New York REIT Liquidating LLC Announces Results for the Quarter Ended September 30, 2023 and Declaration of Distribution of $0.15 Per Unit
NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) — New York REIT Liquidating LLC (the “Company” or the “LLC”), which was formed to complete the liquidation of the assets previously held by New York REIT, Inc., announced today it has filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
On November 6, 2023, the Company declared a cash liquidating distribution of $0.15 per unit to be paid on November 20, 2023 to unitholders of record as of November 13, 2023. Based on currently projected future cash flows, the Company does not anticipate paying regular quarterly distributions for the foreseeable future. Future liquidating distributions will depend on, among other things, the timing and amount of cash flow distributions from our interest in Worldwide Plaza or the release of our reserves. Distributions from Worldwide Plaza have currently been suspended due to pending tenant turnover and lease expirations.
Holders of membership interests in the Company are reminded that the conversion of New York REIT, Inc. to the LLC occurred on November 7, 2018. As previously disclosed, membership interests in the LLC are generally not transferable except by will, intestate succession, or operation of law.
The Company has sold all its properties except for the remaining 50.1% interest in Worldwide Plaza. The Company has no debt outstanding other than its pro-rata share of the non-recourse debt on Worldwide Plaza.
The Company’s Form 10-Q for the quarter ended September 30, 2023 has been filed with the Securities and Exchange Commission and will be available for download at the Company’s website www.nyrt.com or at the Securities and Exchange Commission website www.sec.gov.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. The statements in this release state the Company’s and management’s hopes, intentions, beliefs, expectations or projections of the future and are forward-looking statements for which the Company claims the protections of the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995. It is important to note that future events and the Company’s actual results could differ materially from those described in or contemplated by such forward-looking statements. Such forward looking statements include, but are not limited to, statements about potential increases in liquidating distributions if the joint venture is able to complete targeted capital improvements, critical tenant lease renewals and repositioning of this asset. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) the future impact of COVID-19, (ii) general economic conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) local real estate conditions, (v) increases in interest rates, (vi) increases in operating costs and real estate taxes, (vii) changes in accessibility of debt and equity capital markets and (viii) the timing of asset sales. The Company refers you to the documents filed by the Company from time to time with the SEC, particularly in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023, as such Risk Factors may be updated in subsequent reports. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Chief Executive Officer and Chief Financial Officer
New York REIT Liquidating LLC
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