ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification Number) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
N/A |
N/A |
N/A |
Large accelerated filer | ☐ | ☒ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company |
* | New York REIT Liquidating LLC is the successor in interest to New York REIT, Inc. and files reports under the Commission file number for New York REIT, Inc. |
Page | ||||||
Item 1. |
4 | |||||
Item 1A. |
8 | |||||
Item 1B. |
22 | |||||
Item 2. |
22 | |||||
Item 3. |
23 | |||||
Item 4. |
23 | |||||
Item 5. |
24 | |||||
Item 6. |
26 | |||||
Item 7. |
26 | |||||
Item 8. |
34 | |||||
Item 9. |
34 | |||||
Item 9A. |
34 | |||||
Item 9B. |
34 | |||||
Item 10. |
35 | |||||
Item 11. |
37 | |||||
Item 12. |
39 | |||||
Item 13. |
40 | |||||
Item 14. |
43 | |||||
Item 15. |
44 | |||||
Item 16. |
46 | |||||
47 |
• | Our predecessor’s (as defined below) board of directors adopted a plan of liquidation, which was approved by our stockholders on January 3, 2017, to sell all or substantially all of the assets of the Company including our operating partnership, New York Recovery Operating Partnership, L.P., a Delaware limited partnership (the “OP”), and to liquidate and dissolve the Company and the OP (the “Liquidation Plan”); however, there can be no assurance that we will succeed in selling our remaining investment and completing the Liquidation Plan; |
• | There can be no assurance as to the actual amount of liquidating distributions our unitholders will receive pursuant to the Liquidation Plan or when they will receive them; |
• | If we are unable to maintain the occupancy rates of currently leased space and lease currently available space or if tenants default under their leases or other obligations to us during the liquidation process, our cash flow will be reduced and our liquidating distributions may be reduced; |
• | Our investment property is located in the New York metropolitan statistical area (“MSA”), making us dependent upon the economic climate in New York City; |
• | If the COVID-19 pandemic continues for an extended period of time, the ability of our tenants to pay their contractual rents could be impacted resulting in our cash flow and liquidating distributions being reduced and the demand for New York City property may diminish and market values may be reduced, delaying or reducing our liquidating distributions; and |
• | We may be adversely affected by changes in general economic, business and political conditions, including the possibility of intensified international hostilities, acts of terrorism, and changes in conditions of United States or international lending, capital and financing markets. |
• | changes in general economic or local conditions; |
• | changes in supply of or demand for similar or competing properties in an area; |
• | changes in interest rates and availability of mortgage funds that may render the sale of a property difficult or unattractive; |
• | increases in operating expenses; |
• | the financial performance of our tenants, and the ability of our tenants to satisfy their obligations under their leases; |
• | vacancies and inability to lease or sublease space; |
• | potential major repairs which are not presently contemplated or other contingent liabilities associated with the asset; |
• | competition; and |
• | changes in tax, real estate, environmental and zoning laws. |
• | In addition, because we only own one property related asset following the sales completed to date, any item which adversely affects this property will have a greater effect on the Company than it would if we owned more properties and were more diversified. |
Tenant |
Percentage of Annualized Cash Base Rent |
|||
Cravath, Swaine & Moore, LLP [1] |
48 | % | ||
Nomura Holdings America, Inc. [1] |
31 | % |
(1) | Annualized cash base rent reflects our 50.1% pro rata share of rent generated by Worldwide Plaza. |
• | changes in general economic or local conditions; |
• | changes in supply of or demand for similar or competing properties in an area; |
• | changes in interest rates and availability of mortgage funds that may render the sale of a property difficult or unattractive; |
• | increases in operating expenses; |
• | vacancies and inability to lease or sublease space; |
• | changes in tax, real estate, environmental and zoning laws; and |
• | periods of high interest rates and tight money supply. |
• | result in misstated financial reports, missed reporting deadlines and/or missed permitting deadlines; |
• | result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of, proprietary, confidential, sensitive or otherwise valuable information (including information about our tenants), which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; |
• | result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space; |
• | require significant management attention and resources to remedy any damages that result; |
• | subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or |
• | adversely impact our reputation among our tenants and investors generally. |
• | our cash flow could be insufficient to pay principal and interest; |
• | our debt financing contains prepayment penalties, assumption fees or other provisions that restrict our ability to transfer assets; |
• | we might be required to use a substantial portion of our cash flow from operations to pay our indebtedness, thereby reducing the amount of liquidating distributions we make; |
• | our ability to obtain additional financing for working capital, capital expenditures, satisfaction of debt service requirements and general corporate or other purposes could be limited; |
• | we may not be able to refinance existing indebtedness (which requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness; |
• | if by August 31, 2023 all or substantially all the space currently leased by Cravath, Swaine & Moore LLP has not been re-leased on specified terms, the joint venture that owns Worldwide Plaza would be restricted under the terms of its indebtedness from making distributions until the space is re-leased or a $42.3 million reserve has been deposited in a reserve account (or a qualifying guaranty or letter of credit has been delivered in such amount) which would affect the amount and timing of liquidating distributions we make; |
• | if principal payments due at maturity cannot be refinanced or extended, our cash flow may not be sufficient in all years to repay all maturing debt; and |
• | prevailing interest rates or other factors at the time of refinancing (such as the possible reluctance of lenders to make commercial real estate loans) may result in higher interest rates, which could adversely affect cash flow and our ability to service debt and pay liquidating distributions. |
Property |
Ownership |
Rentable Sq. Ft. |
Percent Occupied |
Annualized Cash Base Rent (in thousands) |
Annualized Cash Base Rent Per Sq. Ft. (in thousands) |
Number of Leases |
||||||||||||||||||
Worldwide Plaza - Office |
50.1 |
% |
907,616 |
97.5 |
% |
$ |
58,245 |
$ |
65.85 |
22 |
||||||||||||||
Worldwide Plaza - Retail |
50.1 |
% |
121,340 |
96.4 |
% |
3,864 |
33.20 |
7 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total/Weighted Average |
1,028,956 |
97.3 |
% |
$ |
62,109 |
$ |
62.05 |
29 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Year of Expiration |
Number of Leases Expiring |
Expiring Annualized Cash Rent [1] |
Expiring Annualized Cash Rent as a Percentage of the Total [1] |
Leased Rentable Square Feet |
Percentage of Leased Rentable Sq. Ft. Expiring |
|||||||||||||||
2021 |
7 |
1,730 |
2.8 |
% |
28,154 |
2.7 |
% | |||||||||||||
2022 |
1 |
17 |
<1.0 |
% |
[2 |
] |
— |
|||||||||||||
2023 |
2 |
82 |
<1.0 |
% |
911 |
<1.0 |
% | |||||||||||||
2024 |
3 |
31,325 |
50.4 |
% |
338,461 |
32.9 |
% | |||||||||||||
2025 |
2 |
1,206 |
1.9 |
% |
19,276 |
1.9 |
% | |||||||||||||
2026 |
2 |
2,573 |
4.1 |
% |
51,942 |
5.1 |
% | |||||||||||||
2027 |
4 |
2,636 |
4.2 |
% |
83,703 |
8.1 |
% | |||||||||||||
2028 |
1 |
90 |
<1.0 |
% |
401 |
<1.0 |
% | |||||||||||||
2029 |
2 |
243 |
<1.0 |
% |
3,104 |
<1.0 |
% | |||||||||||||
2030 |
— |
— |
— |
— |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
24 |
$ |
39,902 |
64.3 |
% |
525,952 |
51.1 |
% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Expiring annualized cash rent represents contractual cash base rents at the time of lease expiration added to current reimbursements from tenants, excluding electric reimbursements and free rent. |
(2) | Represents rents on air rights not included in leased rentable square feet. |
Tenant |
Rented Sq. Ft. [1] |
Rented Sq. Ft. as a % of Total |
Lease Expiration |
Remaining Lease Term [2] |
Renewal Options |
Annualized Cash Base Rent [1] |
||||||||||||||||||
Nomura Holdings America, Inc. |
389,942 |
38 |
% |
9/2033 |
12.8 |
[3 |
] |
$ |
19,128 |
|||||||||||||||
Cravath, Swaine & Moore, LLP |
309,185 |
30 |
% |
8/2024 |
3.7 |
None |
$ |
30,188 |
(1) | Rentable square feet and annualized cash base rent reflect the rentable square footage and annualized cash base rent of Worldwide Plaza multiplied by our 50.1% pro rata share of WWP. |
(2) | Remaining lease term in years as of December 31, 2020. |
(3) | Nomura Holdings America, Inc. has up to four options to renew its lease. The first two options are for renewal terms of five or ten years each and the second two options are for five years each. In total, the renewal options allow for a maximum of 20 years of extended term. |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter (1) |
|||||||||||||
2020 |
||||||||||||||||
Cash dividends paid per unit (2) |
$ |
0.10 |
$ |
0.10 |
$ |
0.25 |
$ |
0.25 |
||||||||
2019 |
||||||||||||||||
Cash dividends paid per unit (2) |
$ |
0.71 |
$ |
0.10 |
$ |
0.10 |
$ |
0.10 |
||||||||
2018 |
||||||||||||||||
High |
$ |
42.10 |
$ |
22.85 |
$ |
18.65 |
$ |
18.13 |
||||||||
Low |
$ |
19.50 |
$ |
17.64 |
$ |
17.11 |
$ |
13.55 |
||||||||
Cash dividends paid per share (2) |
$ |
20.00 |
$ |
4.85 |
$ |
— |
$ |
3.25 |
||||||||
Non-cash dividends paid per share (3) |
$ |
— |
$ |
— |
$ |
— |
$ |
14.00 |
(1) | For the high and low trading prices, period is October 1 – November 2, 2018. |
(2) | Represents distributions of liquidation proceeds. Since the adoption of the Liquidation Plan, we have made cash liquidating distributions totaling $60.51 per unit/share. |
(3) | The conversion of shares of common stock of the Predecessor to Units of the Company is considered a deemed distribution for tax purposes. Amount is based on the average of the high and low trading prices of the Predecessor’s common stock over the final three days of trading. |
• | $14.4 million net distributions related to our interest in Worldwide Plaza. |
• | $11.8 million for liquidating distributions to common shareholders. |
• | $9.0 million net distributions related to our interest in Worldwide Plaza. |
• | $17.0 million for liquidating distributions to common shareholders. |
Name |
Age | Postion Held | ||
Randolph C. Read | 68 | Chairman of the Board, Manager | ||
Craig T. Bouchard | 65 | Manager | ||
Howard Goldberg | 75 | Manager | ||
John Garilli | 56 | Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary |
Name and Principal Position |
Year | Salary | Total | |||||||||
John Garilli, |
2020 | $ | — | $ | — | |||||||
Chief Executive Officer, President and Chief Financial Officer |
2019 | — | — | |||||||||
2018 | — | — | ||||||||||
Wendy Silverstein, |
2018 | $ | 467,000 | $ | 467,000 | |||||||
Former Chief Executive Officer and President (1) |
(1) | On July 13, 2018, Ms. Silverstein resigned as our Chief Executive Officer and President, and John Garilli was elected to those positions on the same date. |
Name |
Fees Paid in Cash |
Total Compensation |
||||||
Craig Bouchard |
$ | 75,000 | $ | 75,000 | ||||
P. Sue Perrotty (1) |
49,677 | 49,677 | ||||||
Randolph C. Read |
135,000 | 135,000 | ||||||
Joe McKinney (1) |
49,677 | 49,677 | ||||||
Howard Goldberg |
75,000 | 75,000 |
(1) | P. Sue Perrotty and Joe McKinney resigned from the Board of Managers effective July 29, 2020. Amounts shown reflect fees for services rendered from January 1, 2020 through July 29, 2020. |
• | each person known by us to be the beneficial owner of more than 5.0% of the outstanding Units; |
• | each of our Managers and named executive officers; and |
• | all of our Managers and executive officers as a group. |
Beneficial Owner (1) |
Numbers of Units Beneficially Owned |
Percent of Class |
||||||
Joseph Moinian (2) |
1,678,417 | 10.0 | % | |||||
Indaba Capital Management LP (3) |
1,645,561 | 9.8 | % | |||||
TSSP Sub-Fund HoldCo LLC (4) |
1,645,493 | 9.8 | % | |||||
Pacific Investment Management Company LLC (5) |
1,645,000 | 9.8 | % | |||||
Morgan Stanley Co. LLC (6) |
1,515,000 | 9.0 | % | |||||
Davidson Kempner Capital Mgmt LP (7) |
1,415,223 | 8.4 | % | |||||
683 Capital Management LLC (8) |
938,730 | 5.6 | % | |||||
Howard Goldberg |
10,000 | * | ||||||
John A. Garilli |
4,000 | * | ||||||
Randolph C. Read |
1,849 | * | ||||||
Craig T. Bouchard |
493 | * | ||||||
All directors and executive officers as a group (4 persons) |
16,342 | * |
* | Less than 1% |
(1) | Unless otherwise indicated, the business address of each individual or entity listed in the table is 2 Liberty Square, 9 th Floor, Boston, Massachusetts 02109. |
(2) | The business address for Joseph Moinian is 3 Columbus Circle, 26 th Floor, New York, New York 10019. Joseph Moinian has sole voting power over 1,678,417 Units. The information contained herein respecting Joseph Moinian is based solely on Schedule 13G filed by Joseph Moinian with the SEC on July 7, 2020. |
(3) | The business address for Indaba Capital Management LP is One Letterman Drive, Suite DM700, San Francisco, California 94129. Indaba Capital Management LP has shared voting power over 1,645,561 Units. The information contained herein respecting Indaba Capital Management LP is based solely on Schedule 13G/A filed by Indaba Capital Management LP with the SEC on February 16, 2021. |
(4) | The business address for TSSP Sub-Fund HoldCo LLC is 2100 McKinney Avenue, Suite 1030, Dallas, Texas 75201. TSSP Sub-Fund HoldCo LLC has shared voting power over 1,645,493 Units. The information contained herein respecting TSSP Sub-Fund HoldCo LLC is based solely on Schedule 13G/A filed by TSSP Sub-Fund HoldCo LLC with the SEC on February 14, 2019. |
(5) | The business address for Pacific Investment Management Company LLC is 650 Newport Center Drive, Newport Beach, California 92660. Pacific Investment Management Company LLC has sole voting power over 1,645,000 Units. The information contained herein respecting Pacific Investment Management Company LLC is based solely on Schedule 13G/A filed by Pacific Investment Management Company LLC with the SEC on February 11, 2021. |
(6) | The business address for Morgan Stanley Co. LLC is 1221 Avenue of the Americas, 3 rd Floor, New York, New York 10020. Morgan Stanley Co. LLC has shared voting power over 1,515,000 Units. The information contained herein respecting Morgan Stanley Co. LLC is based solely on information provided by the brokerage firm. |
(7) | The business address for Davidson Kempner Capital Mgmt LP is 520 Madison Avenue, 30 th Floor, New York, New York, 10022. Davidson Kempner Capital Mgmt LP has shared voting power over 1,415,223 Units. The information contained herein respecting Davidson Kempner Capital Mgmt LP is based solely on Schedule 13G/A filed by Davidson Kempner Capital Mgmt LP with the SEC on February 11, 2019. |
(8) | The business address for 683 Capital Management LLC is 3 Columbus Circle, Suite 2205, New York, New York 10019. 683 Capital Management LLC has shared voting power over 938,730 Units. The information contained herein respecting 683 Capital Management LLC is based solely on Schedule 13G/A filed by 683 Capital Management LLC with the SEC on February 14, 2019. |
Asset Management Fees |
$ | 1,316,667 |
Page Number | ||||||
1. | 34 | |||||
2. | 45 |
* | Filed herewith |
(1) | Filed as an exhibit to New York REIT, Inc.’s Current Report on Form 8-K filed with the SEC on December 19, 2016. |
(2) | Filed as an exhibit to New York REIT, Inc.’s Current Report on Form 8-K filed with the SEC on September 14, 2017. |
(3) | Filed as an exhibit to New York REIT, Inc.’s Annual Report on Form 10-K filed with the SEC on March 1, 2018. |
(4) | Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on 8-K filed with the SEC on November 7, 2018. |
(5) | Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on 8-K filed with the SEC on June 11, 2018. |
(6) | Filed as an exhibit to New York REIT Inc.’s Quarterly Report on Form 10-Q filed with the SEC on October 30, 2018. |
(7) | Filed as an exhibit to New York REIT Inc.’s Definitive Proxy Statement filed with the SEC on December 21, 2016. |
(8) | Filed as an exhibit to New York REIT Inc.’s Current Report on Form 8-K filed with the SEC on September 14, 2017. |
(9) | Filed as an exhibit to New York REIT Liquidating LLC’s Annual Report on Form 10-K filed with the SEC on March 15, 2019. |
(10) | Filed as an exhibit to New York REIT Liquidating LLC’s Current Report on Form 8-K filed with the SEC on July 1, 2020. |
(11) | Filed as an exhibit to New York REIT Liquidating LLC’s Quarterly Report on Form 10-Q filed with the SEC on November 4, 2020. |
NEW YORK REIT LIQUIDATING LLC |
/s/ John A. Garilli |
John A. Garilli |
Chief Executive Officer, President, Chief Financial Officer, Treasurer and Secretary |
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
/s/ Randolph C. Read Randolph C. Read |
Manager | March 9, 2021 | ||
/s/ Craig T. Bouchard Craig T. Bouchard |
Manager | March 10, 2021 | ||
/s/ Howard Goldberg Howard Goldberg |
Manager | March 9, 2021 |
Page | ||||
49 | ||||
51 | ||||
52 | ||||
53 |
• | the appropriateness of the valuation methodology |
• | the estimated discount rate, estimated terminal capitalization rate, and estimated market rents used by the Company by comparing them to independently developed ranges using market information obtained from third-party real estate publications |
December 31, 2020 | December 31, 2019 | |||||||
Assets |
||||||||
Investment in unconsolidated joint venture |
$ | |
$ | |
||||
Cash and cash equivalents |
||||||||
Restricted cash held in escrow |
||||||||
Accounts receivable |
||||||||
|
|
|
|
|||||
Total Assets |
$ | $ | |
|||||
|
|
|
|
|||||
Liabilities |
||||||||
Liability for estimated costs in excess of estimated receipts during liquidation |
$ | $ | ||||||
Accounts payable, accrued expenses and other liabilities |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
|||||
Commitments and Contingencies |
||||||||
Net assets in liquidation |
$ | $ | ||||||
|
|
|
|
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||
Net assets in liquidation, beginning of period |
$ | $ | $ | |||||||||
Changes in net assets in liquidation: |
||||||||||||
Changes in liquidation value of investments in real estate |
— | — | ( |
) | ||||||||
Changes in liquidation value of investment in unconsolidated joint venture |
( |
) | ||||||||||
Remeasurement of assets and liabilities |
( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in liquidation value |
( |
) | ||||||||||
Liquidating distributions to unitholders/common stockholders |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Changes in net assets in liquidation |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Net assets in liquidation, end of period |
$ | $ | $ | |||||||||
|
|
|
|
|
|
2020 | 2019 | |||||||
General and administrative expenses |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
|||||
Liability for estimated costs in excess of estimated receipts during liquidation |
$ | ( |
) | $ | ( |
) | ||
|
|
|
|
January 1, 2020 | Net Change in Working Capital (1) |
Remeasurement of Assets and Liabilities |
December 31, 2020 | |||||||||||||
General and administrative expenses |
$ | ( |
) | $ | |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|
|
|||||||||
Total liability for estimated costs in excess of estimated receipts during liquidation |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
|
|
|
|
|
|
|
|
(1) | Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2020. |
January 1, 2019 | Net Change in Working Capital (1) |
Remeasurement of Assets and Liabilities |
December 31, 2019 | |||||||||||||
General and administrative expenses |
$ | ( |
) | $ | |
$ | ( |
) | $ | ( |
) | |||||
|
|
|
|
|
|
|
|
|||||||||
Total liability for estimated costs in excess of estimated receipts during liquidation |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
|
|
|
|
|
|
|
|
(1) | Represents changes in cash, restricted cash, accounts receivable, accounts payable and accrued expenses as a result of the Company’s operating activities for the year ended December 31, 2019. |
December 31, | ||||||||||||||
Property Portfolio |
Tenant |
2020 | 2019 | 2018 | ||||||||||
Worldwide Plaza |
Cravath, Swaine & Moore, LLP |
% | % | % | ||||||||||
Worldwide Plaza |
Nomura Holdings America, Inc. |
% | % | % |
December 31, | ||||||||
(In thousands) |
2020 | 2019 | ||||||
Real estate assets, at cost |
$ | $ | ||||||
Less accumulated depreciation and amortization |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total real estate assets, net |
||||||||
Cash and cash equivalents |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Debt |
$ | $ | ||||||
Other liabilities |
||||||||
|
|
|
|
|||||
Total liabilities |
||||||||
Deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total liabilities and deficit |
$ | $ | ||||||
|
|
|
|
December 31, | ||||||||||||
(In thousands) |
2020 | 2019 | 2018 | |||||||||
Rental income |
$ | $ | $ | |||||||||
Operating expenses: |
||||||||||||
Operating expenses |
||||||||||||
Depreciation and amortization |
||||||||||||
|
|
|
|
|
|
|||||||
Total operating expenses |
||||||||||||
Operating income |
||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ||||||
Net loss allocated to non-controlling interest |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Net income (loss) |
$ | $ | $ | ( |
) | |||||||
|
|
|
|
|
|
Year Ended December 31, |
Payable as of December 31, |
|||||||||||||||||||
(In thousands) |
2020 | 2019 | 2018 | 2020 | 2019 | |||||||||||||||
Asset management fees |
$ | $ | $ | $ | $ | |||||||||||||||
Property management fees |
— | — | ||||||||||||||||||
Reimbursements |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total related party operational fees |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Number of Restricted Shares |
Weighted-Average Issue Price |
|||||||
Unvested, December 31, 2017 |
||||||||
Vested |
( |
) | ||||||
Forfeited |
||||||||
|
|
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Unvested, December 31, 2018 |
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