☒ | 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 | ☒ | |||
☐ | Smaller reporting company | ☐ | ||||
Emerging growth company | ☐ |
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5 | ||||||||||
Item 2. | 15 | |||||||||
Item 3. | ||||||||||
Item 4. | ||||||||||
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Item 1A. | ||||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
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Item 6. | ||||||||||
March 31, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||||
Investment in unconsolidated joint venture | $ | 218,959 | $ | 226,175 | $ | 215,584 | $ | 226,175 | ||||||||
Cash and cash equivalents | 7,875 | 7,535 | 8,159 | 7,535 | ||||||||||||
Restricted cash held in escrow | 92,126 | 92,127 | 92,141 | 92,127 | ||||||||||||
Total Assets | 318,960 | 325,837 | 315,884 | 325,837 | ||||||||||||
Liabilities | ||||||||||||||||
Liability for estimated costs in excess of estimated receipts during liquidation | 2,448 | 2,384 | 2,457 | 2,384 | ||||||||||||
Accounts payable, accrued expenses and other liabilities | 385 | 342 | 410 | 342 | ||||||||||||
Total Liabilities | 2,833 | 2,726 | 2,867 | 2,726 | ||||||||||||
Commitments and Contingencies | 0 | 0 | 0 | |||||||||||||
Net assets in liquidation | $ | 316,127 | $ | 323,111 | $ | 313,017 | $ | 323,111 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 202 2 | June 30, 202 1 | June 30, 202 2 | June 30, 202 1 | |||||||||||||
Net assets in liquidation, beginning of period | $ | 316,127 | $ | 325,737 | $ | 323,111 | $ | 327,390 | ||||||||
Changes in net assets in liquidation: | ||||||||||||||||
Changes in liquidation value of investment in unconsolidated joint venture | (870 | ) | 2,053 | (4,042 | ) | 4,134 | ||||||||||
Remeasurement of assets and liabilities | (561 | ) | (666 | ) | (1,182 | ) | (1,378 | ) | ||||||||
Net changes in liquidation value | (1,431 | ) | 1,387 | (5,224 | ) | 2,756 | ||||||||||
Liquidating distributions to unitholders | (1,679 | ) | (4,198 | ) | (4,870 | ) | (7,220 | ) | ||||||||
Changes in net assets in liquidation | (3,110 | ) | (2,811 | ) | (10,094 | ) | (4,464 | ) | ||||||||
Net assets in liquidation, end of period | $ | 313,017 | $ | 322,926 | $ | 313,017 | $ | 322,926 | ||||||||
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, 2022 | December 31, 2021 | |||||||
General and administrative expenses | $ | (2,457 | ) | $ | (2,384 | ) | ||
Liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,457 | ) | $ | (2,384 | ) | ||
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, 2022 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | March 31, 2022 | January 1, 2022 | Net Change in Working Capital (1) | Remeasurement of Assets and Liabilities | June 30, 2022 | |||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
General and administrative expenses | $ | (2,384 | ) | $ | 557 | $ | (621 | ) | $ | (2,448 | ) | $ | (2,384 | ) | $ | 1,109 | $ | (1,182 | ) | $ | (2,457 | ) | ||||||||||
�� | ||||||||||||||||||||||||||||||||
Total liability for estimated costs in excess of estimated receipts during liquidation | $ | (2,384 | ) | $ | 557 | $ | (621 | ) | $ | (2,448 | ) | $ | (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 | ) | |||||
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 | 2022 | 2021 | |||||||
Worldwide Plaza | Cravath, Swaine & Moore, LLP | 50.4 | % | 47.4 | % | |||||
Worldwide Plaza | Nomura Holdings America, Inc. | 28.8 | % | 30.0 | % |
(In thousands) | March 31, 2022 | December 31, 2021 | June 30 , 2022 | December 31, 2021 | ||||||||||||
Real estate assets, at cost | $ | 841,129 | $ | 840,798 | $ | 842,126 | $ | 840,798 | ||||||||
Less accumulated depreciation and amortization | (285,476 | ) | (281,011 | ) | (289,948 | ) | (281,011 | ) | ||||||||
Total real estate assets, net | 555,653 | 559,787 | 552,178 | 559,787 | ||||||||||||
Cash and cash equivalents | 48,270 | 53,351 | 39,792 | 53,351 | ||||||||||||
Other assets | 123,512 | 122,921 | 131,202 | 122,921 | ||||||||||||
Total assets | $ | 727,435 | $ | 736,059 | $ | 723,172 | $ | 736,059 | ||||||||
Debt | $ | 1,275,876 | $ | 1,271,177 | $ | 1,280,621 | $ | 1,271,177 | ||||||||
Other liabilities | 181,757 | 181,005 | 185,068 | 181,005 | ||||||||||||
Total liabilities | 1,457,633 | 1,452,182 | 1,465,689 | 1,452,182 | ||||||||||||
Deficit | (730,198 | ) | (716,123 | ) | (742,517 | ) | (716,123 | ) | ||||||||
Total liabilities and deficit | $ | 727,435 | $ | 736,059 | $ | 723,172 | $ | 736,059 | ||||||||
Three Months Ended March 31, | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||||||
Rental income | $ | 35,507 | $ | 35,347 | $ | 34,551 | $ | 36,923 | $ | 70,058 | $ | 72,270 | ||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Operating expenses | 16,225 | 16,492 | 16,440 | 16,161 | 32,665 | 32,653 | ||||||||||||||||||
Depreciation and amortization | 5,189 | 10,259 | 5,194 | 6,358 | 10,383 | 16,617 | ||||||||||||||||||
Total operating expenses | 21,414 | 26,751 | 21,634 | 22,519 | 43,048 | 49,270 | ||||||||||||||||||
Operating income | 14,093 | 8,596 | 12,917 | 14,404 | 27,010 | 23,000 | ||||||||||||||||||
Interest expense | (19,936 | ) | (19,460 | ) | (20,152 | ) | (19,670 | ) | (40,088 | ) | (39,130 | ) | ||||||||||||
Net loss | $ | (5,843 | ) | $ | (10,864 | ) | $ | (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, | ||
Principal Financial Officer and Principal Accounting Officer) |