☒ | 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 |
Accelerated filer | ☒ | |||||
Large accelerated filer | ||||||
☐ | Smaller reporting company | ☐ | ||||
Non-accelerated filer | ||||||
☐ | 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. |
Page | |||||||
Item 1. | |||||||
3 | |||||||
4 | |||||||
5 | |||||||
15 | |||||||
21 | |||||||
Item 4. | 21 | ||||||
PART II – OTHER INFORMATION | |||||||
22 | |||||||
22 | |||||||
22 | |||||||
22 | |||||||
22 | |||||||
22 | |||||||
2 2 | |||||||
24 |
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Investment in unconsolidated joint venture | $ | 218,959 | $ | 226,175 | ||||
Cash and cash equivalents | 7,875 | 7,535 | ||||||
Restricted cash held in escrow | 92,126 | 92,127 | ||||||
Total Assets | 318,960 | 325,837 | ||||||
Liabilities | ||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | 2,448 | 2,384 | ||||||
Accounts payable, accrued expenses and other liabilities | 385 | 342 | ||||||
Total Liabilities | 2,833 | 2,726 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Net assets in liquidation | $ | 316,127 | $ | 323,111 | ||||
June 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Investment in unconsolidated joint venture | $ | 225,523 | $ | 230,092 | ||||
Cash and cash equivalents | 7,976 | 7,722 | ||||||
Restricted cash held in escrow | 92,138 | 92,177 | ||||||
Accounts receivable | 60 | 60 | ||||||
Total Assets | 325,697 | 330,051 | ||||||
Liabilities | ||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | 2,363 | 2,342 | ||||||
Accounts payable, accrued expenses and other liabilities | 408 | 319 | ||||||
Total Liabilities | 2,771 | 2,661 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Net assets in liquidation | $ | 322,926 | $ | 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 | ||||||||
March 31, 2022 | March 31, 2021 | |||||||
Net assets in liquidation, beginning of period | $ | 323,111 | $ | 327,390 | ||||
Changes in net assets in liquidation: | ||||||||
Changes in liquidation value of investment in unconsolidated joint venture | (3,173 | ) | 2,081 | |||||
Remeasurement of assets and liabilities | (621 | ) | (712 | ) | ||||
Net changes in liquidation value | (3,794 | ) | 1,369 | |||||
Liquidating distributions to unitholders | (3,190 | ) | (3,022 | ) | ||||
Changes in net assets in liquidation | (6,984 | ) | (1,653 | ) | ||||
Net assets in liquidation, end of period | $ | 316,127 | $ | 325,737 | ||||
June 30, 2021 | December 31, 2020 | |||||||
General and administrative expenses | $ | 2,363 | $ | 2,342 | ||||
Liability for estimated costs in excess of estimated receipts during liquidation | $ | 2,363 | $ | 2,342 | ||||
March 31, 2022 | December 31, 2021 | |||||||
General and administrative expenses | $ | (2,448 | ) | $ | (2,384 | ) | ||
Liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,448 | ) | $ | (2,384 | ) | ||
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, | 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, 2022 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | March 31, 2022 | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,384 | ) | $ | 557 | $ | (621 | ) | $ | (2,448 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,384 | ) | $ | 557 | $ | (621 | ) | $ | (2,448 | ) | |||||
January 1, 2021 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | March 31, 2021 | |||||||||||||
Liabilities: | ||||||||||||||||
General and administrative expenses | $ | (2,342 | ) | $ | 506 | $ | (712 | ) | $ | (2,548 | ) | |||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,342 | ) | $ | 506 | $ | (712 | ) | $ | (2,548 | ) | |||||
(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 |
March 31, | ||||||||||
Property Portfolio | Tenant | 2022 | 2021 | |||||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 50.4 | % | 48.1 | % | |||||
Worldwide Plaza | Nomura Holdings America, Inc. | 28.8 | % | 30.5 | % |
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 | % |
(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 | ||||
(In thousands) | March 31, 2022 | December 31, 2021 | ||||||
Real estate assets, at cost | $ | 841,129 | $ | 840,798 | ||||
Less accumulated depreciation and amortization | (285,476 | ) | (281,011 | ) | ||||
Total real estate assets, net | 555,653 | 559,787 | ||||||
Cash and cash equivalents | 48,270 | 53,351 | ||||||
Other assets | 123,512 | 122,921 | ||||||
Total assets | $ | 727,435 | $ | 736,059 | ||||
Debt | $ | 1,275,876 | $ | 1,271,177 | ||||
Other liabilities | 181,757 | 181,005 | ||||||
Total liabilities | 1,457,633 | 1,452,182 | ||||||
Deficit | (730,198 | ) | (716,123 | ) | ||||
Total liabilities and deficit | $ | 727,435 | $ | 736,059 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | ||||||||||||
Rental income | $ | 36,923 | $ | 33,660 | $ | 72,270 | $ | 69,103 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses | 16,161 | 14,626 | 32,653 | 31,682 | ||||||||||||
Depreciation and amortization | 6,358 | 5,050 | 16,617 | 10,098 | ||||||||||||
Total operating expenses | 22,519 | 19,676 | 49,270 | 41,780 | ||||||||||||
Operating income | 14,404 | 13,984 | 23,000 | 27,323 | ||||||||||||
Interest expense | (19,670 | ) | (19,221 | ) | (39,130 | ) | (38,418 | ) | ||||||||
Net loss | $ | (5,266 | ) | $ | (5,237 | ) | $ | (16,130 | ) | $ | (11,095 | ) | ||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2022 | 2021 | ||||||
Rental income | $ | 35,507 | $ | 35,347 | ||||
Operating expenses: | ||||||||
Operating expenses | 16,225 | 16,492 | ||||||
Depreciation and amortization | 5,189 | 10,259 | ||||||
Total operating expenses | 21,414 | 26,751 | ||||||
Operating income | 14,093 | 8,596 | ||||||
Interest expense | (19,936 | ) | (19,460 | ) | ||||
Net loss | $ | (5,843 | ) | $ | (10,864 | ) | ||
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) |