EX-99.2 3 ex992-nycsupplementalinfor.htm EX-99.2 NYC SUPPLEMENTAL 6.30.22 Document

EXHIBIT 99.2






New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (unaudited)





New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)
Table of Contents
ItemPage
Non-GAAP Definitions3
Key Metrics5
Consolidated Balance Sheets6
Consolidated Statements of Operations7
Non-GAAP Measures8
Debt Overview10
Future Minimum Lease Rents11
Top Ten Tenants12
Diversification by Property Type13
Diversification by Tenant Industry14
Lease Expirations15
Please note that totals may not add due to rounding.

Forward-looking Statements:
This supplemental package of New York City REIT, Inc. (the “Company” or “NYC”) includes “forward looking statements.” These forward-looking statements involve risks and uncertainties that could cause actual results or events to be materially different. The words “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “plans,” “intends,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include (a) the potential adverse effects of (i) the ongoing global COVID-19 pandemic, including actions taken to contain or treat COVID-19, and (ii) the geopolitical instability due to the ongoing military conflict between Russia and Ukraine, including related sanctions and other penalties imposed by the U.S. and European Union, and the related impact on the Company, the Company’s tenants, and the global economy and financial markets, and (b) that any potential future acquisition is subject to market conditions and capital availability and may not be completed on favorable terms, or at all, as well as those risks and uncertainties set forth in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 18, 2022 and all other filings with the Securities and Exchange Commission (“SEC”) after that date as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Forward looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, unless required to do so by law.
Accounting Treatment of Rent Deferrals:
The majority of the concessions granted to our tenants as a result of the COVID-19 pandemic are rent deferrals or temporary rent abatements with the original lease term unchanged and collection of deferred rent deemed probable. As a result of relief granted by the Financial Accounting Standards Board and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, NAREIT FFO, Core FFO, EBITDA and Adjusted EBITDA (all as defined below) have not been, and we do not expect it to be, significantly impacted by these types of deferrals.


2


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)
Non-GAAP Financial Measures
This section discusses the non-GAAP financial measures we use to evaluate our performance, including Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest. While NOI is a property-level measure, Core FFO is based on our total performance and therefore reflects the impact of other items not specifically associated with NOI such as, interest expense, general and administrative expenses and operating fees to related parties. A description of these non-GAAP measures and reconciliations to the most directly comparable GAAP measure, which is net income, is provided below.
Caution on Use of Non-GAAP Measures
FFO, Core FFO, EBITDA, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.
Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO differently than we do. Consequently, our presentation of FFO and Core FFO may not be comparable to other similarly titled measures presented by other REITs.
We consider FFO and Core FFO useful indicators of our performance. Because FFO and Core FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO and Core FFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group.
As a result, we believe that the use of FFO and Core FFO, together with the required GAAP presentations, provide a more complete understanding of our performance, including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO and Core FFO are not indicative of cash available to fund ongoing cash needs, including the ability to pay cash dividends. Investors are cautioned that FFO and Core FFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.
Funds from Operations and Core Funds from Operations
Funds from Operations
Due to certain unique operating characteristics of real estate companies, as discussed below, the NAREIT, an industry trade group, has promulgated a performance measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper and approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from sales of certain real estate assets, gain and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for consolidated partially-owned entities (including New York City Operating Partnership L.P.) and equity in earnings of unconsolidated affiliates are made to arrive at our proportionate share of FFO attributable to our stockholders. Our FFO calculation complies with NAREIT’s definition.
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

3


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)
Core Funds from Operations
Beginning in the third quarter 2020, following the listing of our Class A common stock on the New York Stock Exchange, we began presenting Core FFO as a non-GAAP metric. We believe that Core FFO is utilized by other publicly-traded REITs although Core FFO presented by us may not be comparable to Core FFO reported by other REITs that define Core FFO differently. In calculating Core FFO, we start with FFO, then we exclude the impact of discrete non-operating transactions and other events which we do not consider representative of the comparable operating results of our real estate operating portfolio, which is our core business platform. Specific examples of discrete non-operating items include acquisition and transaction related costs for dead deals, debt extinguishment costs, non-cash equity-based compensation and costs incurred for the 2022 proxy that were specifically related to the portion of our 2022 proxy contest materials. We add back non-cash write-offs of deferred financing costs and prepayment penalties incurred with the early extinguishment of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition and transaction dead deal costs as well as non-operating costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. In future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest.
We believe that EBITDA and Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition and transaction-related expenses, listing-related costs and expenses, other non-cash items such as the vesting and conversion of the Class B Units, equity-based compensation expense and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.
NOI is a non-GAAP financial measure used by us to evaluate the operating performance of our real estate. NOI is equal to total revenues, excluding contingent purchase price consideration, less property operating and maintenance expense. NOI excludes all other items of expense and income included in the financial statements in calculating net income (loss). We believe NOI provides useful and relevant information because it reflects only those income and expense items that are incurred at the property level and presents such items on an unleveraged basis. We use NOI to assess and compare property level performance and to make decisions concerning the operations of the properties. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating expenses and acquisition activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). NOI excludes certain items included in calculating net income (loss) in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or our ability to pay dividends.
Cash NOI, is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as NOI excluding amortization of above/below market lease intangibles and straight-line adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs present Cash NOI.
Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

4


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)

Key Metrics
As of and for the three months ended June 30, 2022
Amounts in thousands, except per share data, ratios and percentages

Financial Results (Amounts in thousands, except per share data)
Revenue from tenants
$16,231 
Net loss attributable to common stockholders$(11,273)
Basic and diluted net loss per share attributable to common stockholders$(0.84)
Cash NOI [1]
$7,008 
Adjusted EBITDA [1]
$2,670 
Core FFO attributable to common stockholders [1]
$(1,476)
Balance Sheet and Capitalization (Amounts in thousands, except ratios and percentages)
Gross asset value [2]
$977,228 
Net debt [3] [4]
$391,403 
Total consolidated debt [4]
$399,500 
Total assets
$805,941 
Cash and cash equivalents [5]
$8,097 
Common shares outstanding as of June 30, 2022 13,639 
Net debt to gross asset value40.1 %
Net debt to annualized adjusted EBITDA [1] (annualized based on quarterly results)
36.6 x
Weighted-average interest rate cost [6]
4.4 %
Weighted-average debt maturity (years) [7]
4.7 
Interest Coverage Ratio [8]
0.6 x
Real Estate Portfolio
Number of properties
Number of tenants
76 
Square footage (millions)
1.2 
Leased
84.6 %
Weighted-average remaining lease term (years) [9]
7.1
______
[1]  This Non-GAAP metric is reconciled below.
[2] Defined as total assets of $805.9 million plus accumulated depreciation and amortization of $171.3 million as of June 30, 2022.
[3]  Represents total debt outstanding of $399.5 million, less cash and cash equivalents of $8.1 million.
[4]  Excludes the effect of deferred financing costs, net.
[5] Under the terms of one of the Company’s mortgage loans, the Company is required to maintain minimum liquid assets (i.e. cash and cash equivalents and restricted cash) of $10.0 million.
[6] The weighted average interest rate cost is based on the outstanding principal balance of the debt.
[7]  The weighted average debt maturity is based on the outstanding principal balance of the debt.
[8] The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
[9] Based on annualized straight-line rent as of June 30, 2022.
5

New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022


Consolidated Balance Sheets
Amounts in thousands, except share and per share data
June 30,
2022
December 31,
2021
ASSETS(Unaudited)
Real estate investments, at cost:
Land$192,600 $192,600 
Buildings and improvements574,454 572,576 
Acquired intangible assets87,119 87,478 
Total real estate investments, at cost854,173 852,654 
Less accumulated depreciation and amortization(171,287)(157,880)
Total real estate investments, net682,886 694,774 
Cash and cash equivalents8,097 11,674 
Restricted cash12,444 16,754 
Operating lease right-of-use asset55,061 55,167 
Prepaid expenses and other assets 9,174 9,293 
Derivative asset, at fair value776 — 
Straight-line rent receivable28,075 25,838 
Deferred leasing costs, net9,428 9,551 
Total assets$805,941 $823,051 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net$393,388 $398,117 
Accounts payable, accrued expenses and other liabilities (including amounts due to related parties of $214 and $141 at June 30, 2022 and December 31, 2021, respectively)15,377 8,131 
Operating lease liability54,744 54,770 
Below-market lease liabilities, net3,572 4,224 
Derivative liability, at fair value— 1,553 
Deferred revenue3,717 5,120 
Total liabilities470,798 471,915 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021— — 
Common stock, $0.01 par value, 300,000,000 shares authorized, 13,638,789 and 13,277,738 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively136 133 
Additional paid-in capital693,695 691,118 
Accumulated other comprehensive loss819 (1,553)
Distributions in excess of accumulated earnings(375,837)(350,709)
Total stockholders’ equity318,813 338,989 
Non-controlling interests 16,330 12,147 
Total equity335,143 351,136 
Total liabilities and equity$805,941 $823,051 
6


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Consolidated Statements of Operations
Amounts in thousands, except share and per share data


 Three Months Ended
June 30,
2022
March 31,
2022
December 31, 2021September 30,
2021
Revenue from tenants$16,231 $15,646 $24,208 $15,848 
 Expenses:
Asset and property management fees to related parties1,785 1,922 1,938 1,862 
Property operating8,270 8,578 8,275 8,029 
Impairment of real estate investments— — 1,039 413 
Equity-based compensation2,201 2,120 2,119 2,121 
General and administrative3,506 2,398 2,104 1,884 
Depreciation and amortization7,041 6,981 7,657 7,851 
Total expenses22,803 21,999 23,132 22,160 
Operating loss(6,572)(6,353)1,076 (6,312)
Other income (expense):
Interest expense(4,703)(4,715)(4,811)(4,803)
Other income (expense) (37)
Total other expense, net(4,701)(4,752)(4,808)(4,798)
Net loss before income taxes(11,273)(11,105)(3,732)(11,110)
Income tax expense — — (23)(14)
Net loss and Net loss attributable to common stockholders$(11,273)$(11,105)$(3,755)$(11,124)
Basic and Diluted Net Loss Per Share:
Net loss per share attributable to common stockholders — Basic and Diluted$(0.84)$(0.84)$(0.29)$(0.85)
Weighted average shares outstanding —Basic and Diluted13,433,690 13,299,650 13,252,567 13,093,486 

7


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Non-GAAP Measures
Amounts in thousands


 Three Months Ended
June 30,
2022
March 31,
2022
December 31, 2021September 30,
2021
EBITDA:
Net loss$(11,273)$(11,105)$(3,755)$(11,124)
Depreciation and amortization7,041 6,981 7,657 7,851 
Interest expense4,703 4,715 4,811 4,803 
Income tax expense— — 23 14 
   EBITDA471 591 8,736 1,544 
Impairment of real estate investments— — 1,039 413 
   Equity-based compensation2,201 2,120 2,119 2,121 
   Other (income) expense (2)37 (3)(5)
   Adjusted EBITDA2,670 2,748 11,891 4,073 
Asset and property management fees to related parties1,785 1,922 1,938 1,862 
General and administrative3,506 2,398 2,104 1,884 
   NOI7,961 7,068 15,933 7,819 
   Accretion of below- and amortization of above-market lease liabilities and assets, net(50)(51)(7,864)(367)
   Straight-line rent (revenue as a lessor)(930)(1,303)(972)(1,738)
   Straight-line ground rent (expense as lessee)27 27 27 28 
  Cash NOI$7,008 $5,741 $7,124 $5,742 
Cash Paid for Interest:
   Interest expense$4,703 $4,715 $4,811 $4,803 
   Amortization of deferred financing costs(386)(385)(386)(386)
   Total cash paid for interest$4,317 $4,330 $4,425 $4,417 


8


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Non-GAAP Measures
Amounts in thousands, except per share data


 Three Months Ended
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Funds from operations (FFO):
Net loss attributable to common stockholders [1]
$(11,273)$(11,105)$(3,755)$(11,124)
  Impairment of real estate investments— — 1,039 413 
  Depreciation and amortization7,041 6,981 7,657 7,851 
FFO attributable to common stockholders [1]
(4,232)(4,124)4,941 (2,860)
  Equity-based compensation [2]
2,201 2,120 2,119 2,121 
Expenses attributable to portion of 2022 proxy contest [3]
555 — — — 
Core FFO attributable to common stockholders [1]
$(1,476)$(2,004)$7,060 $(739)
Weighted average common shares outstanding — Basic and Diluted13,434 13,300 13,253 13,093 
  Net loss per share attributable to common shareholders — Basic and Diluted$(0.84)$(0.84)$(0.29)$(0.85)
  FFO per common share$(0.32)$(0.31)$0.37 $(0.22)
  Core FFO per common share$(0.11)$(0.15)$0.53 $(0.06)
________
[1] Net loss, FFO and Core FFO for the three months ended December 31, 2021 and September 30, 2021 includes income from the accelerated amortization of the remaining unamortized balance of below-market lease liabilities of approximately $7.7 million and $0.2 million, respectively, which is recorded in Revenue from tenants in the consolidated statements of operations.
Net loss, FFO and Core FFO for the three months ended December 31, 2021 and September 30, 2021, includes income from lease termination fees of $1.4 million and $0.1 million, respectively, which is recorded in Revenue from tenants in the consolidated statements of operations. Such termination payments represent cash income for accounting and tax purposes and as such management believes they should be included in both FFO and Core FFO. The termination fees were collected from the tenants and earned and recorded as income in the third and fourth quarters of 2021.
[2] Includes expense related to the amortization of the Company's restricted common shares and LTIP Units related to its multi-year outperformance agreement for all periods presented.
[3] Amount relates to costs incurred for the 2022 proxy that were specifically related to the portion of the Company’s 2022 proxy contest materials. The Company does not consider these expenses to be part of its normal operating performance and has, accordingly, increased its Core FFO for this amount.
9


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Debt Overview
As of June 30, 2022


Year of MaturityNumber of Encumbered Properties
Weighted-Average Debt Maturity (Years) [1]
Weighted-Average Interest Rate [1] [2]
Total Outstanding Balance [3]
(In thousands)
2022 (remainder)— — — %$— 
2023 — — — %— 
2024 1.8 3.7 %49,500 
2025— — — %— 
20264.2 %99,000 
20274.7 4.7 %140,000 
Thereafter 6.5 4.3 %111,000 
Total Debt 7 4.7 4.4 %$399,500 

______
 
[1] Weighted based on the outstanding principal balance of the debt.
[2] All of the Company’s debt is fixed rate as of June 30, 2022.
[3] Excludes the effect of deferred financing costs, net. Current balances as of June 30, 2022 are shown in the year the debt matures.
 


10


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Future Minimum Lease Rents
As of June 30, 2022
Amounts in thousands

Future Minimum
Base Rent Payments
[1]
2022 (remainder)$26,757 
202351,134 
202449,732 
202542,315 
202637,526 
202734,134 
Thereafter166,711 
Total$408,309 
——

[1] Represents future minimum base rent payments on a cash basis due to the Company over the next five years and thereafter. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes among other items.


11


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Top Ten Tenants
As of June 30, 2022
Amounts in thousands, except percentages

Tenant / Lease GuarantorProperty TypeTenant Industry
Annualized SL Rent [1]
SL Rent Percent
Remaining Lease Term [2]
Investment Grade [3]
City National BankOffice / RetailFinancial Services$4,356 %11.0 Yes
Planned Parenthood Federation of America, Inc.OfficeNon-Profit3,337 %9.1 Yes
EquinoxRetailFitness3,448 %16.4 No
Cornell UniversityOfficeHealthcare Services2,476 %2.0 Yes
The City of New York - Dept. of Youth & Community DevelopmentOfficeGovernment/Public Administration2,215 %15.5 Yes
CVSRetailRetail2,161 %12.2 Yes
Waterfall Asset Management LLCOfficeFinancial Services2,019 %0.2 No
USA General Services AdministrationOfficeGovernment/Public Administration1,944 %5.0 Yes
I Love NY GiftsRetailRetail1,932 %13.9 No
NYS LicensingOfficeGovernment/Public Administration1,833 %5.1 Yes
Subtotal    25,721 43 %9.6 
Remaining portfolio34,191 57 %
Total Portfolio    $59,912 100 %

——
[1] Calculated using the most recent available lease terms as of June 30, 2022.
[2] Based on straight-line rent as of June 30, 2022.
[3] As used herein, investment grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of June 30, 2022. Top 10 tenants are 51% actual investment grade rated and 20% implied investment grade rated.


12


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Diversification by Property Type
As of June 30, 2022
Amounts in thousands, except percentages


Total Portfolio
Property Type
Annualized SL Rent [1]
SL Rent PercentSquare FeetSq. ft. Percent
Office$43,901 73 %802 82 %
Retail 15,105 25 %172 17 %
Other 906 %%
Total $59,912 100 %983 100 %
 
——
[1] Calculated using the most recent available lease terms as of June 30, 2022.
13


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Diversification by Tenant Industry
As of June 30, 2022
Amounts in thousands, except percentages

Total Portfolio
Industry Type
Annualized SL Rent [1]
SL Rent PercentSquare FeetSq. ft. Percent
Financial Services$17,064 29 %215 22 %
Government / Public Administration 7,616 13 %173 18 %
Retail 7,223 12 %56 %
Non-profit 6,737 11 %146 15 %
Services3,748 %67 %
Fitness3,448 %30 %
Technology3,244 %59 %
Healthcare Services3,140 %43 %
Professional Services2,825 %62 %
Parking1,833 %87 %
Other [2]
3,034 %45 %
Total $59,912 100 %983 100 %
 
——
[1] Calculated using the most recent available lease terms as of June 30, 2022.
[2] Other includes nine industry types as of June 30, 2022.
 


14


New York City REIT, Inc.
Supplemental Information
Quarter ended June 30, 2022 (Unaudited)


Lease Expirations
As of June 30, 2022

Year of ExpirationNumber of Leases Expiring
Annualized SL Rent [1]
Annualized SL Rent PercentLeased Rentable Square FeetPercent of Rentable Square Feet Expiring
(In thousands)(In thousands)
2022 (Remaining)12$4,245 7.1 %71 7.2 %
2023103,916 6.5 %55 5.6 %
202496,110 10.2 %97 9.9 %
2025115,745 9.6 %104 10.6 %
202683,265 5.4 %64 6.5 %
2027115,481 9.1 %122 12.4 %
202873,407 5.7 %56 5.7 %
202962,751 4.6 %47 4.8 %
203031,810 3.0 %34 3.4 %
203185,554 9.3 %95 9.7 %
20322676 1.1 %13 1.3 %
203354,356 7.3 %36 3.6 %
203422,161 3.6 %10 1.0 %
20353640 1.1 %0.4 %
203642,298 3.8 %17 1.7 %
203744,048 6.8 %128 13.0 %
Thereafter (>2037)33,449 5.8 %30 3.2 %
Total108$59,912 100 %983 100 %

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[1] Calculated using the most recent available lease terms as of June 30, 2022. Includes tenant concessions, such as free rent, as applicable.

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