SYS-CON MEDIA Authors: Adrian Bridgwater, Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman

News Feed Item

New York Recovery REIT Announces Intention to List on NYSE and Launch of Concurrent Tender Offer

NEW YORK, March 31, 2014 /PRNewswire/ -- American Realty Capital New York Recovery REIT, Inc. (the "Company") announced today that, in accordance with previously announced plans, it has filed an application and has been cleared to list its common stock on the New York Stock Exchange ("NYSE") under the symbol "NYRT."  The Company anticipates that its common stock will begin trading on the NYSE (the "Listing") on April 15, 2014. Concurrent with the Listing, the Company intends to change its name to "New York REIT, Inc." In addition, the Company announced its intention to commence a tender offer to purchase up to $250 million of its shares of common stock.

American Realty Capital New York Recovery REIT Logo.

 

Listing

The Company believes the Listing will enable it to continue to execute its strategic plan and increase stockholder value by providing stockholders with an opportunity to participate in future appreciation through internal and external growth. Since commencing its initial public offering in September 2010, the Company has built a portfolio of 23 high quality properties located in New York City and developed a strong balance sheet positioned for future growth. Additionally, the Company believes the Listing will provide it with access to lower cost capital, which would help further drive the Company's growth and create additional value for stockholders. 

Completion of the Listing is subject to final approval by the NYSE. There can be no assurance that the Company's shares of common stock will be listed on the NYSE.

Tender Offer

The Company also announced today that it intends to commence a tender offer (subject to all appropriate filings with the Securities and Exchange Commission) to purchase up to $250 million of its shares of common stock (the "Tender Offer"). The Company believes the Tender Offer augments the options available to stockholders in connection with the Listing. In accordance with the terms of the Tender Offer, the Company will offer to repurchase shares of its common stock at a purchase price of $10.75 per share. The Company intends to fund the Tender Offer with cash on hand and funds available under the Company's unsecured revolving credit facility. Assuming that trading of the Company's common stock begins on April 15, 2014, the Tender Offer will also commence on April 15, 2014 and expire on May 13, 2014 (unless the Company determines to extend the offer). The Tender Offer will be subject to certain conditions that will be more fully described in the Tender Offer materials, which will become available to stockholders promptly following commencement of the Tender Offer.

Distributions

Historically, the Company calculated its monthly distribution based upon daily record and distribution declaration dates so that its stockholders would be entitled to be paid distributions beginning with the month in which their shares were purchased. The Company anticipates that it will pay the March 2014 distribution at the current distribution rate equal to a 6.05% annualized rate, or $0.605 per share per annum, by April 5, 2014 to stockholders of record at the close of business each day during the prior calendar month. 

Following the Listing, beginning with the April 2014 distribution, which is payable in May 2014, the Company will begin paying distributions on the 15th day of each month to stockholders of record as of close of business on the 8th day of such month.  Additionally, the Company's board of directors has determined that it is in the best interest of the Company's stockholders to modify the payment of monthly distributions to an annualized rate of $0.46 per share beginning with the April 2014 distribution. The Company believes this rate is competitive with its publicly traded company peers, and that it will increase the Company's ability to reinvest in its business and grow its dividend year-over-year, thereby positioning the Company to maximize total stockholder value.

Nicholas S. Schorsch, the Company's Chief Executive Officer and Chairman of the Board of Directors commented, "We are pleased to announce our targeted April 15th listing of the Company on the New York Stock Exchange. This is a very important milestone for our shareholders who will soon have the benefit of owning shares listed on the NYSE and the flexibility to either sell their shares or remain as stockholders while we continue to grow this business and create additional value for our investors. We have a proven management team with a track record of success in what is arguably one of the best real estate markets in the world, and we are far from done."

Michael A. Happel, the Company's President added, "In some ways, I view this listing as the "second act" for our Company. We're very proud of the portfolio we've assembled at a time in the New York real estate market that proved opportune for investors. Our entire portfolio was acquired within the last four years, is 100% located in New York City, and is comprised of more than 90% office or retail properties. In short, we are the "pure play" on New York City real estate. Looking forward, we have an active pipeline of acquisition opportunities, an investment grade quality balance sheet, and strong internal growth prospects within the existing portfolio."

Pre-Commencement Communications

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares. The full details of the Tender Offer, including complete instructions on how to tender shares, will be included in the offer to purchase, the letter of transmittal and related materials, which will become available to stockholders promptly following commencement of the Tender Offer. Stockholders should read carefully the offer to purchase, the letter of transmittal and other related materials when they are available because they will contain important information. Stockholders may obtain free copies, when available, of the offer to purchase and other related materials that will be filed by the Company with the SEC at the Commission's website at www.sec.gov. When available, stockholders also may obtain a copy of these documents, free of charge, from the Company. 

About the Company

The Company is a publicly registered, non-traded real estate investment trust ("REIT") that has qualified as a REIT for tax purposes. Additional information about the Company can be found on its website at www.newyorkrecoveryreit.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "will," "should," "may," "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words.

Logo:  http://photos.prnewswire.com/prnh/20120807/NY53656LOGO

SOURCE American Realty Capital New York Recovery REIT, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...