NYC Advisor and Its Affiliates Express Confidence in NYC REIT With $2.5 Million Share Purchase, Stock Election
06 September 2022 - 12:00PM
Business Wire
New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”)
announced this morning that the Company’s advisor and its
affiliates have acquired 784,105 shares of NYC Class A common stock
in the aggregate. Specifically, affiliates of NYC’s advisor
purchased an aggregate of 632,911 NYC Class A shares on September
2, 2022. In addition, NYC’s advisor made an election to receive
stock in lieu of cash for its advisor services. As of September 2,
2022, NYC’s advisor and its affiliates own over 2.6 million NYC
Class A shares, providing increased alignment and demonstrating
their depth of commitment to NYC’s long-term value.
“The board is very pleased to see the continued commitment from
NYC’s advisor and its affiliates to align their interests with
stockholders and invest over $2 million of cash to enhance the
Company’s balance sheet for future operating and capital needs,”
said Betty Tuppeny, Lead Independent Director. “The purchase of
these shares during a turbulent market is a vote of confidence in
both NYC’s business plan and the continuation of the strong
operational results NYC achieved in the second quarter.”
About New York City REIT, Inc.
New York City REIT, Inc. is a publicly traded REIT that owns a
portfolio of high-quality commercial real estate located within the
five boroughs of New York City. Additional information about NYC
can be found on its website at www.newyorkcityreit.com.
Forward-Looking Statements
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve substantial risks and uncertainties that could
cause the outcome to be materially different. The words such as
“may,” “will,” “seeks,” “anticipates,” “believes,” “expects,”
“estimates,” “projects,” “plans,” “intends,” “should,” and similar
expressions are intended to identify a forward-looking statement,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are subject to
a number of risks, uncertainties and other factors, many of which
are outside of the Company’s control, which could cause actual
results to differ materially from the results contemplated by the
forward-looking statements. These risks and uncertainties include
(a) the potential adverse effects of (i) the ongoing global
COVID-19 pandemic, including actions taken to contain or treat
COVID-19, and (ii) the geopolitical instability due to the ongoing
military conflict between Russia and Ukraine, including related
sanctions and other penalties imposed by the U.S. and European
Union, and other countries, and the related impact on the Company,
the Company’s tenants and the global economy and financial markets,
and (b) that any potential future acquisition is subject to market
conditions and capital availability and may not be identified or
completed on favorable terms, or at all, as well as those set forth
in the Risk Factors section of the Company’s most recent Annual
Report on Form 10-K for the year ended December 31, 2021 filed on
March 18, 2022, and all other filings filed with the Securities and
Exchange Commission after that date, as such risks, uncertainties
and other important factors may be updated from time to time in the
Company’s subsequent reports. Forward-looking statements speak only
as of the date they are made, and the Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, except as
required by law.
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