The board of New York City REIT Inc., a publicly registered non-traded REIT sponsored by AR Global, has confirmed that it will list its shares of Class A common stock on the New York Stock Exchange under the symbol “NYC” on August 18, 2020.
The Class A shares being listed on August 18th represent 25 percent of NYC’s outstanding common stock. Every 120 days after the listing, an additional 25 percent of NYC’s stock represented by Class B common stock will convert into Class A common stock, concluding with all shares listed and freely tradeable within 360 days.
“We look forward to our listing on the NYSE and the enhanced access to capital markets that comes with being a traded company, especially in the current environment where we may be able to capitalize on short-term dislocation in the real estate market,” said Michael Weil, chief executive officer of NYC. “We are highly confident in the long-term outlook for real estate in Manhattan, a view that is supported by ongoing commitments to long-term leases by major occupiers across the city, including technology and financial services firms.”
New York City REIT, formerly American Realty Capital New York City REIT Inc., 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 and raised a total of $769.9 million in investor equity, including DRIP proceeds, and owns eight properties purchased for $790.7 million, as of March 31, 2020.