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New York City REIT (NYC)
NYSE:NYC
Holding NYC?
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Earnings Data
Report Date
Mar 13, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-2.06Last Year’s EPS
-32.27Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Mar 16, 2021
|% Change Since: 0.92%
|Next Earnings Date:Nov 12, 2020
Earnings Call Sentiment|Neutral
The earnings call presented a mixed picture with some positive developments, such as occupancy growth, property sales to reduce leverage, and cash NOI growth. However, revenue decline and increased net loss due to noncash impairments posed significant challenges.Company Guidance
During the third quarter 2024 earnings call, NYC's executive team provided guidance that highlighted several key metrics. The team reported a 70 basis point increase in occupancy to 85.8%, driven by successful leasing and occupancy gains. The sale of the 9 Times Square property for $63.5 million was announced, expected to close in Q4 2024, with net proceeds of approximately $13.5 million to reduce leverage. The portfolio's weighted average remaining lease term is 5.9 years, with 45% of leases extending beyond 2030, and 81% of top tenants being investment grade. Revenue for the quarter was $15.4 million, a decrease from $16 million in Q3 2023, while the GAAP net loss widened to $34.5 million from $9.4 million, primarily due to noncash impairments. Adjusted EBITDA was $3.1 million, down from $3.4 million in the prior year, although cash NOI grew to $6.8 million from $6.5 million. The balance sheet showed a net leverage of approximately 60% and a weighted average interest rate of 4.9%. The company plans to use sale proceeds to diversify into higher-yielding assets, enhancing long-term shareholder value.Occupancy Growth
Achieved a 70 basis point increase in occupancy to 85.8% compared to the same quarter in 2023, driven by ongoing leasing success and occupancy gains.
Property Sale and Leverage Reduction
Entered into a definitive agreement to sell the property at 9 Times Square for $63.5 million, expected to close in Q4 2024, reducing leverage and generating net proceeds of approximately $13.5 million.
Cash NOI Growth
Cash Net Operating Income grew by $0.3 million to $6.8 million from $6.5 million in Q3 2023, achieved through leasing success and reduction in G&A and operating expenses.
Positive Market Trends
Encouraged by third-quarter data showing positive net absorption in the New York City office market, reversing a long-running trend and halting vacancy rates.
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NYC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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NYC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $8.72 | $8.64 | -0.92% |
| Aug 09, 2024 | $8.74 | $8.92 | +2.06% |
| May 10, 2024 | $8.20 | $8.16 | -0.49% |
| Apr 01, 2024 | $6.58 | $6.43 | -2.28% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does New York City REIT (NYC) report earnings?
New York City REIT (NYC) is schdueled to report earning on Mar 13, 2025, TBA Not Confirmed.
What is New York City REIT (NYC) earnings time?
New York City REIT (NYC) earnings time is at Mar 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NYC EPS forecast?
NYC EPS forecast for the fiscal quarter 2024 (Q4) is -2.06.
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