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New York City Reit, Inc. (NYC)
:NYC
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New York City REIT
(NYSE:NYC)
41Neutral
New York City REIT (NYC) vs. S&P 500 (SPY)
Market Cap
$25.33M
Dividend YieldN/A
Average Volume (3M)6.68K
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth-2.02%
EPS Growth-325.25%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength75
IndustryReal Estate
Share Statistics
EPS (TTM)-85.54
Shares Outstanding2,663,980
10 Day Avg. Volume3,415
30 Day Avg. Volume6,684
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.41
Price to Cash Flow (P/CF)2.50
P/FCF Ratio2.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
New York City REIT Business Overview & Revenue Model
Company DescriptionNew York City REIT Inc is formed to invest its assets in office properties located in the five boroughs of New York City, with a focus on Manhattan. It has also invested in real estate assets that accompany office space, including retail spaces and amenities, and also invests in hospitality assets, residential assets and other property types exclusively in New York City. Its objective is to Maximize Total Shareholder Returns, Maintain Low Leverage, Target a Potential Liquidity Event, New York City Focus, and Diversified Tenant Mix.
How the Company Makes MoneyNew York City REIT (NYC) generates revenue primarily through the leasing of its commercial properties. The company's key revenue streams include rental income from tenants occupying its office spaces and retail locations. NYC typically enters into long-term lease agreements with tenants, providing a stable and predictable cash flow. In addition to rental income, the company may earn revenue from property management fees and ancillary services provided to tenants. NYC's earnings are significantly influenced by factors such as occupancy rates, rental rates in the New York City real estate market, and its ability to effectively manage and maintain its property portfolio.
New York City REIT Financial Statement Overview
Summary
NYC faces significant financial challenges with poor income statement performance, high leverage on the balance sheet, and negative cash flow. These factors reflect poor profitability, financial risk, and liquidity issues.Income Statement
The income statement reveals significant challenges. The TTM period shows a gross loss and negative profit margins, with a substantial decline in revenue compared to the previous year. EBIT and EBITDA margins are negative, indicating operational difficulties and high costs in relation to revenue. These factors reflect poor profitability and a declining revenue trend.20
Very Negative
Balance Sheet
The balance sheet presents a highly leveraged position with a high debt-to-equity ratio, reflecting financial risk due to significant debt levels. Stockholders' equity has decreased significantly, reducing the equity ratio and indicating potential financial instability. Negative return on equity further highlights concerns about the company's ability to generate returns from its equity base.35
Negative
Cash Flow
The cash flow statement shows negative free cash flow, indicating challenges in generating cash from operations. The operating cash flow to net income ratio is negative, suggesting inefficiencies and cash flow difficulties. These factors combined with negative free cash flow growth highlight weak cash management and potential liquidity issues.25
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 46.75M | 62.71M | 64.00M | 70.22M | 62.90M | 70.53M | Gross Profit |
| -37.21M | 21.23M | 23.00M | 29.30M | 23.04M | 32.03M | EBIT |
| -137.24M | -87.10M | -26.97M | -18.89M | -21.82M | -5.57M | EBITDA |
| -81.94M | -60.53M | 1.69M | 10.72M | 9.93M | 26.43M | Net Income Common Stockholders |
| -207.82M | -105.92M | -64.82M | -39.47M | -60.89M | -39.05M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 47.95M | 5.29M | 9.21M | 11.67M | 31.00M | 51.20M | Total Assets |
| 773.74M | 694.17M | 790.46M | 823.05M | 861.85M | 901.36M | Total Debt |
| 291.65M | 452.42M | 448.88M | 452.89M | 451.39M | 449.90M | Net Debt |
| 243.70M | 447.13M | 439.66M | 441.21M | 420.39M | 398.70M | Total Liabilities |
| 330.06M | 469.38M | 468.88M | 471.92M | 480.28M | 480.81M | Stockholders Equity |
| 443.68M | 224.79M | 301.06M | 338.99M | 377.56M | 420.55M |
| Cash Flow | Free Cash Flow | ||||
| -1.94M | -11.46M | -6.04M | -11.29M | -17.33M | -9.31M | Operating Cash Flow |
| -169.00K | -7.41M | -486.00K | -7.92M | -13.58M | -1.60M | Investing Cash Flow |
| 2.35M | 71.00K | -5.55M | -3.38M | -3.75M | -45.97M | Financing Cash Flow |
| 585.00K | 4.03M | -6.27M | -275.00K | -970.00K | 51.07M |
New York City REIT Technical Analysis
Neutral
9.51
Price Trends
10.05
Negative
9.38
Positive
9.23
Positive
Market Momentum
-0.11
Positive
46.31
Neutral
22.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NYC, the sentiment is Neutral. The current price of 9.51 is below the 20-day moving average (MA) of 10.25, below the 50-day MA of 10.05, and above the 200-day MA of 9.23, indicating a neutral trend. The MACD of -0.11 indicates Positive momentum. The RSI at 46.31 is Neutral, neither overbought nor oversold. The STOCH value of 22.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NYC.
New York City REIT Risk Analysis
New York City REIT disclosed 62 risk factors in its most recent earnings report. New York City REIT reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
New York City REIT Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.37B | 29.00 | 5.12% | 1.71% | 3.83% | -5.55% | |
61 Neutral | $4.80B | 18.53 | -3.89% | 10.14% | 6.07% | -19.21% | |
60 Neutral | $11.90B | 759.29 | 0.23% | 5.73% | 4.10% | -92.47% | |
58 Neutral | $14.41B | 896.91 | 1.32% | 1.96% | -1.30% | -80.81% | |
52 Neutral | $4.37B | 740.97 | 0.71% | 5.20% | 5.12% | ― | |
48 Neutral | $431.09M | ― | -11.53% | 3.37% | -11.47% | -89.12% | |
41 Neutral | $25.33M | ― | -106.21% | ― | -2.02% | -325.25% |
* Real Estate Sector Average
Performance Comparison
NYC
New York City REIT
9.90
3.06
44.74%
BXP
Boston Properties
68.86
8.03
13.20%
HPP
Hudson Pacific Properties
2.94
-3.53
-54.56%
SLG
SL Green Realty
58.68
8.23
16.31%
VNO
Vornado Realty
38.68
11.88
44.33%
ESRT
Empire State Realty
8.08
-1.66
-17.04%
New York City REIT Earnings Call Summary
Earnings Call Date: Mar 19, 2025 | % Change Since: 0.00% | Next Earnings Date: May 9, 2025
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.Highlights
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.
Lowlights
Revenue Decline
Revenue decreased to $15.4 million from $16 million in Q3 2023.
Increased Net Loss
GAAP net loss attributable to common stockholders was $34.5 million in Q3 2024 compared to a net loss of $9.4 million in Q3 2023, primarily due to noncash impairments.
Noncash Impairment
Incurred a noncash impairment of $1.9 million for the property at 9 Times Square in this quarter's results.
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.New York City REIT Corporate Events
M&A TransactionsBusiness Operations and Strategy
New York City REIT Sells 9 Times Square Property
Neutral
Dec 26, 2024
American Strategic Investment Co., through its subsidiary ARCNYC570SEVENTH, LLC, has completed the sale of its 9 Times Square property in Midtown Manhattan to 9 Times Square Acquisitions, LLC for $63.5 million. The sale follows significant impairment charges recorded earlier in the year, with the company repaying a $49.5 million mortgage and incurring minimal closing costs. This transaction reflects a strategic move to adjust the company’s asset portfolio, potentially impacting its financial standing and operations.
M&A TransactionsBusiness Operations and Strategy
New York City REIT to Sell 9 Times Square
Positive
Dec 10, 2024
American Strategic Investment Co. has set December 19, 2024, as the closing date for the sale of its 9 Times Square property in Midtown Manhattan for $63.5 million. The company has secured a $7 million non-refundable deposit and plans to use the anticipated $13.5 million in net proceeds to strengthen its balance sheet and support its asset acquisition and diversification strategy.
M&A TransactionsBusiness Operations and Strategy
New York City REIT Sells 9 Times Square Asset
Positive
Nov 12, 2024
American Strategic Investment Co. is actively managing its Manhattan-focused real estate portfolio, featuring a solid tenant base with 81% investment-grade ratings. The company is executing strategic dispositions, including the sale of 9 Times Square, to reduce leverage and explore higher-yield investments. With a conservative debt profile and advisor-shareholder alignment, the firm is well-positioned to navigate market uncertainties and enhance its financial stability.
Business Operations and StrategyFinancial Disclosures
New York City REIT Reports Strong Q3 Performance
Positive
Nov 12, 2024
In its third quarter earnings call, American Strategic Investment Co. reported an increase in cash net operating income through successful leasing and occupancy gains, along with plans to sell properties like 9 Times Square to reduce leverage and invest in higher-yielding assets. The company aims to enhance shareholder value by strategically managing its New York City portfolio, which benefits from a strong tenant base and positive market trends.
Business Operations and StrategyFinancial Disclosures
New York City REIT Reports Mixed Q3 2024 Results
Neutral
Nov 12, 2024
American Strategic Investment Co. (NYSE: NYC) reported a mixed third quarter for 2024, with revenue slightly decreasing to $15.4 million from $16 million the previous year, while cash net operating income rose to $6.8 million. Despite a net loss of $34.5 million due to non-cash impairments, portfolio occupancy improved to 85.8%. The company remains focused on strategic asset sales, including 9 Times Square, to reduce leverage and diversify cash flow, aimed at enhancing shareholder value.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.