New York City REIT, Inc. (NYSE:NYC) Q4 2022 Earnings Call Transcript

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Christopher Masterson: Sure. So in regards to the FFO, core FFO, we haven’t made any decisions yet. We’re still evaluating what really the most appropriate option is. So that’s something we’ll get back to you once we make a decision on that.

Michael Weil: Yeah. And if I can just add to that, a lot of it’s going to be driven, as we are right now, we do have a primarily real estate driven portfolio. So I don’t think the conversion is — as I don’t want to say urgent, but it will be something that we do, just not yet. And we’ll be in touch as we start to transition that. I’m sorry. What was the second question, Bryan?

Bryan Maher: Continuing to have NYC as your Ticker doesn’t seem.

Michael Weil: Yes. For the time being, we are staying with the NYC ticker. We wanted to make it easier for the existing shareholders to continue to be able to find us and they were used to the ticker NYC.

Bryan Maher: Okay. Maybe if I could just add one more real quick. You know, we’re reading a lot in the press about some funds and some big managers of office buildings handing back properties, you know, keys to the lenders. Do you suspect that, that creates an opportunity for you and when does that opportunity happen? Does it have to kind of feed through the servicer kind of chain of command and that’s three, six, nine months down the road or a year? Where are you thinking that, that could create opportunities?

Michael Weil: Yeah, I think that’s a few quarters down the road. Fortunately, as you know, we have very long fixed rate debt in our portfolio. We don’t have any concerns regarding those types of issues. But from an acquisition standpoint or from a buyer’s standpoint, I do think it will create some opportunities. We’re going to have to see how the banks and the special servicers react to this. They can do it at any number of things from extending if necessary, or if at their choice to taking the properties back. We all know that the banks have quite a bit on their plate right now. So they very well may look to the resale market for properties that they have foreclosed on. So we’re watching very closely. We’re talking to our bank relationships and I do think it will lead to opportunities for companies like ours.

Bryan Maher: Yeah. Thank you.

Michael Weil: Yeah. Thank you, Bryan.

Operator: We have no further questions at this time. I’ll turn it over to Mike Weil for any closing remarks.

Michael Weil: All right. Well, thank you, and thanks, everybody, for joining us today. It was a very exciting quarter for us as well as an end to a good year in 2022. We’re always excited by the opportunity to grow revenue. And as I said in my opening comments to also really control expenses. Obviously, both line items matter a great deal as we look to continue to grow the adjusted EBITDA of the company and really drive the growth and value for our shareholders. So we’ll continue to keep everybody updated. We look forward to the opportunities in the market. And again, thank you for joining us.

Operator: Ladies and gentlemen this concludes today’s conference call. Thank you for participating. You may now disconnect.

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