New York REIT Liquidating LLC Announces Results for the Quarter Ended September 30, 2019 and Declaration of Distribution of $0.10 Per Unit (11/08/19)
NEW YORK, Nov. 08, 2019 (GLOBE NEWSWIRE) -- New York REIT Liquidating LLC (the “Company” or the “LLC”), which was formed to complete the liquidation of the assets previously held by New York REIT, Inc., announced today it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019. All per unit amounts have been restated to reflect the effect of the 1-for-10 reverse stock split which was completed on March 15, 2018.
Holders of membership interests in the Company are reminded that the conversion of New York REIT, Inc. to the LLC occurred on November 7, 2018. As previously disclosed, membership interests in the LLC are generally not transferable except by will, intestate succession or operation of law.
The Company has sold all its properties except for the remaining 50.1% interest in Worldwide Plaza. The Company has no debt outstanding other than its pro-rata share of the non-recourse debt on Worldwide Plaza. To date, the Company has paid aggregate cash liquidating distributions of $59.71 per unit.
Liquidation Basis of Accounting
Based on the liquidation basis of accounting, the Company reported that estimated net assets in liquidation at September 30, 2019 are currently estimated to result in future liquidating distributions of approximately $21.44 per unit. After giving effect to the $0.10 per unit distribution paid on August 19, 2019, the current estimate of future liquidating distributions represents a $0.07 per unit increase from the Company’s estimate at June 30, 2019. The estimate of future liquidating distributions includes projections of revenues to be earned and 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, the projections could change materially based on a number of factors both within and outside of the Company’s control including market conditions, the performance of the underlying property asset, the timing of sale and any changes in the underlying assumptions of projected cash flows.
The current estimate of net assets in liquidation as of September 30, 2019 has been estimated based on undiscounted cash flow projections and assumes a final liquidation on September 30, 2020. The actual timing of the sale of the Company’s remaining interest in Worldwide Plaza is indeterminate, given ongoing tenant negotiations and other items in the property business plan. Based on these factors and the actual timing of the sale of this property, the final liquidation of the Company is subject to future events and uncertainties. Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation.
On August 19, 2019, the Company paid a cash liquidating distribution of $0.10 per unit to unitholders of record as of August 12, 2019. On November 8, 2019, the Company declared a cash liquidating distribution of $0.10 per unit to be paid on November 19, 2019 to unitholders of record as of November 12, 2019.