New York REIT Liquidating LLC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - QUARTERLY 12.31.2015 - February 26, 2016

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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, 2015, 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, 2015, 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 (December 31, 2015)

New York City Focus(1)
100%
 
Enterprise Value(3)
$3.2 billion
Manhattan Focus(1)
97%
 
Combined Debt/Enterprise Value(4)
40%
Square Feet(2)
3.4 million
 
Monthly Dividend per Share
$0.038
Number of Buildings
22
 
Annualized Dividend per Share
$0.46
Q4 2015 Ending Occupancy(5)
95.2%
 
Dividend Yield(6)
4.0%
Weighted Average Remaining Lease Term
9.6 years
 
Fully Diluted Shares and Units Outstanding
167.9 million
Company Website
www.nyrt.com
 
 
 
______________
(1)
Based on square footage.
(2)
Includes pro rata share of unconsolidated joint venture.
(3)
Based on the December 31, 2015 closing price of $11.50 per share and December 31, 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 December 31, 2015 closing price of $11.50 per share.

1

New York REIT, Inc.

Key Financial Metrics - As of and for the quarter ended December 31, 2015
(dollar amounts in thousands, except per share information)

 
Q4 2015
 
 
Q4 2015
OPERATING RESULTS
 
 
COMMON SHARE PRICE AND DIVIDENDS
 
Revenues
$
44,387

 
At the end of the period
$
11.50

NOI
$
36,265

 
High during period
11.90

Cash NOI
$
32,045

 
Low during period
10.28

Adjusted Cash NOI(1)
$
33,381

 
Annualized dividend per share
0.46

Adjusted EBITDA
$
23,589

 
Annualized dividend yield(3)
4.0
%
 
 
 
 
 
Monthly dividends paid per share
$
0.038

 
LEVERAGE INFORMATION
 
 
 
 
Combined basis(4)
 
Core FFO
$
7,600

 
Total debt
$
1,301,311

Core FFO per diluted share
$
0.05

 
Cash
(98,604
)
 
 
 
Net debt
1,202,707

AFFO
$
13,380

 
Debt/enterprise value
40
%
AFFO per diluted share
$
0.08

 
Interest coverage ratio on combined debt
2.0 X

 
 
 
Fixed charge coverage ratio on combined debt
2.0 X

MARKET CAPITALIZATION
 
 
Weighted average interest rate
3.5
%
Share price(2)
$
11.50

 
Weighted average remaining debt term (years)
4.1

Fully diluted common shares and units outstanding
167,929,123

 
Weighted average remaining debt term - including extensions (years)
4.4
Total equity market capitalization
$
1,931,185

 
 
 
Consolidated debt
$
873,436

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

 
Cash
$
98,604

Enterprise value
$
3,232,496

 
Credit Facility availability(5)
$
63,008

______________
(1)
Adjusted for free rent.
(2)
Closing price on December 31, 2015.
(3)
Based on the December 31, 2015 closing price of $11.50 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. Total maximum undrawn commitments as of December 31, 2015 was $220.0 million.

NOTE: A reconciliation of Net Income (Loss) to FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI and Adjusted Cash NOI, which are non-GAAP measures, appears on pages 6 and 7 of this supplemental information package.

2

New York REIT, Inc.

Consolidated Balance Sheets
(in thousands)

 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
ASSETS
 
 
 
 
 
 
 
 
 
Real estate investments, at cost
 
 
 
 
 
 
 
 
 
Land
$
477,171

 
$
487,808

 
$
494,065

 
$
494,065

 
$
494,065

Buildings, fixtures and improvements
1,208,138

 
1,231,204

 
1,247,070

 
1,243,412

 
1,235,918

Acquired intangible assets
137,594

 
156,609

 
156,657

 
158,383

 
158,383

Total real estate investments, at cost
1,822,903

 
1,875,621

 
1,897,792

 
1,895,860

 
1,888,366

Less: accumulated depreciation and amortization
(172,668
)
 
(183,775
)
 
(166,680
)
 
(146,445
)
 
(124,178
)
Total real estate investments, net
1,650,235

 
1,691,846

 
1,731,112

 
1,749,415

 
1,764,188

Cash and cash equivalents
98,604

 
20,423

 
27,486

 
49,360

 
22,512

Funds Held in Escrow(1)
—

 
48,768

 
—

 
—

 
—

Investment in unconsolidated joint venture
215,370

 
223,229

 
226,306

 
225,736

 
225,501

Preferred equity investment
—

 
—

 
—

 
—

 
35,100

Real estate assets held for sale
29,268

 
27,482

 
—

 
—

 
—

Other assets
78,278

 
84,271

 
76,745

 
68,312

 
73,534

Total assets
$
2,071,755

 
$
2,096,019

 
$
2,061,649

 
$
2,092,823

 
$
2,120,835

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Mortgage notes payable
$
388,436

 
$
388,537

 
$
171,998

 
$
172,121

 
$
172,242

Credit facility
485,000

 
485,000

 
635,000

 
635,000

 
635,000

Market lease intangibles, net
73,083

 
75,385

 
77,921

 
80,456

 
84,220

Other liabilities(2)
31,701

 
32,633

 
33,689

 
35,834

 
32,420

Derivatives, at fair value
1,266

 
2,320

 
1,751

 
2,175

 
1,276

Total liabilities
979,486

 
983,875

 
920,359

 
925,586

 
925,158

 
 
 
 
 
 
 
 
 
 
Common stock
1,626

 
1,626

 
1,626

 
1,625

 
1,622

Additional paid-in capital
1,403,624

 
1,402,990

 
1,402,791

 
1,401,635

 
1,401,619

Accumulated other comprehensive loss
(1,237
)
 
(2,301
)
 
(1,570
)
 
(1,805
)
 
(816
)
Accumulated deficit(2)
(369,273
)
 
(341,110
)
 
(309,669
)
 
(282,323
)
 
(255,478
)
Total stockholders' equity
1,034,740

 
1,061,205

 
1,093,178

 
1,119,132

 
1,146,947

Non-controlling interests
57,529

 
50,939

 
48,112

 
48,105

 
48,730

Total equity
1,092,269

 
1,112,144

 
1,141,290

 
1,167,237

 
1,195,677

Total liabilities and equity
$
2,071,755

 
$
2,096,019

 
$
2,061,649

 
$
2,092,823

 
$
2,120,835

_____________________
(1)
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.
(2)
Certain prior quarter amounts have been revised to correct immaterial errors identified in Q4 2015.

3

New York REIT, Inc.

Consolidated Statements of Operations
(in thousands, except for share and per share information)
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Revenues
 
 
 
 
 
 
 
 
 
 
Rental income
$
31,000

 
$
32,510

 
$
32,130

 
$
33,478

 
$
33,700

 
Hotel revenue
7,499

 
7,054

 
7,363

 
4,209

 
7,244

 
Operating expense reimbursements and other revenue
5,888

 
5,044

 
4,184

 
4,162

 
4,568

 
   Total revenues
44,387

 
44,608

 
43,677

 
41,849

 
45,512

Operating expenses
 
 
 
 
 
 
 
 
 
 
Property operating
11,488

 
11,197

 
10,098

 
10,969

 
10,750

 
Hotel operating
6,676

 
6,525

 
6,495

 
5,670

 
6,554

 
Operating fees incurred from the Advisor
3,099

 
3,121

 
3,101

 
3,144

 
3,143

 
Acquisition and transaction related
700

 
2,850

 
96

 
125

 
1

 
Change in value of listing promote(1)
—

 
—

 
—

 
—

 
20,079

 
General and administrative
2,946

 
2,438

 
3,014

 
3,702

 
1,676

 
Equity-based compensation(2)
8,727

 
4,081

 
2,189

 
248

 
3,203

 
Depreciation and amortization
18,398

 
20,484

 
22,154

 
21,680

 
21,907

 
   Total operating expenses
52,034

 
50,696

 
47,147

 
45,538

 
67,313

Operating loss
(7,647
)
 
(6,088
)
 
(3,470
)
 
(3,689
)
 
(21,801
)
Other income (expense)
 
 
 
 
 
 
 
 
 
 
Interest expense(3)
(9,271
)
 
(7,495
)
 
(6,347
)
 
(6,249
)
 
(6,561
)
 
Income (loss) from unconsolidated joint venture
661

 
473

 
570

 
235

 
(378
)
 
Income from preferred equity investment, investment securities and interest
24

 
141

 
8

 
930

 
836

 
Gain on sale of real estate investment, net
7,523

 
—

 
—

 
—

 
—

 
Loss on derivative instruments
(34
)
 
(540
)
 
—

 
(4
)
 
—

 
   Total other expense(3)
(1,097
)
 
(7,421
)
 
(5,769
)
 
(5,088
)
 
(6,103
)
Net loss(3)
(8,744
)
 
(13,509
)
 
(9,239
)
 
(8,777
)
 
(27,904
)
 
Net loss attributable to non-controlling interests(4)
236

 
434

 
257

 
261

 
574

 
Net loss attributable to stockholders(3)
$
(8,508
)
 
$
(13,075
)
 
$
(8,982
)
 
$
(8,516
)
 
$
(27,330
)
 
Basic weighted average shares(3)
162,208,672

 
162,203,065

 
162,156,470

 
162,092,424

 
162,019,399

 
Adjustments to fully diluted shares(3)(5)(6)
5,720,451

 
5,712,992

 
5,745,381

 
5,253,186

 
3,721,376

 
Fully diluted weighted average shares(3)
167,929,123

 
167,916,057

 
167,901,851

 
167,345,610

 
165,740,775

 
 
 
 
 
 
 
 
 
 
 
 
Net loss per basic and diluted share attributable to stockholders(3)(6)
$
(0.05
)
 
$
(0.08
)
 
$
(0.06
)
 
$
(0.05
)
 
$
(0.17
)
______________
(1)
The final value of the listing promote was determined in the fourth quarter of 2014. This non-cash expense was settled in OP units.
(2)
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.
(3)
Certain prior quarter amounts have been revised to correct immaterial errors identified in Q4 2015.
(4)
Includes amounts allocated to minority interest holders of 163 Washington Street (which was sold on October 21, 2015), OP unitholders and participating LTIP unitholders.
(5)
Includes LTIP units at their participation rate beginning in Q4 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)
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Unconsolidated Joint Venture Condensed Balance Sheet
 
 
 
 
 
 
 
 
 
 
Real estate assets, at cost
 
$
714,642

 
$
714,875

 
$
713,339

 
$
704,257

 
$
704,143

Less accumulated depreciation and amortization
 
(117,092
)
 
(112,046
)
 
(107,075
)
 
(102,127
)
 
(97,181
)
Total real estate assets, net
 
597,550

 
602,829

 
606,264

 
602,130

 
606,962

Cash and cash equivalents
 
9,036

 
11,951

 
11,918

 
7,901

 
3,784

Other assets
 
259,894

 
258,529

 
257,087

 
253,797

 
252,000

     Total assets
 
$
866,480

 
$
873,309

 
$
875,269

 
$
863,828

 
$
862,746

 
 
 
 
 
 
 
 
 
 
 
Debt
 
$
875,000

 
$
875,000

 
$
875,000

 
$
875,000

 
$
875,000

Other liabilities
 
15,515

 
17,240

 
18,807

 
10,765

 
12,442

     Total liabilities
 
890,515

 
892,240

 
893,807

 
885,765

 
887,442

Deficit
 
(24,035
)
 
(18,931
)
 
(18,538
)
 
(21,937
)
 
(24,696
)
     Total liabilities and deficit
 
$
866,480

 
$
873,309

 
$
875,269

 
$
863,828

 
$
862,746

 
 
 
 
 
 
 
 
 
 
 
Company's basis
 
$
215,370

 
$
223,229

 
$
226,306

 
$
225,736

 
$
225,501

 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Joint Venture Condensed Statement of Operations
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
    Rental income
 
$
31,326

 
$
30,771

 
$
30,751

 
$
30,514

 
$
29,237

    Other revenue
 
1,246

 
1,245

 
1,232

 
1,217

 
1,246

         Total revenue
 
32,572

 
32,016

 
31,983

 
31,731

 
30,483

Operating expenses:
 
 
 
 
 
 
 
 
 
 
     Operating expense
 
12,036

 
11,812

 
11,727

 
12,241

 
12,212

     Depreciation and amortization
 
7,018

 
6,945

 
6,864

 
6,850

 
7,946

          Total operating expenses
 
19,054

 
18,757

 
18,591

 
19,091

 
20,158

Operating income
 
13,518

 
13,259

 
13,392

 
12,640

 
10,325

Interest expense
 
(10,101
)
 
(10,102
)
 
(9,992
)
 
(9,882
)
 
(10,101
)
Net income
 
3,417

 
3,157

 
3,400

 
2,758

 
224

Preferred return
 
(4,055
)
 
(3,936
)
 
(3,894
)
 
(3,851
)
 
(3,936
)
Net loss to members
 
$
(638
)
 
$
(779
)
 
$
(494
)
 
$
(1,093
)
 
$
(3,712
)
 
 
 
 
 
 
 
 
 
 
 
Company's preferred return
 
$
4,055

 
$
3,936

 
$
3,894

 
$
3,851

 
$
3,936

Company's share of net loss
 
(313
)
 
(381
)
 
(242
)
 
(534
)
 
(1,816
)
Amortization of difference in basis
 
(3,081
)
 
(3,082
)
 
(3,082
)
 
(3,082
)
 
(2,498
)
Company's income (loss) from Worldwide Plaza
 
$
661

 
$
473

 
$
570

 
$
235

 
$
(378
)
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
Straight-line rent included in rental income above
 
$
1,809

 
$
2,021

 
$
1,581

 
$
1,460

 
$
1,628


5

New York REIT, Inc.

Reconciliation of Net Loss to FFO and AFFO
(in thousands, except share and per share information)
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Net loss(1)
 
$
(8,744
)
 
$
(13,509
)
 
$
(9,239
)
 
$
(8,777
)
 
$
(27,904
)
Gain on sale of real estate investment, net
 
(7,523
)
 
—

 
—

 
—

 
—

Depreciation and amortization, net of adjustments related to joint venture(2)
 
18,398

 
20,477

 
22,140

 
21,671

 
21,899

Depreciation and amortization related to unconsolidated joint venture(3)
 
6,512

 
6,478

 
6,443

 
6,431

 
6,384

Funds from operations (FFO)
 
8,643

 
13,446

 
19,344

 
19,325

 
379

Acquisition and transaction related expenses(4)
 
700

 
2,850

 
96

 
125

 
1

Change in value of listing promote
 
—

 
—

 
—

 
—

 
20,079

Gain on sale of investment securities
 
(7
)
 
(54
)
 
—

 
(48
)
 
—

Non-core revenue and other income
 
(1,795
)
 
—

 
—

 
(158
)
 
(702
)
Non-core general and administrative expense(5)
 
—

 
—

 
1,500

 
500

 
—

Non-core write-off of below market lease(2)
 
—

 
—

 
—

 
(947
)
 
—

Non-core straight-line rent bad debt expense
 
19

 
—

 
8

 
529

 
—

Non-core deferred financing cost expense(6)
 
40

 
1,060

 
—

 
—

 
492

Non-core derivative losses
 
—

 
423

 
—

 
—

 
—

Non-core non-cash compensation expense
 
—

 
—

 
—

 
—

 
1,160

Core FFO
 
7,600

 
17,725

 
20,948

 
19,326

 
21,409

Non-cash compensation expense(7)
 
8,727

 
4,081

 
2,189

 
248

 
2,042

Non-cash portion of interest expense
 
2,457

 
1,179

 
1,162

 
1,138

 
1,159

Seller free rent credit
 
—

 
197

 
872

 
3,679

 
3,679

Amortization of market lease intangibles
 
(1,610
)
 
(1,843
)
 
(1,842
)
 
(2,124
)
 
(2,724
)
Mark-to-market adjustments
 
34

 
117

 
—

 
4

 
—

Straight-line rent
 
(2,431
)
 
(2,525
)
 
(2,856
)
 
(5,870
)
 
(7,616
)
Straight-line ground rent
 
686

 
719

 
787

 
987

 
1,087

Tenant improvements - second generation
 
(43
)
 
—

 
—

 
—

 
(102
)
Leasing commissions - second generation
 
(194
)
 
(12
)
 
(3
)
 
(3
)
 
(110
)
Building improvements - second generation
 
(962
)
 
(201
)
 
(51
)
 
(9
)
 
—

Proportionate share of straight-line rent related to unconsolidated joint venture
 
(884
)
 
(988
)
 
(773
)
 
(714
)
 
(796
)
Adjusted funds from operations (AFFO)
 
$
13,380

 
$
18,449

 
$
20,433

 
$
16,662

 
$
18,028

 
 
 
 
 
 
 
 
 
 
 
Fully diluted shares(1)
 
167,929,123

 
167,916,057

 
167,901,851

 
167,345,610

 
165,740,775

FFO per diluted share(1)
 
$
0.05

 
$
0.08

 
$
0.12

 
$
0.12

 
$
—

Core FFO per diluted share(1)
 
$
0.05

 
$
0.11

 
$
0.12

 
$
0.12

 
$
0.13

AFFO per diluted share(1)
 
$
0.08

 
$
0.11

 
$
0.12

 
$
0.10

 
$
0.11

______________________
(1)
Certain prior quarter amounts have been revised to correct immaterial errors identified in Q4 2015.
(2)
During the fourth quarter of 2015, we reclassified the write-off of a terminated below-market lease from depreciation and amortization expense to revenue, which impacted the first quarter of 2015. Depreciation and amortization for the quarter ended March 31, 2015 has been revised to reflect this reclassification. The impact of the below-market lease write-off was deeemed to be non-core to our business and is now being included in the reconciliation to Core FFO.
(3)
Proportionate share of depreciation and amortization related to unconsolidated joint venture and amortization of difference in basis.
(4)
Acquisition and transaction-related expenses in the third quarter 2015 primarily represent costs associated with third quarter 2015 mortgage payoffs and Credit Facility amendment.
(5)
Estimated portion of audit fee that is non-core.
(6)
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.
(7)
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.

We have calculated our FFO, Core FFO and AFFO based on our Net Loss, which is before adjusting for the Net Loss attributable to our non-controlling interests, and all adjustments are made based on our gross adjustments, without excluding the portion of the adjustments attributable to our non-controlling interests, other than adjustments related to the unconsolidated joint venture.


6

New York REIT, Inc.

Reconciliation of Net Loss to Adjusted EBITDA, NOI and Cash NOI
(in thousands)
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Combined:
 
 
 
 
 
 
 
 
 
 
Net loss(1)
 
$
(8,744
)
 
$
(13,509
)
 
$
(9,239
)
 
$
(8,777
)
 
$
(27,904
)
Gain on sale of real estate investment, net
 
(7,523
)
 
—

 
—

—

—

 
—

Acquisition and transaction related expenses(2)
 
700

 
2,850

 
96

 
125

 
1

Depreciation and amortization
 
18,398

 
20,484

 
22,154

 
21,680

 
21,907

Interest expense(1)
 
9,271

 
7,495

 
6,347

 
6,249

 
6,561

Loss on derivative instruments
 
34

 
540

 
—

 
4

 
—

Change in value of listing promote
 
—

 
—

 
—

 
—

 
20,079

Adjustments related to unconsolidated joint venture(3)
 
11,453

 
11,418

 
11,324

 
11,264

 
11,323

Adjusted EBITDA
 
23,589

 
29,278

 
30,682

 
30,545

 
31,967

General and administrative
 
2,946

 
2,438

 
3,014

 
3,702

 
1,676

Equity-based compensation
 
8,727

 
4,081

 
2,189

 
248

 
3,203

Asset management fee to the Advisor
 
3,099

 
3,121

 
3,101

 
3,144

 
3,143

Income from preferred equity investment, investment securities and interest
 
(24
)
 
(141
)
 
(8
)
 
(930
)
 
(836
)
Preferred return on unconsolidated joint venture
 
(4,055
)
 
(3,936
)
 
(3,894
)
 
(3,851
)
 
(3,936
)
Proportionate share of other adjustments related to unconsolidated joint venture
 
1,983

 
1,924

 
1,905

 
1,883

 
1,925

NOI
 
36,265

 
36,765

 
36,989

 
34,741

 
37,142

Amortization of above/below market lease assets and liabilities
 
(1,610
)
 
(1,843
)
 
(1,842
)
 
(3,071
)
 
(2,724
)
Straight-line rent
 
(2,412
)
 
(2,525
)
 
(2,848
)
 
(5,341
)
 
(7,616
)
Straight-line ground rent
 
686

 
719

 
787

 
987

 
1,087

Proportionate share of straight-line rent related to unconsolidated joint venture
 
(884
)
 
(988
)
 
(773
)
 
(714
)
 
(796
)
Cash NOI
 
$
32,045

 
$
32,128

 
$
32,313

 
$
26,602

 
$
27,093

______________
(1)
Certain prior quarter amounts have been revised to correct immaterial errors identified in Q4 2015.
(2)
Acquisition and transaction-related expenses in the third quarter 2015 primarily represent costs associated with third quarter 2015 mortgage payoffs and Credit Facility amendment.
(3)
Proportionate share of adjustments related to unconsolidated joint venture and amortization of difference in basis.

Consolidated adjusted EBITDA for the fourth quarter 2015 was $11,475, reflecting net loss of $8,744 increased by depreciation and amortization of $18,398, interest expense of $9,271, acquisition and transaction related costs of $700 and loss on derivative instruments of $34. Consolidated adjusted EBITDA was decreased by the gain on sale of real estate investment, net of $7,523 and the Company's share of income in its joint venture of $661.

We have calculated our Adjusted EBITDA, NOI, Cash NOI and Adjusted Cash NOI based on our Net Loss, which is before adjusting for the Net Loss attributable to our non-controlling interests, and all adjustments are made based on our gross adjustments, without excluding the portion of the adjustments attributable to our non-controlling interests, other than adjustments related to the unconsolidated joint venture.

7

New York REIT, Inc.

Supplemental Cash NOI Information
(in thousands)

 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Supplemental information:
 
 
 
 
 
 
 
 
 
 
Cash NOI - Office(1)
 
$
27,893

 
$
27,837

 
$
27,578

 
$
24,074

 
$
22,206

Cash NOI - Stand-alone retail
 
2,627

 
2,700

 
2,727

 
2,660

 
2,785

Cash NOI - Hotel
 
1,397

 
1,135

 
1,543

 
(586
)
 
1,665

Cash NOI - Other(2)
 
128

 
456

 
465

 
454

 
437

Cash NOI
 
$
32,045

 
$
32,128

 
$
32,313

 
$
26,602

 
$
27,093

Cash NOI - Excluding Hotel
 
$
30,648

 
$
30,993

 
$
30,770

 
$
27,188

 
$
25,428

Free rent
 
1,336

 
1,808

 
1,880

 
4,498

 
6,269

Adjusted Cash NOI
 
$
33,381

 
$
33,936

 
$
34,193

 
$
31,100

 
$
33,362

Adjusted Cash NOI - Excluding Hotel
 
$
31,984

 
$
32,801

 
$
32,650

 
$
31,686

 
$
31,697

 
 
 
 
 
 
 
 
 
 
 
Annualized Cash NOI(3)
 
$
128,180

 
$
128,512

 
$
129,252

 
$
106,408

 
$
108,372

Annualized Cash NOI - Excluding Hotel(3)
 
$
122,592

 
$
123,972

 
$
123,080

 
$
108,752

 
$
101,712

 
 
 
 
 
 
 
 
 
 
 
Annualized Adjusted Cash NOI(3)
 
$
133,524

 
$
135,744

 
$
136,772

 
$
124,400

 
$
133,448

Annualized Adjusted Cash NOI - Excluding Hotel(3)
 
$
127,936

 
$
131,204

 
$
130,600

 
$
126,744

 
$
126,788

______________
(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, which was sold in October 2015, and parking garages.
(3)
Annualized metrics calculated by multiplying current quarter amounts by four.

We have calculated our Adjusted EBITDA, NOI, Cash NOI and Adjusted Cash NOI based on our Net Loss, which is before adjusting for the Net Loss attributable to our non-controlling interests, and all adjustments are made based on our gross adjustments, without excluding the portion of the adjustments attributable to our non-controlling interests, other than adjustments related to the unconsolidated joint venture.

8

New York REIT, Inc.

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


 
 
Q4 2015
 
Q3 2015
 
Change
 
% change
Total portfolio square footage / total buildings
 
3,374,238(2) / 22

 
3,414,710(2) / 23

 
 
 
 
Same store square footage / same store buildings
 
3,245,626(2) / 22

 
3,244,485(2) / 22

 
 
 
 
Same store occupancy at quarter end(3)
 
95.2
%
 
97.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total GAAP operating revenue
 
$
52,710

 
$
52,722

 
$
(12
)
 
—
 %
Less: Straight line rent adjustment
 
(3,314
)
 
(3,512
)
 
 
 
 
Less: Above/below market lease amortization
 
(1,498
)
 
(1,731
)
 
 
 
 
Total cash operating revenue
 
$
47,898

 
$
47,479

 
$
419

 
0.9
 %
 
 
 
 
 
 
 
 
 
Total operating expenses
 
$
17,285

 
$
16,846

 
$
439

 
2.6
 %
 
 
 
 
 
 
 
 
 
Same store NOI
 
$
35,425

 
$
35,876

 
$
(451
)
 
(1.3
)%
Same store Cash NOI
 
$
30,613

 
$
30,633

 
$
(20
)
 
(0.1
)%
 
 
 
 
 
 
 
 
 
Same store Cash NOI — Including Hotel
 
$
32,010

 
$
31,768

 
$
242

 
0.8
 %
_______________
(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: We have calculated our Adjusted EBITDA, NOI, Cash NOI and Adjusted Cash NOI based on our Net Loss, which is before adjusting for the Net Loss attributable to our non-controlling interests, and all adjustments are made based on our gross adjustments, without excluding the portion of the adjustments attributable to our non-controlling interests, other than adjustments related to the unconsolidated joint venture. A reconciliation of Net Loss to NOI and Cash NOI, non-GAAP measures, 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)

 
 
Q4 2015
 
Q4 2014
 
Change
 
% change
Total portfolio square footage / total buildings
 
3,374,238(2) / 22

 
3,423,080(2) / 24

 
 
 
 
Same store square footage / same store buildings
 
3,245,626(2) / 22

 
3,245,324(2) / 22

 
 
 
 
Same store occupancy at quarter end(3)
 
95.2
%
 
94.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total GAAP operating revenue
 
$
52,710

 
$
52,654

 
$
56

 
0.1
 %
Less: Straight line rent adjustment
 
(3,314
)
 
(8,411
)
 
 
 
 
Less: Above/below market lease amortization
 
(1,498
)
 
(2,610
)
 
 
 
 
Total cash operating revenue
 
$
47,898

 
$
41,633

 
$
6,265

 
15.0
 %
 
 
 
 
 
 
 
 
 
Total operating expenses
 
$
17,285

 
$
16,553

 
$
732

 
4.4
 %
 
 
 
 
 
 
 
 
 
Same store NOI
 
$
35,425

 
$
36,101

 
$
(676
)
 
(1.9
)%
Same store cash NOI
 
$
30,613

 
$
25,080

 
$
5,533

 
22.1
 %
 
 
 
 
 
 
 
 
 
Same store Cash NOI — Including Hotel
 
$
32,010

 
$
26,745

 
$
5,265

 
19.7
 %
_______________
(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: We have calculated our Adjusted EBITDA, NOI, Cash NOI and Adjusted Cash NOI based on our Net Loss, which is before adjusting for the Net Loss attributable to our non-controlling interests, and all adjustments are made based on our gross adjustments, without excluding the portion of the adjustments attributable to our non-controlling interests, other than adjustments related to the unconsolidated joint venture. A reconciliation of Net Loss to NOI and Cash NOI, non-GAAP measures, 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)

 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Dividends paid in cash
 
$
18,652

 
$
18,653

 
$
18,645

 
$
18,634

 
$
18,629

LTIP distributions paid
 
140

 
140

 
280

 
102

 
102

OP distributions paid
 
481

 
481

 
488

 
491

 
265

Restricted stock dividends paid
 
39

 
58

 
6

 
20

 
35

Total dividends and distributions paid
 
$
19,312

 
$
19,332

 
$
19,419

 
$
19,247

 
$
19,031

 
 
 
 
 
 
 
 
 
 
 
Weighted average fully diluted shares(1)
 
167,929,123

 
167,916,057

 
167,901,851

 
167,345,610

 
165,740,775

 
 
 
 
 
 
 
 
 
 
 
Dividends per fully diluted share(1)
 
$
0.1150

 
$
0.1151

 
$
0.1157

 
$
0.1150

 
$
0.1148

 
 
 
 
 
 
 
 
 
 
 
Core FFO per fully diluted share(1)
 
$
0.05

 
$
0.11

 
$
0.12

 
$
0.12

 
$
0.13

AFFO per fully diluted share(1)
 
$
0.08

 
$
0.11

 
$
0.12

 
$
0.10

 
$
0.11

 
 
 
 
 
 
 
 
 
 
 
Payout ratios
 
 
 
 
 
 
 
 
 
 
Quarterly dividend per share
 
$
0.115

 
$
0.115

 
$
0.115

 
$
0.115

 
$
0.115

Core FFO payout ratio(1)
 
254
%
 
109
%
 
93
%
 
100
%
 
89
%
AFFO payout ratio(1)
 
144
%
 
105
%
 
95
%
 
116
%
 
106
%
______________
(1)
Certain prior quarter amounts have been revised to correct immaterial errors identified in Q4 2015.

11

New York REIT, Inc.

Debt Analysis
(dollar amounts in thousands)
 
 
Q4 2015
 
Weighted Average
Remaining Term (in Years)(1)
 
Weighted Average Rate
 
% of Total Debt
Consolidated mortgage debt
 
$
388,436

 
3.5
 
3.8
%
 
29.9
%
Consolidated credit facility term debt - fixed rate
 
80,000

 
2.6
 
3.6
%
 
6.1
%
Consolidated credit facility term debt - floating rate
 
225,000

 
2.6
 
2.1
%
 
17.3
%
Consolidated credit facility revolving debt - floating rate
 
180,000

 
0.6
 
2.2
%
 
13.8
%
Total consolidated debt
 
873,436

 
2.6
 
3.0
%
 
67.1
%
 
 
 
 
 
 
 
 
 
Company's share of unconsolidated joint venture mortgage debt
 
427,875

 
7.2
 
4.6
%
 
32.9
%
Combined debt
 
$
1,301,311

 
4.1
 
3.5
%
 
100.0
%
 
 
 
 
 
 
 
 
 
Fixed rate debt (including pro rata share of unconsolidated debt)
 
$
591,311

 
 
 
 
 
 
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
 
2.9
%
 
 
 
 
 
 
___________________________
(1)
Excludes extension options. The weighted-average remaining term of combined debt, including extension options, is 4.4 years.


12

New York REIT, Inc.

Mortgage Debt Summary
(dollar amounts in thousands)

As of December 31, 2015
 
Debt amount
 
Maturity
 
Effective interest rate
Consolidated mortgages:
 
 
 
 
 
 
256 West 38th Street
 
$
24,500

 
12/26/2017
 
3.1%
Design Center
 
19,798

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

 
8/1/2017
 
3.4%
Duane Reade(1)
 
8,400

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

 
11/1/2017
 
3.3%
Foot Locker
 
3,250

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

 
10/5/2019
 
3.9%
Consolidated mortgage debt
 
388,436

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

 
3/6/2023
 
4.6%
 
 
 
 
 
 
 
Combined mortgage debt
 
$
816,311

 
 
 
4.2%
___________________________
(1)
Property sold and mortgage repaid in February 2016.

Note: All but two of our properties not otherwise subject to mortgage loans collateralize the borrowing base of our Credit Facility and have mortgages recorded for that purpose.

13

New York REIT, Inc.

Leverage Metrics
(dollar amounts in thousands)
 
Q4 2015
 
Consolidated Basis
 
Combined Basis
Interest coverage ratio
 
 
 
Interest expense(1)
$
9,271

 
$
9,271

Non-cash interest expense
(2,457
)
 
(2,457
)
Non-core deferred financing cost expense
(40
)
 
(40
)
Interest expense related to unconsolidated joint venture
—

 
4,940

Total interest
$
6,774

 
$
11,714

Adjusted EBITDA
$
11,475

 
$
23,589

Interest coverage ratio
1.7
 X
 
2.0
 X
 
 
 
 
Fixed charge coverage ratio
 
 
 
Total interest
$
6,774

 
$
11,714

Secured debt principal amortization
(102
)
 
(102
)
Total fixed charges
$
6,672

 
$
11,612

Adjusted EBITDA
$
11,475

 
$
23,589

Fixed charge coverage ratio
1.7
 X
 
2.0
 X
 
 
 
 
Net debt to adjusted EBITDA ratio
 
 
 
Company's pro rata share of total debt
$
873,436

 
$
1,301,311

Less: cash and cash equivalents
(98,604
)
 
(98,604
)
Net debt
$
774,832

 
$
1,202,707

Adjusted EBITDA annualized(2)
$
45,900

 
$
94,356

Net debt to adjusted EBITDA ratio
16.9
 X
 
12.7
 X
 
 
 
 
Debt to enterprise value
 
 
 
Company's pro rata share of debt
$
873,436

 
$
1,301,311

Equity(3)
1,931,185

 
1,931,185

Enterprise value(3)
$
2,804,621

 
$
3,232,496

Debt as % of enterprise value
31.1
%
 
40.3
%
 
 
 
 
Unencumbered real estate assets/total real estate assets:
 
 
 
Unencumbered real estate assets(4)
$
1,074,149

 

Total real estate assets
$
2,401,667

 

Unencumbered real estate assets/total real estate assets
44.7
%
 
 
__________________
(1)
Excludes the Company’s share of unconsolidated joint venture debt.
(2)
Adjusted EBITDA during Q4 2015 annualized (multiplied by 4).
(3)
Based on the December 31, 2015 closing price of $11.50 per share and December 31, 2015 debt balances and share count.
(4)
Properties not financed by mortgage. All but two of our properties not otherwise subject to mortgage loans collateralize the borrowing base of our Credit Facility and have mortgages recorded for that purpose.

14

New York REIT, Inc.

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



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

 
$
705,000

 
$
705,000

 
$
705,000

 
$
705,000

Outstanding balance on credit facility
 
485,000

 
485,000

 
635,000

 
635,000

 
635,000

Undrawn credit facility commitments(2)
 
$
220,000

 
$
220,000

 
$
70,000

 
$
70,000

 
$
70,000

 
 
 
 
 
 
 
 
 
 
 
Outstanding balance - term debt
 
$
305,000

 
$
305,000

 
$
305,000

 
$
305,000

 
$
305,000

Outstanding balance - revolving debt
 
180,000

 
180,000

 
330,000

 
330,000

 
330,000

Total outstanding balance
 
$
485,000

 
$
485,000

 
$
635,000

 
$
635,000

 
$
635,000

 
 
 
 
 
 
 
 
 
 
 
Liquidity:
 
 
 
 
 
 
 
 
 
 
Cash
 
$
98,604

 
$
20,423

 
$
27,486

 
$
49,360

 
$
22,512

Credit Facility availability
 
63,008

 
65,314

 
20,198

 
18,063

 
6,027

 
 
 
 
Actual - as of
 
 
Required
 
December 31, 2015
Credit facility covenant ratios(1):
 
 
 
 
Consolidated leverage ratio
 
< 60%
 
52
%
Fixed charge coverage ratio
 
> 1.5X
 
2.5 X

Tangible net worth
 
 > $900,000
 
$
1,207,408

Secured leverage ratio
 
< 60%
 
32.7
%
Borrowing base advance rate
 
< 60%
 
38.5
%
Debt service coverage ratio
 
> 1.3X
 
1.47 X

_______________
(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.

15

New York REIT, Inc.

Debt Maturities
(dollar amounts in thousands)

 
Total
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
Consolidated mortgage debt
$
388,436

 
$
12,068

 
$
55,533

 
$
3,703

 
$
308,869

 
$
4,041

 
$
4,222

Proportionate share of unconsolidated joint venture mortgage debt
427,875

 
—

 
—

 
—

 
4,860

 
6,837

 
416,178

Combined mortgage debt
816,311

 
12,068

 
55,533

 
3,703

 
313,729

 
10,878

 
420,400

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
$
1,301,311

 
$
192,068

 
$
55,533

 
$
308,703

 
$
313,729

 
$
10,878

 
$
420,400

% Expiring
100.0
%
 
14.8
%
 
4.3
%
 
23.7
%
 
24.1
%
 
0.8
%
 
32.3
%
% Expiring with extensions(1)
100.0
%
 
0.9
%
 
4.3
%
 
37.6
%
 
24.1
%
 
0.8
%
 
32.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term - excluding extensions (years)
4.1

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term - including extensions (years)
4.4

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average remaining term (years) (excluding credit facility)
5.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt maturing
$
1,301,311

 
$
192,068

 
$
55,533

 
$
308,703

 
$
313,729

 
$
10,878

 
$
420,400

Weighted average interest rate expiring
3.5
%
 
2.3
%
 
3.3
%
 
2.6
%
 
3.9
%
 
4.5
%
 
4.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt maturing (excluding credit facility)
$
816,311

 
$
12,068

 
$
55,533

 
$
3,703

 
$
313,729

 
$
10,878

 
$
420,400

Weighted average interest rate expiring
4.2
%
 
3.9
%
 
3.3
%
 
4.4
%
 
3.9
%
 
4.5
%
 
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.

Note: All but two of our properties not otherwise subject to mortgage loans collateralize the borrowing base of our Credit Facility and have mortgages recorded for that purpose.

16

New York REIT, Inc.

Square Footage Summary


As of December 31, 2015
 
Total
 
Manhattan
 
Brooklyn
 
Queens
Total square feet by property type:
 
 
 
 
 
 
 
 
 
Office
 
2,779,259

 
2,749,768

 
29,491

 
—

 
Retail (1)
 
328,101

 
260,429

 
57,905

 
9,767

 
Hotel
 
128,612

 
128,612

 
—

 
—

 
Parking
 
120,589

 
120,589

 
—

 
—

 
Storage
 
17,677

 
17,677

 
—

 
—

Total owned square feet (end of period) (2)
 
3,374,238

 
3,277,075

 
87,396

 
9,767

 
 
 
 
 
 
 
 
 
 
% of total square feet by property type:
 
 
 
 
 
 
 
 
 
Office
 
82
%
 
84
%
 
34
%
 
—
%
 
Retail (1)
 
10
%
 
8
%
 
66
%
 
100
%
 
Hotel
 
4
%
 
4
%
 
—
%
 
—
%
 
Parking
 
3
%
 
3
%
 
—
%
 
—
%
 
Storage
 
1
%
 
1
%
 
—
%
 
—
%
Total owned square feet (end of period) (2)
 
100
%
 
97.1
%
 
2.6
%
 
0.3
%
_____________
(1)
Includes 105,514 square feet of stand-alone retail and 222,587 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

 
$
29,273

 
16.0
%
2
 
 
Nomura Holding America Inc.
 
One Worldwide Plaza
 
400,934

 
19,330

 
10.6
%
3
 
 
Twitter, Inc.
 
245-249 West 17th Street
 
214,666

 
14,842

 
8.1
%
4
 
 
Macy's, Inc.
 
1440 Broadway
 
203,196

 
11,064

 
6.1
%
5
 
 
The Segal Company (Eastern States) Inc.
 
333 West 34th Street
 
144,307

 
8,701

 
4.8
%
6
 
 
Spring Studios New York LLC
 
50 Varick Street
 
158,574

 
7,623

 
4.2
%
7
 
 
Metropolitan Transportation Authority (MTA)
 
333 West 34th Street
 
130,443

 
4,079

 
2.2
%
8
 
 
Advance Magazine
 
1440 Broadway
 
72,194

 
3,594

 
2.0
%
9
 
 
Liz Claiborne, Inc.
 
1440 Broadway
 
67,213

 
3,193

 
1.7
%
10
 
 
Red Bull North America, Inc.
 
218 West 18th Street
 
41,642

 
2,745

 
1.5
%
 
Total top ten office tenants
 
 
 
1,734,948

 
$
104,444

 
57.2
%

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

 
2.6
%
2
 
 
Sam Ash New York Megastores, LLC
 
333 West 34th Street
 
29,688

 
1,446

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

 
1,217

 
0.7
%
4
 
 
TD Bank, N.A.
 
One Jackson Square
 
4,158

 
1,145

 
0.6
%
5
 
 
Duane Reade
 
Duane Reade
 
9,767

 
1,094

 
0.6
%
6
 
 
Burberry Limited
 
367-387 Bleecker Street
 
4,726

 
1,050

 
0.6
%
7
 
 
Early Bird Delivery Systems LLC, d/b/a Urban Express
 
229 West 36th Street
 
20,132

 
1,012

 
0.6
%
8
 
 
99th Avenue Holdings, LLC
 
One Worldwide Plaza
 
17,233

 
880

 
0.5
%
9
 
 
JPMorgan Chase Bank, N.A.
 
1100 Kings Highway
 
6,385

 
814

 
0.4
%
10
 
 
The Dress Barn, Inc.
 
1100 Kings Highway
 
14,200

 
780

 
0.4
%
 
Total top ten retail tenants
 
 
 
194,291

 
$
14,096

 
7.8
%

18

New York REIT, Inc.

Tenant Industry Concentration

 
 
 
 
 
 
 
 
% of Annualized Cash Rent
 Technology, Advertising, Media & Information ("TAMI")
 
22
%
Retail
 
18
%
Legal Services
 
17
%
Finance, Insurance, Real Estate
 
14
%
Professional Services
 
13
%
Consumer Goods
 
3
%
Education
 
3
%
Food and Beverage
 
3
%
Government
 
2
%
Health Services
 
2
%
Parking
 
2
%
Other
 
1
%
 
 
100
%



19

New York REIT, Inc.

Lease Expirations — Next Five Years

 
 
 
Total
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
Combined:(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
137

 
10

 
17

 
17

 
6

 
8

 
79

 
Expiring Annualized Cash Rent (in thousands)(2)(3)
 
$
214,905

 
$
6,488

 
$
7,296

 
$
9,440

 
$
1,238

 
$
6,153

 
$
184,290

 
Expiring square feet(3)
 
3,096,255

 
102,541

 
106,379

 
159,320

 
32,077

 
83,945

 
2,611,993

 
% of total square feet expiring
 
100.0
%
 
3.3
%
 
3.4
%
 
5.1
%
 
1.0
%
 
2.7
%
 
84.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2) (3)
 
$
69.41

 
$
63.28

 
$
68.58

 
$
59.25

 
$
38.62

 
$
73.30

 
$
70.56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
103

 
7

 
16

 
13

 
5

 
7

 
55

 
Expiring Annualized Cash Rent (in thousands)(2)(3)
 
$
142,792

 
$
6,436

 
$
6,284

 
$
9,096

 
$
1,227

 
$
5,805

 
$
113,944

 
Expiring square feet(3)(4)
 
2,094,428

 
102,394

 
89,959

 
157,487

 
32,077

 
82,800

 
1,629,711

 
% of total square feet expiring
 
100.0
%
 
4.9
%
 
4.3
%
 
7.5
%
 
1.5
%
 
4.0
%
 
77.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2) (3)(4)
 
$
68.18

 
$
62.86

 
$
69.85

 
$
57.75

 
$
38.27

 
$
70.10

 
$
69.92

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated joint ventures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leases expiring
 
34

 
3

 
1

 
4

 
1

 
1

 
24

 
Expiring Annualized Cash Rent (in thousands)(2)(4)
 
$
72,113

 
$
52

 
$
1,012

 
$
344

 
$
11

 
$
348

 
$
70,346

 
Expiring square feet(5)
 
1,001,827

 
147

 
16,420

 
1,833

 
—

 
1,145

 
982,282

 
% of total square feet expiring
 
100.0
%
 
—
%
 
1.6
%
 
0.2
%
 
—
%
 
0.1
%
 
98.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(2)(4)
 
$
71.98

 
$
354.97

 
$
61.61

 
$
187.58

 
$
—

 
$
304.17

 
$
71.61

_________________
(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 122,896 square feet of the hotel (which excludes 5,716 square feet leased to the hotel restaurant tenant). Total vacant square footage at December 31, 2015 was 155,087 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

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

 
3

 
3

 
3

 
Expiring Annualized Cash Rent (in thousands)(3)
 
$
6

 
$
3,921

 
$
1,057

 
$
1,505

 
Expiring square feet
 
—

 
72,986

 
23,353

 
6,202

 
% of total square feet expiring
 
—
%
 
2.4
%
 
0.8
%
 
0.2
%
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(3)
 
$
—

 
$
53.72

 
$
45.26

 
$
242.66

 
 
 
 
 
 
 
 
 
 
Consolidated properties:
 
 
 
 
 
 
 
 
 
Leases expiring
 
—

 
2

 
2

 
3

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

 
$
3,907

 
$
1,024

 
$
1,505

 
Expiring square feet
 
—

 
72,986

 
23,206

 
6,202

 
% of total square feet expiring
 
—
%
 
3.5
%
 
1.1
%
 
0.3
%
 
 
 
 
 
 
 
 
 
 
 
Annualized Cash Rent per square foot(3)
 
$
—

 
$
53.53

 
$
44.14

 
$
242.66

 
 
 
 
 
 
 
 
 
 
Unconsolidated joint ventures:
 
 
 
 
 
 
 
 
 
Leases expiring
 
1

 
1

(1) 
1

 
—

 
Expiring Annualized Cash Rent (in thousands)(3)(4)
 
$
6

 
$
14

(1) 
$
33

 
$
—

 
Expiring square feet(4)
 
—

 
—

 
147

 
—

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

 
$
—

 
$
222.65

 
$
—

_________________
(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)
Reflects the Company's pro rata share of its unconsolidated joint venture.

21

New York REIT, Inc.

Leasing Activity

 
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Leasing activity:
 
 
 
 
 
 
 
 
 
 
 
Leases executed
 
5

 
1

 
7

 
1

 
2

 
Total square feet leased
 
129,889

 
2,811

 
185,247

 
22,185

 
21,868

 
Company's share of square feet leased
 
125,727

 
2,811

 
114,548

 
22,185

 
21,868

 
     Initial rent
 
$
62.14

 
$
158.42

 
$
56.51

 
$
157.76

 
$
58.31

 
     Weighted average lease term (years)
 
4.2

 
10

 
12.9

 
15.5

 
7.7

 
 
 
 
 
 
 
 
 
 
 
 
 
     Replacement leases:(1)
 
 
 
 
 
 
 
 
 
 
 
          Replacement leases executed
 
4

 
—

 
3

 
1

 
1

 
          Square feet
 
123,002

 
—

 
30,579

 
5,058

(2) 
8,364

 
 
 
 
 
 
 
 
 
 
 
 
 
          Cash basis:
 
 
 
 
 
 
 
 
 
 
 
               Initial rent
 
$
67.09

 
$
—

 
$
48.70

 
$
356.79

 
$
53.97

 
               Prior escalated rent (3)
 
$
54.62

 
$
—

 
$
36.64

 
$
250.90

 
$
45.99

 
               Percentage increase
 
23
%
 
—
%
 
33
%
 
42
%
 
17
%
 
 
 
 
 
 
 
 
 
 
 
 
 
          GAAP basis:
 
 
 
 
 
 
 
 
 
 
 
               Initial rent
 
$
69.61

 
$
—

 
$
51.75

 
$
381.19

 
$
61.88

 
               Prior escalated rent (3)
 
$
54.66

 
$
—

 
$
40.69

 
$
249.32

 
$
43.67

 
               Percentage increase
 
27
%
 
—
%
 
27
%
 
53
%
 
42
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Tenant improvements on replacement leases per square foot(4)
 
$
17.40

 
$
—

 
$
98.62

 
$
78.88

 
$
17.00

 
Leasing commissions on replacement leases per square foot(4)
 
$
11.92

 
$
—

 
$
31.61

 
$
178.40

 
$
20.82

_______________
(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)

 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
Q4 2014
Capital expenditures (accrual basis):(1)
 
 
 
 
 
 
 
 
 
 
First generation tenant improvements
 
$
3,449

 
$
9,175

 
$
3,994

 
$
8,196

 
$
6,270

First generation leasing commissions
 
695

 
620

 
3,312

 
—

 
1,362

First generation building improvements
 
2,828

 
1,594

 
1,289

 
579

 
4,487

Total first generation tenant improvements, leasing commissions and capital expenditures
 
$
6,972

 
$
11,389

 
$
8,595

 
$
8,775

 
$
12,119

 
 
 
 
 
 
 
 
 
 
 
Second generation tenant improvements
 
$
43

 
$
—

 
$
—

 
$
—

 
$
102

Second generation leasing commissions
 
194

 
12

 
3

 
3

 
110

Second generation building improvements
 
962

 
201

 
51

 
9

 
—

Total second generation tenant improvements, leasing commissions and capital expenditures
 
1,199

 
213

 
54

 
12

 
212

Total tenant improvements, leasing commissions and capital expenditures
 
$
8,171

 
$
11,602

 
$
8,649

 
$
8,787

 
$
12,331

____________
(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
%
 
$
4,130

 
$
50.94

 
17

416 Washington Street
 
100.0%
 
1,565

 
100.0
%
 
58

 
37.10

 
1

256 West 38th Street
 
100.0%
 
89,763

 
66.7
%
 
2,418

 
40.38

 
9

229 West 36th Street
 
100.0%
 
129,436

 
90.3
%
 
5,179

 
44.33

 
7

218 West 18th Street
 
100.0%
 
165,670

 
100.0
%
 
9,337

 
56.36

 
7

50 Varick Street
 
100.0%
 
158,574

 
100.0
%
 
7,623

 
48.07

 
1

333 West 34th Street
 
100.0%
 
317,040

 
100.0
%
 
14,402

 
45.43

 
3

1440 Broadway
 
100.0%
 
711,800

 
84.7
%
 
32,854

 
54.47

 
11

One Worldwide Plaza
 
48.9%
 
878,614

 
100.0
%
 
58,485

 
66.57

 
9

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

 
100.0
%
 
14,842

 
69.14

 
1

Manhattan Office Properties - Office Total
 
 
 
2,748,210

 
94.5
%
 
149,328

 
57.50

 
66

 
 
 
 
 
 
 
 
 
 
 
 
 
Manhattan Office Properties - Retail
 
 
 
 
 
 
 
 
 
 
 
 
256 West 38th Street
 
100.0%
 
27,280

 
100.0
%
 
1,179

 
43.22

 
3

229 West 36th Street
 
100.0%
 
20,132

 
100.0
%
 
1,012

 
50.28

 
1

333 West 34th Street
 
100.0%
 
29,688

 
100.0
%
 
1,446

 
48.72

 
1

1440 Broadway
 
100.0%
 
37,619

 
95.5
%
 
5,004

 
139.27

 
7

One Worldwide Plaza
 
48.9%
 
123,213

 
100.0
%
 
5,009

 
40.65

 
20

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

 
100.0
%
 
5,552

 
83.33

 
3

Manhattan Office Properties - Retail Total
 
 
 
304,560

 
99.4
%
 
19,202

 
63.40

 
35

Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail
 
 
 
3,052,770

 
95.0
%
 
$
168,530

 
$
58.12

 
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. Includes pro rata share of our investment in Worldwide Plaza.
(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
%
 
$
2,733

 
$
281.02

 
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
%
 
469

 
63.12

 
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
%
 
733

 
59.68

 
2

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

 
97.7
%
 
7,840

 
83.89

 
18

 
 
 
 
 
 
 
 
 
 
 
 
 
Outer-Borough Properties
 
 
 
 
 
 
 
 
 
 
 
 
Foot Locker
 
100.0%
 
6,118

 
100.0
%
 
497

 
81.14

 
1

Duane Reade(3)
 
100.0%
 
9,767

 
100.0
%
 
1,094

 
112.02

 
1

1100 Kings Highway
 
100.0%
 
61,318

 
100.0
%
 
2,807

 
45.78

 
5

1623 Kings Highway(3)
 
100.0%
 
19,960

 
100.0
%
 
1,132

 
56.71

 
3

Sub-Total/Weighted Average Outer-Borough Properties
 
 
 
97,163

 
100.0
%
 
5,530

 
56.91

 
10

Portfolio Total
 
 
 
3,245,626

 
95.2
%
 
$
181,900

 
$
58.86

 
129

__________________
(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 in February 2016.



25

New York REIT, Inc.
Selected Viceroy Hotel Metrics



 
 
Year Ended December 31,
 
Quarterly
 
 
2015
 
2014
 
% Change
 
Q4 2015
 
Q4 2014
 
% Change
Average occupancy
 
80.5
%
 
68.8
%
 
17.0
 %
 
84.2
%
 
77.2
%
 
9.1
 %
Average daily rate
 
$
343.76

 
$
351.04

 
(2.1
)%
 
$
383.24

 
$
402.46

 
(4.8
)%
REVPAR
 
$
276.70

 
$
241.39

 
14.6
 %
 
$
322.75

 
$
310.72

 
3.9
 %
NOI (in thousands)
 
$
759

 
$
(994
)
 
176.4
 %
 
$
823

 
$
690

 
19.3
 %
Cash NOI (in thousands)
 
$
3,489

 
$
2,905

 
20.1
 %
 
$
1,397

 
$
1,665

 
(16.1
)%

26

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, equity-based compensation expenses, 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 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, if applicable. 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 and certain other costs that management deems to be non-core to our business. 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.

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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.
LTIP units
Long-term Incentive Plan units of the OP (defined below) issued in connection with the 2014 Advisor Multi-Year Outperformance Agreement.


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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.
OP
New York Recovery Operating Partnership, L.P., a Delaware Limited Partnership.
OP units
Limited partnership units of the OP
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, Nominating and Corporate Governance 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, Compensation Committee Chair
 
 
 
 
Former Chairman and Chief Executive Officer
 
 
 
 
Regent International Hotels
 
 
 
 
 
 
 
 
 
 
Keith Locker

Independent Director
 
 
 
 
CEO, Inlet Capital
 
 
 
 
Former Chair and Director, Sunstone Hotel Investors, Inc
 
 
 
 
 
 
 
 
 
 
James Nelson
Independent Director, Conflicts Committee Chair
 
 
 
 
Director
 
 
 
 
Icahn Enterprises GP
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