New York REIT Liquidating LLC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - QUARTERLY 9.30.2015 - November 5, 2015

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Exhibit 99.2



New York REIT, Inc.

Table of Contents

 
Page
 
 
Page
Financial Information:
 
 
Portfolio Metrics:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Forward-looking Statements:

This supplemental package includes “forward looking statements”. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in (i) the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and (ii) in future periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).
 

(i)

New York REIT, Inc.

Company Overview
OVERVIEW

New York REIT, Inc. (NYSE: NYRT) (the “Company”) is a publicly traded real estate investment trust focused on acquiring and operating commercial real estate in New York City. The Company seeks to provide its shareholders with both stable dividend income and appreciation potential. The Company’s focused strategy enhances its effectiveness and provides investors with a pure play investment opportunity in New York City, one of the world's most dynamic real estate markets.

SNAPSHOT (September 30, 2015)

New York City Focus(1)
100%
 
Enterprise Value(3)
$3.0 billion
Manhattan Focus(1)
96%
 
Combined Debt/Enterprise Value(4)
44%
Square Feet(2)
3.4 million
 
Monthly Dividend per Share
$0.038
Number of Buildings
23
 
Annualized Dividend per Share
$0.46
Q3 2015 Ending Occupancy(5)
97.2%
 
Dividend Yield(6)
4.6%
Weighted Average Remaining Lease Term
9.2 years
 
Fully Diluted Shares and Units Outstanding
167.6 million
Company Website
www.nyrt.com
 
 
 
______________
(1)
Based on square footage.
(2)
Includes pro rata share of unconsolidated joint venture.
(3)
Based on the September 30, 2015 closing price of $10.06 per share and September 30, 2015 fully diluted share count and combined debt balances.
(4)
Based on combined debt, which includes pro rata share of unconsolidated debt, as a percentage of enterprise value.
(5)
Inclusive of leases signed but not yet commenced.
(6)
Based on the September 30, 2015 closing price of $10.06 per share.


1

New York REIT, Inc.

Key Financial Metrics
(dollar amounts in thousands, except per share information)


 
Q3 2015
 
 
Q3 2015
OPERATING RESULTS
 
 
COMMON SHARE PRICE AND DIVIDENDS
 
Revenues
$
44,608

 
At the end of the period
$
10.06

NOI
$
36,765

 
High during period
10.44

Cash NOI
$
32,128

 
Low during period
9.39

Adjusted Cash NOI(1)
$
33,936

 
Annualized dividend per share
0.46

Adjusted EBITDA
$
29,278

 
Annualized dividend yield(3)
4.6
%
 
 
 
 
 
Monthly dividends paid per share
$
0.038

 
LEVERAGE INFORMATION
 
 
 
 
Combined basis(4)
 
Core FFO
$
18,048

 
Total debt
$
1,301,412

Core FFO per diluted share
$
0.11

 
Cash
(20,423
)
 
 
 
Net debt
1,280,989

AFFO
$
18,772

 
Debt/enterprise value
44
%
AFFO per diluted share
$
0.11

 
Interest coverage ratio on combined debt
3.0 X

 
 
 
Fixed charge coverage ratio on combined debt
3.0 X

MARKET CAPITALIZATION
 
 
Weighted average interest rate
3.5
%
Share price(2)
$
10.06

 
Weighted average remaining debt term (years)
4.4

Fully diluted common shares and units outstanding
167,637,084

 
Weighted average remaining debt term - including extensions (years)
4.6
Total equity market capitalization
$
1,686,429

 
 
 
Consolidated debt
$
873,537

 
LIQUIDITY
 
Proportionate share of unconsolidated joint venture mortgage debt
$
427,875

 
Cash
$
20,423

Enterprise value
$
2,987,841

 
Undrawn financing commitments(5)
220,000

______________
(1)
Adjusted for free rent.
(2)
Closing price on September 30, 2015.
(3)
Based on the September 30, 2015 closing price of $10.06 per share.
(4)
Combined metrics include pro rata share of unconsolidated joint venture debt.
(5)
Availability of borrowings is based on a pool of eligible unencumbered real estate assets. The unused borrowing capacity, based on the borrowing base properties as of September 30, 2015, was $65.3 million.


2

New York REIT, Inc.

Consolidated Balance Sheets
(in thousands)

 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
ASSETS
 
 
 
 
 
 
 
 
 
Real estate investments, at cost(1)
 
 
 
 
 
 
 
 
 
Land
$
487,808

 
$
494,065

 
$
494,065

 
$
494,065

 
$
498,820

Buildings, fixtures and improvements
1,231,204

 
1,247,070

 
1,243,412

 
1,235,918

 
1,223,365

Acquired intangible assets
156,609

 
156,657

 
158,383

 
158,383

 
151,346

Total real estate investments, at cost
1,875,621

 
1,897,792

 
1,895,860

 
1,888,366

 
1,873,531

Less: accumulated depreciation and amortization
(183,775
)
 
(166,680
)
 
(146,445
)
 
(124,178
)
 
(102,191
)
Total real estate investments, net
1,691,846

 
1,731,112

 
1,749,415

 
1,764,188

 
1,771,340

Cash and cash equivalents
20,423

 
27,486

 
49,360

 
22,512

 
26,111

Funds held in escrow(2)
48,768

 
—

 
—

 
—

 
—

Investment in unconsolidated joint venture
223,229

 
226,306

 
225,736

 
225,501

 
228,749

Preferred equity investment
—

 
—

 
—

 
35,100

 
35,100

Real estate assets held for sale
27,482

 
—

 
—

 
—

 
—

Other assets
84,271

 
76,745

 
68,312

 
73,534

 
67,463

Total assets
$
2,096,019

 
$
2,061,649

 
$
2,092,823

 
$
2,120,835

 
$
2,128,763

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Mortgage notes payable
$
388,537

 
$
171,998

 
$
172,121

 
$
172,242

 
$
172,363

Credit facility
485,000

 
635,000

 
635,000

 
635,000

 
625,000

Market lease intangibles, net
75,385

 
77,921

 
80,456

 
84,220

 
81,813

Other liabilities
32,633

 
33,689

 
35,834

 
32,420

 
28,259

Derivatives, at fair value
2,320

 
1,751

 
2,175

 
1,276

 
14,224

Total liabilities
983,875

 
920,359

 
925,586

 
925,158

 
921,659

 
 
 
 
 
 
 
 
 
 
Common stock
1,626

 
1,626

 
1,625

 
1,622

 
1,620

Additional paid-in capital
1,402,990

 
1,402,791

 
1,401,635

 
1,401,619

 
1,400,400

Accumulated other comprehensive loss
(2,301
)
 
(1,570
)
 
(1,805
)
 
(816
)
 
(359
)
Accumulated deficit
(341,110
)
 
(309,669
)
 
(282,323
)
 
(255,478
)
 
(209,463
)
Total stockholders' equity
1,061,205

 
1,093,178

 
1,119,132

 
1,146,947

 
1,192,198

Non-controlling interests
50,939

 
48,112

 
48,105

 
48,730

 
14,906

Total equity
1,112,144

 
1,141,290

 
1,167,237

 
1,195,677

 
1,207,104

Total liabilities and equity
$
2,096,019

 
$
2,061,649

 
$
2,092,823

 
$
2,120,835

 
$
2,128,763

_____________________
(1)
The allocations to land, buildings, fixtures and improvements and acquired intangible assets were previously provisionally allocated, pending receipt of additional information, which was received in the fourth quarter of 2014.
(2)
Funds held in escrow were received on October 1, 2015, related to amounts due as a result of financing transactions which closed on September 30, 2015.

3

New York REIT, Inc.

Consolidated Income Statements(1) 
(in thousands, except for share and per share information)
 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Revenues
 
 
 
 
 
 
 
 
 
 
Rental income
$
32,510

 
$
32,130

 
$
32,531

 
$
33,700

 
$
30,246

 
Hotel revenue
7,054

 
7,363

 
4,209

 
7,244

 
6,051

 
Operating expense reimbursements and other revenue
5,044

 
4,184

 
4,162

 
4,568

 
4,217

 
   Total revenues
44,608

 
43,677

 
40,902

 
45,512

 
40,514

Operating expenses
 
 
 
 
 
 
 
 
 
 
Property operating
11,197

 
10,098

 
10,969

 
10,750

 
9,297

 
Hotel operating
6,525

 
6,495

 
5,670

 
6,554

 
6,260

 
Operating fees incurred from the Advisor
3,121

 
3,101

 
3,144

 
3,143

 
2,980

 
Acquisition and transaction related
2,850

 
96

 
125

 
1

 
4,436

 
Asset management fee earnout
—

 
—

 
—

 
—

 
—

 
Change in value of listing promote(2)
—

 
—

 
—

 
20,079

 
(24,700
)
 
General and administrative
2,438

 
3,014

 
3,702

 
1,676

 
864

 
Equity-based compensation(3)
4,081

 
2,189

 
248

 
3,203

 
2,475

 
Depreciation and amortization
20,484

 
22,154

 
20,732

 
21,907

 
21,657

 
   Total operating expenses
50,696

 
47,147

 
44,590

 
67,313

 
23,269

Operating income (loss)
(6,088
)
 
(3,470
)
 
(3,688
)
 
(21,801
)
 
17,245

Other income (expense)
 
 
 
 
 
 
 
 
 
 
Interest expense
(7,172
)
 
(6,024
)
 
(5,933
)
 
(6,561
)
 
(8,407
)
 
Income (loss) from unconsolidated joint venture
473

 
570

 
235

 
(378
)
 
(85
)
 
Income from preferred equity investment, investment securities and interest
141

 
8

 
930

 
836

 
769

 
Loss on derivative instruments
(540
)
 
—

 
(4
)
 
—

 
—

 
   Total other expense
(7,098
)
 
(5,446
)
 
(4,772
)
 
(6,103
)
 
(7,723
)
Net income (loss)
(13,186
)
 
(8,916
)
 
(8,460
)
 
(27,904
)
 
9,522

 
Net loss attributable to non-controlling interests(4)
434

 
257

 
261

 
574

 
173

 
Net income (loss) attributable to stockholders
$
(12,752
)
 
$
(8,659
)
 
$
(8,199
)
 
$
(27,330
)
 
$
9,695

 
Basic weighted average shares
162,202,733

 
162,156,470

 
162,092,424

 
162,019,399

 
161,975,420

 
Adjustments to fully diluted shares(5)
5,433,959

 
5,466,016

 
5,253,200

 
3,721,376

 
2,366,048

 
Fully diluted weighted average shares
167,636,692

 
167,622,486

 
167,345,624

 
165,740,775

 
164,341,468

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) per basic share attributable to stockholders
$
(0.08
)
 
$
(0.05
)
 
$
(0.05
)
 
$
(0.17
)
 
$
0.06

 
Net income (loss) per diluted share attributable to stockholders(6)
$
(0.08
)
 
$
(0.05
)
 
$
(0.05
)
 
$
(0.17
)
 
$
0.05

______________
(1)
Certain prior quarter amounts have been reclassified to conform with the current quarter presentation.
(2)
Represents the change in the estimated value of the listing promote at September 30, 2014 based on the closing share price of $10.28 on that day. The final value of the listing promote was determined in the fourth quarter of 2014. This is a non-cash expense.
(3)
Amounts represent the portion of non-cash expense related to the outperformance plan which vests over five years and other non-cash equity-based compensation.
(4)
Includes amounts allocated to minority interest holders of 163 Washington Street, operating partnership unitholders and participating LTIP unitholders.
(5)
Includes LTIPs at their participation rate beginning in Q3 2014.
(6)
Adjustments to fully diluted shares are excluded from the calculation of diluted loss per share attributable to stockholders if their effect would have been antidilutive.

4

New York REIT, Inc.

Unconsolidated Joint Venture — Summary Balance Sheets and Income Statements
(in thousands)
 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Unconsolidated Joint Venture Condensed Balance Sheet
 
 
 
 
 
 
 
 
 
 
Real estate assets, at cost
 
$
714,875

 
$
713,339

 
$
704,257

 
$
704,143

 
$
698,939

Less accumulated depreciation and amortization
 
(112,046
)
 
(107,075
)
 
(102,127
)
 
(97,181
)
 
(92,066
)
Total real estate assets, net
 
602,829

 
606,264

 
602,130

 
606,962

 
606,873

Cash and cash equivalents
 
11,951

 
11,918

 
7,901

 
3,784

 
7,106

Other assets
 
258,529

 
257,087

 
253,797

 
252,000

 
255,962

     Total assets
 
$
873,309

 
$
875,269

 
$
863,828

 
$
862,746

 
$
869,941

 
 
 
 
 
 
 
 
 
 
 
Debt
 
$
875,000

 
$
875,000

 
$
875,000

 
$
875,000

 
$
875,000

Other liabilities
 
17,240

 
18,807

 
10,765

 
12,442

 
16,772

     Total liabilities
 
892,240

 
893,807

 
885,765

 
887,442

 
891,772

Deficit
 
(18,931
)
 
(18,538
)
 
(21,937
)
 
(24,696
)
 
(21,831
)
     Total liabilities and deficit
 
$
873,309

 
$
875,269

 
$
863,828

 
$
862,746

 
$
869,941

 
 
 
 
 
 
 
 
 
 
 
Company's basis
 
$
223,229

 
$
226,306

 
$
225,736

 
$
225,501

 
$
228,749

 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Venture Condensed Statement of Operations
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
    Rental income
 
$
30,771

 
$
30,751

 
$
30,514

 
$
29,237

 
$
28,867

    Other revenue
 
1,245

 
1,232

 
1,217

 
1,246

 
1,242

         Total revenue
 
32,016

 
31,983

 
31,731

 
30,483

 
30,109

Operating expenses:
 
 
 
 
 
 
 
 
 
 
     Operating expense
 
11,812

 
11,727

 
12,241

 
12,212

 
11,407

     Depreciation and amortization
 
6,945

 
6,864

 
6,850

 
7,946

 
6,261

          Total operating expenses
 
18,757

 
18,591

 
19,091

 
20,158

 
17,668

Operating income
 
13,259

 
13,392

 
12,640

 
10,325

 
12,441

Interest expense
 
(10,102
)
 
(9,992
)
 
(9,882
)
 
(10,101
)
 
(10,102
)
Net income
 
3,157

 
3,400

 
2,758

 
224

 
2,339

Preferred return
 
(3,936
)
 
(3,894
)
 
(3,851
)
 
(3,936
)
 
(3,936
)
Net loss to members
 
$
(779
)
 
$
(494
)
 
$
(1,093
)
 
$
(3,712
)
 
$
(1,597
)
 
 
 
 
 
 
 
 
 
 
 
Company's preferred return
 
$
3,936

 
$
3,894

 
$
3,851

 
$
3,936

 
$
3,936

Company's share of net loss
 
(381
)
 
(242
)
 
(534
)
 
(1,816
)
 
(780
)
Amortization of difference in basis
 
(3,082
)
 
(3,082
)
 
(3,082
)
 
(2,498
)
 
(3,241
)
Company's income (loss) from Worldwide Plaza
 
$
473

 
$
570

 
$
235

 
$
(378
)
 
$
(85
)
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
Straight-line rent included in rental income above
 
$
2,021

 
$
1,581

 
$
1,460

 
$
1,628

 
$
1,390


5

New York REIT, Inc.

Reconciliation of Net Income (Loss) to FFO and AFFO
(in thousands, except share and per share information)
 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Net income (loss)
 
$
(13,186
)
 
$
(8,916
)
 
$
(8,460
)
 
$
(27,904
)
 
$
9,522

Depreciation and amortization, net of adjustments related to joint venture
 
20,477

 
22,140

 
20,723

 
21,899

 
21,649

Depreciation and amortization related to unconsolidated joint venture(1)
 
6,478

 
6,443

 
6,431

 
6,384

 
6,302

Funds from operations (FFO)
 
13,769

 
19,667

 
18,694

 
379

 
37,473

Acquisition and transaction related expenses(2)
 
2,850

 
96

 
125

 
1

 
4,436

Change in value of listing promote
 
—

 
—

 
—

 
20,079

 
(24,700
)
Gain on sale of investment securities
 
(54
)
 
—

 
(48
)
 
—

 
—

Non-recurring revenue and other income
 
—

 
—

 
(158
)
 
(702
)
 
(855
)
Non-recurring general and administrative expense(3)
 
—

 
1,500

 
500

 
—

 
—

    Non-recurring straight-line rent bad debt expense
 
—

 
8

 
529

 
—

 
—

Non-recurring deferred financing cost expense(4)
 
1,060

 
—

 
—

 
492

 
3,108

Non-recurring derivative losses
 
423

 
—

 
—

 
—

 
—

Non-recurring non-cash compensation expense
 
—

 
—

 
—

 
1,160

 
332

Core FFO
 
18,048

 
21,271

 
19,642

 
21,409

 
19,794

Non-cash compensation expense(5)
 
4,081

 
2,189

 
248

 
2,042

 
2,143

Non-cash portion of interest expense
 
1,179

 
1,162

 
1,138

 
1,159

 
1,275

Seller free rent credit
 
197

 
872

 
3,679

 
3,679

 
2,277

Amortization of market lease intangibles
 
(1,843
)
 
(1,842
)
 
(2,124
)
 
(2,724
)
 
(2,296
)
Mark-to-market adjustments
 
117

 
—

 
4

 
—

 
—

Straight-line rent
 
(2,525
)
 
(2,856
)
 
(5,870
)
 
(7,616
)
 
(5,926
)
Straight-line ground rent
 
719

 
787

 
987

 
1,087

 
1,087

Tenant improvements - second generation
 
—

 
—

 
—

 
(102
)
 
(305
)
Leasing commissions - second generation
 
(12
)
 
(3
)
 
(3
)
 
(110
)
 
(48
)
Building improvements - second generation
 
(201
)
 
(51
)
 
(9
)
 
—

 
(10
)
Proportionate share of straight-line rent related to unconsolidated joint venture
 
(988
)
 
(773
)
 
(714
)
 
(796
)
 
(680
)
Adjusted funds from operations (AFFO)
 
$
18,772

 
$
20,756

 
$
16,978

 
$
18,028

 
$
17,311

 
 
 
 
 
 
 
 
 
 
 
Fully diluted shares
 
167,636,692

 
167,622,486

 
167,345,624

 
165,740,775

 
164,341,468

FFO per diluted share
 
$
0.08

 
$
0.12

 
$
0.11

 
$
—

 
$
0.23

Core FFO per diluted share
 
$
0.11

 
$
0.13

 
$
0.12

 
$
0.13

 
$
0.12

AFFO per diluted share
 
$
0.11

 
$
0.12

 
$
0.10

 
$
0.11

 
$
0.11

______________________
(1)
Proportionate share of depreciation and amortization related to unconsolidated joint venture and amortization of difference in basis.
(2)
Acquisition and transaction-related expenses for the third quarter 2015 primarily represent costs associated with mortgage payoffs and the Credit Facility amendment.
(3)
Estimate of non-recurring audit fee.
(4)
Represents deferred financing costs that were written off as a result of paying off mortgages in advance of their scheduled maturity dates as well as amendments to the Credit Facility.
(5)
During the second quarter of 2015, the Company excluded equity-based compensation from its calculation of Core FFO for the first time. During the third quarter of 2015, the Company reverted to its previous practice of excluding the impact of non-cash compensation expense from the reconciliation to Core FFO to the reconciliation to AFFO.

6

New York REIT, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA, NOI and Cash NOI
(in thousands)
 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Combined:
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(13,186
)
 
$
(8,916
)
 
$
(8,460
)
 
$
(27,904
)
 
$
9,522

Acquisition and transaction related
 
2,850

 
96

 
125

 
1

 
4,436

Depreciation and amortization
 
20,484

 
22,154

 
20,732

 
21,907

 
21,657

Interest expense
 
7,172

 
6,024

 
5,933

 
6,561

 
8,407

Loss on derivative instruments
 
540

 
—

 
4

 
—

 
—

Change in value of listing promote
 
—

 
—

 
—

 
20,079

 
(24,700
)
Adjustments related to unconsolidated joint venture(1)
 
11,418

 
11,324

 
11,264

 
11,323

 
11,242

Adjusted EBITDA
 
29,278

 
30,682

 
29,598

 
31,967

 
30,564

General and administrative
 
2,438

 
3,014

 
3,702

 
1,676

 
864

Equity-based compensation
 
4,081

 
2,189

 
248

 
3,203

 
2,475

Asset management fee to the Advisor
 
3,121

 
3,101

 
3,144

 
3,143

 
2,980

Income from preferred equity investment, investment securities and interest
 
(141
)
 
(8
)
 
(930
)
 
(836
)
 
(769
)
Preferred return on unconsolidated joint venture
 
(3,936
)
 
(3,894
)
 
(3,851
)
 
(3,936
)
 
(3,936
)
Proportionate share of other adjustments related to unconsolidated joint venture
 
1,924

 
1,905

 
1,883

 
1,925

 
1,924

NOI
 
36,765

 
36,989

 
33,794

 
37,142

 
34,102

Amortization of above/below market lease assets and liabilities
 
(1,843
)
 
(1,842
)
 
(2,124
)
 
(2,724
)
 
(2,296
)
Straight-line rent
 
(2,525
)
 
(2,848
)
 
(5,341
)
 
(7,616
)
 
(5,926
)
Straight-line ground rent
 
719

 
787

 
987

 
1,087

 
1,087

Proportionate share of straight-line rent related to unconsolidated joint venture
 
(988
)
 
(773
)
 
(714
)
 
(796
)
 
(680
)
Cash NOI
 
$
32,128

 
$
32,313

 
$
26,602

 
$
27,093

 
$
26,287

______________
(1)
Proportionate share of adjustments related to unconsolidated joint venture and amortization of difference in basis.

Consolidated adjusted EBITDA for the third quarter 2015 was $17,387, reflecting net loss of $13,186 increased by depreciation and amortization of $20,484, interest expense of $7,172, acquisition and transaction related costs of $2,850 and loss on derivative instruments of $540. Consolidated adjusted EBITDA was decreased by the Company's share of income in its joint venture of $473.


7

New York REIT, Inc.

Supplemental Cash NOI Information
(in thousands)

 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Supplemental information:
 
 
 
 
 
 
 
 
 
 
Cash NOI - Office(1)
 
$
27,837

 
$
27,578

 
$
24,074

 
$
22,206

 
$
22,423

Cash NOI - Stand-alone retail
 
2,700

 
2,727

 
2,660

 
2,785

 
2,699

Cash NOI - Hotel
 
1,135

 
1,543

 
(586
)
 
1,665

 
767

Cash NOI - Other(2)
 
456

 
465

 
454

 
437

 
398

Cash NOI
 
$
32,128

 
$
32,313

 
$
26,602

 
$
27,093

 
$
26,287

Cash NOI - Excluding Hotel
 
$
30,993

 
$
30,770

 
$
27,188

 
$
25,428

 
$
25,520

Free rent
 
1,808

 
1,880

 
4,498

 
6,269

 
4,217

Adjusted Cash NOI
 
$
33,936

 
$
34,193

 
$
31,100

 
$
33,362

 
$
30,504

Adjusted Cash NOI - Excluding Hotel
 
$
32,801

 
$
32,650

 
$
31,686

 
$
31,697

 
$
29,737

 
 
 
 
 
 
 
 
 
 
 
Annualized Cash NOI(3)
 
$
128,512

 
$
129,252

 
$
106,408

 
$
108,372

 
$
105,148

Annualized Cash NOI - Excluding Hotel(3)
 
$
123,972

 
$
123,080

 
$
108,752

 
$
101,712

 
$
102,080

 
 
 
 
 
 
 
 
 
 
 
Annualized Adjusted Cash NOI(3)
 
$
135,744

 
$
136,772

 
$
124,400

 
$
133,448

 
$
122,016

Annualized Adjusted Cash NOI - Excluding Hotel(3)
 
$
131,204

 
$
130,600

 
$
126,744

 
$
126,788

 
$
118,948

______________
(1)
Includes retail suites associated with office properties and the Company's pro rata share of its unconsolidated joint venture.
(2)
Includes 163 Washington Street multi-family residential property and parking garages.
(3)
Annualized metrics calculated by taking current quarter and multiplying by four.

8

New York REIT, Inc.

Same Store Statistics — Sequential Quarters(1) 
(dollar amounts in thousands)


 
 
Q3 2015
 
Q2 2015
 
Change
 
% change
Total portfolio square footage / total buildings
 
3,414,710(2) / 23

 
3,414,373(2) / 23

 
 
 
 
Same store square footage / same store buildings
 
3,286,098(2) / 22

 
3,285,761(2) / 22

 
 
 
 
Same store occupancy at quarter end(3)
 
97.2
%
 
97.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total GAAP operating revenue
 
$
53,210

 
$
51,954

 
$
1,256

 
2.4
 %
Less: Straight line rent adjustment
 
(3,513
)
 
(3,621
)
 
 
 
 
Less: Above/below market lease amortization
 
(1,731
)
 
(1,729
)
 
 
 
 
Total cash operating revenue
 
$
47,966

 
$
46,604

 
$
1,362

 
2.9
 %
 
 
 
 
 
 
 
 
 
Total operating expenses
 
$
16,973

 
$
15,834

 
$
1,139

 
7.2
 %
 
 
 
 
 
 
 
 
 
Same store NOI
 
$
36,237

 
$
36,120

 
$
117

 
0.3
 %
Same store Cash NOI
 
$
30,993

 
$
30,770

 
$
223

 
0.7
 %
 
 
 
 
 
 
 
 
 
Same store Cash NOI — Including Hotel
 
$
32,128

 
$
32,313

 
$
(185
)
 
(0.6
)%
_______________
(1)
Same store portfolio excludes the Viceroy Hotel unless otherwise noted and consists of only those properties owned and operated for the entire current and prior periods presented.
(2)
Square footage may change due to reconfiguration of tenants' occupied space.
(3)
Inclusive of leases signed but not yet commenced.

Note: Amounts above include our pro rata share of investment in our unconsolidated joint venture.
Note: A reconciliation of Net Income (Loss) to Cash NOI, a non-GAAP measure, appears on page 7 of this supplemental information package.


9

New York REIT, Inc.

Same Store Statistics — Year Over Year(1) 
(dollar amounts in thousands)

 
 
Q3 2015
 
Q3 2014
 
Change
 
% change
Total portfolio square footage / total buildings
 
3,414,710(2) / 23

 
3,425,750 / 23

 
 
 
 
Same store square footage / same store buildings
 
3,004,804(2) / 21

 
3,015,844 / 21

 
 
 
 
Same store occupancy at quarter end(3)
 
96.9
%
 
95.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total GAAP operating revenue
 
$
46,619

 
$
46,626

 
$
(7
)
 
—
 %
Less: Straight line rent adjustment
 
(2,649
)
 
(4,204
)
 
 
 
 
Less: Above/below market lease amortization
 
(1,316
)
 
(2,111
)
 
 
 
 
Total cash operating revenue
 
$
42,654

 
$
40,311

 
$
2,343

 
5.8
 %
 
 
 
 
 
 
 
 
 
Total operating expenses
 
$
15,724

 
$
14,473

 
$
1,251

 
8.6
 %
 
 
 
 
 
 
 
 
 
Same store NOI
 
$
30,895

 
$
32,153

 
$
(1,258
)
 
(3.9
)%
Same store cash NOI
 
$
26,930

 
$
25,838

 
$
1,092

 
4.2
 %
 
 
 
 
 
 
 
 
 
Same store Cash NOI — Including Hotel
 
$
28,065

 
$
26,605

 
$
1,460

 
5.5
 %
_______________
(1)
Same store portfolio excludes the Viceroy Hotel unless otherwise noted and consists of only those properties owned and operated for the entire current and prior periods presented.
(2)
Square footage may change due to reconfiguration of tenants' occupied space.
(3)
Inclusive of leases signed but not yet commenced.


Note: Amounts above include our pro rata share of investment in our unconsolidated joint venture.
Note: A reconciliation of Net Income (Loss) to Cash Net Operating Income, a non-GAAP measure, appears on page 7 of this supplemental information package.


10

New York REIT, Inc.

Dividends and Payout Ratios
(dollar amounts in thousands, except per share information)

 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Dividends paid in cash
 
$
18,653

 
$
18,645

 
$
18,634

 
$
18,629

 
$
18,626

LTIP dividends paid
 
140

 
280

 
102

 
102

 
170

OP dividends paid
 
481

 
488

 
491

 
265

 
146

Restricted stock dividends paid
 
58

 
6

 
20

 
35

 
8

Total dividends paid
 
$
19,332

 
$
19,419

 
$
19,247

 
$
19,031

 
$
18,950

 
 
 
 
 
 
 
 
 
 
 
Weighted average fully diluted shares
 
167,636,692

 
167,622,486

 
167,345,624

 
165,740,775

 
164,341,468

 
 
 
 
 
 
 
 
 
 
 
Dividends per fully diluted share
 
$
0.1153

 
$
0.1158

 
$
0.1150

 
$
0.1148

 
$
0.1153

 
 
 
 
 
 
 
 
 
 
 
Core FFO per fully diluted share
 
$
0.11

 
$
0.13

 
$
0.12

 
$
0.13

 
$
0.12

AFFO per fully diluted share
 
$
0.11

 
$
0.12

 
$
0.10

 
$
0.11

 
$
0.11

 
 
 
 
 
 
 
 
 
 
 
Payout ratios
 
 
 
 
 
 
 
 
 
 
Quarterly dividend per share
 
$
0.115

 
$
0.115

 
$
0.115

 
$
0.115

 
$
0.115

Core FFO payout ratio
 
107
%
 
91
%
 
98
%
 
89
%
 
96
%
AFFO payout ratio
 
103
%
 
94
%
 
113
%
 
106
%
 
109
%


11

New York REIT, Inc.

Debt Analysis
(dollar amounts in thousands)
 
 
Q3 2015
 
Weighted Average
Remaining Term (Years)(1)
 
Weighted Average Rate
 
% of Total Debt
Consolidated mortgage debt
 
$
388,537

 
3.8

 
3.8
%
 
29.9
%
Consolidated credit facility term debt - fixed rate
 
80,000

 
2.9

 
3.6
%
 
6.1
%
Consolidated credit facility term debt - floating rate
 
225,000

 
2.9

 
1.9
%
 
17.3
%
Consolidated credit facility revolving debt - floating rate
 
180,000

 
0.9

 
1.9
%
 
13.8
%
Total consolidated debt
 
873,537

 
2.9

 
2.9
%
 
67.1
%
 
 
 
 
 
 
 
 
 
Company's share of unconsolidated joint venture mortgage debt
 
427,875

 
7.4

 
4.6
%
 
32.9
%
Combined debt
 
$
1,301,412

 
4.4

 
3.5
%
 
100.0
%
 
 
 
 
 
 
 
 
 
Fixed rate debt (including pro rata share of unconsolidated debt)
 
$
591,412

 
 
 
 
 
 
Floating rate debt
 
$
710,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% fixed rate debt (including pro rata share of unconsolidated debt)
 
45
%
 
 
 
 
 
 
% floating rate debt
 
55
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average fixed rate (including pro rata share of unconsolidated debt)
 
4.3
%
 
 
 
 
 
 
Average floating rate
 
2.7
%
 
 
 
 
 
 
___________________________
(1)
Excludes extension options. The weighted-average remaining term of combined debt, including extension options, is 4.6 years.


12

New York REIT, Inc.

Mortgage Debt Summary
(dollar amounts in thousands)

 
Debt amount
 
Maturity
 
Effective interest rate
Consolidated mortgages:
 
 
 
 
 
256 West 38th Street
24,500

 
12/26/2017
 
3.1%
Design Center
19,899

 
12/1/2021
 
4.4%
1100 Kings Highway
20,200

 
8/1/2017
 
3.4%
Duane Reade
8,400

 
11/1/2016
 
3.6%
1623 Kings Highway
7,288

 
11/1/2017
 
3.3%
Foot Locker
3,250

 
6/6/2016
 
4.6%
1440 Broadway
305,000

 
10/5/2019
 
3.4%
Consolidated mortgage debt
388,537

 
 
 
3.8%
 
 
 
 
 
 
Pro rata share of unconsolidated joint venture mortgage debt:
 
 
 
 
 
One Worldwide Plaza
427,875

 
3/6/2023
 
4.6%
 
 
 
 
 
 
Combined mortgage debt
$
816,412

 
 
 
4.2%

13

New York REIT, Inc.

Leverage Metrics
(dollar amounts in thousands)
 
Q3 2015
 
Consolidated Basis
 
Combined Basis
Interest coverage ratio
 
 
 
Interest expense(1)
$
7,172

 
$
7,172

Non-cash interest expense
(1,179
)
 
(1,179
)
Non-recurring deferred financing cost expense
(1,060
)
 
(1,060
)
Interest expense related to unconsolidated joint venture
—

 
4,940

Total interest
$
4,933

 
$
9,873

Adjusted EBITDA
$
17,387

 
$
29,278

Interest coverage ratio
3.5
 X
 
3.0
 X
 
 
 
 
Fixed charge coverage ratio
 
 
 
Total interest
$
4,933

 
$
9,873

Secured debt principal amortization
(125
)
 
(125
)
Total fixed charges
$
4,808

 
$
9,748

Adjusted EBITDA
$
17,387

 
$
29,278

Fixed charge coverage ratio
3.6
 X
 
3.0
 X
 
 
 
 
Net debt to adjusted EBITDA ratio
 
 
 
Company's pro rata share of total debt
$
873,537

 
$
1,301,412

Less: cash and cash equivalents
(20,423
)
 
(20,423
)
Net debt
$
853,114

 
$
1,280,989

Adjusted EBITDA annualized(2)
$
69,548

 
$
117,112

Net debt to adjusted EBITDA ratio
12.3
 X
 
10.9
 X
 
 
 
 
Debt to enterprise value
 
 
 
Company's pro rata share of debt
$
873,537

 
$
1,301,412

Equity(3)
1,686,429

 
1,686,429

Enterprise value(3)
$
2,559,966

 
$
2,987,841

Debt as % of enterprise value
34.1
%
 
43.6
%
 
 
 
 
Unencumbered real estate assets/total real estate assets:
 
 
 
Unencumbered real estate assets(4)
$
1,105,649

 

Total real estate assets
$
2,433,167

 

Unencumbered real estate assets/total real estate assets
45
%
 
 
__________________
(1)
Excludes the Company’s share of unconsolidated joint venture debt.
(2)
Adjusted EBITDA during Q3 2015 annualized (multiplied by 4).
(3)
Based on the September 30, 2015 closing price of $10.06 per share and September 30, 2015 debt balances and share count.
(4)
No mortgage encumbrance, includes assets included as part of the borrowing base under the Credit Facility.

14

New York REIT, Inc.

Credit Facility and Liquidity Analysis(1) 
(dollar amounts in thousands)



 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Credit facility availability:
 
 
 
 
 
 
 
 
 
 
Credit facility commitments
 
$
705,000

 
$
705,000

 
$
705,000

 
$
705,000

 
$
705,000

Outstanding balance on credit facility
 
485,000

 
635,000

 
635,000

 
635,000

 
625,000

Undrawn credit facility commitments(2)
 
$
220,000

 
$
70,000

 
$
70,000

 
$
70,000

 
$
80,000

 
 
 
 
 
 
 
 
 
 
 
Outstanding balance - term debt
 
$
305,000

 
$
305,000

 
$
305,000

 
$
305,000

 
$
305,000

Outstanding balance - revolving debt
 
180,000

 
330,000

 
330,000

 
330,000

 
320,000

Total outstanding balance
 
$
485,000

 
$
635,000

 
$
635,000

 
$
635,000

 
$
625,000

 
 
 
 
 
 
 
 
 
 
 
Liquidity:
 
 
 
 
 
 
 
 
 
 
Cash
 
$
20,423

 
$
27,486

 
$
49,360

 
$
22,512

 
$
26,111

Undrawn credit facility commitments(2)
 
220,000

 
70,000

 
70,000

 
70,000

 
80,000

 
 
 
 
Actual - as of
 
 
Required
 
September 30, 2015
Credit facility covenant ratios(1):
 
 
 
 
Consolidated leverage ratio
 
< 60%
 
53
%
Fixed charge coverage ratio
 
> 1.5X
 
2.6 X

Tangible net worth
 
 > $900,000
 
$
1,244,980

Secured leverage ratio
 
< 60%
 
33
%
Borrowing base advance rate
 
< 60%
 
39
%
Debt service coverage ratio
 
> 1.3X
 
1.48

_______________
(1)
The Company’s credit facility covenant ratios are computed in accordance with the terms of the Company’s credit facility. The methodology for these computations may differ significantly from similarly titled ratios of other companies and throughout the Company’s supplemental.
(2)
Availability is based on a pool of eligible unencumbered real estate assets. The unused borrowing capacity, based on the borrowing base properties as of September 30, 2015, was $65.3 million.

15

New York REIT, Inc.

Debt Maturities
(dollar amounts in thousands)

 
Total
 
2015
 
2016
 
2017
 
2018
 
2019
 
Thereafter
Consolidated mortgage debt
$
388,537

 
$
101

 
$
12,068

 
$
55,533

 
$
3,703

 
$
308,869

 
$
8,263

Proportionate share of unconsolidated joint venture mortgage debt
427,875

 
—

 
—

 
—

 
4,860

 
6,837

 
416,178

Combined mortgage debt
816,412

 
101

 
12,068

 
55,533

 
8,563

 
315,706

 
424,441

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility - revolving
180,000

 
—

 
180,000

 
—

 
—

 
—

 
—

Credit facility - term
305,000

 
—

 
—

 
—

 
305,000

 
—

 
—

Total credit facility
485,000

 
—

 
180,000

 
—

 
305,000

 
—

 
—

Total combined debt
$
1,301,412

 
$
101

 
$
192,068

 
$
55,533

 
$
313,563

 
$
315,706

 
$
424,441

% Expiring
100.0
%
 
—
%
 
14.7
%
 
4.3
%
 
24.0
%
 
24.3
%
 
32.7
%
% Expiring with extensions(1)
100.0
%
 
—
%
 
0.9
%
 
4.3
%
 
37.8
%
 
24.3
%
 
32.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term - excluding extensions (years)
4.4

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term - including extensions (years)
4.6

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term (years) (excluding credit facility)
5.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt maturing
$
1,301,412

 
$
101

 
$
192,068

 
$
55,533

 
$
313,563

 
$
315,706

 
$
424,441

Weighted average interest rate expiring
3.5
%
 
4.4
%
 
2.1
%
 
3.3
%
 
2.4
%
 
3.8
%
 
4.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt maturing (excluding credit facility)
$
816,412

 
$
101

 
$
12,068

 
$
55,533

 
$
8,563

 
$
315,706

 
$
424,441

Weighted average interest rate expiring
4.2
%
 
4.4
%
 
3.9
%
 
3.3
%
 
4.5
%
 
3.8
%
 
4.6
%
_________________________
(1)
The Company has, subject to certain conditions as outlined in its credit facility, the option to extend the maturity date of the revolving portion of its credit facility from August 2016 to August 2018.



16

New York REIT, Inc.

Square Footage Summary


As of September 30, 2015
 
Total
 
Manhattan
 
Brooklyn
 
Queens
Total square feet by property type:
 
 
 
 
 
 
 
 
 
Office
 
2,777,573

 
2,748,082

 
29,491

 
—

 
Retail (1)
 
334,764

 
265,916

 
59,081

 
9,767

 
Hotel
 
128,612

 
128,612

 
—

 
—

 
Parking
 
120,589

 
120,589

 
—

 
—

 
Residential
 
40,437

 
—

 
40,437

 
—

 
Storage
 
12,735

 
12,735

 
—

 
—

Total owned square feet (end of period) (2)
 
3,414,710

 
3,275,934

 
129,009

 
9,767

 
 
 
 
 
 
 
 
 
 
% of total square feet by property type:
 
 
 
 
 
 
 
 
 
Office
 
81
%
 
84
%
 
23
%
 
—
%
 
Retail (1)
 
10
%
 
8
%
 
46
%
 
100
%
 
Hotel
 
4
%
 
4
%
 
—
%
 
—
%
 
Parking
 
4
%
 
4
%
 
—
%
 
—
%
 
Residential
 
1
%
 
—
%
 
31
%
 
—
%
 
Storage
 
—
%
 
—
%
 
—
%
 
—
%
Total owned square feet (end of period) (2)
 
100
%
 
95.9
%
 
3.8
%
 
0.3
%
_____________
(1)
Includes 106,690 square feet of stand-alone retail and 228,074 square feet of retail associated with the Company’s office portfolio.
(2)
Excludes 15,055 square foot parking garage at 416 Washington Street, which is being operated under a management agreement with a third party.

All figures above include the Company’s proportionate share of its investment in an unconsolidated joint venture.


17

New York REIT, Inc.

Major Tenant Summary
(dollar amounts in thousands)

Top Ten Office Tenants as a % of Total Annualized Cash Rent
 
Property
 
Total
Square Feet
 
Annualized
Cash Rent
 
% of
Annualized Cash Rent
1
 
 
Cravath, Swaine & Moore, LLP
 
One Worldwide Plaza
 
301,779

 
$
29,675

 
15.8
%
2
 
 
Nomura Holding America Inc.
 
One Worldwide Plaza
 
400,934

 
19,514

 
10.4
%
3
 
 
Twitter, Inc.
 
245-249 West 17th Street
 
214,666

 
14,842

 
7.9
%
4
 
 
Rentpath Inc.
 
1440 Broadway
 
170,734

 
12,068

 
6.4
%
5
 
 
Macy's, Inc.
 
1440 Broadway
 
203,196

 
11,051

 
5.9
%
6
 
 
The Segal Company (Eastern States) Inc.
 
333 West 34th Street
 
144,307

 
8,671

 
4.6
%
7
 
 
Spring Studios New York LLC
 
50 Varick Street
 
158,574

 
7,560

 
4.0
%
8
 
 
Metropolitan Transportation Authority (MTA)
 
333 West 34th Street
 
130,443

 
4,026

 
2.2
%
9
 
 
Advance Magazine
 
1440 Broadway
 
72,194

 
3,581

 
1.9
%
10
 
 
Liz Claiborne, Inc.
 
1440 Broadway
 
67,213

 
3,193

 
1.7
%
 
Total top ten office tenants
 
 
 
1,864,040

 
$
114,181

 
60.8
%

Top Ten Retail Tenants as a % of Total Annualized Cash Rent
 
Property
 
Total
Square Feet
 
Annualized Cash Rent
 
% of
Annualized Cash Rent
1
 
 
Room & Board, Inc.
 
245-249 West 17th Street
 
60,161

 
$
4,658

 
2.5
%
2
 
 
Sam Ash New York Megastores, LLC
 
333 West 34th Street
 
29,688

 
1,447

 
0.8
%
3
 
 
Dodger Stage Holding Theatricals, Inc.
 
One Worldwide Plaza
 
27,841

 
1,367

 
0.7
%
4
 
 
Citibank, N.A.
 
1440 Broadway
 
11,533

 
1,150

 
0.6
%
5
 
 
TD Bank, N.A.
 
One Jackson Square
 
4,158

 
1,145

 
0.6
%
6
 
 
Duane Reade
 
Duane Reade
 
9,767

 
1,094

 
0.6
%
7
 
 
Burberry Limited
 
367-387 Bleecker Street
 
4,726

 
1,020

 
0.6
%
8
 
 
Early Bird Delivery Systems LLC, d/b/a Urban Express
 
229 West 36th Street
 
20,132

 
1,013

 
0.5
%
9
 
 
99th Avenue Holdings, LLC
 
One Worldwide Plaza
 
17,233

 
880

 
0.5
%
10
 
 
JP Morgan Chase Bank, N.A.
 
1100 Kings Highway
 
6,385

 
813

 
0.4
%
 
Total top ten retail tenants
 
 
 
191,624

 
$
14,587

 
7.8
%

18

New York REIT, Inc.

Tenant Industry Concentration

 
 
 
 
 
 
 
 
% of
Annualized
Cash Rent
 Technology, Advertising, Media & Information ("TAMI")
 
27
%
 Retail
 
17
%
 Legal Services
 
16
%
 Finance, Insurance, Real Estate
 
14
%
 Professional Services
 
9
%
 Consumer Goods
 
3
%
 Education
 
3
%
 Other
 
3
%
 Food and Beverage
 
2
%
 Government
 
2
%
 Health Services
 
2
%
 Parking
 
2
%
 
 
100
%



19

New York REIT, Inc.

Lease Expirations — Next Five Years

 
 
 
Total
 
2015
 
2016
 
2017
 
2018
 
2019
 
Thereafter
Combined:(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
137

 
4

 
10

 
17

 
15

 
6

 
85

 
Expiring Annualized Cash Rent (in thousands)(2)(3)
 
$
216,769

 
$
14,316

 
$
6,369

 
$
7,294

 
$
2,236

 
$
1,336

 
$
185,218

 
Expiring square feet(3)
 
3,164,399

 
189,187

 
103,325

 
106,379

 
46,869

 
34,802

 
2,683,837

 
% of total square feet expiring
 
100.0
%
 
6.0
%
 
3.3
%
 
3.4
%
 
1.5
%
 
1.1
%
 
84.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2) (3)
 
$
68.50

 
$
75.67

 
$
61.65

 
$
68.57

 
$
47.72

 
$
38.37

 
$
69.01

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
105

 
4

 
7

 
16

 
11

 
4

 
63

 
Expiring Annualized Cash Rent (in thousands)(2)(3)
 
$
143,800

 
$
14,316

 
$
6,220

 
$
6,280

 
$
1,890

 
$
1,225

 
$
113,869

 
Expiring square feet(3)(4)
 
2,163,046

 
189,187

 
102,394

 
89,959

 
45,036

 
32,077

 
1,704,393

 
% of total square feet expiring
 
100.0
%
 
8.7
%
 
4.7
%
 
4.2
%
 
2.1
%
 
1.5
%
 
78.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2) (3)(4)
 
$
66.48

 
$
75.67

 
$
60.75

 
$
69.81

 
$
41.98

 
$
38.19

 
$
66.81

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated joint ventures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
32

 
—

 
3

 
1

 
4

 
2

 
22

 
Expiring Annualized Cash Rent (in thousands)(2)(4)
 
$
72,969

 
$
—

 
$
149

 
$
1,014

 
$
346

 
$
111

 
$
71,349

 
Expiring square feet(5)
 
1,001,353

 
—

 
931

 
16,420

 
1,833

 
2,725

 
979,444

 
% of total square feet expiring
 
100.0
%
 
—
%
 
0.1
%
 
1.6
%
 
0.2
%
 
0.3
%
 
97.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2)(4)
 
$
72.87

 
$
—

 
$
160.55

 
$
61.77

 
$
188.78

 
$
40.51

 
$
72.85

_________________
(1)
Combined reflects 100% of consolidated properties plus the Company’s pro rata share of unconsolidated properties.
(2)
Expiring Annualized Cash Rent represents contractual cash base rents at the time of lease expiration and reimbursements from tenants, excluding electric reimbursements and free rent.
(3)
Excludes 35,768 square feet of leased residential space and 122,896 square feet of the hotel (which excludes 5,716 square feet leased to the hotel restaurant tenant). Total vacant square footage at September 30, 2015 was 91,647 square feet.
(4)
Reflects the Company's pro rata share of its unconsolidated joint venture.

20

New York REIT, Inc.

Lease Expirations — Quarterly through 2016

 
 
 
Q4 2015
 
Q1 2016(1)
 
Q2 2016
 
Q3 2016
 
Q4 2016
Combined:(2)
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
4

 
1

 
2

 
4

 
3

 
Expiring Annualized Cash Rent (in thousands)(3)(4)
 
$
14,316

 
$
6

 
$
3,894

 
$
1,171

 
$
1,299

 
Expiring square feet(4)
 
189,187

 
—

 
72,986

 
24,137

 
6,202

 
% of total square feet expiring
 
6.0
%
 
—
%
 
2.3
%
 
0.8
%
 
0.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(3)(4)
 
$
75.67

 
$
—

 
$
53.35

 
$
48.52

 
$
209.50

 
 
 
 
 
 
 
 
 
 
 
 
Consolidated properties:
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
4

 
—

 
2

 
2

 
3

 
Expiring Annualized Cash Rent (in thousands)(3)(4)
 
$
14,316

 
$
—

 
$
3,894

 
$
1,028

 
$
1,299

 
Expiring square feet(4)
 
189,187

 
—

 
72,986

 
23,206

 
6,202

 
% of total square feet expiring
 
8.7
%
 
—
%
 
3.4
%
 
1.1
%
 
0.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(3)(4)
 
$
75.67

 
$
—

 
$
53.35

 
$
44.28

 
$
209.50

 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated joint ventures:
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
—

 
1

 
—

 
2

 
—

 
Expiring Annualized Cash Rent (in thousands)(3)(5)
 
$
—

 
$
6

 
$
—

 
$
143

 
$
—

 
Expiring square feet(5)
 
—

 
—

 
—

 
931

 
—

 
% of total square feet expiring
 
—
%
 
—
%
 
—
%
 
0.1
%
 
—
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(3)
 
$
—

 
$
—

 
$
—

 
$
154.25

 
$
—

_________________
(1)
Reflects an expiring antenna lease with no square footage associated.
(2)
Combined reflects 100% of consolidated properties plus the Company’s pro rata share of unconsolidated properties.
(3)
Expiring Annualized Cash Rent represents contractual cash base rents at the time of lease expiration and reimbursements from tenants, excluding electric reimbursements and free rent.
(4)
Excludes 35,768 square feet of leased residential space.
(5)
Reflects the Company's pro rata share of its unconsolidated joint venture.

21

New York REIT, Inc.

Leasing Activity

 
 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Leasing activity:
 
 
 
 
 
 
 
 
 
 
 
Leases executed
 
1

 
7

 
1

 
2

 
6

 
Total square feet leased
 
2,811

 
185,247

 
22,185

 
21,868

 
67,437

 
Company's share of square feet leased
 
2,811

 
114,548

 
22,185

 
21,868

 
49,029

 
     Initial rent
 
$
158.42

 
$
56.51

 
$
157.76

 
$
58.31

 
$
56.28

 
     Weighted average lease term (years)
 
10

 
12.9

 
15.5

 
7.7

 
10.7

 
 
 
 
 
 
 
 
 
 
 
 
 
     Replacement leases:(1)
 
 
 
 
 
 
 
 
 
 
 
          Replacement leases executed
 
—

 
3

 
1

 
1

 
2

 
          Square feet
 
—

 
30,579

 
5,058

(2) 
8,364

 
14,077

 
 
 
 
 
 
 
 
 
 
 
 
 
          Cash basis:
 
 
 
 
 
 
 
 
 
 
 
               Initial rent
 
$
—

 
$
48.70

 
$
356.79

 
$
53.97

 
$
53.57

 
               Prior escalated rent (3)
 
$
—

 
$
36.64

 
$
250.90

 
$
45.99

 
$
49.68

 
               Percentage increase
 
—
%
 
33
%
 
42
%
 
17
%
 
8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
          GAAP basis:
 
 
 
 
 
 
 
 
 
 
 
               Initial rent
 
$
—

 
$
51.75

 
$
381.19

 
$
61.88

 
$
53.22

 
               Prior escalated rent (3)
 
$
—

 
$
40.69

 
$
249.32

 
$
43.67

 
$
49.75

 
               Percentage increase
 
—
%
 
27
%
 
53
%
 
42
%
 
7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant improvements on replacement leases per square foot(4)
 
$
—

 
$
98.62

 
$
78.88

 
$
17.00

 
$
21.85

 
Leasing commissions on replacement leases per square foot(4)
 
$
—

 
$
31.61

 
$
178.40

 
$
20.82

 
$
14.57

_______________
(1)
Replacement leases are for spaces that were leased during the period and also have been leased at some time during the prior twelve months.
(2)
This tenant leased multiple floors and the 5,058 square feet of replacement leasing represents the space that was not previously vacant and was comparable retail space.
(3)
Prior escalated rent is calculated as total annualized income less electric charges. It includes base rent, excluding recoveries.
(4)
Presented as if tenant improvements and leasing commissions were incurred in the period in which the lease was signed, which may be different than the period in which these amounts were actually paid.


22

New York REIT, Inc.

Tenant Improvements, Leasing Commissions and Capital Expenditures
(in thousands)

 
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
 
Q3 2014
Capital expenditures (accrual basis):(1)
 
 
 
 
 
 
 
 
 
 
First generation tenant improvements
 
$
9,175

 
$
3,994

 
$
8,196

 
$
6,270

 
$
330

First generation leasing commissions
 
620

 
3,312

 
—

 
1,362

 
312

First generation building improvements
 
1,594

 
1,289

 
579

 
4,487

 
3,276

Total first generation tenant improvements, leasing commissions and capital expenditures
 
$
11,389

 
$
8,595

 
$
8,775

 
$
12,119

 
$
3,918

 
 
 
 
 
 
 
 
 
 
 
Second generation tenant improvements
 
$
—

 
$
—

 
$
—

 
$
102

 
$
305

Second generation leasing commissions
 
12

 
3

 
3

 
110

 
48

Second generation building improvements
 
201

 
51

 
9

 
—

 
10

Total second generation tenant improvements, leasing commissions and capital expenditures
 
213

 
54

 
12

 
212

 
363

Total tenant improvements, leasing commissions and capital expenditures
 
$
11,602

 
$
8,649

 
$
8,787

 
$
12,331

 
$
4,281

____________
(1)
Amounts incurred presented on a combined basis, including our pro rata share of our unconsolidated joint venture.

23

New York REIT, Inc.
Property Table
Property
 
Ownership
 
Rentable Square Feet(1)
 
Percent Occupied(2)
 
Annualized Cash Rent (in thousands)
 
Annualized Cash Rent Per Square Foot
 
Number of Leases
Manhattan Office Properties - Office
 
 
 
 
 
 
 
 
 
 
 
 
 
Design Center
 
 
100.0%
 
81,082

 
100.0
%
 
$
4,105

 
$
50.63

 
17

416 Washington Street
 
 
100.0%
 
1,565

 
100.0
%
 
58

 
37.10

 
1

256 West 38th Street
 
 
100.0%
 
106,983

 
56.0
%
 
2,418

 
40.37

 
9

229 West 36th Street
 
 
100.0%
 
129,436

 
90.3
%
 
5,164

 
44.20

 
7

218 West 18th Street
 
 
100.0%
 
165,670

 
100.0
%
 
9,306

 
56.17

 
7

50 Varick Street
 
 
100.0%
 
158,574

 
100.0
%
 
7,560

 
47.68

 
1

333 West 34th Street
 
 
100.0%
 
317,040

 
100.0
%
 
14,300

 
45.10

 
3

1440 Broadway
 
 
100.0%
 
704,709

 
96.8
%
 
38,667

 
56.68

 
11

One Worldwide Plaza
 
 
48.9%
 
878,613

 
100.0
%
 
59,106

 
67.27

 
9

245-249 West 17th Street
 
 
100.0%
 
214,666

 
100.0
%
 
14,842

 
69.14

 
1

Manhattan Office Properties - Office Total
 
 
 
 
2,758,338

 
97.0
%
 
155,526

 
58.12

 
66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Office Properties - Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
256 West 38th Street
 
 
100.0%
 
10,060

 
100.0
%
 
430

 
42.79

 
2

229 West 36th Street
 
 
100.0%
 
20,132

 
100.0
%
 
1,013

 
50.31

 
1

333 West 34th Street
 
 
100.0%
 
29,688

 
100.0
%
 
1,447

 
48.73

 
1

1440 Broadway
 
 
100.0%
 
43,145

 
96.1
%
 
5,010

 
120.87

 
9

One Worldwide Plaza
 
 
48.9%
 
123,638

 
99.3
%
 
5,252

 
42.79

 
19

245-249 West 17th Street
 
 
100.0%
 
66,628

 
100.0
%
 
5,533

 
83.04

 
3

Manhattan Office Properties - Retail Total
 
 
 
 
293,291

 
99.1
%
 
18,685

 
64.28

 
35

Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail
 
 
 
 
3,051,629

 
97.2
%
 
$
174,211

 
$
58.72

 
101

__________________
(1)
Does not include 128,612 square feet at the Viceroy Hotel, antenna leases at Worldwide Plaza or 15,055 square feet at the garage at 416 Washington Street, which is being operated under a management contract with a third party.
(2)
Inclusive of leases signed but not yet commenced.









24

New York REIT, Inc.
Property Table (continued)
Property
 
Ownership
 
Rentable Square Feet(1)
 
Percent Occupied(2)
 
Annualized Cash Rent (in thousands)
 
Annualized Cash Rent Per Square Foot
 
Number of Leases
Manhattan Stand Alone Retail
 
 
 
 
 
 
 
 
 
 
 
 
 
367-387 Bleecker Street
 
 
100.0%
 
9,724

 
100.0
%
 
$
2,702

 
$
277.89

 
5

33 West 56th Street (garage)
 
 
100.0%
 
12,856

 
100.0
%
 
460

 
35.81

 
1

416 Washington Street
 
 
100.0%
 
7,436

 
100.0
%
 
465

 
62.47

 
2

One Jackson Square
 
 
100.0%
 
8,392

 
100.0
%
 
1,676

 
199.72

 
4

350 West 42nd Street
 
 
100.0%
 
42,774

 
100.0
%
 
1,769

 
41.36

 
4

350 Bleecker Street
 
 
100.0%
 
14,511

 
84.6
%
 
723

 
58.90

 
2

Sub-Total/Weighted Average Manhattan Stand Alone Retail
 
 
 
 
95,693

 
97.7
%
 
7,795

 
83.41

 
18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outer-Borough Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
86th Street, Brooklyn
 
 
100.0%
 
6,118

 
100.0
%
 
497

 
81.14

 
1

163 Washington Avenue, Brooklyn(3)
 
 
97.4%
 
41,613

 
88.8
%
 
1,896

 
51.31

 
44

163-30 Cross Bay, Queens
 
 
100.0%
 
9,767

 
100.0
%
 
1,094

 
112.02

 
1

1100 Kings Highway, Brooklyn
 
 
100.0%
 
61,318

 
100.0
%
 
2,807

 
45.78

 
5

1623 Kings Highway, Brooklyn
 
 
100.0%
 
19,960

 
100.0
%
 
1,132

 
56.71

 
3

Sub-Total/Weighted Average Outer-Borough Properties
 
 
 
 
138,776

 
96.6
%
 
7,426

 
55.37

 
54

Portfolio Total
 
 
 
 
3,286,098

 
97.2
%
 
$
189,432

 
$
59.30

 
173

__________________
(1)
Does not include 128,612 square feet at the Viceroy Hotel, antenna leases at Worldwide Plaza or 15,055 square feet at the garage at 416 Washington Street, which is being operated under a management contract with a third party.
(2)
Inclusive of leases signed but not yet commenced.
(3)
Property was sold on October 21, 2015.

Hotel operations for Q3 2015 compared to Q3 2014 consisted of the following:
 
 
Q3 2015
 
Q3 2014
 
% Change
Average occupancy
 
86.4
%
 
76.2
%
 
13.4
%
Average daily rate
 
$
335.67

 
$
324.66

 
3.4
%
REVPAR
 
$
289.88

 
$
247.61

 
17.1
%
NOI (in thousands)
 
$
529

 
$
(209
)
 
353.1
%
Cash NOI (in thousands)
 
$
1,135

 
$
767

 
48.0
%

25

New York REIT, Inc.

Definitions

Definitions
This section contains an explanation of certain non-GAAP financial measures we provide in other sections of this document, as well as the reasons why management believes these measures provide useful information to investors about the Company’s financial condition or results of operations. Additional detail can be found in the Company’s most recent annual report on Form 10-K as well as other documents filed with or furnished to the SEC from time to time.
Adjusted Cash NOI
Adjusted Cash NOI is Cash NOI (as defined below) after eliminating the effects of free rent.
Adjusted funds from operations (AFFO)
AFFO is Core FFO, excluding certain income or expense items that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities that are not a fundamental attribute of our business plan. These items include unrealized gains and losses, which may not ultimately be realized, such as gains or losses on derivative instruments, gains or losses on contingent valuation rights and gains and losses on investments. In addition, by excluding non-cash income and expense items such as amortization of above and below market leases, amortization of deferred financing costs and straight-line rent from AFFO we believe we provide useful information regarding income and expense items which have no cash impact and do not provide liquidity to the Company or require capital resources of the Company. We exclude dividends related to Class B units and certain interest expenses related to securities that are convertible to common stock as the shares are assumed to have converted to common stock in our calculation of weighted average common shares-fully diluted. Furthermore we include certain cash inflows and outflows that are reflective of operating activities including preferred returns on joint ventures, second generation tenant improvements and leasing commissions (included in the period in which the lease commences) and recurring capital expenditures. We also include items such as free rent credits paid by sellers because these funds are paid to us during the free rent period and therefore improve our liquidity and ability to pay dividends.
Although our AFFO may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful indicator of our ability to fund cash needs and to make cash dividends to stockholders. In addition, we believe that to further understand our liquidity, AFFO should be compared with our cash flows determined in accordance with GAAP, as presented in our consolidated financial statements. AFFO does not represent cash generated from operating activities determined in accordance with GAAP, and AFFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of our liquidity.
Annualized Cash Rent
Cash rent at the end of the reporting period, including operating expense reimbursements, excluding electric. Real estate tax reimbursements are typically multiplied by two because they are paid semi-annually. Free rent periods are excluded from annualized cash rent.
Cash net operating income (Cash NOI)
NOI, presented on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and fair value lease revenue.
Core funds from operations (Core FFO)
Core FFO is FFO, excluding acquisition and transaction related costs, non-cash equity-based compensation expenses and certain other costs that management deems to be non-recurring. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make dividends to investors. In evaluating investments in real estate, management differentiates the costs to acquire the investment from the operations derived from the investment. By excluding expensed acquisition costs, management believes Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

26

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)
Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization, acquisition and transaction-related expenses and other non-cash items, including our pro rata share of investments in unconsolidated joint ventures. We believe Adjusted EBITDA is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate adjusted EBITDA differently and our calculation should not be compared to that of other REITs. Adjusted EBITDA is adjusted to include our pro rata share of Adjusted EBITDA from unconsolidated joint ventures.
Effective interest rate
The annualized rate, on a 365-day basis, at which interest expense is recorded per the respective loan documents, excluding the impact of the amortization of any debt discounts/premiums and deferred financing costs. For instance, the stated interest rate in a loan agreement may be based on a 360 day year. Therefore, the effective interest rate would be the stated rate divided by 360 x 365 days in the year.
First generation building improvements
Capital expenditures on first generation space, as defined below, that are not tenant improvement or leasing commission related.
First generation space
Space that is vacant at acquisition or space that was not consistent with the Company’s operating standards.
First generation tenant improvements and leasing commissions
Tenant improvements and leasing commissions incurred on first generation space as defined above.
Funds from operations (FFO)
Pursuant to the revised definition of funds from operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), we calculate funds from operations (FFO), by adjusting net income (loss) (computed in accordance with GAAP, including non-recurring items) for gains (or losses) from sales of properties, impairment losses on depreciable real estate of consolidated real estate, impairment losses on investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures, real estate related depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure. The use of FFO, combined with the required GAAP presentations, has been fundamentally beneficial in improving the understanding of operating results of REITs among the investing public and making comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure for reviewing our comparative operating and financial performance because, by excluding gains and losses related to asset sales (land and property), impairment losses and real estate asset depreciation and amortization (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help one compare the operating performance of a company’s real estate between periods or as compared to different companies. Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and is not a measure of liquidity or an indicator of our ability to make cash dividends. We believe that to further understand our performance, FFO should be compared with our reported net income and considered in addition to cash flows determined in accordance with GAAP, as presented in our consolidated financial statements.

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Net operating income (NOI)
Net operating income (NOI) is a non-GAAP financial measure equal to net income, the most directly comparable GAAP financial measure, less discontinued operations, plus corporate general and administrative expense, acquisition and transaction costs, depreciation and amortization and interest expense, income from unconsolidated joint ventures, interest, other non-cash items and other income and gains from investments in securities. NOI is adjusted to include our pro rata share of NOI from unconsolidated joint ventures. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income, as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of our liquidity or ability to make dividends.
Replacement leases
Leases signed during the current period for space that had been previously leased at any point during the previous twelve months.
Prior escalated rent
Cash rent at expiration of the lease, including real estate tax and other operating expense reimbursements, multiplied by twelve.
Second generation capital expenditures
Represents building investments to maintain current revenues. These capital expenditures which may occur on a regular basis, may relate to repairs and maintenance that extend the useful life of an asset and are therefore capitalized. These costs are included in our calculation of AFFO.
Second generation space
Any space that is not first generation space.
Second generation tenant improvements and leasing commissions
Tenant improvements, leasing commissions, and other leasing costs incurred during leasing of second generation space.
Stated interest rate
The rate at which interest expense is recorded per the respective loan documents, excluding the impact of the amortization of any debt discounts/premiums and deferred financing costs.


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New York REIT, Inc.

Management/Board of Directors
Executive Management Team
 
Board of Directors
 
Michael A. Happel
Chief Executive Officer
 
Randolph C. Read
Non-Executive Chairman of the Board of Directors
 
 
and President
 
President and Chief Executive Officer
 
 
 
 
Nevada Strategic Credit Investments, LLC
Nicholas Radesca
Interim Chief Financial Officer,
 
 
 
 
 
Treasurer and Secretary
 
 
 
 
 
 
 
P. Sue Perrotty
Independent Director, Audit Committee Chair
Patrick O'Malley
 
Chief Investment Officer
 
President and Chief Executive Officer
 
 
 
 
AFM Financial Services
 
 
 
 
 
 
 
 
 
 
William M. Kahane
Director
 
 
 
 
Former Chief Executive Officer
 
 
 
 
RCS Capital Corp.
 
 
 
 
 
 
 
 
 
 
Robert H. Burns
Independent Director
 
 
 
 
Former Chairman and Chief Executive Officer
 
 
 
 
Regent International Hotels
 
 
 
 
 
 
 
 
 
 
Marc Rowan
Director
 
 
 
 
Co-Founder
 
 
 
 
Apollo Global Management
Company Information
 
 
 
Address:
 
405 Park Avenue, 14th floor
 
 
 
 
 
New York, NY 10022
 
 
 
Phone:
 
212-415-6500
 
 
 
Website:
 
www.nyrt.com
 
 
 


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New York REIT Liquidating LLC Reports