Company Quick10K Filing
American Realty Capital New York City REIT
Price-0.00 EPS-1
Shares31 P/E0
MCap-0 P/FCF0
Net Debt-62 EBIT-8
TEV-62 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-12
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-19
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-03-19
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-28
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-16
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-31
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-14
8-K 2020-11-12
8-K 2020-11-12
8-K 2020-11-12
8-K 2020-10-27
8-K 2020-10-01
8-K 2020-09-30
8-K 2020-08-31
8-K 2020-08-25
8-K 2020-08-17
8-K 2020-08-13
8-K 2020-08-05
8-K 2020-08-03
8-K 2020-07-29
8-K 2020-07-29
8-K 2020-06-05
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-04-15
8-K 2020-04-01
8-K 2020-02-14
8-K 2019-12-12
8-K 2019-12-04
8-K 2019-10-24
8-K 2019-09-13
8-K 2019-09-06
8-K 2019-05-30
8-K 2019-05-10
8-K 2019-05-01
8-K 2019-04-26
8-K 2019-04-10
8-K 2019-03-26
8-K 2019-03-14
8-K 2018-12-21
8-K 2018-12-04
8-K 2018-11-30
8-K 2018-11-16
8-K 2018-11-15
8-K 2018-10-23
8-K 2018-09-05
8-K 2018-09-05
8-K 2018-08-23
8-K 2018-06-15
8-K 2018-06-15
8-K 2018-06-05
8-K 2018-05-31
8-K 2018-04-26
8-K 2018-04-13
8-K 2018-04-04
8-K 2018-03-06
8-K 2018-02-27
8-K 2018-02-06

NYCR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Real Estate Investments
Note 4 - Mortgage Notes Payable, Net
Note 5 - Fair Value of Financial Instruments
Note 6 - Derivatives and Hedging Activities
Note 7 - Stockholders' Equity
Note 8 - Commitments and Contingencies
Note 9 - Related Party Transactions and Arrangements
Note 10 - Economic Dependency
Note 11 - Equity - Based Compensation
Note 12 - Net Loss per Share
Note 13 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of Registered Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311nycr9302020.htm
EX-31.2 ex312nycr9302020.htm
EX-32 ex32nycr93020.htm

American Realty Capital New York City REIT Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
91072854636418202014201620182020
Assets, Equity
201482-4-102014201620182020
Rev, G Profit, Net Income
24516381-1-83-1652014201620182020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to __________
Commission file number: 001-39448
nycr-20200930_g1.jpg
New York City REIT, Inc.
(Exact name of registrant as specified in its charter)
Maryland  46-4380248
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification No.)
650 Fifth Ave., 30th Floor, New YorkNY                 10019
______________________________________________________________________________________ _________________________________________________________________________
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (212) 415-6500
Securities registered pursuant to section 12(b) of the Act: None.
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, $0.01 par value per shareNYCNew York Stock Exchange
Class A Preferred Stock Purchase RightsNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No
As of November 9, 2020, the registrant had 12,802,690 shares of common stock outstanding, comprised of 3,234,996 shares of Class A common stock and 9,567,694 shares of Class B common stock.



NEW YORK CITY REIT, INC.

INDEX TO FINANCIAL STATEMENTS
Page


2


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.

NEW YORK CITY REIT, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
September 30,
2020
December 31,
2019
ASSETS(Unaudited) 
Real estate investments, at cost:
Land
$193,658 $193,658 
Buildings and improvements
568,134 565,829 
Acquired intangible assets
98,412 103,121 
Total real estate investments, at cost
860,204 862,608 
Less accumulated depreciation and amortization
(132,418)(114,322)
Total real estate investments, net
727,786 748,286 
Cash and cash equivalents39,088 51,199 
Restricted cash9,700 7,098 
Operating lease right-of-use asset
55,427 55,579 
Prepaid expenses and other assets (includes amounts due from related parties of $407 and $0 at September 30, 2020 and December 31, 2019, respectively)
11,080 8,602 
Straight-line rent receivable25,231 21,649 
Deferred leasing costs, net9,643 8,943 
Total assets
$877,955 $901,356 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Mortgage notes payable, net$396,188 $395,031 
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $167 and $222 at September 30, 2020 and December 31, 2019, respectively)
6,831 7,033 
Operating lease liability54,832 54,866 
Below-market lease liabilities, net14,517 18,300 
Derivative liability, at fair value3,722 1,327 
Deferred revenue5,490 4,250 
Total liabilities
481,580 480,807 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at September 30, 2020 and December 31, 2019
  
Common stock, $0.01 par value, 300,000,000 shares authorized, 12,802,690 and 12,755,099 (1) shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
129 128 
Additional paid-in capital686,690 686,026 
Accumulated other comprehensive loss(3,722)(1,327)
Distributions in excess of accumulated earnings(288,640)(264,278)
Total stockholders’ equity
394,457 420,549 
Non-controlling interests 1,918  
Total equity396,375 420,549 
Total liabilities and equity
$877,955 $901,356 
_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

Table of Contents
NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except for share and per share data)
(Unaudited)


 Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenue from tenants$16,997 $18,643 $53,035 $52,219 
Operating expenses:   
Asset and property management fees to related parties1,879 1,962 5,721 5,382 
Property operating8,300 8,026 23,533 22,651 
Acquisition, transaction and other costs   18 
Listing expenses 1,299  1,299  
Vesting and conversion of Class B Units1,153  1,153  
Equity-based compensation1,711 24 1,758 64 
General and administrative1,234 1,176 5,727 4,929 
Depreciation and amortization8,639 7,804 24,070 22,771 
Total operating expenses
24,215 18,992 63,261 55,815 
Operating loss
(7,218)(349)(10,226)(3,596)
Other income (expense):
Interest expense(5,089)(4,681)(14,915)(12,310)
Other income
19 221 779 686 
Total other expense
(5,070)(4,460)(14,136)(11,624)
Net loss attributable to common stockholders$(12,288)$(4,809)$(24,362)$(15,220)
Other comprehensive income (loss):
Change in unrealized gain (loss) on derivative264 (547)(2,395)(1,877)
    Other comprehensive income (loss)264 (547)(2,395)(1,877)
Comprehensive income (loss)$(12,024)$(5,356)$(26,757)$(17,097)
Weighted-average shares outstanding — Basic and Diluted (1)
12,772,176 12,749,456 12,757,376 12,748,674 
Net loss per share attributable to common stockholders — Basic and Diluted (1)
$(0.96)$(0.38)$(1.91)$(1.19)
_____
(1) Prior period amounts retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

Table of Contents
NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data)
(Unaudited)


Nine Months Ended September 30, 2020
Common Stock
Number of
Shares
Par ValueAdditional
Paid-in
Capital
Accumulated Other Comprehensive LossDistributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 201912,755,099 (1)$128 (1)$686,026 (1)$(1,327)$(264,278)$420,549 $ $420,549 
Redemption of fractional shares of common stock and restricted shares(6,672)— (328)— — (328)— (328)
Vesting and conversion of Class B Units52,398 1 921 — — 922 231 1,153 
Redemption of Class A Units37 — — — — — — — 
Equity-based compensation1,828 — 71 — — 71 1,687 1,758 
Net loss— — — — (24,362)(24,362)— (24,362)
  Other comprehensive loss— — — (2,395)— (2,395)— (2,395)
Balance, September 30, 202012,802,690 $129 $686,690 $(3,722)$(288,640)$394,457 $1,918 $396,375 

Three Months Ended September 30, 2020
Common Stock
Number of
Shares
Par ValueAdditional
Paid-in
Capital
Accumulated Other Comprehensive LossDistributions in excess of accumulated earningsTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, June 30, 2020
12,756,927 (1)$128 (1)$686,073 (1)$(3,986)$(276,352)$405,863 $ $405,863 
Redemption of fractional shares of common stock and restricted shares(6,672)— (328)— — (328)— (328)
Vesting and conversion of Class B Units52,398 1 921 — — 922 231 1,153 
Redemption of Class A Units37 — — — — — — — 
Equity-based compensation— — 24 — — 24 1,687 1,711 
Net loss— — — — (12,288)(12,288)— (12,288)
  Other comprehensive income (loss)— — — 264 — 264 — 264 
Balance, September 30, 2020
12,802,690 $129 $686,690 $(3,722)$(288,640)$394,457 $1,918 $396,375 

_____

(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).



The accompanying notes are an integral part of these unaudited consolidated financial statements.


5

Table of Contents
NEW YORK CITY REIT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except for share data)
(Unaudited)


Nine Months Ended September 30, 2019
Common Stock
Number of
Shares (1)
Par Value(1)
Additional
Paid-in
Capital (1)
Accumulated Other Comprehensive LossDistributions in excess of accumulated earningsTotal Stockholders' Equity
Balance, December 31, 2018
12,753,271 $128 $685,940 $ $(242,388)$443,680 
Equity-based compensation1,828 — 64 — — 64 
Net loss
— — — — (15,220)(15,220)
  Other comprehensive loss
— — — (1,877)— (1,877)
Balance, September 30, 2019
12,755,099 $128 $686,004 $(1,877)$(257,608)$426,647 

Three Months Ended September 30, 2019
Common Stock
Number of
Shares (1)
Par Value(1)
Additional
Paid-in
Capital (1)
Accumulated Other Comprehensive LossDistributions in excess of accumulated earningsTotal Stockholders' Equity
Balance, June 30, 2019
12,755,099 $128 $685,980 $(1,330)$(252,799)$431,979 
Equity-based compensation— — 24 — — 24 
Net loss
— — — — (4,809)(4,809)
  Other comprehensive loss
— — — (547)— (547)
Balance, September 30, 2019
12,755,099 $128 $686,004 $(1,877)$(257,608)$426,647 
_____
(1) Retroactively adjusted for the effects of the Reverse Stock Split (see Note 1).


The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NEW YORK CITY REIT, INC.
  
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:  
Net loss$(24,362)$(15,220)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
24,070 22,771 
Amortization of deferred financing costs
1,157 919 
Accretion of below- and amortization of above-market lease liabilities and assets, net
(2,807)(1,459)
Equity-based compensation
1,758 64 
Vesting and conversion of Class B Units1,153  
Changes in assets and liabilities:
Straight-line rent receivable
(3,582)(4,207)
Straight-line rent payable
82 82 
Prepaid expenses, other assets and deferred costs
(4,232)198 
Accounts payable, accrued expenses and other liabilities
(496)(3,060)
Deferred revenue
1,240 (544)
Net cash used in operating activities(6,019)(456)
Cash flows from investing activities:
Investments in real estate
 (38,265)
Capital expenditures
(3,162)(5,567)
Net cash used in investing activities(3,162)(43,832)
Cash flows from financing activities:  
Proceeds from mortgage note payable
 55,000 
Payments of financing costs
 (3,948)
Redemption of fractional shares of common stock and restricted shares(328) 
Net cash used in financing activities(328)51,052 
Net change in cash, cash equivalents and restricted cash(9,509)6,764 
Cash, cash equivalents and restricted cash, beginning of period58,297 54,801 
Cash, cash equivalents and restricted cash, end of period$48,788 $61,565 
Cash and cash equivalents$39,088 $53,818 
Restricted cash9,700 7,747 
Cash, cash equivalents and restricted cash, end of period$48,788 $61,565 
Non-Cash Investing and Financing Activities:
Accrued capital expenditures294 837 
Proceeds from mortgage notes payable used to fund acquisition of real estate 51,000 
Mortgage notes payable released in connection with acquisition of real estate (51,000)

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)

Note 1 — Organization
New York City REIT, Inc. (including, New York City Operating Partnership L.P., (the “OP”) and its subsidiaries, the “Company”) is a real estate investment trust that owns a portfolio of high-quality commercial real estate located within the five boroughs of New York City, primarily Manhattan. The Company was formed to invest in office properties and has also purchased certain real estate assets that accompany office properties, including retail spaces and amenities, and may purchase hospitality assets, residential assets and other property types located exclusively in New York City. As of September 30, 2020, the Company owned eight properties consisting of 1.2 million rentable square feet, acquired for an aggregate purchase price of $790.7 million.
The Company was incorporated on December 19, 2013 as a Maryland corporation and elected to be taxed as a real estate investment trust for U.S. federal income tax purposes (“REIT”) beginning with its taxable year ended December 31, 2014. Substantially all of the Company’s business is conducted through the OP.
The Company has no employees. New York City Advisors, LLC (the “Advisor”) manages the Company’s affairs on a day-to-day basis and New York City Properties, LLC (the “Property Manager”) manages the Company’s properties. The Advisor and Property Manager are under common control with AR Global Investments, LLC (the successor business to AR Capital, LLC, “AR Global”), and these entities receive compensation, fees and expense reimbursements for services related to the investment and management of the Company’s assets.
On August 5, 2020, in anticipation of the listing of the Company’s Class A common stock on the New York Stock Exchange (”NYSE”) under the symbol “NYC” (the “Listing”), the Company implemented a series of corporate actions involving a 9.72-to-1 reverse stock split, renamed its common stock as Class A common stock and paid a stock dividend of three shares of Class B common stock for every one share of Class A common stock outstanding after the reverse stock split, which resulted in a net reduction of 2.43 shares for every one share of common stock outstanding prior to these corporate actions (the “Reverse Stock Split”). All references made to share or per share amounts as of dates prior to August 5, 2020 in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the Reverse Stock Split on that date. For additional information related to these corporate actions, see Note 7 – Stockholders’ Equity.
On August 18, 2020 (the “Listing Date”), the Company completed the Listing. To effect the Listing, and to address the potential for selling pressure that may have existed at the outset of listing, the Company listed only shares of Class A common stock, which represented approximately 25% of its outstanding shares of common stock, on the NYSE on the Listing Date. The Company’s other class of outstanding stock is Class B common stock, which comprised approximately 75% of the Company’s outstanding shares of common stock at that time. The outstanding shares of Class B common stock will automatically convert into shares of Class A common stock to be listed on the NYSE in three equal tranches on December 16, 2020, April 15, 2021 and August 13, 2020, unless earlier converted in accordance with their terms. For additional information, see Note 7Stockholders’ Equity.
In connection with the Listing, the Company incurred expenses of $1.3 million for the three and nine months ended September 30, 2020 for financial advisory and other professional fees and expenses. In addition, various other impacts to the Company’s financial statements occurred in connection with the Listing which are discussed throughout these financial statements, including:
The vesting, conversion and redemption of partnership units in the OP designated as “Class B Units” (“Class B Units”) held by the Advisor for shares of Class A common stock (see Note 7 – Stockholders’ Equity and Note 9 – Related Party Transactions).
The redemption of units of limited partnership in the OP designated as “Class A Units,” which were formerly known as OP Units (”Class A Units”), held by the Advisor, for shares of Class A common stock (see Note 7 – Stockholders’ Equity and Note 9 – Related Party Transactions).
The Company entered into the Listing Note (as defined herein) with the Advisor (see Note 9 – Related Party Transactions).
The advisory agreement with the Advisor was amended to lower the quarterly thresholds the Company must reach on a quarterly basis for the Advisor to receive a variable management fee (see Note 9 – Related Party Transactions – “Asset Management Fees and Variable Management/Incentive Fees”).
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
The issuance of an equity award to the Advisor under the 2020 OPP (as defined herein) (see Note 11 - Equity-Based Compensation, and Note 12 - Net Loss Per Share).
The amendment and restatement of the Company’s distribution reinvestment plan (see Note 7 – Stockholders’ Equity).
The amendment and restatement of the limited partnership agreement of the OP (as so amended and restated, the “A&R OP Agreement”) (see Note 9 – Related Party Transactions).
Note 2 — Summary of Significant Accounting Policies
Basis of Accounting
The accompanying consolidated financial statements of the Company included herein were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to this Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which, in the opinion of management, are necessary for a fair statement of results for the interim periods. The results of operations for the three and nine months ended September 30, 2020 and 2019 are not necessarily indicative of the results for the entire year or any subsequent interim period.
These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2020. Except for those required by new accounting pronouncements discussed below, there have been no significant changes to the Company’s significant accounting policies during the three and nine months ended September 30, 2020.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All inter-company accounts and transactions are eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity (“VIE”) for which the Company is the primary beneficiary. Substantially all of the Company’s assets and liabilities are held by the OP. The Company has determined the OP is a VIE of which the Company is the primary beneficiary.
Non-controlling Interests
The non-controlling interests represent the portion of the equity in the OP that is not owned by the Company. Non-controlling interests are presented as a separate component of equity on the consolidated balance sheets and presented as net loss attributable to non-controlling interests on the consolidated statements of operations and comprehensive loss. Non-controlling interests are allocated a share of net loss based on their share of equity ownership. Prior to the Listing, the Advisor held 37 Class A Units, after giving effect to the Reverse Stock Split, which represented a nominal percentage of the aggregate OP ownership. These Class A Units were redeemed for an equal number of shares of Class A common stock on the Listing Date. See Note 7 - Stockholders’ Equity for additional information on amounts recorded in non-controlling interests during the third quarter of 2020.
Reclassifications
Certain amounts have been reclassified to conform to the current period presentation:
The Company currently presents equity-based compensation on its own line item in the consolidated statements of operations, which was previously presented in general and administrative expenses.
In the third quarter of 2020, the Company reclassified professional fees related to the Listing of $0.1 million, which were previously recorded in general and administrative expenses in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, to listing expenses in the Company’s consolidated statements of operations. For additional information on total listing expenses, see Note 1 — Organization.
In the third quarter of 2020, the Company reclassified professional fees related to potential equity offerings of $0.2 million, which were previously recorded in general and administrative expenses in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, to prepaid expenses and other assets in the Company’s
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
consolidated balance sheets. For additional information on potential equity offerings, see Note 7 — Stockholders’ Equity.
The Company currently presents straight-line rent receivable and straight-line rent payable on its own line items in the consolidated statement of cash flows and consolidated balance sheets, which was previously included within prepaid expenses and other assets.
Impacts of the COVID-19 Pandemic
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. During the first quarter of 2020, there was a global outbreak of COVID-19, which became a global pandemic that has spread around the world and to every state in the United States. The pandemic has had and could continue to have an adverse impact on economic and market conditions and triggered a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company considered the impact of COVID-19 on the assumptions and estimates underlying its consolidated financial statements and believes the estimates and assumptions are reasonable and supportable based on the information available as of September 30, 2020. However, given the rapid evolution of the COVID-19 pandemic and the global response to curb its spread, these estimates and assumptions as of September 30, 2020 are inherently less certain than they would be absent the actual and potential impacts of the COVID-19 pandemic. Actual results may ultimately differ from those estimates.
New York City, where all the Company’s properties are located, has been among the hardest hit locations in the country and has not yet fully reopened. The Company’s properties remain accessible to all tenants, although, even as operating restrictions expire, not all tenants have resumed operations. In addition, as operating restrictions expire, operating costs may begin to rise, including for services, labor and personal protective equipment and other supplies, as the Company’s property managers take appropriate actions to protect tenants and property management personnel. Some of these costs may be recoverable through reimbursement from tenants but others will be borne by the Company.
The financial stability and overall health of tenants is critical to the Company’s business. The negative effects that the global pandemic has had on the economy includes the closure or reduction in activity for many retail operations such as some of those operated by the Company’s tenants. This has impacted the ability of some of the Company’s tenants to pay their monthly rent either temporarily or in the long term. The Company has experienced delays in rent collections in the second and third quarters of 2020. The Company has taken a proactive approach to achieve mutually agreeable solutions with its tenants and in some cases, in the second and third quarters of 2020, the Company has executed different types of lease amendments. These agreements include deferrals and abatements and also may include extensions to the term of the leases.
For accounting purposes, in accordance with ASC 842: Leases, normally a company would be required to assess a lease modification to determine if the lease modification should be treated as a separate lease and if not, modification accounting would be applied which would require a company to reassess the classification of the lease (including leases for which the prior classification under ASC 840 was retained as part of the election to apply the package of practical expedients allowed upon the adoption of ASC 842, which does not apply to leases subsequently modified). However, in light of the COVID-19 pandemic in which many leases are being modified, the FASB and SEC have provided relief that allows companies to make a policy election as to whether they treat COVID-19 related lease amendments as a provision included in the pre-concession arrangement, and therefore, not a lease modification, or to treat the lease amendment as a modification. In order to be considered COVID-19 related, cash flows must be substantially the same or less than those prior to the concession. For COVID-19 relief qualified changes, there are two methods to potentially account for such rent deferrals or abatements under the relief, (1) as if the changes were originally contemplated in the lease contract or (2) as if the deferred payments are variable lease payments contained in the lease contract. For all other lease changes that did not qualify for FASB relief, the Company would be required to apply modification accounting including assessing classification under ASC 842.
Some, but not all of the Company’s lease modifications qualify for the FASB relief. In accordance with the relief provisions, instead of treating these qualifying leases as modifications, the Company has elected to treat the modifications as if previously contained in the lease and recast rents receivable prospectively (if necessary). Under that accounting, for modifications that were deferrals only, there would be no impact on overall rental revenue and for any abatement amounts that reduced total rent to be received, the impact would be recognized ratably over the remaining life of the lease.
For leases not qualifying for this relief, the Company has applied modification accounting and determined that there were no changes in the current classification of its leases impacted by negotiations with its tenants.
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
Revenue Recognition
The Company’s revenues, which are derived primarily from lease contracts, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. As of September 30, 2020, these leases had a weighted-average remaining lease term of 7.5 years. Because many of the Company’s leases provide for rental increases at specified intervals, straight-line basis accounting requires that the Company record a receivable for, and include in revenue from tenants, unbilled rent receivables that the Company will receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. When the Company acquires a property, the acquisition date is considered to be the commencement date for purposes of this calculation. For new leases after acquisition, the commencement date is considered to be the date the tenant takes control of the space. For lease modifications, the commencement date is considered to be the date the lease modification is executed. The Company defers the revenue related to lease payments received from tenants in advance of their due dates. Pursuant to certain of the Company’s lease agreements, tenants are required to reimburse the Company for certain property operating expenses (recorded in total revenue from tenants), in addition to paying base rent, whereas under certain other lease agreements, the tenants are directly responsible for all operating costs of the respective properties. Under ASC 842, the Company has elected to report combined lease and non-lease components in a single line “Revenue from tenants.” For comparative purposes, the Company reflected prior revenue and reimbursements reported under ASC 842 also on a single line. For expenses paid directly by the tenant, under both ASC 842 and 840, the Company has reflected them on a net basis.    
The Company continually reviews receivables related to rent and unbilled rents receivable and determines collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Under the leasing standard adopted on January 1, 2019, the Company is required to assess, based on credit risk, if it is probable that it will collect virtually all of the lease payments at lease commencement date and it must continue to reassess collectability periodically thereafter based on new facts and circumstances affecting the credit risk of the tenant. In fiscal 2020, this assessment has included consideration of the impacts of the COVID-19 pandemic on the Company’s tenant’s ability to pay rents in accordance with their contracts. Partial reserves, or the ability to assume partial recovery are no longer permitted. If the Company determines that it is probable it will collect virtually all of the lease payments (base rent and additional rent), the lease will continue to be accounted for on an accrual basis (i.e. straight-line). However, if the Company determines it is not probable that it will collect virtually all of the lease payments, the lease will be accounted for on a cash basis and the straight line rent receivable accrued will be written off where it was subsequently concluded that collection was not probable. Cost recoveries from tenants are included in operating revenue from tenants in accordance with current accounting rules, on the accompanying consolidated statements of operations and comprehensive loss in the period the related costs are incurred, as applicable.
In accordance with the lease accounting rules the Company records uncollectable amounts as reductions in revenue from tenants. During the three and nine months ended September 30, 2020, the Company reduced lease income by $0.4 million and $0.5 million, respectively, for amounts deemed uncollectable during the period. There were no such reductions recorded during the three or nine months ended September 30, 2019.
Accounting for Leases
Lessor Accounting
As a lessor of real estate, the Company has elected, by class of underlying assets, to account for lease and non-lease components (such as tenant reimbursements of property operating expenses) as a single lease component as an operating lease because (a) the non-lease components have the same timing and pattern of transfer as the associated lease component; and (b) the lease component, if accounted for separately, would be classified as an operating lease. Additionally, only incremental direct leasing costs may be capitalized under the accounting guidance. Indirect leasing costs in connection with new or extended tenant leases, if any, are being expensed.
Lessee Accounting
For lessees, the accounting standard requires the application of a dual lease classification approach, classifying leases as either operating or finance leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease, while lease expense for finance leases is recognized based on an effective interest method over the term of the lease. Also, lessees must recognize a right-of-use asset (“ROU”) and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Further, certain transactions where at inception of the lease the buyer-lessor accounted for the transaction as a purchase of real estate and a new lease, may now be required to have symmetrical accounting to the seller-lessee if the
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
transaction was not a qualified sale-leaseback and accounted for as a financing transaction. For additional information and disclosures related to the Company’s operating leases, see Note 8 - Commitments and Contingencies.
Recently Issued Accounting Pronouncements
Adopted as of January 1, 2020:
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for financial assets carried at amortized cost. The update eliminates the requirement that a credit loss must be probable before it can be recognized and instead requires an entity to recognize the current estimate of all expected credit losses. Additionally, the amended standard requires credit losses on available-for-sale debt securities to be carried as an allowance rather than as a direct write-down of the asset. On July 25, 2018, the FASB proposed an amendment to ASU 2016-13 to clarify that operating lease receivables recorded by lessors (including unbilled straight-line rent) are explicitly excluded from the scope of ASU 2016-13. The new guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The objective of ASU 2018-13 is to improve the effectiveness of disclosures in the notes to the financial statements by removing, modifying, and adding certain fair value disclosure requirements to facilitate clear communication of the information required by generally accepted accounting principles. The amended guidance is effective for the Company beginning on January 1, 2020. The Company adopted the new guidance on January 1, 2020 and determined it did not have a material impact on its consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Topic 815). The new standard reduces the number of accounting models for convertible debt instruments and convertible preferred stock, and amends the guidance for the derivatives scope exception for contracts in an entity's own equity. The standard also amends and makes targeted improvements to the related earnings per share guidance. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The standard allows for either modified or full retrospective transition methods. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.
Note 3 — Real Estate Investments
There were no real estate assets acquired or liabilities assumed during the three or nine months ended September 30, 2020. In July 2019, the Company acquired the property commonly known as “196 Orchard Street.” The following table presents allocation of real estate assets acquired and liabilities assumed during the nine months ended September 30, 2019.
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
(Dollar amounts in thousands)Nine Months Ended September 30, 2019
Real Estate investments, at cost:
Land$55,548 
Buildings and improvements24,324 
Total tangible assets79,872 
Acquired intangible assets (1) :
In-place leases and other intangible assets7,852 
Market lease intangibles1,541 
Total intangible assets9,393 
Total assets acquired89,265 
Mortgage note payable used to acquire real estate investment(51,000)
Cash paid for acquired real estate investment$38,265 
(1) Weighted-average remaining amortization periods for in-place leases and market lease and other intangible assets acquired during the nine months ended September 30, 2019 were 13.4 years and 13.4 years, respectively, as of the acquisition date.
Included in other income for the nine month period ended September 30, 2020, is approximately $0.6 million in income related to the retention of a deposit forfeited by the buyer in the potential sale of the property commonly known as the “HIT Factory” under a purchase agreement which expired in April 2020.
Significant Tenants
As of September 30, 2020 and December 31, 2019, there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis.
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2020201920202019
In-place leases (1)
$2,569 $2,288 $6,567 $6,761 
Other intangibles291 291 874 874 
Total included in depreciation and amortization
$2,860 $2,579 $7,441 $7,635 
Above-market lease intangibles (1)
$369 $344 $939 $1,016 
Below-market lease liabilities (1)
(936)(922)(3,783)(2,511)
Total included in revenue from tenants
$(567)$(578)$(2,844)$(1,495)
Below-market ground lease, included in property operating expenses$12 $12 $37 $36 
(1)During the three months ended September 30, 2020, in connection with three leases that were terminated during the third quarter of 2020, the Company wrote off approximately $3.2 million of in-place lease intangibles, which was included in depreciation and amortization expense in the consolidated statement of operations. Additionally, in connection with the same lease terminations, the Company wrote off approximately $1.9 million of below-market lease intangibles and $0.2 million of above-market lease intangibles during the three months ended September 30, 2020, which was included in revenue from tenants in the consolidated statement of operations. During the nine months ended September 30, 2020, in connection with a lease that was terminated during the second quarter of 2020, the Company also wrote off approximately $0.6 million of in-place lease intangibles, which was included in depreciation and
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NEW YORK CITY REIT, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2020
(Unaudited)
amortization expense in the consolidated statement of operations, and $2.3 million of below-market lease intangibles, which was included in revenue from tenants in the consolidated statement of operations.

The following table provides the projected amortization expense and adjustments to revenues for the next five years as of September 30, 2020:
(In thousands)2020 (remainder)2021202220232024
In-place leases$1,722 $5,867 $4,751 $3,513 $2,762 
Other intangibles291 937 708 708 708 
Total to be included in depreciation and amortization
$2,013 $6,804 $5,459 $4,221 $3,470 
Above-market lease assets$285 $1,079 $991 $842 $512 
Below-market lease liabilities(605)(2,168)(1,677)(