New York REIT Liquidating LLC fka NYRT

[Enterprising Investor]

New York REIT Liquidating LLC Announces Results for the Quarter Ended March 31, 2020 and Declaration of Distribution of $0.10 Per Unit (5/08/20)

NEW YORK, May 08, 2020 (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 March 31, 2020. 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.

Liquidation Status

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 $59.91 per unit.

Financial Results

Liquidation Basis of Accounting

Based on the liquidation basis of accounting, the Company reported that estimated net assets in liquidation at March 31, 2020 are currently estimated to result in future liquidating distributions of approximately $21.78 per unit. After giving effect to the $0.10 per unit distribution paid on March 16, 2020, the current estimate of future liquidating distributions represents a $0.27 per unit increase from the Company’s estimate at December 31, 2019. The estimate of future liquidating distributions includes projections of revenues to be earned and costs and expenses to be incurred during the next 12 months including the estimated cost to dispose of our remaining investment. 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 public health crises, such as the novel coronavirus (“COVID-19”), 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 March 31, 2020 has been estimated based on undiscounted cash flow projections and assumes a final liquidation on March 31, 2021 even though 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.

COVID-19 Impact

The outbreak of the COVID-19 pandemic, and government protective measures in response to the pandemic, have significantly slowed global economic activity and caused significant volatility in financial markets. While the Company was not materially impacted in the first quarter of 2020, there can be no assurances that the impact will not be material in the future. During April 2020, the manager of Worldwide Plaza received rent relief requests from some of the retail tenants. Any relief granted is expected to be in the form of a rent deferral and our estimate of net assets in liquidation will be updated to the extent that any lease modifications are executed.

Distributions

On March 16, 2020, the Company paid a cash liquidating distribution of $0.10 per unit to unitholders of record as of March 9, 2020.

On May 6, 2020, the Company declared a cash liquidating distribution of $0.10 per unit to be paid on May 19, 2020 to unitholders of record as of May 12, 2020.