☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 83-2426528 | |
State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification No. | |
2 Liberty Square, Boston, MA | 02109 | |
Address of Principal Executive Offices | Zip Code |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
N/A | N/A | N/A |
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
* | New York REIT Liquidating LLC is the successor in interest to New York REIT, Inc. and files reports under the Commission file number for New York REIT, Inc. |
PART I – FINANCIAL INFORMATION | Page | |||||
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PART II – OTHER INFORMATION | ||||||
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June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||||
Investment in unconsolidated joint venture | $ | 225,523 | $ | 230,092 | $ | 226,805 | $ | 230,092 | ||||||||
Cash and cash equivalents | 7,976 | 7,722 | 7,385 | 7,722 | ||||||||||||
Restricted cash held in escrow | 92,138 | 92,177 | 92,134 | 92,177 | ||||||||||||
Accounts receivable | 60 | 60 | 60 | 60 | ||||||||||||
Total Assets | 325,697 | 330,051 | 326,384 | 330,051 | ||||||||||||
Liabilities | ||||||||||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | 2,363 | 2,342 | 2,332 | 2,342 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | 408 | 319 | 296 | 319 | ||||||||||||
Total Liabilities | 2,771 | 2,661 | 2,628 | 2,661 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Net assets in liquidation | $ | 322,926 | $ | 327,390 | $ | 323,756 | $ | 327,390 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
Net assets in liquidation, beginning of period | $ | 325,737 | $ | 365,725 | $ | 327,390 | $ | 362,791 | ||||||||
Changes in net assets in liquidation: | ||||||||||||||||
Changes in liquidation value of investment in unconsolidated joint venture | 2,053 | 3,382 | 4,134 | 8,956 | ||||||||||||
Remeasurement of assets and liabilities | (666 | ) | (578 | ) | (1,378 | ) | (1,539 | ) | ||||||||
Net changes in liquidation value | 1,387 | 2,804 | 2,756 | 7,417 | ||||||||||||
Liquidating distributions to unitholders | (4,198 | ) | (1,679 | ) | (7,220 | ) | (3,358 | ) | ||||||||
Changes in net assets in liquidation | (2,811 | ) | 1,125 | (4,464 | ) | 4,059 | ||||||||||
Net assets in liquidation, end of period | $ | 322,926 | $ | 366,850 | $ | 322,926 | $ | 366,850 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||
Net assets in liquidation, beginning of period | $ | 322,926 | $ | 366,850 | $ | 327,390 | $ | 362,791 | ||||||||
Changes in net assets in liquidation: | ||||||||||||||||
Changes in liquidation value of investment in unconsolidated joint venture | 3,535 | 4,213 | 7,669 | 13,169 | ||||||||||||
Remeasurement of assets and liabilities | (522 | ) | (559 | ) | (1,900 | ) | (2,098 | ) | ||||||||
Net changes in liquidation value | 3,013 | 3,654 | 5,769 | 11,071 | ||||||||||||
Liquidating distributions to unitholders | (2,183 | ) | (4,198 | ) | (9,403 | ) | (7,556 | ) | ||||||||
Changes in net assets in liquidation | 830 | (544 | ) | (3,634 | ) | 3,515 | ||||||||||
Net assets in liquidation, end of period | $ | 323,756 | $ | 366,306 | $ | 323,756 | $ | 366,306 | ||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||
General and administrative expenses | $ | 2,363 | $ | 2,342 | $ | 2,332 | $ | 2,342 | ||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | $ | 2,363 | $ | 2,342 | $ | 2,332 | $ | 2,342 | ||||||||
January 1, 2021 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | June 30, 2021 | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,342 | ) | $ | 1,357 | $ | (1,378 | ) | $ | (2,363 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,342 | ) | $ | 1,357 | $ | (1,378 | ) | $ | (2,363 | ) | |||||
January 1, 2021 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | September 30, 2021 | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,342 | ) | $ | 1,910 | $ | (1,900 | ) | $ | (2,332 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,342 | ) | $ | 1,910 | $ | (1,900 | ) | $ | (2,332 | ) | |||||
January 1, | Net in Capital (1) | Remeasurement of Assets and Liabilities | June 30, | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,348 | ) | $ | 1,511 | $ | (1,539 | ) | $ | (2,376 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,348 | ) | $ | 1,511 | $ | (1,539 | ) | $ | (2,376 | ) | |||||
January 1, 2020 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | September 30, 2020 | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,348 | ) | $ | 2,156 | $ | (2,098 | ) | $ | (2,290 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,348 | ) | $ | 2,156 | $ | (2,098 | ) | $ | (2,290 | ) | |||||
(1) | Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the |
June 30, | ||||||||||
Property Portfolio | Tenant | 2021 | 2020 | |||||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 47.4 | % | 48.4 | % | |||||
Worldwide Plaza | Nomura Holdings America, Inc. | 30.0 | % | 30.7 | % |
September 30, | ||||||||||||
Property Portfolio | Tenant | 2021 | 2020 | |||||||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 47.2 | % | 48.5 | % | |||||||
Worldwide Plaza | Nomura Holdings America, Inc. | 30.0 | % | 30.7 | % |
(In thousands) | June 30, 2021 | December 31, 2020 | ||||||
Real estate assets, at cost | $ | 840,644 | $ | 839,789 | ||||
Less accumulated depreciation and amortization | (270,184 | ) | (256,925 | ) | ||||
Total real estate assets, net | 570,460 | 582,864 | ||||||
Cash and cash equivalents | 27,143 | 36,084 | ||||||
Other assets | 134,433 | 139,084 | ||||||
Total assets | $ | 732,036 | $ | 758,032 | ||||
Debt | $ | 1,262,567 | $ | 1,254,081 | ||||
Other liabilities | 166,142 | 166,549 | ||||||
Total liabilities | 1,428,709 | 1,420,630 | ||||||
Deficit | (696,673 | ) | (662,598 | ) | ||||
Total liabilities and deficit | $ | 732,036 | $ | 758,032 | ||||
September 30, | December 31, | |||||||
(In thousands) | 2021 | 2020 | ||||||
Real estate assets, at cost | $ | 840,899 | $ | 839,789 | ||||
Less accumulated depreciation and amortization | (276,058 | ) | (256,925 | ) | ||||
Total real estate assets, net | 564,841 | 582,864 | ||||||
Cash and cash equivalents | 47,063 | 36,084 | ||||||
Other assets | 125,106 | 139,084 | ||||||
Total assets | $ | 737,010 | $ | 758,032 | ||||
Debt | $ | 1,266,872 | $ | 1,254,081 | ||||
Other liabilities | 175,518 | 166,549 | ||||||
Total liabilities | 1,442,390 | 1,420,630 | ||||||
Deficit | (705,380 | ) | (662,598 | ) | ||||
Total liabilities and deficit | $ | 737,010 | $ | 758,032 | ||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | September 30, | September 30, | |||||||||||||||||||||||||||||
(In thousands) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Rental income | $ | 36,923 | $ | 33,660 | $ | 72,270 | $ | 69,103 | $ | 38,587 | $ | 33,703 | $ | 110,857 | $ | 102,806 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Operating expenses | 16,161 | 14,626 | 32,653 | 31,682 | 16,035 | 15,541 | 48,688 | 47,223 | ||||||||||||||||||||||||
Depreciation and amortization | 6,358 | 5,050 | 16,617 | 10,098 | 6,880 | 5,050 | 23,497 | 15,148 | ||||||||||||||||||||||||
Total operating expenses | 22,519 | 19,676 | 49,270 | 41,780 | 22,915 | 20,591 | 72,185 | 62,371 | ||||||||||||||||||||||||
Operating income | 14,404 | 13,984 | 23,000 | 27,323 | 15,672 | 13,112 | 38,672 | 40,435 | ||||||||||||||||||||||||
Interest expense | (19,670 | ) | (19,221 | ) | (39,130 | ) | (38,418 | ) | (19,881 | ) | (19,422 | ) | (59,011 | ) | (57,840 | ) | ||||||||||||||||
Net loss | $ | (5,266 | ) | $ | (5,237 | ) | $ | (16,130 | ) | $ | (11,095 | ) | $ | (4,209 | ) | $ | (6,310 | ) | $ | (20,339 | ) | $ | (17,405 | ) | ||||||||
Exhibit No. | Description | |
31.1* | Certification of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to Securities Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1* | Written statements of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |
* | Filed herewith |
NEW YORK REIT LIQUIDATING LLC | ||
By: | /s/ John Garilli | |
John Garilli | ||
Chief Executive Officer, President, Chief Financial Officer, | ||
Treasurer and Secretary (Principal Executive Officer, | ||
Principal Financial Officer and Principal Accounting Officer)Principal Financial Officer and Principal Accounting Officer) |