American Realty Capital REIT Now Known As New York City REIT

American Realty Capital New York City REIT has changed its name, and is now known as New York City REIT (NYCR). The trust recently updated its charter to reflect the new name.

Shares of NYCR were initially sold for $25 each. The company’s board recently approved net asset value of $20.26 per share as of June 30, 2018 (published on October 25, 2018.)

The company, also known as a “real estate investment trust,” claims to invest in commercial properties around New York City’s five boroughs, with an emphasis on Manhattan. Revenues and income is from tenants who rent their buildings, and can be affected by economic cycles and other variables. REITs are investments that are not traded on a national exchange, and can include significant risks for investors.

NYCR is currently closed to new investors after suspending cash distributions in March of 2018. The company closed its offering in May of 2015 after raising $776 million in investor equity. As of 4Q 2018, NYCR now owns seven properties with an investment cost of $774 million.

The company does not know or guarantee that it will begin paying cash distributions again. The company’s share repurchase program is also suspended, and shares may continue to be illiquid in the long term. Investors may be required to hold onto their shares for an indefinite period of time, according to NYCR’s Q4 presentation to investors.

Invested In New York City REIT?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. Silver Law Group is involved in claims against brokerage firms by investors who allege they were misled about the risks of investing in illiquid REITS. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.