American Strategic Investment Co. [Closed] | REIT Profile

Symbol: NYC
CIK: 1595527
Exchange: NYSE
Founded: 2013
HQ: New York, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Micro-Cap
REIT Sector: Office

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About American Strategic Investment Co. [Closed]

***No longer a REIT as of January 1, 2023*** American Realty Capital New York City REIT, Inc. ("NYC REIT") seeks to provide its investors with a combination of current income and capital appreciation through strategic investments in high-quality commercial real estate located within the five boroughs of New York City, particularly Manhattan. NYC REIT has focused and intends to continue focusing our investment activities on acquiring quality, income-producing commercial real estate located in the five boroughs of New York City and, in particular, properties located in Manhattan. We may also originate or acquire real estate debt backed by quality, income-producing commercial real estate located predominantly in New York City. The real estate debt, which we may also originate or acquire is expected to be primarily first mortgage debt but also may include bridge loans, mezzanine loans, preferred equity or securitized loans


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Material Source Description
New York City REIT Announces Completion of Reverse Stock Split and Termination of REIT Status (2023-01-12) BUSINESS WIRE NEW YORK--(BUSINESS WIRE)--New York City REIT, Inc. (NYSE: NYC) (“NYC” or the “Company”) announced today that it completed a previously announced reverse stock split at a ratio of 1-for-8 (the “Reverse Stock Split”). The Reverse Stock Split took effect at 5:00 p.m. Eastern Time on January 11, 2023 (the “Effective Time”) and automatically converted each share of Common Stock outstanding at that time into 0.125 shares of Common Stock. The Reverse Stock Split affected all holders of Common Stock uniformly and did not affect any common stockholder’s percentage ownership interest in the Company, except for any fractional shares of Common Stock that would otherwise have resulted from the Reverse Stock Split which will be settled by cash payment, calculated on the basis of the closing trading price of the Common Stock (as adjusted for the Reverse Stock Split) on January 11, 2023 on the NYSE multiplied by such fraction. As a result of the Reverse Stock Split, the number of shares of the Company’s Common Stock outstanding was reduced from approximately 15.4 million to approximately 1.9 million shares as of the Effective Time. Additionally, the Company announced that its board authorized the termination of the Company’s election to be treated as a real estate investment trust or “REIT” election which, when terminated, will be effective January 1, 2023. The Company will file a certificate of notice with the Maryland State Department of Assessments & Taxation notifying stockholders of the board’s determination to no longer continue to be qualified as a REIT and that therefore the restrictions on ownership and transfer of Shares (as defined in the Company's charter) of the Company's charter shall no longer apply.

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Last updated: 2024-04-13 - v4.8