(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 9.01. | Financial Statements and Exhibits. | |||||||
(d) | Exhibits |
Exhibit No. | Description | ||||
Press Release dated May 13, 2021 | |||||
Supplemental information for the quarter ended March 31, 2021 | |||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
New York City REIT, Inc. | ||||||||
Date: May 13, 2021 | By: | /s/ Edward M. Weil, Jr. | ||||||
Edward M. Weil, Jr. | ||||||||
Chief Executive Officer, President, and Secretary |
Three Months Ended March 31, | ||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | ||||||||||||
Revenue from tenants | $ | 15,186 | $ | 17,477 | ||||||||||
Net loss attributable to common stockholders | $ | (13,535) | $ | (6,788) | ||||||||||
Net loss per common share (a) | $ | (1.06) | $ | (0.53) | ||||||||||
FFO attributable to common stockholders | $ | (5,009) | $ | 731 | ||||||||||
FFO per common share (a) | (0.39) | $ | 0.06 | |||||||||||
Core FFO attributable to common stockholders | $ | (2,894) | $ | 754 | ||||||||||
Core FFO per common share (a) | $ | (0.23) | $ | 0.06 |
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | (Unaudited) | |||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 193,658 | $ | 193,658 | ||||||||||
Buildings and improvements | 569,410 | 568,861 | ||||||||||||
Acquired intangible assets | 98,118 | 98,118 | ||||||||||||
Total real estate investments, at cost | 861,186 | 860,637 | ||||||||||||
Less accumulated depreciation and amortization | (146,790) | (139,666) | ||||||||||||
Total real estate investments, net | 714,396 | 720,971 | ||||||||||||
Cash and cash equivalents | 29,396 | 30,999 | ||||||||||||
Restricted cash | 11,197 | 8,995 | ||||||||||||
Operating lease right-of-use asset | 55,323 | 55,375 | ||||||||||||
Prepaid expenses and other assets (includes amounts due from related parties of $0 and $435 at March 31, 2021 and December 31, 2020, respectively) | 8,902 | 12,953 | ||||||||||||
Straight-line rent receivable | 22,690 | 22,050 | ||||||||||||
Deferred leasing costs, net | 9,264 | 10,503 | ||||||||||||
Total assets | $ | 851,168 | $ | 861,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 396,959 | $ | 396,574 | ||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $199 and $0 at March 31, 2021 and December 31, 2020, respectively) | 8,479 | 6,916 | ||||||||||||
Operating lease liability | 54,808 | 54,820 | ||||||||||||
Below-market lease liabilities, net | 13,503 | 14,006 | ||||||||||||
Derivative liability, at fair value | 2,816 | 3,405 | ||||||||||||
Deferred revenue | 5,370 | 4,558 | ||||||||||||
Total liabilities | 481,935 | 480,279 | ||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2020 and December 31, 2020 | — | — | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 12,776,448 and 12,802,690 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 129 | 129 | ||||||||||||
Additional paid-in capital | 686,555 | 686,715 | ||||||||||||
Accumulated other comprehensive loss | (2,815) | (3,404) | ||||||||||||
Distributions in excess of accumulated earnings | (320,737) | (305,882) | ||||||||||||
Total stockholders’ equity | 363,132 | 377,558 | ||||||||||||
Non-controlling interests | 6,101 | 4,009 | ||||||||||||
Total equity | 369,233 | 381,567 | ||||||||||||
Total liabilities and equity | $ | 851,168 | $ | 861,846 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenue from tenants | $ | 15,186 | $ | 17,477 | ||||||||||
Operating expenses: | ||||||||||||||
Asset and property management fees to related parties | 1,907 | 1,998 | ||||||||||||
Property operating | 8,736 | 8,016 | ||||||||||||
Equity-based compensation | 2,115 | 23 | ||||||||||||
General and administrative | 2,732 | 1,996 | ||||||||||||
Depreciation and amortization | 8,526 | 7,519 | ||||||||||||
Total operating expenses | 24,016 | 19,552 | ||||||||||||
Operating loss | (8,830) | (2,075) | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (4,713) | (4,832) | ||||||||||||
Other income | 8 | 119 | ||||||||||||
Total other expense | (4,705) | (4,713) | ||||||||||||
Net loss attributable to common stockholders | $ | (13,535) | $ | (6,788) | ||||||||||
Net loss per share attributable to common stockholders — Basic and Diluted | $ | (1.06) | $ | (0.53) | ||||||||||
Weighted-average shares outstanding — Basic and Diluted | 12,780,027 | 12,749,724 | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Adjusted EBITDA | ||||||||||||||
Net loss | $ | (13,535) | $ | (6,788) | ||||||||||
Depreciation and amortization | 8,526 | 7,519 | ||||||||||||
Interest expense | 4,713 | 4,832 | ||||||||||||
Equity-based compensation | 2,115 | 23 | ||||||||||||
Other income | 8 | (119) | ||||||||||||
Adjusted EBITDA | 1,827 | 5,467 | ||||||||||||
Asset and property management fees to related parties | 1,907 | 1,998 | ||||||||||||
General and administrative | 2,732 | 1,996 | ||||||||||||
NOI | 6,466 | 9,461 | ||||||||||||
Accretion of below- and amortization of above-market lease liabilities and assets, net | (215) | (362) | ||||||||||||
Straight-line rent (revenue as a lessor) | (640) | (691) | ||||||||||||
Straight-line ground rent (expense as lessee) | 28 | 27 | ||||||||||||
Cash NOI | $ | 5,639 | $ | 8,435 | ||||||||||
Cash Paid for Interest: | ||||||||||||||
Interest expense | $ | 4,713 | $ | 4,832 | ||||||||||
Amortization of deferred financing costs | (385) | (368) | ||||||||||||
Total cash paid for interest | $ | 4,328 | $ | 4,464 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net loss attributable to common stockholders | $ | (13,535) | $ | (6,788) | ||||||||||
Depreciation and amortization | 8,526 | 7,519 | ||||||||||||
FFO attributable to common stockholders | (5,009) | 731 | ||||||||||||
Equity-based compensation | 2,115 | 23 | ||||||||||||
Core FFO attributable to common stockholders | $ | (2,894) | $ | 754 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Table of Contents | ||||||||
Item | Page | |||||||
Non-GAAP Definitions | 3 | |||||||
Key Metrics | 5 | |||||||
Consolidated Balance Sheets | 6 | |||||||
Consolidated Statements of Operations | 7 | |||||||
Non-GAAP Measures | 8 | |||||||
Debt Overview | 10 | |||||||
Future Minimum Lease Rents | 11 | |||||||
Top Ten Tenants | 12 | |||||||
Diversification by Property Type | 13 | |||||||
Diversification by Tenant Industry | 14 | |||||||
Lease Expirations | 15 | |||||||
Please note that totals may not add due to rounding. |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Financial Results (Amounts in thousands, except per share data) | ||||||||
Revenue from tenants | $ | 15,186 | ||||||
Net loss attributable to common stockholders | $ | (13,535) | ||||||
Basic and diluted net loss per share attributable to common stockholders | $ | (1.06) | ||||||
Cash NOI [1] | $ | 5,639 | ||||||
Adjusted EBITDA [1] | $ | 1,827 | ||||||
Core FFO attributable to common stockholders [1] | $ | (2,894) | ||||||
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages) | ||||||||
Gross asset value [2] | $ | 997,958 | ||||||
Net debt [3] [4] | $ | 375,604 | ||||||
Total consolidated debt [4] | $ | 405,000 | ||||||
Total assets | $ | 851,168 | ||||||
Cash and cash equivalents [5] | $ | 29,396 | ||||||
Common shares outstanding as of March 31, 2021 | 12,776 | |||||||
Net debt to gross asset value | 37.6 | % | ||||||
Net debt to annualized adjusted EBITDA [1] (annualized based on quarterly results) | 51.4 | x | ||||||
Weighted-average interest rate cost [6] | 4.4 | % | ||||||
Weighted-average debt maturity (years) [7] | 5.9 | |||||||
Interest Coverage Ratio [8] | 0.4 | x | ||||||
Real Estate Portfolio | ||||||||
Number of properties | 8 | |||||||
Number of tenants | 74 | |||||||
Square footage (millions) | 1.2 | |||||||
Leased | 82.8 | % | ||||||
Weighted-average remaining lease term (years) [9] | 6.9 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 |
March 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | (Unaudited) | |||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 193,658 | $ | 193,658 | ||||||||||
Buildings and improvements | 569,410 | 568,861 | ||||||||||||
Acquired intangible assets | 98,118 | 98,118 | ||||||||||||
Total real estate investments, at cost | 861,186 | 860,637 | ||||||||||||
Less accumulated depreciation and amortization | (146,790) | (139,666) | ||||||||||||
Total real estate investments, net | 714,396 | 720,971 | ||||||||||||
Cash and cash equivalents | 29,396 | 30,999 | ||||||||||||
Restricted cash | 11,197 | 8,995 | ||||||||||||
Operating lease right-of-use asset | 55,323 | 55,375 | ||||||||||||
Prepaid expenses and other assets (includes amounts due from related parties of $0 and $435 at March 31, 2021 and December 31, 2020, respectively) | 8,902 | 12,953 | ||||||||||||
Straight-line rent receivable | 22,690 | 22,050 | ||||||||||||
Deferred leasing costs, net | 9,264 | 10,503 | ||||||||||||
Total assets | $ | 851,168 | $ | 861,846 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 396,959 | $ | 396,574 | ||||||||||
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $199 and $0 at March 31, 2021 and December 31, 2020, respectively) | 8,479 | 6,916 | ||||||||||||
Operating lease liability | 54,808 | 54,820 | ||||||||||||
Below-market lease liabilities, net | 13,503 | 14,006 | ||||||||||||
Derivative liability, at fair value | 2,816 | 3,405 | ||||||||||||
Deferred revenue | 5,370 | 4,558 | ||||||||||||
Total liabilities | 481,935 | 480,279 | ||||||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at March 31, 2021 and December 31, 2020 | — | — | ||||||||||||
Common stock, $0.01 par value, 300,000,000 shares authorized, 12,776,448 and 12,802,690 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 129 | 129 | ||||||||||||
Additional paid-in capital | 686,555 | 686,715 | ||||||||||||
Accumulated other comprehensive loss | (2,815) | (3,404) | ||||||||||||
Distributions in excess of accumulated earnings | (320,737) | (305,882) | ||||||||||||
Total stockholders’ equity | 363,132 | 377,558 | ||||||||||||
Non-controlling interests | 6,101 | 4,009 | ||||||||||||
Total equity | 369,233 | 381,567 | ||||||||||||
Total liabilities and equity | $ | 851,168 | $ | 861,846 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||
Revenue from tenants | $ | 15,186 | $ | 9,860 | $ | 16,997 | $ | 18,562 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Asset and property management fees to related parties | 1,907 | 1,856 | 1,879 | 1,844 | ||||||||||||||||||||||
Property operating | 8,736 | 8,750 | 8,300 | 7,217 | ||||||||||||||||||||||
Listing expenses | — | — | 1,299 | — | ||||||||||||||||||||||
Vesting and conversion of Class B Units | — | — | 1,153 | — | ||||||||||||||||||||||
Equity-based compensation | 2,115 | 2,116 | 1,711 | 24 | ||||||||||||||||||||||
General and administrative | 2,732 | 1,844 | 1,234 | 2,497 | ||||||||||||||||||||||
Depreciation and amortization | 8,526 | 7,677 | 8,639 | 7,912 | ||||||||||||||||||||||
Total expenses | 24,016 | 22,243 | 24,215 | 19,494 | ||||||||||||||||||||||
Operating loss | (8,830) | (12,383) | (7,218) | (932) | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (4,713) | (4,225) | (5,089) | (4,995) | ||||||||||||||||||||||
Other income | 8 | 8 | 19 | 641 | ||||||||||||||||||||||
Total other expense, net | (4,705) | (4,217) | (5,070) | (4,354) | ||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (13,535) | $ | (16,600) | $ | (12,288) | $ | (5,286) | ||||||||||||||||||
Basic and Diluted Net Loss Per Share: | ||||||||||||||||||||||||||
Net loss per share attributable to common stockholders — Basic and Diluted | $ | (1.06) | $ | (1.30) | $ | (0.96) | $ | (0.41) | ||||||||||||||||||
Weighted average shares outstanding —Basic and Diluted | 12,780,027 | 12,797,174 | 12,772,176 | 12,750,066 | ||||||||||||||||||||||
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||
EBITDA: | ||||||||||||||||||||||||||
Net loss | $ | (13,535) | $ | (16,600) | $ | (12,288) | $ | (5,286) | ||||||||||||||||||
Depreciation and amortization | 8,526 | 7,677 | 8,639 | 7,912 | ||||||||||||||||||||||
Interest expense | 4,713 | 4,225 | 5,089 | 4,995 | ||||||||||||||||||||||
EBITDA | (296) | (4,698) | 1,440 | 7,621 | ||||||||||||||||||||||
Listing expenses | — | — | 1,299 | — | ||||||||||||||||||||||
Vesting and conversion of Class B Units | — | — | 1,153 | — | ||||||||||||||||||||||
Equity-based compensation | 2,115 | 2,116 | 1,711 | 24 | ||||||||||||||||||||||
Other income | 8 | (8) | (19) | (641) | ||||||||||||||||||||||
Adjusted EBITDA | 1,827 | (2,590) | 5,584 | 7,004 | ||||||||||||||||||||||
Asset and property management fees to related parties | 1,907 | 1,856 | 1,879 | 1,844 | ||||||||||||||||||||||
General and administrative | 2,732 | 1,844 | 1,234 | 2,497 | ||||||||||||||||||||||
NOI | 6,466 | 1,110 | 8,697 | 11,345 | ||||||||||||||||||||||
Accretion of below- and amortization of above-market lease liabilities and assets, net | (215) | (219) | (555) | (1,890) | ||||||||||||||||||||||
Straight-line rent (revenue as a lessor) | (640) | 3,180 | (2,107) | (784) | ||||||||||||||||||||||
Straight-line ground rent (expense as lessee) | 28 | 27 | 28 | 27 | ||||||||||||||||||||||
Cash NOI | $ | 5,639 | $ | 4,098 | $ | 6,063 | $ | 8,698 | ||||||||||||||||||
Cash Paid for Interest: | ||||||||||||||||||||||||||
Interest expense | $ | 4,713 | $ | 4,225 | $ | 5,089 | $ | 4,995 | ||||||||||||||||||
Amortization of deferred financing costs | (385) | (386) | (386) | (403) | ||||||||||||||||||||||
Total cash paid for interest | $ | 4,328 | $ | 3,839 | $ | 4,703 | $ | 4,592 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 [1] | |||||||||||||||||||||||
Funds from operations (FFO): | ||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (13,535) | $ | (16,600) | $ | (12,288) | $ | (5,286) | ||||||||||||||||||
Depreciation and amortization | 8,526 | 7,677 | 8,639 | 7,912 | ||||||||||||||||||||||
FFO attributable to common stockholders | (5,009) | (8,923) | (3,649) | 2,626 | ||||||||||||||||||||||
Listing expenses [2] | — | — | 1,299 | — | ||||||||||||||||||||||
Vesting and conversion of Class B Units | — | — | 1,153 | — | ||||||||||||||||||||||
Equity-based compensation | 2,115 | 2,116 | 1,711 | 24 | ||||||||||||||||||||||
Core FFO attributable to common stockholders | $ | (2,894) | $ | (6,807) | $ | 514 | $ | 2,650 | ||||||||||||||||||
Weighted average common shares outstanding — Basic and Diluted | 12,780 | 12,797 | 12,772 | 12,750 | ||||||||||||||||||||||
Net loss per share attributable to common shareholders — Basic and Diluted | $ | (1.06) | $ | (1.30) | $ | (0.96) | $ | (0.41) | ||||||||||||||||||
FFO per common share | $ | (0.39) | $ | (0.70) | $ | (0.29) | $ | 0.21 | ||||||||||||||||||
Core FFO per common share | $ | (0.23) | $ | (0.53) | $ | 0.04 | $ | 0.21 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Year of Maturity | Number of Encumbered Properties | Weighted-Average Debt Maturity (Years) [1] | Weighted-Average Interest Rate [1] [2] | Total Outstanding Balance [3] | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
2021 (remainder) | — | — | — | % | $ | — | ||||||||||||||||||||
2022 | — | — | — | % | — | |||||||||||||||||||||
2023 | — | — | — | % | — | |||||||||||||||||||||
2024 | 1 | 3.1 | 3.7 | % | 55,000 | |||||||||||||||||||||
2025 | — | — | — | % | — | |||||||||||||||||||||
2026 | 1 | 5.3 | 4.2 | % | 99,000 | |||||||||||||||||||||
Thereafter | 5 | 6.7 | 4.5 | % | 251,000 | |||||||||||||||||||||
Total Debt | 7 | 5.9 | 4.4 | % | $ | 405,000 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Future Minimum Base Rent Payments [1] | ||||||||
2021 (remainder) | $ | 40,716 | ||||||
2022 | 50,975 | |||||||
2023 | 42,244 | |||||||
2024 | 41,322 | |||||||
2025 | 33,989 | |||||||
2026 | 31,492 | |||||||
Thereafter | 165,803 | |||||||
Total | $ | 406,541 |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Tenant / Lease Guarantor | Property Type | Tenant Industry | Annualized SL Rent [1] | SL Rent Percent | Remaining Lease Term [2] | Investment Grade [3] | |||||||||||||||||||||||||||||
City National Bank | Office / Retail | Financial Services | $ | 4,356 | 8 | % | 12.3 | Yes | |||||||||||||||||||||||||||
Planned Parenthood Federation of America, Inc. | Office | Non-Profit | 3,337 | 6 | % | 10.3 | Yes | ||||||||||||||||||||||||||||
Equinox | Retail | Fitness | 2,836 | 5 | % | 17.7 | No | ||||||||||||||||||||||||||||
Cornell University | Offcie | Healthcare Services | 2,476 | 4 | % | 3.3 | Yes | ||||||||||||||||||||||||||||
The City of New York - Dept. of Youth & Community Development | Office | Government/Public Administration | 2,255 | 4 | % | 6.4 | Yes | ||||||||||||||||||||||||||||
CVS | Retail | Retail | 2,161 | 4 | % | 13.4 | Yes | ||||||||||||||||||||||||||||
Waterfall Asset Management LLC | Office | Finanical Services | 2,019 | 4 | % | 1.4 | No | ||||||||||||||||||||||||||||
I Love NY Gifts | Retail | Retail | 2,000 | 4 | % | 15.2 | No | ||||||||||||||||||||||||||||
USA General Services Administration | Office | Government/Public Administration | 1,954 | 4 | % | 1.2 | Yes | ||||||||||||||||||||||||||||
Marshalls | Retail | Retail | 1,641 | 3 | % | 7.6 | Yes | ||||||||||||||||||||||||||||
Subtotal | 25,035 | 46 | % | 9.5 | |||||||||||||||||||||||||||||||
Remaining portfolio | 30,339 | 54 | % | ||||||||||||||||||||||||||||||||
Total Portfolio | $ | 55,374 | 100 | % |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Total Portfolio | ||||||||||||||||||||||||||
Property Type | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | ||||||||||||||||||||||
Office | $ | 42,341 | 76 | % | 795 | 83 | % | |||||||||||||||||||
Retail | 12,497 | 23 | % | 168 | 17 | % | ||||||||||||||||||||
Other | 536 | 1 | % | — | — | % | ||||||||||||||||||||
Total | $ | 55,374 | 100 | % | 963 | 100 | % |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Total Portfolio | ||||||||||||||||||||||||||
Industry Type | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | ||||||||||||||||||||||
Financial Services | $ | 15,847 | 29 | % | 196 | 20 | % | |||||||||||||||||||
Government/Public Administration | 7,368 | 13 | % | 173 | 18 | % | ||||||||||||||||||||
Retail | 6,727 | 12 | % | 43 | 5 | % | ||||||||||||||||||||
Non-profit | 6,725 | 12 | % | 146 | 15 | % | ||||||||||||||||||||
Healthcare Services | 4,452 | 8 | % | 61 | 6 | % | ||||||||||||||||||||
Services | 4,362 | 8 | % | 98 | 10 | % | ||||||||||||||||||||
Technology | 2,873 | 5 | % | 53 | 6 | % | ||||||||||||||||||||
Fitness | 2,836 | 5 | % | 39 | 4 | % | ||||||||||||||||||||
Professional Services | 2,300 | 4 | % | 44 | 5 | % | ||||||||||||||||||||
Advertising | 485 | 1 | % | — | — | % | ||||||||||||||||||||
Other [2] | 1,399 | 3 | % | 110 | 11 | % | ||||||||||||||||||||
Total | $ | 55,374 | 100 | % | 963 | 100 | % |
New York City REIT, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended March 31, 2021 (Unaudited) |
Year of Expiration | Number of Leases Expiring | Annualized SL Rent [1] | Annualized SL Rent Percent | Leased Rentable Square Feet | Percent of Rentable Square Feet Expiring | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
2021 (Remaining) | 8 | $ | 2,488 | 5 | % | 62 | 7 | % | ||||||||||||||||||||||||
2022 | 15 | 6,876 | 12 | % | 144 | 15 | % | |||||||||||||||||||||||||
2023 | 10 | 4,174 | 8 | % | 59 | 6 | % | |||||||||||||||||||||||||
2024 | 10 | 6,099 | 11 | % | 98 | 10 | % | |||||||||||||||||||||||||
2025 | 11 | 6,510 | 12 | % | 113 | 12 | % | |||||||||||||||||||||||||
2026 | 5 | 1,491 | 3 | % | 32 | 3 | % | |||||||||||||||||||||||||
2027 | 5 | 2,943 | 5 | % | 52 | 5 | % | |||||||||||||||||||||||||
2028 | 10 | 3,398 | 6 | % | 63 | 7 | % | |||||||||||||||||||||||||
2029 | 4 | 1,996 | 4 | % | 35 | 4 | % | |||||||||||||||||||||||||
2030 | 3 | 1,810 | 3 | % | 34 | 4 | % | |||||||||||||||||||||||||
2031 | 7 | 5,356 | 10 | % | 118 | 12 | % | |||||||||||||||||||||||||
2032 | 1 | 239 | — | % | 4 | — | % | |||||||||||||||||||||||||
2033 | 5 | 4,356 | 8 | % | 36 | 4 | % | |||||||||||||||||||||||||
2034 | 2 | 2,161 | 4 | % | 10 | 1 | % | |||||||||||||||||||||||||
2035 | 3 | 640 | 1 | % | 4 | — | % | |||||||||||||||||||||||||
2036 | 2 | 2,000 | 4 | % | 7 | 1 | % | |||||||||||||||||||||||||
Thereafter (>2036) | 4 | 2,837 | 4 | % | 92 | 9 | % | |||||||||||||||||||||||||
Total | 105 | $ | 55,374 | 100 | % | 963 | 100 | % |
>:_1[]B#P+\-/!
M?[._AF7X6QN^@:K M]+>7,@DNKB=AAS,P ^=2"NT 8X'K\!?\%1+&YU+]N#
MX76EG?OI=W-!91PWL:*[0.;G <*W!(/.#P< )I?(M(S)-)@9VHH^\Q["OR?^(7@WXM>+/V^-"^..E_!7QLOA*QO;
M*9K>ZLHDO7AC4"0B+S%;35FT;5-%CO$;=
MINN6GV>ZC&2I62(DXSCUY!%?G7X\_8S^)_[)7[2!^,_P%TA/%WANXFDDU'PC
M%,(KA(I.9H45CB1"
&"-)"X;IL1E-5?,\>23647[E\2#MK!\!*WOO8X!> '>
M! )S&NRSK'C"/6M6/!)OGC1N"[3:K5>[OZ C
M"Y\I%*F]39."HLM$GY)Z\:#=.C6TV]5>*1F.+AENO@LK1N$=37UPZ:>29D,P
MR2* (XCKMM&MU5B(-A<88 *'<@)BZW!&E-]93PR+8/*1^CWC":"X_2
M!@0-S7XV,\$AL.^XY^'^PW]@*F$4<$K \2)D5.VF
MOY.B"1?');#,!40\@Q/@P$<3AX9=.1 RK/">$-( 3", 87WB!I
M@%_&^#X/# Q@O6">)\'0%M\GCHH4E/QX5 ?=@]$>B.Q9G[M (X*%(Z0C,E$P
M:.L*:9X4CT<[I^;11J?:!F;SD$?Z$1OS"-1-Y,!+5(3" _*$#\ TTG:1[)%8
MADQ;AMG'4:6QEK9V#KZS>8*,C'6[N21YKL*%# @+GG2\F(P.-@8Q"/^24N%L
M$+N8A.!/!+J.((($N?-3X;H534(RCBBD' F/#C@$T"GUM2@H5@+0"H/0 [
MF2IH741B.&-]?#7%LU!TA7$_C+B'1D8FF$7H&X(0!)/F08#UH14=?^".2SM@
MX02,($,G:(3 5N9?/MCMC.\SU^OZ/V
MO!URU 9'P%S5FF2P73L 1\5>\Y"D[.*$H#!,3'=KDP&&H$B;RF0,F4\W](%V*QX93R@+5!HSU5EAB
MW(=AZC6SRR[P8>7,9=Z1QD@Q&)!]N?0L0ZDNPU64@HP3ZXDO>)X(/B.C"S<;
MZCI$272=<*:AS'2\?:6=KCE^V4J7CRX]"9+ &Q)P5-!/VC+ _TY 7N\T !4
M;UZ0,8)DU!*#+F"U4]/,Z4AX22A8C>R$:;AT,7((IE> .P4T2AITH<*@
M$FQX8W82(^$F%$&OG2W'4)K5ZI59KK]^N?W:2H[5>