American Realty Capital New York City REIT Changes Name
American Realty Capital New York City REIT, a publicly registered non-traded real estate investment trust sponsored by AR Global, recently amended its charter to change its name.
American Realty Capital New York City REIT, a publicly registered non-traded real estate investment trust sponsored by AR Global Investments LLC, recently amended its charter to change its name to New York City REIT Inc.
The New York City REIT board approved a net asset value of $20.26 per share as of June 30, 2018, which was published on October 25, 2018. Shares originally sold for $25.00 each.
Last March, the REIT suspended cash distributions in order to “enhance its ability to execute on acquisitions and conduct repositioning and leasing efforts related to its properties.”
According to Summit Investment Research, prior to the suspension, the REIT had a 10 percent distribution coverage, and the 6 percent distribution rate was overdistributed by $4.03 per share.
AR Global is the successor business to AR Capital LLC, New York City REIT’s former sponsor. AR Capital and its affiliates were involved in a series of scandals that eventually led to the closing of all AR Capital-sponsored investment programs to new investors.
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 $776 million in investor equity and owns seven properties with an investment cost of $774 million, as of the fourth quarter of 2018.
