New York REIT Announces Results for First Quarter 2017
NEW YORK REIT (NYRT)
US:NYSE Investor Relations:
nyrt.com
Company Research
Source: PR Newswire
NEW YORK, May 10, 2017 /PRNewswire/ -- New York REIT, Inc. (NYSE: NYRT) (the "Company" or "NYRT"), which is liquidating and winding down pursuant to a plan of liquidation, announced today its financial results for the first quarter ended March 31, 2017.Financial ResultsLiquidation Basis of AccountingAs a result of NYRT's shareholder approval of the plan of liquidation on January 3, 2017, effective January 1, 2017, in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimate net sales proceeds on an undiscounted basis as well as include in the Company's assets and liabilities the undiscounted estimate of future revenues and expenses of the Company through the end of the liquidation. The net assets in liquidation at March 31, 2017 would result in liquidating distributions of approximately $9.25 per
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