Exhibit 99.2

New York REIT, Inc.

Table of Contents

	Page		Page
Financial Information:		Portfolio Metrics:
Company Overview	1	Square Footage Summary	15
Key Financial Metrics	2	Major Tenant Summary	16
Consolidated Balance Sheets	3	Tenant Industry Concentration	17
Consolidated Income Statements	4	Lease Expirations	18
Unconsolidated Joint Venture - Summary Balance Sheets and Income Statements	5	Leasing Activity	19
Reconciliation of Net Income (Loss) to FFO and AFFO	6	Tenant Improvements, Leasing Commissions and Capital Expenditures	20
Reconciliation of Net Income (Loss) to Adjusted EBITDA, NOI and Cash NOI	7	Property Table	21
Same Store Statistics	8	Definitions	23
Dividends and Payout Ratios	9	Management / Board of Directors	26
Debt Analysis	10
Mortgage Debt Summary	11
Leverage Metrics	12
Credit Facility and Liquidity Analysis	13
Debt Maturities	14

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 (December 31, 2014)

New York City Focus(1)	100%	Enterprise Value(3)	$3.0 billion
Manhattan Focus(1)	96%	Combined Debt/Enterprise Value(4)	41%
Square Feet(2)	3.4 million	Monthly Dividend per Share	$0.038
Number of Buildings	24	Annualized Dividend per Share	$0.46
Q4 2014 Ending Occupancy	94.9%	Dividend Yield(5)	4.3%
Weighted Average Remaining Lease Term	9.9 years	Fully Diluted Shares and Units Outstanding	167.3 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, 2014 closing price of $10.59 per share and December 31, 2014 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) Based on the December 31, 2014 closing price of $10.59 per share.

1

New York REIT, Inc.

Key Financial Metrics

(dollar amounts in thousands, except per share information)

	Q4 2014			Q4 2014
OPERATING RESULTS			COMMON SHARE PRICE AND DIVIDENDS
Revenues	$	45,512	At the end of the period	$	10.59
NOI	$	37,142	High during period	11.41
Cash NOI	$	27,093	Low during period	10.22
Adjusted Cash NOI(1)	$	33,362	Annualized dividend per share	0.46
Adjusted EBITDA	$	31,967	Annualized dividend yield(4)	4.3		%
Monthly dividends paid per share	$	0.038	LEVERAGE INFORMATION
			Combined basis(3)
Core FFO	$	21,409	Total debt	$	1,235,117
Core FFO per diluted share	$	0.13	Cash	(22,512		)
			Net debt	1,212,605
AFFO	$	18,028	Debt/enterprise value	41		%
AFFO per diluted share	$	0.11	Interest coverage ratio on combined debt	3.2 X
			Fixed charge coverage ratio on combined debt	3.2 X
MARKET CAPITALIZATION			Weighted average interest rate	3.2		%
Share price(2)	$	10.59	Weighted average remaining debt term (years)	4.6
Fully diluted common shares and units outstanding	167,340,822
Total equity market capitalization	$	1,772,139	LIQUIDITY
Consolidated debt	$	807,242	Cash	$	22,512
Proportionate share of unconsolidated joint venture mortgage debt	$	427,875	Undrawn financing commitments	70,000
Combined enterprise value	$	3,007,256

______________

(1) Adjusted for free rent.

(2) Closing price on December 31, 2014.

(3) Combined metrics include pro-rata share of unconsolidated joint venture debt.

(4) Based on the December 31, 2014 closing price of $10.59 per share.

2

New York REIT, Inc.

Consolidated Balance Sheets

(in thousands)

	Q4 2014			Q3 2014			Q2 2014			Q1 2014
ASSETS
Real estate investments, at cost(1)
Land	$	494,065		$	498,820		$	425,814		$	425,814
Buildings, fixtures and improvements	1,235,918			1,223,365			990,451			990,466
Acquired intangible assets	158,383			151,346			127,004			127,004
Total real estate investments, at cost	1,888,366			1,873,531			1,543,269			1,543,284
Less: accumulated depreciation and amortization	(124,178		)	(102,191		)	(81,326		)	(61,958		)
Total real estate investments, net	1,764,188			1,771,340			1,461,943			1,481,326
Cash and cash equivalents	22,512			26,111			50,616			237,022
Investment in unconsolidated joint venture	225,501			228,749			228,834			229,127
Preferred equity investment	35,100			35,100			33,600			30,000
Other assets	73,534			67,463			53,375			42,588
Total assets	$	2,120,835		$	2,128,763		$	1,828,368		$	2,020,063
LIABILITIES AND EQUITY
Mortgage notes payable	$	172,242		$	172,363		$	172,482		$	172,599
Credit facility	635,000			625,000			305,000			305,000
Market lease intangibles, net	84,220			81,813			66,953			69,897
Other liabilities	32,420			28,259			31,141			42,484
Derivatives, at fair value	1,276			14,224			39,777			940
Total liabilities	925,158			921,659			615,353			590,920
Common stock	1,622			1,620			1,620			1,756
Additional paid-in capital	1,401,619			1,400,400			1,399,480			1,547,889
Accumulated other comprehensive loss	(816		)	(359		)	(1,446		)	(615		)
Accumulated deficit	(255,478		)	(209,463		)	(200,524		)	(120,329		)
Total stockholders' equity	1,146,947			1,192,198			1,199,130			1,428,701
Non-controlling interests	48,730			14,906			13,885			442
Total equity	1,195,677			1,207,104			1,213,015			1,429,143
Total liabilities and equity	$	2,120,835		$	2,128,763		$	1,828,368		$	2,020,063

____________________________

(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.

3

New York REIT, Inc.

Consolidated Income Statements⁽¹⁾ 

(in thousands, except for share and per share information)

		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Total
Revenues
	Rental income	$	33,700		$	30,246		$	26,104		$	27,171		$	117,221
	Hotel revenue	7,244			6,051			6,542			2,905			22,742
	Operating expense reimbursements and other revenue(2)	4,568			4,217			3,303			3,516			15,604
	Total revenues	45,512			40,514			35,949			33,592			155,567
Operating expenses
	Property operating	10,750			9,297			8,304			8,858			37,209
	Hotel operating	6,554			6,260			5,775			5,147			23,736
	Asset management fees to affiliates	3,143			2,980			2,274			—			8,397
	Acquisition and transaction related	1			4,436			11,577			69			16,083
	Asset management fee earnout(3)	—			—			11,500			—			11,500
	Change in value of listing promote(4)	20,079			(24,700		)	38,100			—			33,479
	General and administrative	1,676			864			876			1,345			4,761
	Equity-based compensation(5)	3,203			2,475			1,882			16			7,576
	Depreciation and amortization	21,907			21,657			20,222			21,013			84,799
	Total operating expenses	67,313			23,269			100,510			36,448			227,540
Operating income (loss)		(21,801		)	17,245			(64,561		)	(2,856		)	(71,973		)
Other income (expense)
	Interest expense	(6,561		)	(8,407		)	(4,813		)	(3,939		)	(23,720		)
	Income (loss) from unconsolidated joint venture	(378		)	(85		)	948			(1,984		)	(1,499		)
	Income from preferred equity investment, investment securities and interest	836			769			677			624			2,906
	Gain on derivative instruments	—			—			1			—			1
	Total other expense	(6,103		)	(7,723		)	(3,187		)	(5,299		)	(22,312		)
Net income (loss)		(27,904		)	9,522			(67,748		)	(8,155		)	(94,285		)
	Net loss (income) attributable to non-controlling interests(6)	574			173			511			(1		)	1,257
	Net income (loss) attributable to stockholders	$	(27,330	)	$	9,695		$	(67,237	)	$	(8,156	)	$	(93,028	)
	Basic weighted average shares	162,019,399			161,975,420			168,972,601			175,068,005			166,959,316
	Adjustments to fully diluted shares(7)	3,721,376			2,366,048			1,376,573			616,776			2,216,990
	Fully diluted weighted average shares	165,740,775			164,341,468			170,349,174			175,684,781			169,176,306
	Net income (loss) per basic share attributable to stockholders	$	(0.17	)	$	0.06		$	(0.40	)	$	(0.05	)	$	(0.56	)
	Net income (loss) per diluted share attributable to stockholders(8)	$	(0.17	)	$	0.05		$	(0.40	)	$	(0.05	)	$	(0.56	)

______________

(1) Certain prior quarter amounts have been reclassified to conform with the current quarter presentation.

(2) Includes revenues earned from self managing the garage at 416 Washington Street.

(3) Represents the value of previously issued Class B units, which vested upon the achievement of the performance condition upon the listing. This is a non-cash expense.

(4) Represents the change in the estimated value of the listing promote at June 30, 2014 and September 30, 2014 based on the closing share price of $11.06 and $10.28 on those days, respectively. The final value of the listing promote was determined in the fourth quarter of 2014. This is a non-cash expense.

(5) Amounts represent the portion of non-cash expense related to the outperformance plan which vests over five years and other non-cash board compensation.

(6) Includes amounts allocated to minority interest holders of 163 Washington Street and operating partnership unitholders.

(7) Q3 2014 and Q4 2014 include the portion of the LTIPs on which dividends were paid beginning in Q3 2014.

(8) Adjustments to fully diluted shares are excluded from the calculation of diluted loss per share attributable to stockholders as their effect would have been antidilutive.

4

New York REIT, Inc.

Unconsolidated Joint Venture — Summary Balance Sheets and Income Statements

(in thousands)

	Q4 2014			Q3 2014			Q2 2014			Q1 2014
Unconsolidated Joint Venture Condensed Balance Sheet
Real estate assets, at cost	$	704,143		$	698,939		$	697,643		$	696,426
Less accumulated depreciation and amortization	(97,181		)	(92,066		)	(87,351		)	(82,635		)
Total real estate assets, net	606,962			606,873			610,292			613,791
Other assets	255,784			263,068			253,620			247,705
Total assets	$	862,746		$	869,941		$	863,912		$	861,496
Debt	$	875,000		$	875,000		$	875,000		$	875,000
Other liabilities	12,442			16,772			13,129			10,294
Total liabilities	887,442			891,772			888,129			885,294
Deficit	(24,696		)	(21,831		)	(24,217		)	(23,798		)
Total liabilities and deficit	$	862,746		$	869,941		$	863,912		$	861,496
Company's basis	$	225,501		$	228,749		$	228,834		$	229,127
Unconsolidated Joint Venture Condensed Statement of Operations
Revenue:
Rental income	$	29,237		$	28,867		$	27,739		$	27,655
Other revenue	1,246			1,242			1,229			1,215
Total revenue	30,483			30,109			28,968			28,870
Operating expenses:
Operating expense	12,212			11,407			10,779			11,513
Depreciation and amortization	7,946			6,261			6,260			6,368
Total operating expenses	20,158			17,668			17,039			17,881
Operating income	10,325			12,441			11,929			10,989
Interest expense	(10,101		)	(10,102		)	(9,992		)	(9,882		)
Net income	224			2,339			1,937			1,107
Preferred distributions	(3,936		)	(3,936		)	(1,334		)	(6,411		)
Net income (loss) to members	$	(3,712	)	$	(1,597	)	$	603		$	(5,304	)
Company's preferred distribution	$	3,936		$	3,936		$	3,894		$	3,851
Company's share of net income (loss)	(1,816		)	(780		)	295			(2,594		)
Amortization of difference in basis	(2,498		)	(3,241		)	(3,241		)	(3,241		)
Company's share of income (Company's basis)	$	(378	)	$	(85	)	$	948		$	(1,984	)
Supplemental information:
Straight-line rent included in rental income above	$	1,628		$	1,390		$	1,550		$	1,146
Above/below market lease amortization	—			—			—			—

5

New York REIT, Inc.

Reconciliation of Net Income (Loss) to FFO and AFFO

(in thousands, except share and per share information)

	Q4 2014			Q3 2014			Q2 2014			Q1 2014			Total
Net income (loss)	$	(27,904	)	$	9,522		$	(67,748	)	$	(8,155	)	$	(94,285	)
Depreciation and amortization, net of adjustments related to joint venture	21,899			21,649			20,213			21,003			84,764
Depreciation and amortization related to unconsolidated joint venture(1)	6,384			6,302			6,302			6,354			25,342
Funds from operations (FFO)	379			37,473			(41,233		)	19,202			15,821
Acquisition fees and expenses	1			4,436			11,577			69			16,083
Asset management fee earnout	—			—			11,500			—			11,500
Change in value of listing promote	20,079			(24,700		)	38,100			—			33,479
Non-recurring revenue	(702		)	(855		)	—			—			(1,557		)
Non-recurring deferred financing cost expense	492			3,108			—			—			3,600
Non-recurring non-cash compensation expense	1,160			332			—			—			1,492
Core FFO	21,409			19,794			19,944			19,271			80,418
Plus:
Non-cash compensation expense	2,042			2,143			1,882			16			6,083
Non-cash portion of interest expense	1,159			1,275			1,424			726			4,584
Class B dividends	—			—			19			88			107
Seller free rent credit	3,679			2,277			—			—			5,956
Minus:
Amortization of market lease intangibles	(2,724		)	(2,296		)	(2,267		)	(2,454		)	(9,741		)
Mark-to-market adjustments	—			—			(1		)	—			(1		)
Straight-line rent	(7,616		)	(5,926		)	(2,533		)	(3,517		)	(19,592		)
Straight-line ground rent	1,087			1,087			1,087			1,087			4,348
Tenant improvements - second generation	(102		)	(305		)	(363		)	(1,203		)	(1,973		)
Leasing commissions - second generation	(110		)	(48		)	(245		)	(13		)	(416		)
Building improvements - second generation	—			(10		)	—			—			(10		)
Proportionate share of straight-line rent related to unconsolidated joint venture	(796		)	(680		)	(758		)	(560		)	(2,794		)
Adjusted funds from operations (AFFO)	$	18,028		$	17,311		$	18,189		$	13,441		$	66,969
Fully diluted shares	165,740,775			164,341,468			170,349,174			175,684,781			169,176,306
FFO per diluted share	$	—		$	0.23		$	(0.24	)	$	0.11		$	0.09
Core FFO per diluted share	$	0.13		$	0.12		$	0.12		$	0.11		$	0.48
AFFO per diluted share	$	0.11		$	0.11		$	0.11		$	0.08		$	0.40

________________________

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

6

New York REIT, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA, NOI and Cash NOI

(in thousands)

	Q4 2014			Q3 2014			Q2 2014			Q1 2014			Total
Combined:
Net income (loss)	$	(27,904	)	$	9,522		$	(67,748	)	$	(8,155	)	$	(94,285	)
Acquisition and transaction related	1			4,436			11,577			69			16,083
Asset management fee earnout	—			—			11,500			—			11,500
Depreciation and amortization	21,907			21,657			20,222			21,013			84,799
Interest expense	6,561			8,407			4,813			3,939			23,720
Gain on derivative instruments	—			—			(1		)	—			(1		)
Change in value of listing promote	20,079			(24,700		)	38,100			—			33,479
Adjustments related to unconsolidated joint venture(1)	11,323			11,242			11,189			11,187			44,941
Adjusted EBITDA	31,967			30,564			29,652			28,053			120,236
General and administrative	1,676			864			876			1,345			4,761
Equity-based compensation	3,203			2,475			1,882			16			7,576
Asset management fee to affiliate	3,143			2,980			2,274			—			8,397
Income from preferred equity investment, investment securities and interest	(836		)	(769		)	(677		)	(624		)	(2,906		)
Preferred return on unconsolidated joint venture	(3,936		)	(3,936		)	(3,894		)	(3,851		)	(15,617		)
Proportionate share of other adjustments related to unconsolidated joint venture	1,925			1,924			652			3,135			7,636
NOI	37,142			34,102			30,765			28,074			130,083
Amortization of above/below market lease assets and liabilities	(2,724		)	(2,296		)	(2,267		)	(2,454		)	(9,741		)
Straight-line rent	(7,616		)	(5,926		)	(2,533		)	(3,517		)	(19,592		)
Straight-line ground rent	1,087			1,087			1,087			1,087			4,348
Proportionate share of straight-line rent related to unconsolidated joint venture	(796		)	(680		)	(758		)	(560		)	(2,794		)
Cash NOI	$	27,093		$	26,287		$	26,294		$	22,630		$	102,304
Supplemental information:
Cash NOI - Office(2)	$	22,206		$	22,423		$	21,273		$	20,813		$	86,715
Cash NOI - Stand-alone retail	2,785			2,699			2,763			2,574			10,821
Cash NOI - Hotel	1,665			767			1,741			(1,268		)	2,905
Cash NOI - Other(3)	437			398			517			511			1,863
Cash NOI	$	27,093		$	26,287		$	26,294		$	22,630		$	102,304
Cash NOI - Excluding Hotel	$	25,428		$	25,520		$	24,553		$	23,898		$	99,399
Free rent	6,269			4,217			1,861			1,650			13,997
Adjusted Cash NOI	$	33,362		$	30,504		$	28,155		$	24,280		$	116,301
Adjusted Cash NOI - Excluding Hotel	$	31,697		$	29,737		$	26,414		$	25,548		$	113,396

______________

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

(2) Includes retail suites associated with office properties.

(3) Includes 163 Washington Street multi-family residential property and parking garages.

Note — Consolidated adjusted EBITDA for the fourth quarter was $21,022, reflecting net loss of $27,904 increased by the change in the estimated value of the listing promote of $20,079, acquisition and transaction related costs of $1, depreciation and amortization of $21,907, the Company's share of loss in its joint venture of $378 and interest expense of $6,561.

7

New York REIT, Inc.

Same Store Statistics⁽¹⁾ 

(dollar amounts in thousands)

	Q4 2014			Q3 2014			Change			% change
Total portfolio square footage / total buildings	3,423,080(2) / 24			3,425,750 / 24
Same store square footage / same store buildings	3,013,174(2) / 22			3,015,844 / 22
Same store occupancy at quarter end	94.5		%	94.5		%
Total GAAP operating revenue	$	46,884		$	46,626		$	258		0.6	%
Less: Straight line rent adjustment	(4,124		)	(4,204		)
Less: Above/below market lease amortization	(2,131		)	(2,111		)
Total cash operating revenue	$	40,629		$	40,311		$	318		0.8	%
Total operating expenses	$	15,606		$	14,472		$	1,134		7.8	%
Same store NOI	$	31,278		$	32,154		$	(876	)	(2.7	)%
Same store Cash NOI	$	25,023		$	25,839		$	(816	)	(3.2	)%

_______________

(1) Same store portfolio excludes the Viceroy Hotel 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.

Note: Amounts above include our pro-rata share of investments in unconsolidated joint ventures.

Note: A reconciliation of Net Income (Loss) to Cash NOI, a non-GAAP measure, appears on page 7 of this supplemental information package.

8

New York REIT, Inc.

Dividends and Payout Ratios

(dollar amounts in thousands, except per share information)

	Q4 2014			Q3 2014			Q2 2014			Q1 2014
Dividends paid in cash	$	18,629		$	18,626		$	17,050		$	11,774
Dividends reinvested	—			—			4,935			14,084
LTIP dividends paid	102			170			—			—
OP dividends paid	265			146			117			88
Restricted stock dividends paid	35			8			2			4
Total dividends paid	$	19,031		$	18,950		$	22,104		$	25,950
Weighted average fully diluted shares	165,740,775			164,341,468			170,349,174			175,684,781
Dividends per fully diluted share	$	0.1148		$	0.1153		$	0.1298		$	0.1477
Core FFO per fully diluted share	$	0.13		$	0.12		$	0.12		$	0.11
AFFO per fully diluted share	$	0.11		$	0.11		$	0.11		$	0.08
Payout ratios
Quarterly dividend per share(1)	$	0.115		$	0.115		$	0.115		$	0.115
Core FFO payout ratio	89		%	96		%	98		%	105		%
AFFO payout ratio	106		%	109		%	108		%	150		%

______________

(1) Current dividend payment was reduced in April 2014 from $0.605 per share to $0.46 per share on an annual basis paid monthly. This calculation is based on $0.46 per share.

9

New York REIT, Inc.

Debt Analysis

(dollar amounts in thousands)

	Q4 2014			Weighted Average Remaining Term (Years)	Weighted Average Rate		% of Total Debt
Consolidated mortgage debt	$	172,242		3.0	3.6	%	13.9	%
Consolidated credit facility term debt - fixed rate	80,000			3.6	3.4	%	6.5	%
Consolidated credit facility revolving debt - floating rate	225,000			3.6	1.9	%	18.3	%
Consolidated credit facility term debt - floating rate	330,000			1.6	1.9	%	26.7	%
Total consolidated debt	807,242			2.7	2.4	%	65.4	%
Company's share of unconsolidated joint venture mortgage debt	427,875			8.2	4.6	%	34.6	%
Combined debt	$	1,235,117		4.6	3.2	%	100.0	%
Fixed rate debt (including pro-rata share of unconsolidated debt)	$	680,117
Floating rate debt	$	555,000
% fixed rate debt (including pro-rata share of unconsolidated debt)	55		%
% floating rate debt	45		%
Average fixed rate (including pro-rata share of unconsolidated debt)	4.2		%
Average floating rate	1.9		%

10

New York REIT, Inc.

Mortgage Debt Summary

(dollar amounts in thousands)

	Debt amount		Maturity	Effective interest rate
Consolidated mortgages:
229 West 36th Street	$	35,000	12/27/2017	2.9%
256 West 38th Street	24,500		12/26/2017	3.1%
367-387 Bleecker Street	21,300		12/6/2015	4.3%
Design Center	20,198		12/1/2021	4.4%
1100 Kings Highway	20,200		8/1/2017	3.4%
One Jackson Square	13,000		12/1/2016	3.4%
350 West 42nd Street	11,365		8/29/2017	3.4%
Duane Reade	8,400		11/1/2016	3.6%
1623 Kings Highway	7,288		11/1/2017	3.3%
416 Washington Street	4,741		12/1/2021	4.4%
Foot Locker	3,250		6/6/2016	4.6%
Regal Parking Garage	3,000		7/6/2016	4.5%
Consolidated mortgage debt	172,242			3.6%
Pro-rata share of unconsolidated joint venture mortgage debt:
One Worldwide Plaza	427,875		3/6/2023	4.6%
Combined mortgage debt	$	600,117		4.3%

11

New York REIT, Inc.

Leverage Metrics

(dollar amounts in thousands)

	Q4 2014
	Consolidated Basis			Combined Basis
Interest coverage ratio
Interest expense(1)	$	6,561		$	6,561
Non-cash interest expense	(1,159		)	(1,159		)
Non-recurring deferred financing cost expense	(492		)	(492		)
Interest expense related to unconsolidated joint venture	—			4,940
Total interest	$	4,910		$	9,850
Adjusted EBITDA	$	21,022		$	31,967
Interest coverage ratio	4.3		X	3.2		X
Fixed charge coverage ratio
Total interest	$	4,910		$	9,850
Secured debt principal amortization	121			121
Total fixed charges	$	5,031		$	9,971
Adjusted EBITDA	$	21,022		$	31,967
Fixed charge coverage ratio	4.2		X	3.2		X
Net debt to adjusted EBITDA ratio
Company's pro rata share of total debt	$	807,242		$	1,235,117
Less: cash and cash equivalents	(22,512		)	(22,512		)
Net debt	$	784,730		$	1,212,605
Adjusted EBITDA annualized(2)	$	84,088		$	127,868
Net debt to adjusted EBITDA ratio	9.3		X	9.5		X
Debt to enterprise value
Company's pro rata share of debt	$	807,242		$	1,235,117
Equity(3)	1,772,139			1,772,139
Enterprise value(3)	$	2,579,381		$	3,007,256
Debt as % of enterprise value	31.3		%	41.1		%
Unencumbered real estate assets/total real estate assets:
Unencumbered real estate assets(4)	$	1,512,039
Total real estate assets	$	2,468,267
Unencumbered real estate assets/total real estate assets	61		%

__________________

(1) Excludes the Company’s share of unconsolidated joint venture debt.

(2) Adjusted EBITDA during Q4 2014 annualized (multiplied by 4).

(3) Based on the December 31, 2014 closing price of $10.59 per share and December 31, 2014 debt balances and share count.

(4) No mortgage encumbrance.

12

New York REIT, Inc.

Credit Facility and Liquidity Analysis⁽¹⁾ 

(dollar amounts in thousands)

	Q4 2014		Q3 2014		Q2 2014		Q1 2014
Credit facility availability:
Credit facility commitments	$	705,000	$	705,000	$	705,000	$	390,000
Outstanding balance on credit facility	635,000		625,000		305,000		305,000
Undrawn credit facility commitments	$	70,000	$	80,000	$	400,000	$	85,000
Outstanding balance - term debt	$	305,000	$	305,000	$	305,000	$	80,000
Outstanding balance - revolving debt	330,000		320,000		—		225,000
Total outstanding balance	$	635,000	$	625,000	$	305,000	$	305,000
Liquidity:
Cash	$	22,512	$	26,111	$	50,616	$	237,022
Undrawn credit facility commitments	70,000		80,000		400,000		85,000

		Actual - as of
	Required	December 31, 2014
Credit facility covenant ratios(1):
Consolidated leverage ratio	< 60%	50.2		%
Fixed charge coverage ratio	> 1.5X	3.3X
Tangible net worth	> $900,000	$	1,270,383
Secured leverage ratio	< 60%	24		%
Borrowing base advance rate	< 60%	51.5		%
Debt service coverage ratio	> 1.3X	1.31

_______________

(1) The Company’s credit facility covenant ratios are computed in accordance with the terms of the Company’s credit facility agreement, as applicable. The methodology for these computations may differ significantly from similarly titled ratios of other companies and throughout the Company’s supplemental.

13

New York REIT, Inc.

Debt Maturities

(dollar amounts in thousands)

	Total			2015			2016			2017			2018			2019			Thereafter
Consolidated mortgage debt	$	172,242		$	21,794		$	28,167		$	102,730		$	4,573		$	4,777		$	10,201
Proportionate share of unconsolidated joint venture mortgage debt	427,875			—			—			—			4,860			6,837			416,178
Combined mortgage debt	600,117			21,794			28,167			102,730			9,433			11,614			426,379
Credit facility - revolving	330,000			—			330,000			—			—			—			—
Credit facility - term	305,000			—			—			—			305,000			—			—
Total credit facility	635,000			—			330,000			—			305,000			—			—
Total combined debt	$	1,235,117		$	21,794		$	358,167		$	102,730		$	314,433		$	11,614		$	426,379
% Expiring	100.0		%	1.8		%	29.0		%	8.3		%	25.5		%	0.9		%	34.5		%
% Expiring with extensions(1)	100.0		%	1.8		%	2.3		%	8.3		%	52.2		%	0.9		%	34.5		%
Weighted average remaining term (years)	4.6
Weighted average remaining term (years) (excluding credit facility)	6.7
Debt maturing	$	1,235,117		$	21,794		$	358,167		$	102,730		$	314,433		$	11,614		$	426,379
Weighted average interest rate expiring	3.2		%	4.4		%	2.1		%	3.2		%	2.3		%	4.5		%	4.6		%
Debt maturing (excluding credit facility)	$	600,117		$	21,794		$	28,167		$	102,730		$	9,433		$	11,614		$	426,379
Weighted average interest rate expiring	4.3		%	4.4		%	3.8		%	3.2		%	4.5		%	4.5		%	4.6		%

_________________________

(1) The Company has, subject to certain conditions as outlined in its credit facility agreement, the option to extend the maturity date of the revolving portion of its credit facility to August 2018.

14

New York REIT, Inc.

Square Footage Summary

As of December 31, 2014		Total		Manhattan		Brooklyn		Queens
Total square feet by property type:
	Office	2,798,724		2,769,233		29,491		—
	Retail (1)	318,829		249,981		59,081		9,767
	Hotel	128,612		128,612		—		—
	Parking	120,589		120,589		—		—
	Residential	40,437		—		40,437		—
	Storage	15,889		15,889		—		—
Total owned square feet (end of period) (2)		3,423,080		3,284,304		129,009		9,767
% of total square feet by property type:
	Office	81.8	%	84.3	%	22.9	%	—	%
	Retail (1)	9.3	%	7.6	%	45.8	%	100.0	%
	Hotel	3.8	%	3.9	%	—	%	—	%
	Parking	3.5	%	3.7	%	—	%	—	%
	Residential	1.2	%	—	%	31.3	%	—	%
	Storage	0.5	%	0.5	%	—	%	—	%
Total owned square feet (end of period) (2)		100.0	%	95.9	%	3.8	%	0.3	%

_____________

(1) Includes 95,693 square feet of stand-alone retail and 224,943 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 investments in unconsolidated joint ventures.

15

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	$	28,831	16.0	%
2		Nomura Holding America Inc.	One Worldwide Plaza	400,934	18,845		10.5	%
3		Twitter, Inc.	245-249 West 17th Street	214,765	14,718		8.2	%
4		Macy's, Inc.	1440 Broadway	203,196	12,009		6.7	%
5		Rentpath Inc.	1440 Broadway	170,734	11,687		6.5	%
6		The Segal Company (Eastern States) Inc.	333 West 34th Street	144,307	8,773		4.9	%
7		Spring Studios New York LLC	50 Varick Street	158,573	7,087		3.9	%
8		Advance Magazine	1440 Broadway	72,194	4,263		2.4	%
9		Metropolitan Transportation Authority (MTA)	333 West 34th Street	130,443	3,443		1.9	%
10		Liz Claiborne, Inc.	1440 Broadway	67,213	3,173		1.8	%
	Total top ten office tenants			1,864,138	$	112,829	62.8	%

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	60,062	$	4,650	2.6	%
2		Sam Ash New York Megastores, LLC	333 West 34th Street	29,688	1,449		0.8	%
3		Citibank, N.A.	1440 Broadway	11,533	1,224		0.7	%
4		Dodger Stage Holding Theatricals, Inc.	One Worldwide Plaza	27,841	1,166		0.6	%
5		Duane Reade	Duane Reade	9,767	1,071		0.6	%
6		TD Bank, N.A.	One Jackson Square	4,158	1,018		0.6	%
7		Burberry Limited	367-387 Bleecker Street	4,726	1,017		0.6	%
8		Early Bird Delivery Systems LLC, d/b/a Urban Express	229 W 36th Street	20,132	967		0.5	%
9		The Dress Barn, Inc.	1100 Kings Highway	14,200	762		0.4	%
10		JP Morgan Chase Bank, N.A.	1100 Kings Highway	6,385	754		0.4	%
	Total top ten retail tenants			188,492	$	14,078	7.8	%

16

New York REIT, Inc.

Tenant Industry Concentration

	% of Annualized Cash Rent
Technology, Advertising, Media & Information ("TAMI")	28	%
Legal Services	17	%
Retail	16	%
Finance, Insurance, Real Estate	14	%
Professional Services	8	%
Education	3	%
Consumer Goods	3	%
Other	3	%
Food and Beverage	3	%
Health Services	2	%
Government	2	%
Parking	1	%
	100	%

17

New York REIT, Inc.

Lease Expirations

		Total			2015			2016			2017			2018			2019			Thereafter
Combined:(1)
	Leases expiring	133			7			11			17			14			7			77
	Expiring Annualized Cash Rent (in thousands)(2) (3)	$	209,800		$	15,127		$	6,225		$	7,315		$	2,262		$	2,544		$	176,327
	Expiring square feet(3)	3,094,993			223,979			106,755			106,379			46,859			57,562			2,553,459
	% of total square feet expiring	100.0		%	7.2		%	3.4		%	3.4		%	1.5		%	1.9		%	82.5		%
	Annualized Cash Rent per square foot(2) (3)	$	67.79		$	67.54		$	58.31		$	68.76		$	48.27		$	44.20		$	69.05
Consolidated properties:
	Leases expiring	104			6			7			16			10			5			60
	Expiring Annualized Cash Rent (in thousands)(2) (3)	$	143,595		$	15,111		$	6,035		$	6,330		$	1,917		$	2,435		$	111,767
	Expiring square feet(3)	2,160,098			223,514			105,090			89,959			45,026			54,837			1,641,672
	% of total square feet expiring	100.0		%	10.3		%	4.9		%	4.2		%	2.1		%	2.5		%	76.0		%
	Annualized Cash Rent per square foot(2) (3)	$	66.48		$	67.61		$	57.43		$	70.37		$	42.58		$	44.40		$	68.08
Unconsolidated joint ventures:
	Leases expiring	29			1			4			1			4			2			17
	Expiring Annualized Cash Rent (in thousands)(2)	$	66,205		$	16		$	190		$	985		$	345		$	109		$	64,560
	Expiring square feet	934,895			465			1,665			16,420			1,833			2,725			911,787
	% of total square feet expiring	100.0		%	—		%	0.2		%	1.8		%	0.2		%	0.3		%	97.5		%
	Annualized Cash Rent per square foot(2)	$	70.82		$	34.44		$	114.14		$	59.99		$	188.19		$	40.00		$	70.81

_________________

(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 37,335 square feet of leased residential space and 122,896 square feet of the hotel (which excludes space leased to the hotel restaurant tenant). Total vacant square footage at December 31, 2014 was 167,856 square feet.

18

New York REIT, Inc.

Leasing Activity

		Q4 2014			Q3 2014			Q2 2014			Q1 2014			Total
Leasing activity:
	Leases executed	2			6			3			2			13
	Total square feet leased	21,868			67,437			45,019			8,379			142,703
	Company's share of square feet leased	21,868			49,029			25,387			8,379			104,663
	Initial rent	$	58.31		$	56.28		$	54.65		$	43.68		$	55.30
	Weighted average lease term (years)	7.7			10.7			9.6			7.3			8.9
	Replacement leases:(1)
	Replacement leases executed	1			2			2			2			7
	Square feet	8,364			14,077			6,601			8,379			37,421
	Cash basis:
	Initial rent	$	53.97		$	53.57		$	43.33		$	43.68		$	49.64
	Prior escalated rent (2)	$	45.99		$	49.68		$	39.42		$	38.09		$	44.45
	Percentage increase	17		%	8		%	10		%	15		%	12		%
	GAAP basis:
	Initial rent	$	61.88		$	53.22		$	43.84		$	46.94		$	52.10
	Prior escalated rent (2)	$	43.67		$	49.75		$	38.48		$	37.40		$	43.64
	Percentage increase	42		%	7		%	14		%	26		%	19		%
	Tenant improvements on replacement leases per square foot(3)	$	17.00		$	21.85		$	14.40		$	—		$	14.56
	Leasing commissions on replacement leases per square foot(3)	$	20.82		$	14.57		$	5.89		$	18.28		$	15.27

_______________

(1) Replacement leases are for space that was leased during the period and also has been leased at some time during the prior twelve months.

(2) Prior escalated rent is calculated as total annualized income less electric charges. It includes base rent and recoveries related to property taxes and operating expenses.

(3) 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.

19

New York REIT, Inc.

Tenant Improvements, Leasing Commissions and Capital Expenditures

(in thousands)

	Q4 2014		Q3 2014		Q2 2014		Q1 2014
Capital expenditures (accrual basis):(1)
First generation tenant improvements	$	6,270	$	330	$	—	$	—
First generation leasing commissions	1,362		312		366		—
First generation building improvements	4,487		3,276		1,556		224
Total first generation tenant improvements, leasing commissions and capital expenditures	$	12,119	$	3,918	$	1,922	$	224
Second generation tenant improvements	$	102	$	305	$	363	$	1,203
Second generation leasing commissions	110		48		245		13
Second generation building improvements	—		10		—		—
Total second generation tenant improvements, leasing commissions and capital expenditures	212		363		608		1,216
Total tenant improvements, leasing commissions and capital expenditures	$	12,331	$	4,281	$	2,530	$	1,440

____________

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

20

New York REIT, Inc.

Property Table

Property	Ownership	Rentable Square Feet(1)	Percent Occupied		Annualized Cash Rent (in thousands)		Annualized Cash Rent Per Occupied SF		Number of Leases
Manhattan Office Properties - Office
Design Center	100.0%	81,082	100.0	%	$	3,942	$	48.62	19
416 Washington Street	100.0%	1,565	100.0	%	56		36.02		1
256 West 38th Street	100.0%	106,983	100.0	%	3,744		35.00		11
229 West 36th Street	100.0%	128,762	90.5	%	4,497		38.60		6
218 West 18th Street	100.0%	165,670	100.0	%	9,299		56.13		7
50 Varick Street	100.0%	158,573	100.0	%	7,087		44.70		1
333 West 34th Street	100.0%	317,040	100.0	%	13,793		43.51		3
1440 Broadway	100.0%	726,344	89.2	%	38,153		58.87		10
One Worldwide Plaza	48.9%	879,611	94.2	%	54,384		65.61		7
245-249 West 17th Street	100.0%	217,577	98.7	%	14,718		68.53		1
Manhattan Office Properties - Office Total		2,783,207	94.8	%	149,673		56.71		66
Manhattan Office Properties - Retail
256 West 38th Street	100.0%	10,282	97.8	%	410		40.78		2
229 West 36th Street	100.0%	20,132	100.0	%	967		47.97		1
333 West 34th Street	100.0%	29,688	100.0	%	1,449		48.81		1
1440 Broadway	100.0%	29,335	90.3	%	2,989		112.86		8
One Worldwide Plaza	48.9%	123,638	85.7	%	3,788		35.74		19
245-249 West 17th Street	100.0%	63,718	100.0	%	4,980		78.16		2
Manhattan Office Properties - Retail Total		276,793	92.5	%	14,583		56.95		33
Sub-Total/Weighted Average Manhattan Office Properties - Office and Retail		3,060,000	94.6	%	164,256		$	56.73	99

_____________________________

(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.

21

New York REIT, Inc.

Property Table (continued)

Property	Ownership	Rentable Square Feet(1)	Percent Occupied		Annualized Cash Rent (in thousands)		Annualized Cash Rent Per Occupied SF		Number of Leases
Manhattan Stand Alone Retail
367-387 Bleecker Street	100.0%	9,724	100.0	%	2,617		$	269.10	5
33 West 56th Street (garage)	100.0%	12,856	100.0	%	448		34.88		1
416 Washington Street	100.0%	7,436	100.0	%	446		59.97		2
One Jackson Square	100.0%	8,392	100.0	%	1,528		182.07		5
350 West 42nd Street	100.0%	42,774	100.0	%	1,731		40.46		4
350 Bleecker Street	100.0%	14,511	100.0	%	1,130		77.90		3
Sub-Total/Weighted Average Manhattan Stand Alone Retail		95,693	100.0	%	7,900		82.56		20
Outer-Borough Properties
86th Street, Brooklyn	100.0%	6,118	100.0	%	484		79.19		1
163 Washington Avenue, Brooklyn	97.4%	41,613	92.5	%	2,027		52.65		49
163-30 Cross Bay, Queens	100.0%	9,767	100.0	%	1,071		109.68		1
1100 Kings Highway, Brooklyn	100.0%	61,318	100.0	%	2,719		44.34		5
1623 Kings Highway, Brooklyn	100.0%	19,959	100.0	%	1,043		52.25		3
Sub-Total/Weighted Average Outer-Borough Properties		138,775	97.8	%	7,344		54.13		59
Portfolio Total		3,294,468	94.9	%	$	179,500	$	57.41	178

_____________________________

(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.

Hotel operations for the quarter consisted of the following:

Average occupancy	77.2		%
Average daily rate	$	402.46
REVPAR	$	310.72

22

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, straight-line rent and non-cash equity compensation 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 as well as 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.

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.

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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.

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.

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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	William M. Kahane	Executive Chairman of the Board of Directors
	and President	Former Chief Executive Officer
		RCS Capital Corp.
Gregory W. Sullivan	Chief Financial Officer,
	Chief Operating Officer,
	Treasurer and Secretary	P. Sue Perrotty	Independent Director, Audit Committee Chair
		President and Chief Executive Officer
		AFM Financial Services
		Robert H. Burns	Independent Director
		Former Chairman and Chief Executive Officer
		Regent International Hotels
		Randolph C. Read	Independent Director
		President and Chief Executive Officer
		Nevada Strategic Credit Investments, LLC
Company Information
Address:	405 Park Avenue, 14th floor
	New York, NY 10022
Phone:	212-415-6500
Website:	www.nyrt.com

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