Author Topic: NYRT - New York REIT  (Read 9030 times)

AJDelphi

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Re: NYRT - New York REIT
« Reply #20 on: May 11, 2017, 08:17:07 AM »
And you need $875 Mil of debt for WW Plaza that isn't consolidated.

Edit: I added back $48 Mil of cash as well
« Last Edit: May 11, 2017, 08:21:44 AM by AJDelphi »


roark33

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Re: NYRT - New York REIT
« Reply #21 on: May 11, 2017, 08:39:11 AM »
The call was actually pretty good, basically no way they get $11...was a pretty bagholder-ish call. 

Ballinvarosig Investors

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Re: NYRT - New York REIT
« Reply #22 on: May 11, 2017, 08:47:59 AM »
The call was actually pretty good, basically no way they get $11...was a pretty bagholder-ish call.
I raise you a bag holder slide deck

http://www.sohnconference.org/wp-content/uploads/2017/05/NYRT-PDF.pdf

roark33

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Re: NYRT - New York REIT
« Reply #23 on: May 11, 2017, 10:58:30 AM »
Check out the May option open interest at 10 strike for some major bagholder schadenfreude.....

glorysk87

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Re: NYRT - New York REIT
« Reply #24 on: May 11, 2017, 01:20:56 PM »
I have a target of $7.80 to buy shares of this. That builds in what I think is the necessary conservatism to account for potential price slippage as well as additional frictional cost due to a longer-than-expected timeframe.

pau_

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Re: NYRT - New York REIT
« Reply #25 on: September 14, 2017, 07:33:57 AM »
NYRT down on news that they sold half of One Worldwide Plaza. Conference call at 11 eastern. "live call by dialing 866-338-0145, passcode 28063538#."

[edit: forgot the link: https://finance.yahoo.com/news/york-reit-host-conference-call-141900728.html ]
No position but it starts to look like there's a margin of safety here.
« Last Edit: September 14, 2017, 07:42:11 AM by pau_ »

Gregmal

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Re: NYRT - New York REIT
« Reply #26 on: September 14, 2017, 07:50:13 AM »
No position but this is getting interesting. That said, this has to be one of the most mismanaged companies out there. Incompetence can not be discounted enough.

CorpRaider

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Re: NYRT - New York REIT
« Reply #27 on: September 14, 2017, 10:41:30 AM »
What did they say? I thought they were selling the whole thing and liquidating.
Finally...another finance blog! 

http://thecorpraider.com

pau_

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Re: NYRT - New York REIT
« Reply #28 on: September 14, 2017, 11:41:59 AM »
I didn't take any notes and I'm a RE newb, but here's roughly what was said.

They are still liquidating. Wendy Silverstein basically said there were no attractive offers for an assumed-loan deal for the whole building, which there perhaps could have been years ago when foreign buyers were in the market.

They sold shy of half of 1WWP to SL Green and RXR (JV partners) at valuation around what is modeled for liquidation (a bit more). Helps them refinance the loan on the building (they got a 10year IO at < 4% via recourse to JV partner). JV partners are taking over leasing/management. NYRT can sell their remaining stake with a "Right of First Offer" to JV partners (IIRC; not a ROF Refusal).

Wendy Silverstein stressed that this deal valuation + costs itself does not reduce the $9.21 liquidation value. But my impression was timing may get stretched. After the deal closes, they're going to pay a distribution to shareholders, after reserving ~90million for "value creation" in building (presumably improvements/incentives on leases?). JV partners putting up a similar amount. Silverstein spoke highly of the new JV partners and said they are aligned on creating value and among best in NYC. They can sell remainder at any time and Silverstein stressed she is answering all calls.

Asked about stock price, Silverstein expressed frustration that she's an insider intimately involved in process and therefore can't buy and that the price makes no sense to her, fwiw.

Expected outcome: near-term distribution of proceeds; periodic distribution of lease cashflow. Eventually remaining properties get sold off and 51% of 1WWP becomes the last thing in the entity. At that point if not sold by some time in 2019 it may delist into a "liquidation trust" until eventually it is sold and a final distribution is made. Expects to give plenty of notice on this for holders who can't hold or don't want to hold unlisted securities.

« Last Edit: September 14, 2017, 11:45:19 AM by pau_ »

Scunny Bunny

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Re: NYRT - New York REIT
« Reply #29 on: September 18, 2017, 01:02:10 AM »
Having listened to the webcast, think your last comment may be the key: you potentially get stuck in an unlisted security. Not sure the discount to liquidation value (still holding out at $9.21) at the current prices of 25% may be enough.  The good news is they will repatriate proceeds of $346m "on closing" which means you will get pre-tax $2.07 a share fairly quickly. The fact that there is limited competition for deals in a lousy NYC market makes me keep looking at the strong players - VNO and SLG - whose shares have obviously underperformed on NYC trends and interest rate fears + some company specifics. "Straw hats in winter" - perhaps. Wouldn't want to be a lender....