1474464/000114420417057540/tv479052_ex99-1.htm

The script was read at the beginning of the conference call.

[Enterprising Investor]

New York REIT Announces Results for Third Quarter 2017 and Declaration of Distribution of $2.07 Per Share (11/09/17)

NEW YORK, Nov. 9, 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 third quarter ended September 30, 2017.

Financial Results

Liquidation Basis of Accounting

Following 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.  Accordingly, on January 1, 2017 the carrying value of the Company's investments in real estate were adjusted to their liquidation value, which represents the estimated amount of cash that the Company will collect on disposal of assets as it carries out its liquidation activities under the Liquidation Plan.  Prior estimates of net assets in liquidation were calculated based on the undiscounted cash flow projections assuming all properties would be sold by March 31, 2018. The current estimate of net assets in liquidation as of September 30, 2017 has been estimated based on undiscounted cash flow projections assuming that all of the properties will be sold by March 31, 2018 except for the remaining interest in Worldwide Plaza. For financial statement presentation purposes, Worldwide Plaza has been valued at $1.725 billion based on a current market transaction associated with the Company's sale of a 48.7% interest in the property on October 18, 2017.  Since the decision to hold and operate Worldwide Plaza beyond its original estimated liquidation period, make further capital investment and reposition it is outside normal liquidation activities the estimated accretion in future market value will be reflected in the financial results as the specific actions related to the repositioning have been completed and such increases in market value can be observed.  Any assets held longer than the two-year period following the shareholder approval of the Plan of Liquidation must be transferred to a non-traded entity for the remainder of the holding period.  The Company currently projects that the remaining interest in Worldwide Plaza will be sold by November 1, 2021.  The actual timing of sales has not yet been determined and is subject to future events and uncertainties and the estimates are subject to change based on the actual timing of future asset sales and other market factors.  The liquidation value of the Company's investments in real estate is presented on an undiscounted basis.  Estimated costs to dispose of assets and revenues expected to be earned as management carries out its liquidation activities through the end of the projected liquidation period have been presented separately from the related assets.  Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation. 

Based on the liquidation basis of accounting, the current estimate of net assets in liquidation at September 30, 2017 results in estimated liquidating distributions of approximately $7.93 per Common Share.  Net assets in liquidation reflect Worldwide Plaza at $1.725 billion which is essentially the value "ascribed" or "deemed" as a result of our joint venture transaction described herein. Because the joint venture and refinancing did not close until early in the fourth quarter, net assets in liquidation at September 30, 2017 reflect NYRT's ownership of Worldwide Plaza at 98.8% and corresponding mortgage debt at the September 30, 2017 outstanding balance  of $875 million.  Defeasance costs of $109 million and estimated transfer taxes of $57 million are reflected in the net assets in liquidation at September 30, 2017.  Additionally approximately $13 million of liquidation period revenues have also been accrued.  Based on the liquidation basis of accounting the net value of Worldwide Plaza is $687 million or $4.09 per common share as of September 30, 2017.

Management believes, however, that the combined team of SL Green and RXR will add the necessary talent, expertise and capital, along with the capital contributed by NYRT, to bring Worldwide Plaza to its full potential as a Class A building with a blue chip tenant roster. Management believes that implementation of the business plan for this property may take up to four years given the size of the building, the scope and nature of the capital investment and the time needed to allow for the critical milestones in leasing and asset repositioning to take place. Management estimates that once these actions are implemented and come to fruition, the value of the property could be in the range of $1.9 billion to $2.2 billion on an undiscounted basis.  Assuming a $2.0 billion future value for Worldwide Plaza would produce a value of $2.19 per share. In addition, there are contractual rents that generate predictable cash flow coming from Worldwide Plaza during the estimated four year hold period which, net of expenses, we estimate would produce an additional $0.42 per Common Share over the four year hold period. When the residual value of $2.19 and $0.42 per share is added to the dividend declared of $2.07, all of which is derived from excess proceeds from the sale and refinancing of Worldwide Plaza, management's total estimate for the value of Worldwide Plaza is $4.68 per common share.  These residual values are undiscounted.  Management's estimate, like any estimate or projection, is subject to various assumptions and uncertainties including the joint venture's ability to execute on the business plan, tenants paying their rental obligations, the equity capital and financing markets and New York City market conditions generally.  There is no assurance that the joint venture will be successful in taking these various actions and that these actions will, in fact, result in the estimated increase in the value of the property. 

The remaining assets are carried on the statement of net assets at an aggregate estimated value of $3.84 per common share.  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.

The reported $7.93 per Common Share estimate of the current liquidating distribution represents a decrease from the Company's estimate at June 30, 2017.  The decrease is primarily the result of (i) a $75.5 million net decrease in liquidation values due to the realized sales of 245-249 West 17th Street (Twitter), 218 West 18th Street (Red Bull), 229 West 36th Street and 256 West 38th Street and a signed contract for sale for 1440 Broadway, (ii) a $63.7 million net decrease in estimated liquidation values of the remaining portfolio due to an overall softening in the market, (iii) a $75.2 million decrease in the Company's investment in Worldwide Plaza primarily due to debt defeasance costs offset by amortization of mortgage debt premium and additional holding period estimated cash flow and (v) other cumulative adjustments across the portfolio related to changes in closing costs, debt costs and adjustments to holding periods which net to a $4.1 million decrease in net operating cash flow.
The difference between the $8.52 per share estimate of future value and the reported $7.93 per share estimate is derived from a $0.32 per share increase in the estimated future value of Worldwide Plaza, plus an additional $0.27 per share of net cash flow generated by holding Worldwide Plaza for an additional three-year holding period beyond what is recognized in the financial statements.

Third Quarter Activity

50 Varick Street – Manhattan, New York - On August 7, 2017, the Company sold to an independent third party its 50 Varick Street office property in Manhattan, New York for a gross sales price of $135.0 million.  The property was part of the collateral for the Company's $760.0 million cross collateralized and secured loans.  In connection with the sale, the Company paid down $78.1 million of debt as required under the loan.  After satisfaction of debt, pro-rations and closing costs the Company received net proceeds of approximately $49.1 million. 

2017 Subsequent Events

Financing and Sales Activity

Worldwide Plaza – Manhattan, New York - On October 18, 2017, the Company sold a 48.7% interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on the agreed upon value of the property of $1.725 billion.  In conjunction with the equity sale, there was a concurrent $1.2 billion refinancing of the existing Worldwide Plaza debt.  The Company received cash at closing of approximately $355.0 million from the sale and excess proceeds from the financing, which is net of certain closing costs, including $109.0 million of defeasance and prepayment costs, and a $90.7 million capital reserve.  The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3.98% per annum, requires monthly payments of interest only and matures in November 2027. 
245-249 West 17th Street and 218 West 18th Street – Manhattan, New York - On October 11, 2017, the Company sold to an independent third party the 245-249 West 17th Street (Twitter) and 218 West 18th Street (Red Bull) office properties in Manhattan, New York for a gross sales price of $514.1 million.  The properties were part of the collateral for the $760.0 million cross collateralized and secured loans.  In connection with the sale, the Company paid down $347.9 million of debt as required under the loans.  After satisfaction of debt, pro-rations and closing costs the Company received net proceeds of approximately $146.2 million. 

229 West 36th Street and 256 West 38th Street – Manhattan, New York – On November 6, 2017, the Company sold to an independent third party the 229 West 36th Street and 256 West 38th Street office properties in Manhattan, New York for a gross sales price of $155.9 million.  The 229 West 36th Street property was part of the collateral for the $760.0 million cross collateralized and secured loans.  In connection with the sale, the Company paid down $66.1 million of debt as required under the loans.  The 256 West 38th Street property was encumbered by a $24.5 million mortgage loan which was satisfied in full upon the sale of the property.  After pay down of debt under the cross collateralized and secured loans, satisfaction of the mortgage debt, pro-rations and closing costs the Company anticipates receiving net proceeds of approximately $58.8 million.

1440 Broadway – Subsequent to September 30, 2017, the Company entered into a contract to sell to an independent third party the 1440 Broadway office property in Manhattan, New York for a gross sales price of $520.0 million.  The 1440 Broadway property is encumbered by a $305.0 million mortgage loan which will be satisfied in full upon the sale of the property.  If consummated, the sale of the property is expected to close in the fourth quarter of 2017.

Distribution

The Company's Board of Directors has declared a cash liquidating distribution of $2.07 per share to be paid on November 28, 2017 to shareholders of record as of November 20, 2017.

Conference Call Information

The Company will host a conference call on Thursday, November 9, 2017 at 9:30 am Eastern Time.  Interested parties may access the live call by dialing 877-391-6842, passcode 23246380#.  International callers dial 617-597-9293, passcode 23246380#. 
Participants are encouraged to pre-register for the call by accessing the following link:

https://cossprereg.btci.com/prereg/key.process?key=PEB7F3RP4

The call may also be accessed via the Internet at www.nyrt.com within the Company News section in the Investor Relations tab.
A telephonic replay of the call will be available through December 9, 2017 by dialing 877-481-4010; conference ID 22347.  An online replay will be available until February 9, 2018. 

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.

https://www.prnewswire.com/news-releases/new-york-reit-announces-results-for-third-quarter-2017-and-declaration-of-distribution-of-207-per-share-300552870.html

[Enterprising Investor]

One last New York REIT update $NYRT (11/07/17)

http://www.yetanothervalueblog.com/2017/11/one-last-new-york-reit-update-nyrt.html

[Enterprising Investor]

New York REIT, Inc. Sells its 229 West 36th Street and 256 West 38th Street Properties (11/06/17)

NEW YORK, Nov. 06, 2017 (GLOBE NEWSWIRE) -- New York REIT, Inc. (NYSE:NYRT) (“NYRT”), which is liquidating and winding down pursuant to a plan of liquidation, announced that it has sold its properties located at 229 West 36th Street and 256 West 38th Street in New York, New York for a total of $155.95 million to an unaffiliated third party. The 229 West 36th Street property was part of the collateral for NYRT’s cross collateralized and secured loan in the original principal amount of $760 million. In connection with the sale, NYRT paid approximately $66.1 million on account of the loan as required by the loan documents, resulting in a remaining outstanding principal balance on the loan of approximately $267.9 million. The 256 West 38th Street property was encumbered by a loan in the original principal amount of $24.5 million. In connection with the sale, NYRT paid off the loan in its entirety. After satisfaction of debt, pro-rations and closing costs, NYRT received net proceeds of approximately $58.8 million.


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.

https://globenewswire.com/news-release/2017/11/06/1175394/0/en/New-York-REIT-Inc-Sells-its-229-West-36th-Street-and-256-West-38th-Street-Properties.html

[Enterprising Investor]

New York REIT, Inc. Enters Into Contract to Sell its 1440 Broadway Property (11/02/17)

NEW YORK, Nov. 02, 2017 (GLOBE NEWSWIRE) -- New York REIT, Inc. (NYSE:NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, announced that it has entered into a contract to sell its property located at 1440 Broadway, in New York, New York for $520 million to an unaffiliated third party.  The consummation of the sale is subject to customary closing conditions for sales of real property in New York, New York.  The closing is expected to occur prior to year-end. 

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.

http://www.nasdaq.com/press-release/new-york-reit-inc-enters-into-contract-to-sell-its-1440-broadway-property-20171102-02253

[Enterprising Investor]

New York REIT Closes on Previously Announced Sale of 48.7% Interest in Worldwide Plaza to a Joint Venture Managed by SL Green and RXR Realty (11/18/17)

Transaction Values Worldwide Plaza at $1.725 Billion

Worldwide Plaza Closes on $1.2 Billion Debt Refinancing

SL Green and RXR Realty to Serve as Exclusive Property Manager and Leasing Agent

NEW YORK, Oct. 18, 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 that it has closed on the previously announced sale of a 48.7% interest in Worldwide Plaza to a joint venture managed by SL Green Realty Corp. and RXR Realty LLC based on the agreed upon value of the property of $1.725 billion. In conjunction with the equity sale, there was a concurrent $1.2 billion refinancing of the existing Worldwide Plaza debt. NYRT received cash at closing of approximately $355 million from the sale and excess proceeds from the refinancing, which is net of certain closing costs, including $109.0 million of defeasance and prepayment costs, and a $90.7 million capital reserve.

The new debt on Worldwide Plaza bears interest at a blended rate of approximately 3.98% per annum, requires monthly payments of interest only and matures in November 2027.

Worldwide Plaza is a mixed use building located on Eighth Avenue between 49th and 50th Streets in Manhattan containing approximately 2.05 million rentable square feet including approximately 1.8 million rentable square feet of office space.

Additional Information

Further details surrounding the sale of the membership interest and the financing of Worldwide Plaza will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission ("SEC").

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.

https://www.prnewswire.com/news-releases/new-york-reit-closes-on-previously-announced-sale-of-487-interest-in-worldwide-plaza-to-a-joint-venture-managed-by-sl-green-and-rxr-realty-300539443.html

[Enterprising Investor]

New York REIT, Inc. Sells its 245-249 West 17th Street and 218 West 18th Street Properties (10/11/17)

NEW YORK, Oct. 11, 2017 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) ("NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, announced that it has sold its properties located at 245-249 West 17th Street and 218 West 18th Street in New York, New York for $514.1 million to an unaffiliated third party. The properties were part of the collateral for NYRT's cross collateralized and secured loan in the original principal amount of $760 million. In connection with the sale, NYRT paid approximately $348.0 million on account of the loan as required by the loan documents resulting in a remaining outstanding principal balance on the loan of approximately $333.9 million. After satisfaction of debt, pro-rations and closing costs NYRT received net proceeds of approximately $146.2 million.

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.

http://www.prnewswire.com/news-releases/new-york-reit-inc-sells-its-245-249-west-17th-street-and-218-west-18th-street-properties-300535186.html

[Enterprising Investor]

SL Green and RXR Acquire JV Interest in New York REIT’s Worldwide Plaza (9/14/17)

NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE: SLG), New York City’s largest office property owner, and private investment manager, RXR Realty, today announced that they have signed an agreement to acquire a combined 48.7% interest in Worldwide Plaza, a Class A, trophy asset located in Midtown Manhattan. The interest is being sold by New York REIT (NYSE: NYRT), which will continue to own the remaining equity with WWP Sponsor, LLC, its existing partner. The transaction, which is expected to be completed in the fourth quarter of 2017 subject to customary closing conditions, values the asset at $1.725 billion.

Worldwide Plaza, developed in 1989, consists of a 49-story, 1.8 million-square-foot Class A office tower, a 252,000 retail building with a parking garage, and a large open-air plaza. The property is part of a mixed-use development that encompasses an entire block between 49th and 50th streets and between 8th and 9th avenues. The office building serves as the North American Headquarters for Nomura Holdings, Inc. and Cravath Swaine and Moore LLP, as well as other high-quality office tenants including WebMD, WNet.org, the Rubenstein public relations organization and CBS Broadcasting. The retail building features a five-stage off-Broadway theater, a 475-space parking garage and TMPL, a state-of-the-art fitness gym. The complex is 100% leased.

Worldwide Plaza sits at the juncture of Manhattan’s Columbus Circle and Times Square submarkets, and north of the emerging Hudson Yards area. The property features excellent public transportation access, including direct entry to New York’s E and C subway trains, short walks to the B, D, N, Q, R, and 1 lines and the Port Authority Bus Terminal, crosstown bus service and shuttle service to the nearby New York Waterway ferry.

“With convenient access to transit, a slate of top-tier tenants, and a historic reputation, the iconic Worldwide Plaza building is poised for a big future. We look forward to working with NYRT and SL Green to further enhance Worldwide Plaza's position as a commercial destination in Midtown West,” said Scott Rechler, Chairman and CEO of RXR Realty.

“The acquisition of Worldwide Plaza allows us to expand our footprint on Manhattan’s West Side through investing in a Class A asset that is fully leased to institutional tenants,” commented SL Green Co-Chief Investment Officer, David Schonbraun. “We are excited to partner with NYRT and RXR in our efforts to drive value at the property and participate in the growth of this neighborhood.”

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2017, the Company held interests in 119 Manhattan buildings totaling 47.4 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.9 million square feet of buildings. In addition, the Company held ownership interests in 29 suburban buildings totaling 4.6 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at [phone].

About RXR

RXR Realty LLC (“RXR”) is a vertically integrated private real estate operating company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State area. The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $15.7 billion as of June 30, 2017, comprising approximately 22.1 million square feet of commercial operating properties and approximately 5,200 multi-family and for sale units under active development in the New York Metropolitan area.

http://www.businesswire.com/news/home/20170914005727/en/SL-Green-RXR-Acquire-JV-Interest-New

[Enterprising Investor]

RXR and SL Green inch closer to buying stake in One Worldwide Plaza (9/12/17)

NY REIT will keep a 50.1% equity interest

RXR Realty and SL Green Realty have agreed to buy a 49 percent stake in New York REIT’s One Worldwide Plaza, a property valued at $1.73 billion.

The Real Deal first reported that the two companies were in talks for the 1.8 million-square-foot office tower. According to the Commercial Observer, the deal is expected to close in the fourth quarter.

Earlier this year, New York REIT purchased an additional 49.9 percent stake in the trophy tower, bringing its equity interest up to 98.8 percent. If the deal with RXR and SL Green goes through, the REIT will maintain a 50.1 percent equity interest in the property, while George Comfort & Sons will keep its 1.2 percent stake in the building.

RXR has had its eye on One Worldwide for sometime. In fact, the company lobbed a lawsuit at New York REIT in 2013, alleging that it was promised the 49.9 percent stake that the REIT purchased for $220 million.

New York REIT is in the process of liquidating its 4.4 million-square-foot commercial portfolio. The company sold 50 Varick Street last month for $135 million, the first deal to close since the REIT started liquidation. [CO] — Kathryn Brenzel

https://therealdeal.com/2017/09/12/rxr-and-sl-green-inch-closer-to-buying-stake-in-one-worldwide-plaza/

[The article's math is fuzzy. If NYRT does sell half of its 98.8 percent, then the investors would be buying 49.4 percent. Stay tuned for an official press release.]

[Enterprising Investor]

New York REIT Announces Sale of 50 Varick Street Property (8/08/17)

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 sale of its 50 Varick Street office property in Manhattan, New York for a gross sales price of $135.0 million.  The property was part of the collateral for the Company’s $760 million cross collateralized and secured loan.  In connection with the sale, the Company paid down $78.1 million of debt as required under the loan.  After satisfaction of debt, pro-rations and closing costs the Company received net proceeds of approximately $49.1 million.

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.

https://globenewswire.com/news-release/2017/08/08/1081587/0/en/New-York-REIT-Announces-Sale-of-50-Varick-Street-Property.html

[Enterprising Investor]

New York REIT taps RKF to sell retail holdings (6/20/17)

Embattled company is liquidating 3.3M sf of real estate

By Rich Bockmann

New York REIT hired RKF’s investment sales division to oversee the selloff of its standalone retail properties as the troubled real estate investment trust liquidates its $2.78 billion office-and-retail portfolio.

RKF vice chairman Jeff Fishman will lead a team marketing the assets, the bulk of which are concentrated on Bleecker Street. The buildings are located in such neighborhoods as Midtown West, Tribeca and Greenwich Village.

“We’ll be marketing them both individually and as a portfolio – whatever will bring best results for the seller,” said Fishman, who declined to comment on pricing.

New York REIT, whose board last summer approved a plan to dissolve the company amid an accounting scandal that caused share prices to plummet, was formed in 2009 as a vehicle to acquire real estate at the bottom of the market.

The REIT acquired the seven standalone retail properties between 2010 and 2012 for a total of $99 million, records show.

In late 2010, it bought six retail condominiums at 367-369, 382-384 and 387 Bleecker Street from Beck Street Capital for $35 million. The REIT increased its holdings on the trendy shopping corridor in 2013 when it picked up a retail co-op and parking garage at 350 Bleecker Street for $10.9 million.

The properties are tenanted with fashion brands Burberry, Michael Kors, Havaianas, APC and Sarah Pacini. The 480-square-foot condo at 387 Bleecker, however, is vacant. And amid high retail availabilities across the city, Bleecker stands out as one of the more troubled areas.

Fishman referred to Bleecker as the “more the value-add part of the portfolio” and could attract a separate buyer from the other properties.
Those include a retail condo at 416 Washington Street in Tribeca, the retail portion of the One Jackson Square condo building at 122 Greenwich Avenue in the Village and a retail condo and parking garage at 350 West 42nd Street at the base of Extell Development’s Orion apartment building in Midtown West.

Wendy Silverstein, who was appointed head of NYRT in February to oversee its liquidation, said the decision to select Fishman and RKF to sell off the retail was one she made “shortly after I came on board as CEO.”
The REIT is in the midst of liquidating its 3.3 million-square-foot portfolio, which it expects to be completed by the end of March.

Eastdil Secured and CBRE are handling the sale of crown jewel in the portfolio – the 1.8 million-square-foot One Worldwide Plaza – as well as the 756,000-square-foot 1440 Broadway. Eastdil is also marketing the 240-key Viceroy Hotel on West 57th Street, and CBRE is overseeing the sale of the parking garage at the base of the Centurion condo building at 33 West 56th Street. Cushman & Wakefield is marketing the remainder of the portfolio.

https://therealdeal.com/2017/06/20/new-york-reit-taps-rkf-to-sell-off-retail-holdings/

[Enterprising Investor]

New York REIT Completes Option Acquisition in Worldwide Plaza Bringing Total Ownership to 98.8 Percent (6/01/17)

NEW YORK, June 1, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT), today announced that the Company, through a wholly owned subsidiary, acquired for approximately $276.7 million an additional 49.9% indirect equity interest in Worldwide Plaza, pursuant to the Company's previously announced exercise of its option to purchase additional equity interests under the joint venture agreement governing Worldwide Plaza.
   
As a result of the acquisition, the Company owns a total indirect equity interest of 98.8% in Worldwide Plaza. The remaining 1.2% indirect equity interest in Worldwide Plaza was retained by the Company's joint venture partner pursuant to its rights under the joint venture agreement.

Wendy Silverstein, CEO stated, "We are pleased to have completed this acquisition in a timely manner. NYRT is now well positioned to begin the next phase of its liquidation process. We look forward to completing that process as quickly and efficiently as possible with a focus on maximizing shareholder value."

Worldwide Plaza is a mixed use building located on Eighth Avenue, between 49th and 50th Streets in Manhattan containing approximately 2.05 million rentable square feet including approximately 1.8 million rentable square feet of office space.

Additional information regarding the acquisition can be found in a Form 8-K filed by the Company on June 1, 2017 and available at www.nyrt.com.

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.

http://www.prnewswire.com/news-releases/new-york-reit-completes-option-acquisition-in-worldwide-plaza-bringing-total-ownership-to-988-percent-300467551.html

[Enterprising Investor]

New York REIT Announces Results for First Quarter 2017 (5/10/17)

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 [phone] or [phone], 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 [phone]; 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.

http://www.prnewswire.com/news-releases/new-york-reit-announces-results-for-first-quarter-2017-300455467.html

[Enterprising Investor]

New York REIT to acquire remaining 51.1% interests in Worldwide Holdings (3/31/17)

On March 30, 2017, New York REIT, Inc. (the “Company”), through a wholly owned subsidiary (the “WWP JV Sub”), exercised its right (the “WWP Option”) to acquire the remaining 51.1% interests in Worldwide Holdings, LLC (“Worldwide Plaza”) it does not currently own (the “Call Interest”). Worldwide Plaza is the indirect owner of the Worldwide Plaza property located on Eighth Avenue, between 49th and 50th Streets in Manhattan; the WWP Option was exercised pursuant to the Company’s rights under the joint venture agreement for Worldwide Plaza (the “JV Agreement”) and is subject to the WWP JV Sub’s joint venture partner’s right to retain up to 1.2% of the aggregate membership interest. In connection with the Company’s exercise of the WWP Option and as required by the JV Agreement, the Company deposited $30.0 million in escrow with Stewart Title Insurance Company as escrow agent.
 
As provided in the JV Agreement, the purchase price of the Call Interest equals the product of (i) the percentage interest being acquired (i.e. 51.1% or 49.9%) and (ii) the option price for the Worldwide Plaza property of approximately $1.4 billion (subject to certain adjustments, including adjustments for any accrued but unpaid preferred return that WWP JV Sub is entitled to from Worldwide Plaza) minus the principal balance of the outstanding mortgage and mezzanine indebtedness encumbering the Worldwide Plaza property, which was $875.0 million as of March 30, 2017. Based on this formula the Company estimates the purchase price for the Call Interest will be approximately $269.0 million (assuming the seller of the Call Interest does not elect to retain up to 1.2% of the aggregate membership interests.
 
The Company’s acquisition of the Call Interest is subject to the satisfaction of the conditions relating to WWP JV Sub as transferee of the Call Interest under the mortgage and mezzanine indebtedness encumbering the Worldwide Plaza property. Approval of WWP JV Sub as transferee of the Call Interest requires, among other customary conditions, that the Company have, at the time of transfer, a minimum net worth of $750.0 million and a minimum value of real estate assets controlled (through ownership or management) of $2.0 billion (exclusive of the Company’s interest in the Worldwide Plaza property and cash). The Company believes it will satisfy all requirements necessary for WWP JV Sub to acquire the Call Interest. In addition, the Company will be required to pay a transfer fee equal to 0.25% of the outstanding principal balance of the mortgage and mezzanine indebtedness encumbering the Worldwide Plaza property at the closing (the “Closing”) of the Company’s purchase of the Call Interest
 
In accordance with the exercise of the WWP Option, the Closing is expected to occur five business days after satisfaction of the conditions relating to WWP JV Sub as transferee of the Call Interest in accordance with the terms of the mortgage and mezzanine indebtedness encumbering the Worldwide Plaza property. However, the Closing will in no event occur earlier than April 29, 2017 or later than June 28, 2017, subject to the right of either member to the JV Agreement to independently adjourn the closing date for up to 60 days if the loan transfer conditions are not satisfied by June 28, 2017.
 
The Company expects to fund the estimated purchase price primarily with proceeds from the borrowings under the loan agreement and mezzanine loan agreement entered into by wholly owned subsidiaries of the Company’s operating partnership on December 20, 2016.
 
https://www.sec.gov/Archives/edgar/data/1474464/000114420417017877/v463070_8k.htm

[Enterprising Investor]

New York REIT: Timing Is Everything (3/13/17)

http://seekingalpha.com/article/4054483-new-york-reit-timing-everything

[Enterprising Investor]

New York REIT Announces Appointment Of Howard A. Goldberg To Board Of Directors (3/09/17)

NEW YORK, March 9, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT) today announced the appointment of Howard A. Goldberg to the Company's Board of Directors (the "Board"), effective March 8, 2017. The appointment of Mr. Goldberg is pursuant to the previously announced settlement agreement entered into by the Company with Michael L. Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC ("WW Investors") on October 24, 2016. Mr. Goldberg was recommended by WW Investors, and his appointment was unanimously approved by the Board. With the appointment of Mr. Goldberg, the NYRT Board comprises nine directors, seven of whom are independent.

Mr. Goldberg has been a private investor in both real estate and start-up companies and has provided consulting services to start-up companies since 1999. Mr. Goldberg's real estate experience includes serving as a member of the board of directors and the audit committees of Shelbourne Properties I, II and III, three affiliated real estate investment trusts, from August 2002 until their liquidation in April 2004. In addition, he served as a member of the board of trustees of Winthrop Realty Trust ("Winthrop"), a publicly-traded real estate investment trust, from December 2003 to August 5, 2016 when Winthrop's assets were transferred to Winthrop Realty Liquidating Trust. Mr. Goldberg currently serves as a trustee for Winthrop Realty Liquidating Trust.

"We are pleased to welcome Howard to the NYRT Board," said Randolph C. Read, Chairman of the Board of Directors of NYRT. "Howard's nearly two decades of senior executive, legal and real estate industry experience, including oversight of two liquidation processes, aligns exceptionally well with the Board's priorities. We look forward to benefitting from his contributions as we continue to execute the plan of liquidation."
"I am pleased to join the NYRT Board at this important juncture for the Company," said Mr. Goldberg. "I look forward to leveraging my insight and experience to support the Board in executing the plan of liquidation to maximize value for stockholders."

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. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

http://www.prnewswire.com/news-releases/new-york-reit-announces-appointment-of-howard-a-goldberg-to-board-of-directors-300421090.html

[Zmarzz]

It is surprising how little attention this stock has received from investors. I think there is a very good, if not excellent chance of making a 20 percent profit by the end of the year, and yet nobody cares. Is everybody looking to get rich quick?

[Enterprising Investor]

New York REIT Announces Transition Of External Manager To Winthrop REIT Advisors (3/03/17)

NEW YORK, March 3, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT) announced today that it has notified the parties that the previously announced transition of its external advisor from New York Recovery Advisors, LLC (which is managed by AR Global Investments, LLC; collectively referred to as "ARG" herein) to Winthrop REIT Advisors LLC ("Winthrop") will be completed on March 7, 2017. All advisory duties will on that date be transferred to Winthrop. In connection with the transition of external managers, Wendy Silverstein will be appointed as the Company's President and Chief Executive Officer as of that same date and will continue to serve as a member of the Company's Board of Directors. In addition, John Garilli will be appointed as the Company's Chief Financial Officer, Treasurer and Secretary as of that date. Also effective as of March 7, 2017, Michael Happel will resign as President and Chief Executive Officer of NYRT and has advised the Company that he will be founding a real estate business after a transition period with ARG. Nicholas Radesca will resign as Interim Chief Financial Officer, Treasurer and Secretary of NYRT and Patrick O'Malley will resign as Chief Investment Officer of NYRT also effective, in each case as of March 7, 2017.

Randolph C. Read, Chairman of the Board, commented, "We are pleased to be completing the external advisor transition and would like to thank ARG and Winthrop for their efforts in making this process as seamless as possible. I would also like to welcome Wendy to her new role on the NYRT management team. My fellow directors and I look forward to continuing to benefit from her extensive real estate background and financial, capital markets and transaction expertise. She is an ideal leader for NYRT to oversee and expeditiously complete our previously announced plan of liquidation."

Mr. Read continued, "I would like to thank Mike Happel for his hard work, professionalism and dedication to NYRT. As an entrepreneurial co-founder of the Company, Mike has played an instrumental role in creating the Company and building its strong portfolio of New York real estate assets since the Company's inception in 2009. We wish him well in the future."

"With the completion of the external manager transition, we are now able to focus all of our energy on executing the plan of liquidation," said Ms. Silverstein. "We have made good progress over the past few months, and are well positioned to complete the work at hand with the goal of maximizing value for all NYRT stockholders."

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. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

http://www.prnewswire.com/news-releases/new-york-reit-announces-transition-of-external-manager-to-winthrop-reit-advisors-300417655.html

[Enterprising Investor]

New York REIT Announces Results for Fourth Quarter 2016 and Full Year 2016 (3/01/17)

NEW YORK, March 1, 2017 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) ("NYRT" or the "Company"), a publicly traded real estate investment trust that acquires income-producing commercial real estate, including office and retail properties, in New York City, announced today its financial and operating results for the fourth quarter and full year ended December 31, 2016.

Select Fourth Quarter Highlights and Subsequent Events

Strategic Process

•Received stockholder approval for Plan of Liquidation and Dissolution of the Company.

•Closed new $760 million financing, which repaid the prior credit facility in full, provides additional liquidity for the Company to exercise its option to purchase additional equity interests in Worldwide Plaza, and has terms which provide for increased flexibility to implement the plan of liquidation.

•Selected Winthrop REIT Advisors LLC ("Winthrop") to oversee the liquidation process.

•Added Wendy A. Silverstein and Joe C. McKinney to the Board.

Portfolio Activity

•Executed one replacement lease at Design Center with Niall Smith Antiques totaling 2,469 square feet and a 5-year term, resulting in a 61% and 81% increase in initial rent on a cash basis and GAAP basis, respectively.

Results for the Fourth Quarter and Full Year Ended December 31, 2016

•Net Loss: Recorded net loss attributable to stockholders of $26.2 million for the fourth quarter 2016. Net loss attributable to stockholders for the full year 2016 was $82.5 million.

•Core FFO: Generated fourth quarter 2016 Core FFO of $3.4 million, compared to $7.6 million in the fourth quarter 2015. Core FFO was $54.5 million for the full year 2016, compared to $65.6 million for the full year 2015.

•AFFO: Realized fourth quarter 2016 AFFO of $8.9 million, compared to $13.4 million in the fourth quarter 2015. AFFO was $35.4 million for the full year 2016, compared to $68.9 million for the full year 2015.

•Weighted Average Outstanding Shares: Fully diluted weighted average shares outstanding were 168.6 million and 168.4 million for the quarter and year ended December 31, 2016, respectively.

•Cash NOI: Generated fourth quarter 2016 Cash NOI of $30.7 million, compared to $32.0 million in the fourth quarter 2015. Cash NOI of $32.0 million in the fourth quarter 2015 included $1.8 million of one-time lease termination fee revenue and was $30.2 million excluding this revenue.

•Same Store Cash NOI: Recorded fourth quarter 2016 Same Store Cash NOI of $29.2 million compared to $30.1 million in the fourth quarter 2015. Same Store Cash NOI of $30.1 million in the fourth quarter 2015 included $1.8 million of one-time lease termination fee revenue and was $28.3 excluding this revenue.

•Occupancy: Total ending occupancy was 93.4% as of December 31, 2016, compared to 93.4% as of September 30, 2016 and 95.2% as of December 31, 2015.

•GAAP G&A: Reported GAAP general and administrative expense ("G&A") of $13.8 million in the fourth quarter 2016. Cash general and administrative expense ("Cash G&A") is the difference between GAAP G&A and non-cash G&A, which consists primarily of the result of the increase in the fair value of the Company's multi-year outperformance plan (the "OPP") in the fourth quarter 2016. See below for a discussion and reconciliation of cash G&A and GAAP G&A.

•See the attached tables and supplemental package attached hereto as Exhibit 99.2 for a reconciliation of all non-GAAP financial measures contained herein.

Michael Happel, Chief Executive Officer and President of NYRT, said "The Company is moving forward with the plan of liquidation which was approved by stockholders on January 3, 2017. The transition process between Winthrop and the existing external advisor to NYRT is going smoothly. In addition, the $760 million financing completed in December 2016 gives the Company the liquidity it needs to exercise its purchase option at Worldwide Plaza and the Company expects to exercise that option in the first quarter of 2017."

Nicholas Radesca, Interim Chief Financial Officer of NYRT, commented "Portfolio occupancy was unchanged during the fourth quarter of 2016 and same-store cash NOI was up approximately 8% compared to the third quarter of 2016. Our cash G&A was up $1.3 million in the fourth quarter compared to the third quarter primarily due to higher legal fees as well as our payment in accordance with the Settlement Agreement. Our non-cash G&A was up $10.7 million in the fourth quarter compared to the third quarter primarily as a result of the impact of the OPP."

Portfolio Activity and Occupancy

Occupancy

The overall portfolio occupancy was 93.4% as of December 31, 2016, with a weighted-average remaining lease term of 8.9 years. This compares to occupancy of 93.4% and a weighted-average remaining lease term of 9.0 years as of the end of the third quarter 2016 and occupancy of 95.2% and a weighted average remaining lease term of 9.6 years as of December 31, 2015.

Operating Results

Net loss attributable to stockholders was $26.2 million for the fourth quarter 2016 compared to $8.5 million in the fourth quarter of 2015, an increase of $17.7 million, primarily due to higher interest expense from new debt, transactional expenses relating to strategic initiatives, and lower revenues due to vacancies.

Core FFO was $3.4 million in the fourth quarter 2016 compared to $7.6 million in the fourth quarter of 2015, a decrease of $4.2 million, primarily attributable to lower revenues in the fourth quarter 2016 due to vacancy and higher cash-paid general and administrative expenses.

Same Store Cash NOI was $29.2 million in the fourth quarter 2016 compared to $30.1 million in the fourth quarter of 2015, a $0.9 million year-over-year decrease, primarily due to higher same-store vacancy in the fourth quarter 2016 compared to the fourth quarter of 2015 and inclusion of one-time lease termination fee revenue of $1.8 million in the fourth quarter of 2015. Excluding one-time lease termination fee revenue, Same Store Cash NOI was $28.3 million in the fourth quarter of 2015.

Cash General and Administrative Expenses

Cash G&A is the difference between GAAP G&A and non-Cash G&A, which is comprised of the change in the fair value of our OPP and non-cash compensation expense. The Company uses Cash G&A because it believes that this measure is commonly reported and widely used by management and investors as an indicator of overhead efficiency without regard to non-cash expenditures, such as stock compensation. Cash G&A is not a calculation based on GAAP financial measures and should not be considered as an alternative to GAAP G&A in measuring the company's performance. You should carefully consider the specific items included in the Company's computation of this measure. You are cautioned that Cash G&A as reported by the Company may not be comparable in all instances to that reported by other companies.

[tables deleted]

Financial Strength and Liquidity

NYRT's combined total debt to enterprise value was 48% as of December 31, 2016. Enterprise value of $3.3 billion is based on the December 30, 2016 closing share price of $10.12, 168.7 million fully diluted shares outstanding, and the quarter end total combined debt of $1.6 billion, which includes NYRT's pro rata share of unconsolidated debt.

As of December 31, 2016, combined interest coverage was 1.4X based on Adjusted EBITDA. The weighted average interest rate on NYRT's combined outstanding debt of $1.6 billion was 4.3% with an average remaining term of 2.8 years (3.3 years including extensions).

Dividends

In October 2016, the Company announced that, in light of the plan of liquidation, which was then subject to stockholder approval, the Company's board of directors had determined that the Company would not pay a regular dividend for the month of November 2016 and did not expect to pay a regular monthly dividend for the month of December 2016 or thereafter. Because the plan of liquidation was approved by the Company's stockholders, the Company does not expect to resume paying monthly dividends. The Company expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends.

Supplemental Schedules

NYRT has filed supplemental information packages with the Securities and Exchange Commission ("SEC") to provide additional disclosure and financial information for the benefit of NYRT's various stakeholders, including reconciliations of all non-GAAP measures contained in this press release. The supplemental package can be found under "Investors - Quarterly Supplemental" section of NYRT's website at www.nyrt.com and on the SEC website at www.sec.gov.

Conference Call

NYRT will not be hosting a conference call to review financial and operating results for the fourth quarter and full year 2016.

About NYRT

NYRT is a publicly traded real estate investment trust listed on the NYSE that acquires income-producing commercial real estate, including office and retail properties, in New York City. Additional information about NYRT can be found on its website at www.nyrt.com. NYRT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.

http://www.prnewswire.com/news-releases/new-york-reit-announces-results-for-fourth-quarter-2016-and-full-year-2016-300416336.html