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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.
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
One last New York REIT update $NYRT (11/07/17)
http://www.yetanothervalueblog.com/2017/11/one-last-new-york-reit-update-nyrt.html
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
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
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
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
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 (212) 594-2700.
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
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.]
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
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/
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
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 (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.
http://www.prnewswire.com/news-releases/new-york-reit-announces-results-for-first-quarter-2017-300455467.html
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
New York REIT: Timing Is Everything (3/13/17)
http://seekingalpha.com/article/4054483-new-york-reit-timing-everything
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
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?
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
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
New York REIT Announces Director Resignation (2/16/17)
NEW YORK, Feb. 16, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT) today announced the resignation of Gregory F. Hughes from the Company's Board of Directors (the "Board"), effective February 15, 2017.
Mr. Hughes advised the Company that he was resigning because of disagreements with the Board and the Company relating to its governance. Further detail regarding the nature of the disagreements and the Company's response will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the "SEC").
Michael Ashner, a principal of WW Investors, LLC, which selected Mr. Hughes to join the Board in October 2016 pursuant to a settlement agreement with the Company, and Winthrop REIT Advisors LLC, commented, "While we are exceedingly grateful to Greg for his efforts in moving NYRT forward, we retain our confidence that the company will continue to move forward with its plan of liquidation under the stewardship of the Board."
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-director-resignation-300408802.html
New York REIT Announces Appointment of Wendy A. Silverstein to Board of Directors (2/06/17)
NEW YORK, Feb. 6, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT) today announced the appointment of Wendy A. Silverstein to the Company's Board of Directors (the "Board").
Ms. Silverstein is currently providing consulting services to Winthrop REIT Advisors, the Company's current exclusive advisor with respect to all matters primarily related to the plan of liquidation and consultant on other matters. As previously disclosed, the Company plans to appoint Wendy Silverstein as the Company's Chief Executive Officer when Winthrop becomes the external manager to the Company. Previously Ms. Silverstein served as Executive Vice President and Co-Head of Acquisitions and Capital Markets for Vornado Realty, a position she held from 1998 until April 2015. At Vornado, she was responsible for a diverse range of capital market activities including all equity, debt, and derivative transactions of Vornado, as well as a variety of real estate and corporate acquisitions. The Board believes that Ms. Silverstein's extensive real estate, finance and board experience position her well to assist NYRT as it executes the plan of liquidation.
"On behalf of the Board of Directors and management team, I would like to welcome Wendy to the NYRT Board," said Randolph C. Read, Chairman of the Board of Directors of NYRT. "Wendy is an accomplished executive with a track record of success and value creation in the real estate industry and we look forward to benefitting from her extensive financial, capital markets and transaction experience as we execute the plan of liquidation."
"NYRT has an outstanding portfolio of assets and I have gotten to know my fellow Board members very well over the past few months," said Ms. Silverstein. "I look forward to working with them and leveraging my real estate transaction experience as we execute the plan of liquidation as expeditiously as possible and work to maximize value for all NYRT stockholders."
About Wendy Silverstein
In addition to her prior role as executive Vice President and Co-Head of Acquisitions and Capital Markets for Vornado Realty, Ms. Silverstein previously served as a member of the Investment Committee for Vornado's private equity fund, Vornado Capital Partners, LP. Prior to joining Vornado in 1998, Ms. Silverstein spent eight years as a Vice President and Senior Credit Officer of Citicorp Real Estate and Citibank, N.A., where she was responsible for several billion dollars of real estate debt restructurings. From 1986 to 1990, she was an Assistant Vice President in the Leveraged Capital Group at Citibank, N.A. providing sponsor financing for leveraged buyouts. Ms. Silverstein currently serves on the Board of Directors of Toys R Us, Inc., Wayne Real Estate Company, LLC and Alexander's Inc. She was previously a member of the Board of Directors of LNR Property, LLC, the nation's largest loan special servicer. Ms. Silverstein earned her Bachelor of Science in Economics, Magna Cum Laude, and a Master of Business Administration with Distinction from The Wharton School of The University of Pennsylvania. She is also a Certified Public Accountant. She also serves on the Board of Directors and as the Treasurer of WIN, the largest provider of shelter housing for women and children in New York City, and on the Board of Beit Ruth, an educational and therapeutic village for at risk girls in Israel.
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-wendy-a-silverstein-to-board-of-directors-300402400.html
New York REIT Announces Stockholder Approval Of Plan Of Liquidation (1/03/17)
NEW YORK, Jan. 3, 2017 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT), announced that, at the Company's special meeting of stockholders held today, that over 99 percent of the shares of NYRT common stock that voted on the proposal to approve the Plan of Liquidation and Dissolution of the Company (the "Plan of Liquidation" or the "Plan") voted in favor of the proposal, with more than a majority of the outstanding shares approving, and therefore, the Plan was approved.
"We are pleased with the outcome of today's vote, and I would like to thank all of NYRT's stockholders for their support throughout this process," said Randolph C. Read, Chairman of the Board of Directors of NYRT (the "Board"). "We look forward to executing the plan of liquidation with the goal of maximizing value for all stockholders expeditiously."
The Company also noted that, at its annual meeting of stockholders held on December 30, 2016, all nine existing directors were reelected to the Board.
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-stockholder-approval-of-plan-of-liquidation-300385162.html
New York REIT Completes $760 Million Financing (12/21/16)
Proceeds to be Used to Repay Existing Credit Facility in Full and Provide Liquidity to Acquire Balance of Equity Interest in Worldwide Plaza
NEW YORK, Dec. 21, 2016 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT), today announced the closing of a new $760 million financing secured by 12 assets. As previously announced, NYRT intends to use the proceeds from the financing to repay its existing credit facility in full, to provide liquidity for the exercise of its option to acquire all or substantially all of the remaining equity interest in Worldwide Plaza that the Company currently does not own, and to provide increased flexibility to allow the Company to proceed with its proposed plan of liquidation and dissolution, subject to stockholder approval. The financing was provided by Credit Suisse.
Randolph C. Read, Chairman of the Board commented, "We are pleased to announce this financing, which provides us the financial flexibility and balance sheet strength to capture additional value associated with Worldwide Plaza and proceed with our plan of liquidation, pending stockholder approval. We look forward to executing the plan of liquidation as expeditiously as possible, once approved by NYRT stockholders."
"NYRT has a strong portfolio of high-quality, well-leased assets in one of the best real estate markets in the world and we believe that increasing our ownership of Worldwide Plaza will bring significant value to our stockholders," said Michael Happel, Chief Executive Officer and President of NYRT. "In addition to providing us with the capital we need to exercise the option at Worldwide Plaza, this financing allows us to pay off our existing credit facility in full and move forward with the previously announced plan of liquidation, following stockholder approval."
The current credit facility had an outstanding balance of approximately $485 million as of December 19, 2016. The Company obtained the new financing partly because the former credit facility did not permit a liquidation or sale of all or substantially all of the assets of the Company.
Worldwide Plaza, a two million square foot office building in Manhattan, is the Company's largest asset. The Company currently owns a 48.9% interest in Worldwide Plaza and has a fixed price option to purchase all or substantially all of the rest of the property.
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-completes-760-million-financing-300382375.html
New York REIT Appoints Winthrop As New External Advisor (12/19/16)
Winthrop and NYRT Board to Manage All Aspects of Proposed Plan of Liquidation
Company Also Enters into Transitional Extension of Advisory Agreement with Existing Advisor
Company to Hold Vote on Election of Directors on December 30, 2016
Company to Hold Vote on Plan of Liquidation on January 3, 2017
NEW YORK, Dec. 19, 2016 /PRNewswire/ -- New York REIT, Inc. ("NYRT" or the "Company") (NYSE: NYRT), today announced that the Company's Board of Directors (the "Board") has selected Winthrop REIT Advisors LLC ("Winthrop") to become its new external advisor. The appointment follows a thorough and diligent process conducted by the independent directors of the Company's Board of Directors (the "Board"), with the assistance of its independent legal and financial advisors, to select a new, qualified party to serve as external advisor for the Company. As part of that process, the Board contacted 31 entities to submit proposals and received a total of 14 proposals, and ultimately concluded that the appointment of Winthrop represented the best option to oversee the proposed plan of liquidation, pending stockholder approval, and to maximize value for stockholders.
NYRT also announced today that the Company has entered into an extension of its advisory agreement with its current advisor, New York Recovery Advisors, LLC (which is managed by AR Global Investments, LLC; collectively referred to as "ARG" herein), partly in order to facilitate a smooth transition to Winthrop. The extension is through March 31, 2017, although the Company can terminate it on three business days' notice after the later of February 28, 2017 and the filing of NYRT's 2016 Annual Report on Form 10-K (the "10-K"). This agreement with ARG is designed to enable NYRT to file its 10-K in a timely manner and in compliance with all filing, regulatory and audit requirements. After the filing of the 10-K, the Board expects ARG to conclude its services and all other advisory duties will transition to Winthrop. Commencing January 3, 2017, Winthrop will advise the Company with respect to the plan of liquidation, and manage all aspects of the proposed plan of liquidation at the Board's direction and the Board expects to move forward expeditiously with the plan of liquidation once it is approved by the shareholders. Additional details regarding the new external management contract with Winthrop and the extension agreement with ARG will be provided in a Form 8-K to be filed today with the U.S. Securities and Exchange Commission ("SEC").
Randolph C. Read, Chairman of the Board, commented, "We are pleased to announce the appointment of Winthrop as NYRT's new external advisor which will be led by Wendy Silverstein. The independent directors of the Board reached this decision following a robust and comprehensive process focused on selecting the most qualified adviser to manage the proposed plan of liquidation and to maximize value for all stockholders. Following an extensive vetting process, the Board chose Winthrop and Silverstein for their deep real estate background and Winthrop's extensive experience leading companies through liquidation events, as well as the cost savings the new contract will provide the Company over its expected term."
Mr. Read continued, "On behalf of the Board, we would like to thank ARG for agreeing to extend its agreement, which we believe is in the best interests of stockholders and will ensure a seamless transition of the external management contract, and all the hard work of ARG and its employees in serving NYRT stockholders since its inception in 2009."
"We are excited to have been selected as the new external advisor for NYRT and look forward to working alongside the Board to maximize value for all NYRT stockholders," said Michael Ashner of Winthrop and Wendy Silverstein. "NYRT has an outstanding portfolio of assets and we are well prepared to work with the Board to execute the proposed plan of liquidation as expeditiously as possible, pending approval by NYRT stockholders. I also want to recognize the leadership of Randy Read in bringing the parties together," said Michael Ashner.
The Company has recently announced that it will hold two separate stockholder meetings: an annual meeting to vote on the election of directors and a special meeting to approve NYRT's proposed plan of liquidation and dissolution. The bifurcation of meetings will allow the Company to begin liquidation accounting for the full year 2017, which will result in accounting cost savings for the Company while allowing it to remain in compliance with New York Stock Exchange annual meeting requirements. As previously announced, NYRT will hold the vote on the election of directors on December 30, 2016, and now plans to hold a vote on the plan of liquidation and dissolution on January 3, 2017. Stockholders of record at the close of business on November 10, 2016 will be entitled to vote at the meetings. The annual meeting proxy statement has been sent to stockholders and the special meeting proxy has been filed with the SEC and will be sent to stockholders following SEC review.
Mr. Ashner further stated, "We believe the bifurcation of the Annual Meeting is in the best interests of NYRT and its stockholders. WW Investors intends to vote in favor of the plan of liquidation and all the directors standing for election, and fully supports the actions of the Board."
Additional information regarding the nominees and voting instructions can be found in the Company's preliminary proxy materials, which have been filed with the SEC.
Debevoise & Plimpton LLP, special counsel to the independent directors of the Board, as well as a nationally recognized valuation consultancy, assisted the independent directors of the Board in the RFP process. In an effort to remove any potential conflicts of interest, William M. Kahane, a member of the Board, recused himself from all deliberations relating to the RFP process.
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-appoints-winthrop-as-new-external-advisor-300381017.html
New York REIT, Inc. Sets Stockholders Meeting Date of December 30, 2016 (11/23/16)
NEW YORK, Nov. 23, 2016 /PRNewswire/-- New York REIT, Inc. ("NYRT") (NYSE: NYRT), announced today that its 2016 Annual Meeting of Stockholders (the "Annual Meeting") to vote on the election of directors and to approve NYRT's proposed plan of liquidation and dissolution, will be held on December 30, 2016 at a time and location to be determined. Stockholders of record at the close of business on November 10, 2016 will be entitled to vote at the Annual Meeting.
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-inc-sets-stockholders-meeting-date-of-december-30-2016-300368001.html
Craig T. Bouchard is the former Chairman and Chief Executive Officer of Real Industry, Inc.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124680383
New York REIT - Liquidation With 30%-50% Upside And Likely No Downside (11/14/16)
http://seekingalpha.com/article/4023052-new-york-reit-liquidation-30-percentminus-50-percent-upside-likely-downside
New York REIT Announces Results for Third Quarter 2016 (11/09/16)
NEW YORK, Nov. 9, 2016 /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 third quarter ended September 30, 2016.
Select Third Quarter Highlights and Subsequent Events
Strategic Process
The Board of Directors ("Board") has approved a plan of liquidation, subject to stockholder approval.
The Company is currently seeking to obtain new financing of approximately $760 million in order to repay the existing credit facility in full, to provide additional liquidity for the Company to exercise its option to purchase the balance of the equity interest in Worldwide Plaza and to provide increased flexibility to pursue the plan of liquidation.
The Company expanded the size of the Board from six to nine directors and elected James Hoffmann, Gregory Hughes, and Craig T. Bouchard as new members of the Board.
The Company has scheduled its annual meeting for December 19, 2016.
Portfolio Activity
Signed three new leases and one lease extension for a total of 16,188 square feet during the third quarter.
Executed a new lease at 256 West 38th Street with Job Path totaling 8,610 square feet and a 12-year term and a new lease at 416 Washington Street with Yoga Vida totaling 3,833 square feet and a 10-year term.
Extended the lease for Demiurge at 306 East 61st Street totaling 3,733 square feet for a 5-year term.
Results for the Third Quarter Ended September 30, 2016
Net Loss: Recorded net loss attributable to stockholders of $45.3 million for the third quarter 2016, which includes an impairment charge of $27.9 million, deductions of $16.3 million for depreciation and amortization and $11.6 million for transaction expenses. See the attached tables and supplemental package attached hereto as Exhibit 99.2 for a reconciliation of all non-GAAP financial measures contained herein.
Core FFO: Generated third quarter 2016 Core FFO of $15.8 million (or $0.09 per fully diluted share), compared to $17.7 million (or $0.11 per fully diluted share) in the third quarter 2015.
AFFO: Realized third quarter 2016 AFFO of $5.3 million (or $0.03 per fully diluted share), compared to $18.4 million (or $0.11 per fully diluted share) in the third quarter 2015.
Cash NOI: Generated third quarter 2016 Cash NOI of $27.7 million, compared to $32.1 million in the third quarter 2015.
Same Store Cash NOI: Recorded third quarter 2016 Same Store Cash NOI, excluding the Viceroy Hotel, of $26.9 million compared to $30.1 million in the third quarter 2015.
Occupancy: Total ending occupancy was 93.4% as of September 30, 2016, compared to 95.2% as of December 31, 2015.
Michael Happel, Chief Executive Officer and President of NYRT, said "The Company remains focused on its strategic process and will seek a stockholder vote on the proposed plan of liquidation while also maintaining the flexibility to pursue a corporate sale or merger if our Board determines that is more attractive than the plan of liquidation."
Nicholas Radesca, Interim Chief Financial Officer of NYRT, commented "Operating results during the third quarter were solid with portfolio occupancy increasing modestly from 93.0% as of June 30, 2016 to 93.4% as of September 30, 2016. Core FFO was $0.09 per fully diluted share in the third quarter of 2016 compared to $0.10 per fully diluted share in the second quarter of 2016. The decrease was primarily attributable to higher general and administrative expenses relating to legal, accounting and public relations fees related to corporate and shareholder matters."
Portfolio Activity and Occupancy
Occupancy
The overall portfolio occupancy was 93.4% as of September 30, 2016, with a weighted-average remaining lease term of 9.0 years. This compares to occupancy of 93.0% and a weighted-average remaining lease term of 9.3 years as of the end of the second quarter 2016 and occupancy of 97.2% and a weighted average remaining lease term of 9.2 years as of September 30, 2015.
Operating Results
Net loss attributable to stockholders was $45.3 million for the third quarter 2016 compared to $13.1 million in the third quarter of 2015, an increase of $32.3 million, primarily due to higher transaction-related expenses relating to the Company's strategic transaction process and the recognition of an impairment charge on the Viceroy hotel.
Core FFO was $15.8 million in the third quarter of 2016 compared to $17.7 million in the third quarter of 2015, a decrease of $1.9 million, primarily attributable to our five non-core asset sales along with lower revenue at 1440 Broadway due primarily to decreased occupancy.
Core FFO in the third quarter of 2016 was down approximately $1.4 million compared to Core FFO of $17.3 million in the second quarter of 2016, primarily due to higher general and administrative expenses mostly related to legal, accounting and public relations fees related to corporate and shareholder matters.
Same Store Cash NOI, excluding the Viceroy Hotel, was $26.9 million in the third quarter of 2016 compared to $30.1 million in the third quarter of 2015, a $3.2 million year-over-year decrease, primarily due to lower occupancy at 1440 Broadway and a lease modification at our 50 Varick Street property which resulted in temporary rent deferral but no rent forgiveness. The amendment was done partly as a result of elevator renovation work being done at the property.
Same Store Cash NOI, excluding the Viceroy Hotel, of $26.9 million in the third quarter of 2016 compared to $29.3 million in the second quarter of 2016, an 8.2% decrease primarily attributable to the lease modification at 50 Varick Street.
Financial Strength and Liquidity
NYRT's combined total debt to enterprise value was 45% as of September 30, 2016. Enterprise value of $2.8 billion is based on the September 30, 2016 closing share price of $9.15, 168.6 million fully diluted shares outstanding and the quarter end total combined debt of $1.3 billion, which includes NYRT's pro rata share of unconsolidated debt.
As of September 30, 2016, combined interest coverage was 2.5x based on Adjusted EBITDA. The weighted average interest rate on NYRT's combined outstanding debt of $1.3 billion was 3.7% with an average remaining term of 3.6 years (3.7 years including extensions).
Dividends
During the third quarter 2016, NYRT paid monthly dividends of $0.038 per common share, representing an annualized dividend of $0.46 per share. In October 2016, NYRT announced that, in light of the plan of liquidation, which is subject to stockholder approval, the Board had determined that the Company will not pay a regular dividend for the month of November 2016 and does not currently expect to pay a regular monthly dividend for the month of December 2016. If the plan of liquidation is approved by the Company's stockholders, the Company will thereafter make periodic liquidating distributions, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. If the plan of liquidation is not approved by the Company's stockholders, the Board will re-evaluate the Company's dividend policy.
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 third quarter 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-third-quarter-2016-300359621.html
Ashner/Witkoff Stockholder Group Issues Letter to Chairman of New York REIT (9/29/16)
- Expresses Disappointment in NYRT's Failure to Hold Director Elections at the Upcoming Special Meeting -
- To Deliver Proposal to Manage NYRT's Liquidation Process on Superior and Further Improved Terms than Current Advisor -
NEW YORK, Sept. 29, 2016 /PRNewswire/ -- Michael L. Ashner, Steven Witkoff, and WW Investors LLC ("WW Investors"), a jointly owned entity of Michael L. Ashner and Steven Witkoff, announced today that they have issued a new letter to the chairman of New York REIT, Inc. (NYSE: NYRT) (the "Company"). WW Investors' letter expresses its disappointment with several of the Company's Board of Directors' recent actions that clearly demonstrate it continues to ignore the interests of shareholders.
WW Investors reiterates its request that shareholders who agree with WW Investors' positions described and want real shareholder representation on the Board, as well as an end to the needless waste of time and corporate resources, to please make their voices heard by directly contacting the chairman of the Board, Randy Read, and the Company's Investor Relations. For NYRT's shareholders' convenience, the respective email addresses and telephone numbers for NYRT's chairman and Investor Relations are set forth below. Carpe Diem!
Randolph Read
702-838-7323
rcread@icmgi.com
Matthew Furbish
212-415-6500
Investorrelations@nyrt.com
The full text of the letter follows:
September 29, 2016
Dear Mr. Read,
As you know, WW Investors LLC, an entity jointly owned by Michael L. Ashner and Steven Witkoff (collectively "WW Investors") is dedicated to maximizing shareholder value and insuring that the Company's liquidation process is properly managed by seeking to improve the composition of NYRT's board of directors (the "Board"). WW Investors has prepared this open letter to members of the Board to express its disappointment with several of the Board's recent actions that clearly demonstrate it continues to ignore the interests of shareholders.
WW Investors supports the Board's decision to approve a plan of liquidation (the "Plan"), though mindful that the decision is directly a result of WW Investors' efforts. These efforts by WW Investors were not originally welcomed by NYRT, which only decided to liquidate the Company after WW Investors generated a ground swell of support for the idea. Now, in a desire to halt the progress of WW Investors' efforts, we learned that the Board decided to file proxy materials related to the Plan without simultaneously allowing shareholders an opportunity to decide who the Board members overseeing the Plan should be. We find it disturbing that a 3-3 divided Board rejected a settlement agreement to provide us shareholder representation in the boardroom immediately and allow us to participate in such an important corporate process as the planned liquidation. Notably, as part of that agreement, the incumbent Board would have agreed to hold the vote on the Plan and the election of directors simultaneously. Why would they not do so absent an agreement with us?
In our view, the announced retention of Stewart Spencer to conduct a process of identifying potential new Board members highlights the Board's tactics and true intentions. Our negotiations with the Board collapsed because the incumbents refused to give any of our representatives a vote before the annual meeting in order to muffle our voice on the structure and initial process of the Plan. Now the Board, acknowledging their dysfunctionality and lack of credibility with shareholders, is searching for new directors. The question remains, in recognizing their limitations and failures, why would they reject our help by refusing to add the well-regarded and highly qualified candidates that WW Investors has proposed. Because the current directors are not seeking independent experienced additions but rather like-minded individuals.
Our disappointment does not end with the Board's decisions to hold separate shareholder meetings to approve the Plan and simultaneously elect members of the Board. The Board appears to be dedicated to compounding its distrust towards shareholders—it has yet to immediately and permanently opt-out of MUTA, despite it being clear that doing so has no barriers and has the wide support of shareholders.
Our goals are simple and remain unchanged: a truly independent NYRT Board, the maximization of value for shareholders through an expeditious liquidation process and the minimization of excessive advisory fees paid to the Schorsch cabal. In furtherance of our goals, we will be delivering our submission to the Company's request for proposals to manage the Company (the "RFP"), providing significantly better terms than the current advisor.
Approximately $50 million plus, to be more precise. Attached is a summary comparison of the further improved terms set forth in our RFP submission compared to the terms of the current advisory arrangement. It is in our view indisputable that our offer is greatly superior and better for NYRT shareholders. It is also indisputable that we have the experience and successful track record of leading successful liquidations and sales. Unlike the current advisor, our team has a strong history of creating stockholder value through REIT asset liquidations and sales, including four successful liquidations of publically traded REITs and the sale of a fifth one. We are confident that if a fair process is conducted, we will easily emerge the winner.
WW Investors will not be ignored or vanish. We are more convinced than ever that trusting the Board as currently composed to perform a proper liquidation process is foolish. There is no reason why shareholders should put their faith in an incumbent Board that has wasted $50+ million of shareholder capital, led our Company through three aborted transactions and has now even acknowledged their ineptitude in the boardroom. We continue to be open to discuss constructively the need for Board reconstitution and look forward to a prompt resolution that advances the interests of all parties.
Regards,
Michael L. Ashner
WW Investors LLC
About WW Investors LLC, Michael L. Ashner and Steven Witkoff:
Michael L. Ashner is currently the Chairman and Chief Executive Officer of Winthrop Realty Trust, a publicly traded real estate investment trust in the process of shareholder approved liquidation. Mr. Ashner has over 30 years of experience in owning, managing, leasing, selling and investing in all types of real estate and real estate related assets. Mr. Ashner has been the Chairman of six publicly traded real estate investment trusts and served as Chief Executive Officer for five of them, all five of which successfully engaged in a strategic transaction to maximize value for their stockholders. Steven Witkoff is currently the Chairman and Chief Executive Officer of The Witkoff Group, a privately held, global real estate development and investment firm headquartered in New York City. WW Investors LLC is a venture between Mr. Witkoff and Mr. Ashner to acquire shares of common stock in NY REIT.
CONTACT:
Michael L. Ashner
WW Investors LLC
Email: mashner@firstwinthrop.com
Tel: (516) 822 - 0022
Bob Marese
MacKenzie Partners, Inc.
Email: bmarese@mackenziepartners.com
Tel: (212) 929 – 5405
Larry Schimmel
MacKenzie Partners, Inc.
Email: lschimmel@mackenziepartners.com
Tel: (212) 378 – 7068
http://www.prnewswire.com/news-releases/ashnerwitkoff-stockholder-group-issues-letter-to-chairman-of-new-york-reit-300336330.html
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