New York REIT Liquidating LLC announces results for the quarter ended June 30, 2022 and a distribution announcement of $0.03 per unit

New York REIT Liquidating LLC

NEW YORK, AUGUST 5, 2022 (GLOBE NEWSWIRE) – New York REIT Liquidating LLC (the “Company” or “LLC”), which was formed to complete the liquidation of assets previously owned by New York REIT, Inc. Today, it announced that it has submitted its quarterly report on Form 10-Q for the quarter ended June 30, 2022.

Distributions

On August 3, 2022, the Company announced a liquidation cash dividend of $0.03 per unit to be paid on August 22, 2022 to registered unit holders effective August 15, 2022. Based on currently projected future cash flows, the Company does not expect to pay regular quarterly dividends in the future. perspective. Future liquidations will depend, among other things, on the timing and amount of cash flow distributions from our interest in the Worldwide Plaza. Distributions from Worldwide Plaza will be limited in subsequent periods due to expiration of tenant contracts and expiration of lease agreements.

On May 23, 2022, the Company paid a cash liquidation distribution of $0.10 per unit to registered unit holders effective May 16, 2022.

filter status

Membership holders of the company are reminded that the conversion of New York REIT, Inc. to LLC has occurred on November 7, 2018. As previously disclosed, membership interests in an LLC are generally not transferable except by will or succession without a will or pursuant to law.

The company sold all of its holdings except for the remaining 50.1% stake in Worldwide Plaza. The company has no outstanding debt other than its pro rata share of the non-contestable debt at Worldwide Plaza. The company paid a total cash dividend of $61.55 per unit.

On March 15, 2022, based on the current facts and circumstances surrounding the Company’s remaining investment in Worldwide Plaza, the Company’s Board of Directors agreed to extend the expiration of the LLC from November 7, 2022, to December 31, 2023.

financial results

Fundamentals of accounting liquidation

Based on the liquidation basis of accounting, the company reported that the estimated net assets in the process of liquidation on June 30, 2022 are currently estimated to result in future liquidation distributions of approximately $18.64 per unit. After operationalizing the estimated distributions of $0.10 per unit paid on May 23, 2022, the current estimate for future liquidation distributions represents a decrease of $0.09 per unit from the Company’s estimate on March 31, 2022. The estimate for future liquidation dividends includes projections of revenue to earned and costs and expenses that will be incurred during The next 12 months including the estimated cost of disposing of our remaining investment. There is inherent uncertainty in these forecasts and, therefore, forecasts can change materially based on a number of factors within and outside the control of the Company including public health crises, such as the novel coronavirus (“COVID-19”), market conditions and performance of the underlying property and the timing of The sale and any changes in the underlying assumptions for projected cash flows.

The current estimate of net assets under liquidation on June 30, 2022 is estimated based on undiscounted cash flow projections and assumes final liquidation on June 30, 2023, although the actual timing of the sale of the Company’s remaining stake in Worldwide Plaza is undetermined, given the ongoing impact of COVID -19 on the commercial real estate market, ongoing tenant negotiations and other elements of the real estate 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. The liabilities are recorded at their contractual amounts due, as adjusted for the effect of the timing of the planned liquidation.

Impact of COVID-19

Rental groups of retail and utility tenants at Worldwide Plaza were unaffected by the COVID-19 pandemic during the six months ending June 30, 2022, although they were affected during the year ending December 31, 2021. The future impact of the COVID-19 pandemic, including its multiple variables and government preventive measures He has to collect rents on the property for future quarters. During the six months ending June 30, 2022 and the year ending December 31, 2021, the property has collected 100% of the office rents owed. The WWP has omitted approximately $494,000 in base rents for existing retail and utility tenants and written off approximately $477,000 in base rents related to abandoned retail and utility space. So far, the impact of the COVID-19 pandemic has not been material on the company, however, the future impact of the pandemic cannot be estimated at this time.

forward-looking statements

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements in this statement describe the Company’s and management’s hopes, intentions, beliefs, expectations or future expectations and are forward-looking statements the Company claims to be protected from the safe harbor for forward-looking statements under the Litigation Reform Act. Private Securities of 1995. It is important to note that future events and the Company’s actual results may differ materially from those described or contemplated by these forward-looking statements. These forward-looking statements include, but are not limited to, statements about potential increases in the liquidation of distributions if the joint venture is able to complete targeted capital improvements, renew significant leases and rearrange this asset. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) the future impact of COVID-19, (ii) general economic conditions, (iii) the inability of principal renters to continue to pay their money. . lease obligations due to bankruptcy, insolvency or a general downturn in their business, (4) local real estate conditions, (5) increases in interest rates, (6) increases in operating costs and property taxes, (7) changes in access to debt and capital markets and (8) Timing of sale of assets. The Company refers you to documents the Company provides from time to time to the Securities and Exchange Commission, in particular in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in the Company’s most recent annual report on Form 10-K for the year ended December 31, 2021. , filed with the Securities and Exchange Commission on March 16, 2022, at which risk factors may be updated in subsequent reports. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Company Form 10-Q for the quarter ending June 30, 2022 has been filed with the Securities and Exchange Commission and will be available for download at the Company’s website www.nyrt.com or at the Securities and Exchange Commission website www.sec. Government.

Contact:

John Garrelly
CEO and CFO
New York REIT Liquidating LLC
[email protected]
(617) 570-4750

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