ARC New York City REIT Reactivates Share Repurchase Program
American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has reactivated its share repurchase program, which was suspended in mid-June in connection with a tender offer launched by the company.
American Realty Capital New York City REIT Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global, has reactivated its share repurchase program, which was suspended in mid-June in connection with a tender offer launched by the company.
The share repurchase program will be reactivated for a 30-day period beginning on August 25, 2018 and ending on September 24, 2018. The share repurchase program will be suspended again after September 24th and will remain suspended until the company resumes paying regular cash distributions to its stockholders.
As previously reported by The DI Wire, the board suspended distributions in March 1, 2018 to “better position the company for future growth and a successful future liquidity event.” The board said that it plans to evaluate the company’s performance and expects to assess its distribution policy no sooner than February 2019. Shares were originally sold for $25.00 each and have a net asset value per share of $20.26.
American Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. The company closed its offering in May 2015 after raising a total of $772 million in investor equity, and owns six properties purchased for approximately $725 million, according to Summit Investment Research.
