UPDATE: New York City REIT Inc. (NYC) Reports Q4 Loss of $1.30

New York City REIT Inc. (NYSE: NYC) reported Q4 EPS of ($1.30), versus ($0.52) reported last year. Revenue for the quarter came in at $9.9 million, versus $18.31 million reported last year.

Fourth Quarter 2020 and Subsequent Event Highlights

• Revenue was $9.9 million
• Net loss attributable to common stockholders was $16.6 million or $1.30 per share
• Collected 82% of cash rent due in fourth quarter 2021, including 89% among the top 10 tenants2
• 73% of the top 10 tenants portfolio-wide rated as investment grade or implied investment grade3
• Portfolio occupancy4 of 87%5 as of December 31, 2020
• Forward Leasing Pipeline6 of 33,216 square feet that is expected to provide an annual base rent increase of $1.4 million if these leases commence
• Executed a short-term lease and an LOI for a five-year lease with a Fortune 50 technology company and a two-year lease with a global human resource company covering 23,400 square feet at 123 William Street that was previously leased to Knotel, expected to add over $1.2 million in new annual gross rent

CEO Comments

“New York City REIT continues to drive results through a proactive asset management strategy, highlighted by our cash rent collection and leasing efforts, despite the ongoing challenges of the COVID-19 pandemic,” said Michael Weil, CEO of NYC. “We recently expanded our asset management team and have achieved success leasing space formerly occupied by Knotel. We have already replaced 68% of the Knotel rent at 123 William Street, including a five-year lease with a Fortune 50 tenant. Our long weighted average remaining lease term and conservative balance sheet provide our portfolio with stability, and we are encouraged there will be a return to a high degree of normalcy in 2021. We remain highly confident in the long-term strength of New York City real estate.”

For earnings history and earnings-related data on Ishares Nyse Composite Etf (NYC) click here.

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