☒ | 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. |
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PART I – FINANCIAL INFORMATION | ||||||||||
Item 1. | ||||||||||
3 | ||||||||||
4 | ||||||||||
5 | ||||||||||
Item 2. | ||||||||||
15 | ||||||||||
Item 3. | ||||||||||
22 | ||||||||||
Item 4. | ||||||||||
Item 1. | ||||||||||
Item 1A. | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
Item 5. | ||||||||||
Item 6. | ||||||||||
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||||
Investment in unconsolidated joint venture | $ | 226,805 | $ | 230,092 | $ | 215,584 | $ | 226,175 | ||||||||
Cash and cash equivalents | 7,385 | 7,722 | 8,159 | 7,535 | ||||||||||||
Restricted cash held in escrow | 92,134 | 92,177 | 92,141 | 92,127 | ||||||||||||
Accounts receivable | 60 | 60 | ||||||||||||||
Total Assets | 326,384 | 330,051 | 315,884 | 325,837 | ||||||||||||
Liabilities | ||||||||||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | 2,332 | 2,342 | 2,457 | 2,384 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | 296 | 319 | 410 | 342 | ||||||||||||
Total Liabilities | 2,628 | 2,661 | 2,867 | 2,726 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | |||||||||||||
Net assets in liquidation | $ | 323,756 | $ | 327,390 | $ | 313,017 | $ | 323,111 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | June 30, 202 2 | June 30, 202 1 | June 30, 202 2 | June 30, 202 1 | |||||||||||||||||||||||||||
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 | $ | 316,127 | $ | 325,737 | $ | 323,111 | $ | 327,390 | ||||||||||||||||
Changes in net assets in liquidation: | ||||||||||||||||||||||||||||||||
Changes in liquidation value of investment in unconsolidated joint venture | 3,535 | 4,213 | 7,669 | 13,169 | (870 | ) | 2,053 | (4,042 | ) | 4,134 | ||||||||||||||||||||||
Remeasurement of assets and liabilities | (522 | ) | (559 | ) | (1,900 | ) | (2,098 | ) | (561 | ) | (666 | ) | (1,182 | ) | (1,378 | ) | ||||||||||||||||
Net changes in liquidation value | 3,013 | 3,654 | 5,769 | 11,071 | (1,431 | ) | 1,387 | (5,224 | ) | 2,756 | ||||||||||||||||||||||
Liquidating distributions to unitholders | (2,183 | ) | (4,198 | ) | (9,403 | ) | (7,556 | ) | (1,679 | ) | (4,198 | ) | (4,870 | ) | (7,220 | ) | ||||||||||||||||
Changes in net assets in liquidation | 830 | (544 | ) | (3,634 | ) | 3,515 | (3,110 | ) | (2,811 | ) | (10,094 | ) | (4,464 | ) | ||||||||||||||||||
Net assets in liquidation, end of period | $ | 323,756 | $ | 366,306 | $ | 323,756 | $ | 366,306 | $ | 313,017 | $ | 322,926 | $ | 313,017 | $ | 322,926 | ||||||||||||||||
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
General and administrative expenses | $ | 2,332 | $ | 2,342 | $ | (2,457 | ) | $ | (2,384 | ) | ||||||
Liability for estimated costs in excess of estimated receipts during liquidation | $ | 2,332 | $ | 2,342 | $ | (2,457 | ) | $ | (2,384 | ) | ||||||
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, 2020 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | September 30, 2020 | January 1, 2022 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | June 30, 2022 | |||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
General and administrative expenses | $ | (2,348 | ) | $ | 2,156 | $ | (2,098 | ) | $ | (2,290 | ) | $ | (2,384 | ) | $ | 1,109 | $ | (1,182 | ) | $ | (2,457 | ) | ||||||||||
�� | ||||||||||||||||||||||||||||||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,348 | ) | $ | 2,156 | $ | (2,098 | ) | $ | (2,290 | ) | $ | (2,384 | ) | $ | 1,109 | $ | (1,182 | ) | $ | (2,457 | ) | ||||||||||
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 | ) | |||||
(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 2021. |
September 30, | June 30, | |||||||||||||||||||||
Property Portfolio | Tenant | 2021 | 2020 | Tenant | 2022 | 2021 | ||||||||||||||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 47.2 | % | 48.5 | % | Cravath, Swaine & Moore, LLP | 50.4 | % | 47.4 | % | ||||||||||||
Worldwide Plaza | Nomura Holdings America, Inc. | 30.0 | % | 30.7 | % | Nomura Holdings America, Inc. | 28.8 | % | 30.0 | % |
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 | ||||
(In thousands) | June 30 , 2022 | December 31, 2021 | ||||||
Real estate assets, at cost | $ | 842,126 | $ | 840,798 | ||||
Less accumulated depreciation and amortization | (289,948 | ) | (281,011 | ) | ||||
Total real estate assets, net | 552,178 | 559,787 | ||||||
Cash and cash equivalents | 39,792 | 53,351 | ||||||
Other assets | 131,202 | 122,921 | ||||||
Total assets | $ | 723,172 | $ | 736,059 | ||||
Debt | $ | 1,280,621 | $ | 1,271,177 | ||||
Other liabilities | 185,068 | 181,005 | ||||||
Total liabilities | 1,465,689 | 1,452,182 | ||||||
Deficit | (742,517 | ) | (716,123 | ) | ||||
Total liabilities and deficit | $ | 723,172 | $ | 736,059 | ||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Rental income | $ | 38,587 | $ | 33,703 | $ | 110,857 | $ | 102,806 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses | 16,035 | 15,541 | 48,688 | 47,223 | ||||||||||||
Depreciation and amortization | 6,880 | 5,050 | 23,497 | 15,148 | ||||||||||||
Total operating expenses | 22,915 | 20,591 | 72,185 | 62,371 | ||||||||||||
Operating income | 15,672 | 13,112 | 38,672 | 40,435 | ||||||||||||
Interest expense | (19,881 | ) | (19,422 | ) | (59,011 | ) | (57,840 | ) | ||||||||
Net loss | $ | (4,209 | ) | $ | (6,310 | ) | $ | (20,339 | ) | $ | (17,405 | ) | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
(In thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||
Rental income | $ | 34,551 | $ | 36,923 | $ | 70,058 | $ | 72,270 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses | 16,440 | 16,161 | 32,665 | 32,653 | ||||||||||||
Depreciation and amortization | 5,194 | 6,358 | 10,383 | 16,617 | ||||||||||||
Total operating expenses | 21,634 | 22,519 | 43,048 | 49,270 | ||||||||||||
Operating income | 12,917 | 14,404 | 27,010 | 23,000 | ||||||||||||
Interest expense | (20,152 | ) | (19,670 | ) | (40,088 | ) | (39,130 | ) | ||||||||
Net loss | $ | (7,235 | ) | $ | (5,266 | ) | $ | (13,078 | ) | $ | (16,130 | ) | ||||
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, | ||