New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced today that ongoing strong leasing activity has grown its pure-play New York City portfolio occupancy by 4% since the beginning of the year, to over 87% as of June 30, 20221, and that portfolio weighted-average remaining lease term has increased to 7.2 years as of the same date. The Company also announced that as it continues to proactively increase occupancy at its properties, its board of directors concluded that temporarily suspending2 the Company’s quarterly dividend is a prudent action. The Company added that the board will continue to evaluate the Company’s dividend policy on a quarterly basis. The additional working capital generated by the suspension will be available to fund, among other things, the upfront costs of leasing commissions and tenant improvements associated with future leasing activity. Since the beginning of calendar year 2021, through June 30, 2022, we have entered into leases that have already commenced or are expected commence in the third quarter of 2022 that total approximately $76 million in base rent payments over the terms of the leases.
NYC Announces Portfolio Occupancy Grows to Over 87%1, Temporary Suspension of Cash Dividend to Generate Additional Working Capital to Help Fund Upfront Leasing Commissions and Tenant Improvements Among Other Uses
Jul 01, 2022
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