Exhibit 99.1
0 NEW YORK CITY REIT First Quarter Investor Presentation 9 Times Square - New York, NY _
1 First Quarter 2022 Highlights 1) See appendix for a full description of capitalized terms and Non - GAAP reconciliations. 2) Refer to slide 11 – Top 10 Tenant Investment Grade Profile. 3) Refer to slide 15 – Capital Structure and Q1’22 Financial Results for further information regarding our capital structure and liquidity. 4) Refer to slide 25 – Forward Looking Statements for risks related to our financial performance. 5) Refer to slide 14 – Continued Cash Rent Collection Success for additional information. Total rent collected during the period in cludes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements. 6) Refer to slide 12 – Proactive Asset Management for additional information. 7) Refer to slide 3 – Case Study: Exceptional Investor Returns Since 2021. 1 High - Quality Manhattan Focused Portfolio Increasing Financial Performance (3)(4) Continued Leasing Activity (6) Strong Investor Returns (7) x Portfolio Occupancy (1) of 84% with a weighted average Remaining Lease Term (1) of 6.8 years x Tenant base featuring Investment Grade and government agency tenants with core commercial business x Top 10 tenants (2) are 71% Investment Grade rated and have a Remaining Lease Term of 9.5 years x Well balanced and long - term lease maturity schedule with 36% of leases expiring after 2030 x Year over year, total portfolio Cash Rent (1) collection improved from 87% to 98% (5) as Approved Agreements expired and tenants resumed paying original Cash Rent due x Year over year, Adjusted EBITDA (1) and Cash NOI improved to $2.7 million from $1.8 million and $5.7 million from $5.6 million, respectively x Weighted average debt maturity of 4.9 years and moderate Net Leverage (1) of 40% x 100% of NYC’s debt is fixed rate debt and no maturities through 2023 x Q1’22 Occupancy increase of 1.5%, including a nearly 3% Occupancy increase at 9 Times Square x NYC’s Leasing Pipeline (1) is expected to increase Occupancy by 1.6% and straight - line rent by $0.9 million □ NYC’s Leasing Pipeline includes one Knotel replacement lease for 4,700 SF that would result in 76% of all of Knotel’s former space replaced x Since Knotel’s lease termination in January 2021 and through Q1’22, NYC replaced 69% of the total space and 64% of the straight - line rent formerly derived from Knotel with creditworthy, rent - paying tenants (6) x Since 2021, NYC investors have benefited from an exceptional Total Return (1) of 72% that compares favorably when compared to several peer and index benchmarks x NYC overperformed the S&P 500 by over 47% and a group of New York City focused REIT peers by over 42% x Management believes that there is significant upside for NYC as New York City continues to rebound and management leases available space to creditworthy tenants NYC is a real estate investment trust with a high - quality portfolio of real estate assets focused on the Manhattan market and is supported by a robust Advisor platform that has diligently navigated through the COVID - 19 pandemic resulting in portfolio Cash Rent collection at nearly 100%, maintained and enhanced a credit worthy tenant base and delivered exceptional investor returns since 2021 NYC’s independent board members and the Advisor and its affiliates have each separately demonstrated its depth of commitment to NYC’s long - term value by increasing ownership in NYC. As of May 1 st 2022, NYC’s independent board members owned over 57,000 shares of NYC and separately, NYC’s Advisor and its affiliates owned over 1,500,000 shares of NY C
2 2 In 2021, NYC’s Board of Directors, led by Elizabeth Tuppeny, and in conjunction with the Advisor, continued to execute on the Company’s strategic initiatives and operational momentum by mitigating adverse impacts from COVID - 19 by focusing on proactive asset management, increasing Cash Rent (1) collection and completing new and renewal leases. As a result, NYC shareholders benefited from a 72% Total Return (2) since 2021 NYC Generated Significant Value For Shareholders in 2021 2 2021 Highlights ▪ In Q1’21, Knotel, a former top 10 tenant, filed for bankruptcy and terminated all of their leased space with NYC x Since termination, NYC executed new and expansion leases that replaced 69% of the square feet and 64% of the straight - line rent formerly from Knotel ▪ In Q4’21, NYC executed a termination agreement with Icon Parking and Quik Park, two non - compliant tenants, and immediately backfilled the space with a new operator, City Parking x In Q2’22, City Parking extended its license agreements and will continue its operations through October 2022 ▪ In 2021, NYC completed 17 new leases totaling over 200,000 square feet and $7.4 million of straight - line rent x NYC also executed four lease renewals in 2021, including a five - year lease extension in Q4’21 with an Aa2 credit rated tenant that increased the Annualized Straight - line Rent (3) from the tenant by $0.3 million as of December 31, 2021 ▪ Q2’22 forward Leasing Pipeline of 18,000 SF that includes three executed new leases and one executed LOI for former Knotel space x The Leasing Pipeline is expected to increase portfolio Occupancy from 84% to 86%, once pipeline leases commence ▪ NYC outperformed the S&P 500 by over 47% and a group of New York City focused REIT peers over 42% (2) x NYC 2021 Total Return of 72% x New York City focused REIT peer performance of 29% x Index Group Performance of 21% ▪ As of May 1st, 2022, NYC’s independent board members owned over 57,000 shares of NYC and separately, NYC’s Advisor and its affiliates owned over 1,500,000 shares of NYC, demonstrating their depth of commitment to NYC’s long - term value by increasing ownership in NYC Proactive Asset and Property Management Successful Navigation Throughout COVID - 19 Impactful Leasing Activity Strong Shareholder Returns (2) ▪ Since Q4’20 and through Q4’21, NYC increased its Cash Rent collection rate by 15% to 97% (1) x Q1’22 portfolio Cash Rent collection of 98% ▪ Diligently and proactively communicated with tenants to help them navigate the COVID - 19 pandemic and mitigate adverse economic impacts x In 2021, NYC executed two percentage rent deals with two key retail tenants. Since execution, both tenant’s operations have performed exceptionally well and returned to paying near full original Cash Rent due 1) Refer to slide 14 - Continued Cash Rent Collection Success for additional information. 2) Refer to slide 3 - Case Study: Exceptional Investor Returns Since 2021. 3) See appendix for a full description of capitalized terms.
3 Case Study: Exceptional Investor Returns Since 2021 3 Since 2021 and through geopolitical and economic headwinds, NYC’s investors have benefited from an exceptional Total Return of 72% which compares exceptionally well to several peer and index benchmarks, including New York City office peers and the S&P 500 Index Symbol / Index Name Type Total Return Since 2021 Out Performance NYC New York City REIT Inc. Office REIT 71.8% SLG SL Green Realty Corp. Office REIT 47.1% 24.7% ROOF US Real Estate Small Cap ETF Small - Cap Real Estate ETF 32.0% 39.8% VNO Vornado Realty Trust Office REIT 31.5% 40.3% PGRE Paramount Group Inc. Office REIT 28.3% 43.5% CUZ Cousins Properties Inc. Office REIT 27.6% 44.2% OPI Office Properties Income Trust. Office REIT 27.2% 44.6% S&P 500 S&P 500 Index S&P 500 Index 24.6% 47.2% S&P 600 S&P Small - Cap 600 Index S&P 600 Index 21.0% 50.8% IJR iShares Core S&P Small - Cap ETF Small - Cap Index ETF 20.6% 51.2% ESRT Empire State Realty Trust Inc. Office REIT 10.5% 61.3% RUT 2000 Russell 2000 Index FTSE Russell Small - Cap Index 7.8% 64.0% EQC Equity Commonwealth Office REIT 4.7% 67.1% New York City Office Peer Group (1) Performance 29.4% 42.5% Office REIT Peer Group (2) Performance 25.3% 46.5% Index Group (3) Performance 21.2% 50.6% NYC’s Total Return of 72% since 2021 outperformed the S&P 500 by over 47% and a group of New York City focused REIT peers by over 42% Source: S&P Capital IQ. Total Return calculated over the period beginning on January 1, 2021 through March 31, 2022. Total Return is calculated by taking the ending share price less the beginning share price plus dividends paid divided by the beginning share price, shown as a percentage. 1) Peer group includes SLG, VNO, ESRT and PGRE. 2) Peer group includes SLG, CUZ, OPI, VNO, ESRT, PGRE and EQC. 3) Index group includes ROOF, S&P 500, S&P 600, IJR and RUT 2000.
4 Manhattan Focused Portfolio Metric ($ and SF in mm) Q1’22 Real Estate Investments, at Cost $853.7 Number of Properties 8 Total Square Feet 1.2 Annualized Straight - line Rent $59.3 Occupancy 84.4% Weighted Average Lease Term Remaining 6.8 Years 1) Ratings information is as of March 31, 2022. Weighted based on annualized straight - line rent as of March 31, 2022. NYC’s top 10 tenants are 51% actual Investment Grade rated and 20% implied Investment Grade. Refer to slide 10 – Top 14 Tenants and Definitions in the appendix for additional information. 2) Based on Annualized Straight - Line Rent feet as of March 31 , 2022. 4 11% 7% 10% 11% 6% 6% 6% 5% 3% 36% Financial Services 29% Government / Public Administration 13% Retail 12% Non - profit 11% Services 6% Fitness 6% Technology 6% Healthcare Services 5% Professional Services 5% Office Space 2% $854 million portfolio of real estate investments featuring a diverse tenant mix across eight mixed - use office and retail condominium buildings that are primarily located in Manhattan Top 10 Tenants’ Credit Ratings (1) Tenant Industry Diversity (2) Lease Expiration Schedule (2) Portfolio Metrics 71% 13% 15% Investment Grade Non Investment Grade Not Rated
5 Leading New York City Market Position NYC’s portfolio of eight mixed - use offices and retail condominiums is the leading “pure - play” publicly traded REIT focused on New York City real estate Total Portfolio SF (mm) (1) 5 New York City Office and Retail Exposure (2) New York City Office Exposure (2) Other Exposure Observatory Source: Company and peer metrics as of March 31, 2022 . 1) Reflects total portfolio and not pro rata square feet. 2) All metrics reflect at share ownership. NYC based on annualized straight - line rent. ESRT based on LTM revenue from Observatory a nd annualized rent for all other assets. SLG based on annualized contractual rent. PGRE based on annualized rent at share. VN O based on annualized NOI at share. 1.2 10.2 25.9 33.3 12.9 74.1 % 82.0 % 62.6 % 68.1 % 80.1 % 91.8 % 80.9 % 71.2 % 8.9% 65.3 % 8.9% 99.1 %
6 Well - Positioned Portfolio Compared to Peers 6 Sources: Company filings; U.S. Bureau of Labor Statistics as of March 31, 2022. Note: Company and peer metrics as of March 31 , 2 022 unless otherwise indicated. 1) Based on annualized straight - line rent as of March 31, 2022. NYC’s top 10 tenants were 51% actual Investment Grade rated and 20% implied Investment Grade rated tenants. Peer tenant percentages are only comprised of actual Investment Grade ratings. 2) For Company and Peers, based on annualized straight - line rent as of March 31, 2022. 3) In April 2022, the U.S. Bureau of Labor Statistics reported that Government and Financial Activities had the two lowest unemp loy ment rates of 1.5% and 1.9% respectively, compared to total unemployment of 3.3%. Unemployment rates based on unemployed per son s by industry, not seasonally adjusted. Industry concentration for NYC based on SLR. ESRT, PGRE and VNO based on annualized rent. SLG based on contractual cash rent. VNO reflects New York City assets only as of December 31, 2021. Tenants Operating in Industries with Stable Employment (3) Share of Top 10 Tenants Investment Grade (1) Lease Expirations After 2030 (2) Highlights 71% Investment Grade rated (1) top 10 tenant base that is complemented by a balance of tenants with attractive industry exposures and long - term leases 38% 36% 34% 28% 26% PGRE NYC VNO SLG ESRT x NYC’s top ten tenants are 71% actual or implied Investment Grade rated and feature leases to large corporate tenants and government agencies x 36% of leases expire after 2030, limiting the impact of near - term lease expirations x Strong underlying tenant base with 42% of NYC’s tenants operating in industries with the lowest unemployment rates 13% 3% 2% 2% 29% 40% 37% 28% 16% 42% 40% 40% 30% 18% NYC PGRE SLG VNO ESRT Government Financial Activities 80% 71% 61% 55% 41% SLG NYC ESRT VNO PGRE
7 7 Conservative Capital Structure x NYC’s capital structure is composed of fixed rate mortgage debt with a weighted average debt maturity of five years x Conservative Net Leverage of 40% and limited near - term debt maturities x NYC believes that its debt capital structure of fixed rate mortgage debt with limited matures through 2025 will prove favorable with U.S. interest rates on the rise 7 NYC’s capital structure features limited near - term debt maturities, 100% fixed rate debt and conservative Net Leverage of 40% Debt Maturities Through 2025 Capital Structure Highlights Source: Company filings. Note: Company and peer metrics as of March 31, 2022. 1) For the Company, represents total mortgage notes payable, gross of $399.5 million minus cash and cash equivalents of $10.3 mi lli on (excluding restricted cash) divided by total assets of $810.2 million plus accumulated depreciation and amortization of $1 64. 7 million as of March 31, 2022. For peers, represents total debt, plus preferred equity, minus cash and cash equivalents divided by total ass ets plus accumulated depreciation and amortization, at cost, as of March 31, 2022. 12% 18% 32% 39% 52% NYC ESRT PGRE SLG VNO Percentage of Fixed Rate Debt Net Leverage (1) 40% 42% 49% 54% 67% NYC PGRE SLG ESRT VNO 100% 95% 88% 80% 48% NYC ESRT PGRE SLG VNO
8 Leading Companies Returning To The Office 8 As positive COVID - 19 cases dissipate and adverse impacts from the virus become more limited, leaders in business have been focused on rolling back restrictions and returning to pre - pandemic lifestyles, including the use of office space Have Returned Plan To Return Source: Commercial Observer, Cushman & Wakefield Research, and Build Remote.
9 9 Real Estate Portfolio Highlights
10 10 Detailed Property Summary Note: Data as of March 31, 2022. Portfolio Real Estate Assets, at cost ($ mm) Occupancy Remaining Lease Term (in years) % of Annualized Straight - Line Rent % of Portfolio Square Feet 123 William Street $289.4 92% 6.0 38% 47% _ 9 Times Square $185.9 62% 7.0 14% 14% _ 1140 Avenue of the Americas $175.4 76% 6.4 27% 21% _ 196 Orchard Street $89.3 100% 13.1 12% 5% _ 400 E. 67th Street $73.6 100% 2.6 7% 5% _ 200 Riverside Blvd. $19.3 100% 0.1 1% 5% _ 8713 Fifth Avenue $15.8 69% 2.0 1% 2% _ 421 W. 54th Street – Hit Factory $5.0 0% 0.0 0% 1% _ Total Portfolio $853.7 84% 6.8 100% 100% _ Note: Map shows seven properties located in Manhattan. Medical office building in Brooklyn not pictured. $854 million portfolio that is diversified across eight mixed - use office and retail condominium buildings that are primarily located in Manhattan Subsequent to quarter - end, NYC executed two license agreement renewals with City Parking, extending their licenses at the properties through October 2022
11 11 Note: Cash Rent collection data as of May 1, 2022. Total rent collected during the period includes both Cash Rent due and pay men ts made by tenants pursuant to rent deferral agreements or otherwise. Eliminating the impact of deferred rent paid, we collec ted the same percentage of Cash Rent due. Portfolio data as of March 31, 2022, unless otherwise noted. 1) Weighted based on annualized straight - line rent as of March 31, 2022. 2) Ratings information as of March 31, 2022. Weighted based on annualized straight - line rent. NYC’s top 10 tenants are 51% actual I nvestment Grade (“IG”) rated and 20% implied Investment Grade. 3) Provides a rent credit of $1.0 million (including $0.4 million for fourth quarter 2020, $0.2 million for first quarter 2021, $0. 2 million for second quarter 2021, $0.1 million for third quarter 2021, and $0.1 million for first quarter 2022) and $0.6 mil lio n (including $0.1 million for third quarter 2020, $0.1 million for fourth quarter 2020 and $0.4 million for first quarter 2021) deferral in exc han ge for a 24 - month lease extension, adding $4.7 million of new gross annual rent over the extension term. Top 10 Tenant Investment Grade Profile Tenant Space Type Tenant Industry Credit Rating (2) Q1’22 Cash Rent Collection Remaining Lease Term (in years) % of Portfolio SLR % of Portfolio SF City National Bank Office / Retail Financial Services A2 100% 11.3 7.3% 3.6% _ Equinox Retail Fitness Caa3 100% 16.7 5.8% 3.1% _ Planned Parenthood Federation of America, Inc. Office Non - Profit A3* 100% 9.3 5.6% 6.6% _ Cornell University Office Healthcare Services Aa1 100% 2.3 4.2% 3.0% _ Dept. of Youth & Community Development Office Government Aa2 100% 15.8 3.7% 4.1% _ CVS Retail Retail Baa2 100% 12.4 3.6% 1.0% _ Waterfall Asset Management LLC Office Financial Services Not Rated 100% 0.4 3.4% 2.6% _ USA General Services Administration Office Government Aaa 100% 0.2 3.3% 4.9% _ I Love NY Gifts Retail Retail Not Rated Approved Agreement (3) 14.2 3.3% 0.8% _ NYS Licensing Office Government Aa2* 100% 5.3 3.1% 4.6% _ *Implied Rating 71% IG Rated 97% 9.5 43.4% 34.3% _ Credit Rating: A2 Credit Rating: Aa1 Credit Rating: Baa2 Credit Rating: Aaa Credit Rating: Aa2 NYC’s top 10 tenants (1) feature a balance of large Investment Grade corporate tenants such as City National Bank and CVS and government agencies
12 12 33% 45% 58% 69% 69% 76% NYC expects to continue on the leasing momentum it generated in 2021 by executing new leases with credit worthy tenants and lease renewals with existing tenants. In Q1’22, NYC increased Occupancy by 1.5% and had a 2022 Leasing Pipeline of 18,000 square foot that is expected to increase Occupancy from 84% to 86% as leases commence in Q2’22 and Q3’22 Proactive Asset Management 12 Summary of Completed Knotel Replacement Lease and Terms Proactive Replacement of Space Terminated by Knotel (3) Leasing and Property Management Highlights x Quarter over quarter Occupancy across the portfolio increased by 1.5%, including a 3% Occupancy increase at 9 Times Square x NYC had a forward Leasing Pipeline of 18,000 square feet that is expected to increase Occupancy by 1.6% and straight - line rent by $0.9 million as leases commence in Q2’22 and Q3’22 ▪ NYC’s Leasing Pipeline includes one Knotel replacement lease for 4,700 SF that would result in 76% of all of Knotel’s former space replaced x Since Knotel’s termination, NYC has actively marketed turn - key space formerly occupied by Knotel and replaced 69% the former tenant’s space since January 2021 with credit - worthy rent - paying tenants x Management expects to benefit in 2022 from the leasing momentum NYC generated in 2021 as new leases commence and the New York City market continues to rebound 1) As of December 31, 2020, Knotel occupied 71 ,207 square feet, totaled $3.9 million of Annualized Straight - line Rent and had 7.8 years of Remaining Lease Term. 2) As of lease execution date. 3) Includes one executed LOI signed after quarter end that totals 4,738 SF and $0.2 million of annualized straight - line rent. The L OI is non - binding and may not be completed on its contemplated terms or at all. Knotel Termination Replacement Leases 0 SF shown in 000’s Knotel Termination Leasing Pipeline Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 ($ and SF in 000's) 123 William Street (2) 9 Times Square (2)(3) Combined Replacement Leases (3) Straight - Line Rent (3) (SLR) $1,444.8 $1,256.0 $2,700.8 Square Feet 27.8 26.3 54.1 Knotel SF Replacement (%) 77% 75% 76% Knotel SLR Replacement (%) 73% 63% 70% Wtg. Avg. Lease Term 5 Years 8 Years 7 Years
13 Financial Highlights
14 Continued Cash Rent Collection Success 14 Percentage of Cash Rent Due and Collected For Each Period Note: Collection data as of May 1, 2022. Total rent collected during the period includes both Cash Rent due and payments made by tenants pursuant to rent deferral agreements or otherwise. Excludes fourth quarter Cash Rent received after May 1, 2022 that wo uld apply to fourth quarter Cash Rent. Eliminating the impact of deferred rent paid, we collected the same percentage of Cash Rent due. Th is information may not be indicative of any future period and remains subject to changes based ongoing collection efforts and ne got iation of additional agreements. The impact of the COVID - 19 pandemic on our rental revenue for the first quarter of 2022 and thereafter ca nnot be determined at present. The ultimate impact on our future results of operations and liquidity will depend on the overa ll length and severity of the COVID - 19 pandemic, which management is unable to predict. 1) Comparing the percentage of Cash Rent due and collected for Q1’2022 against Q1’2021. 98% 97% 92% 91% 87% Q1'2022 Q4'2021 Q3'2021 Q2'2021 Q1'2021 98% collected 98% collected 98% collected January February March x Year over year, the percentage of Cash Rent due and collected by NYC for the applicable period has increased by 11% across the portfolio as Approved Agreements expired and tenants resumed paying Cash Rent due NYC’s portfolio mix of Investment Grade and government agency tenants with core commercial business continue to provide dependable rental income, resulting in a y ear over year Cash Rent collection rate increase of 11% (1)
15 15 Capital Structure and Q1’22 Financial Results Note: As of March 31, 2022, we had cash and cash equivalents of $10.3 million (excluding restricted cash). We are, however, r equ ired to maintain a minimum net worth in excess of $175.0 million and minimum liquid assets of $10.0 million under our loan se cur ed by our 9 Times Square property, which limits our use of this cash. Our principal sources of cash in recent periods have been cash on hand, cash fro m p rior borrowings and cash from equity issuances under the Company’s at - the - market program. In some recent periods, including 2020 and 2021 to date, the net cash provided by our property operations has not been sufficient to fund operating expenses and other capital requirements. We ant ici pate we will continue to fund a portion of our operating expenses and capital expenditures from the proceeds of share issuan ces under the at - the - market program and the proceeds from property dispositions, if any. We may only incur additional indebtedness on our properties (except our only un encumbered property, the Hit Factory, which is unoccupied and therefore unlikely to be accepted as collateral for a new mortg age loan) with the consent of the existing lenders, which may not be granted on acceptable or favorable terms, or at all, if we were to seek to obtain it. 1) See Definitions in the appendix for a full description. 2) See appendix for Non - GAAP reconciliations. Limited debt maturities though 2025 and Net Leverage of 40% coupled with supportive tailwinds as the New York City market rebounds from the COVID - 19 pandemic to continue to support improved financial performance Key Capitalization Metrics ($ and shares in mm) Q1’22 Fixed / Floating Debt % 100% / 0% Weighted Averaged Effective Interest Rate 4.4% Total Debt $399.5 Net Debt (1) $389.2 Real estate assets, at cost $853.7 Net Leverage 39.9% Basic and Diluted Shares Outstanding 13.3 Debt Maturity Schedule $49.5 $99.0 $140.0 $60.0 $51.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 2022 2023 2024 2025 2026 2027 2028 2029 2030+ Key Financial Results ($ mm) Q1’21 Q1’22 Revenue from Tenants $15.2 $15.6 Net Loss ($13.5) ($11.1) Funds from Operations (1)(2) ($5.0) ($4.1) Core Funds from Operations (1)(2) ($2.9) ($2.0) Cash NOI (1)(2) $5.6 $5.7 Capital Structure x Fixed rate, long - term mortgage debt with a weighted averaged effective interest rate 4.4% x Weighted average debt maturity of 4.9 years with no debt maturities through 2023 and Net Leverage of 39.9% x As of May 1st, 2022, NYC’s independent board members owned over 57,000 shares of NYC and separately, NYC’s Advisor and its affiliates owned over 1,500,000 shares of NYC
16 16 Management and Board of Directors
17 17 Experienced Management Team Michael Weil Chief Executive Officer, President and Chairman of the Board of Directors ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opport uni ties for all AR Capital - sponsored investment programs ▪ Served as president of the Board of Directors of the Real Estate Investment Securities Association (n/k/a ADISA) Chris Masterson Chief Financial Officer and Treasurer ▪ Elected Chief Financial Officer and Treasurer of New York City REIT in September 2019 ▪ Currently serves as Chief Financial Officer of Global Net Lease, Inc. (NYSE: GNL) ▪ Past experience includes accounting positions with Goldman Sachs and KPMG Jason Slear Executive Vice President of Real Estate Acquisitions and Dispositions ▪ Responsible for sourcing, negotiating and closing AR Global’s real estate acquisitions and dispositions ▪ Oversaw the acquisition of over $3.5 billion of real estate assets and the lease - up of over 10 million square feet during profes sional career Boris Korotkin Senior Vice President of Capital Markets ▪ Responsible for leading all debt capital market transactions ▪ Former Executive Vice President of Transaction Structuring for American Financial Realty Trust Ori Kravel Senior Vice President of Corporate Development ▪ Responsible for corporate development and business strategy ▪ Executed over $12 billion of capital market transactions and over $25 billion of M&A transactions Christopher Chao Senior Vice President of Asset Management ▪ Responsible for asset management and leasing activity ▪ Former asset management and acquisitions director for Paramount Group, Inc., a 9 million square foot New York City office por tfo lio
18 18 Board of Directors Michael Weil | Director and Executive Chairman ▪ Founding partner of AR Global ▪ Formerly, Mr. Weil served as Executive Vice President of AR Capital, where he supervised the origination of investment opportunities for all AR Capital - sponsored investment programs ▪ Prior to the establishment of AR Capital, Mr. Weil served as Senior Vice President of Sales and Leasing for American Financial Realty Trust (AFRT), where he was responsible for the disposition and leasing activity for an approximately 30 million square foot portfolio ▪ Served as president of the Board of Directors of the Real Estate Investment Securities Association (n/k/a ADISA) Lee Elman | Independent Director and Audit Committee Chairman ▪ Independent director of the Company since February 2016 ▪ Founder & President of Elman Investors Inc., an international real - estate investment bank ▪ 40+ years of real estate investment experience in the US and abroad ▪ Mr. Elman holds a J.D. from Yale Law School and a B.A. from Princeton University’s Woodrow Wilson School of Public and International Affairs Abby Wenzel | Independent Director ▪ Ms. Wenzel was a member of the law firm of Cozen O’Conner, resident in the New York Office from April 2009 until her retirement in June 2019. Ms. Wenzel practiced in in the Real Estate Group and capital markets practice area, focusing on capital markets, finance and sale leaseback transactions ▪ Prior to joining Cozen O’Connor, Ms. Wenzel was a partner with Wolf Block, LLP, managing partner of its New York office and chair of its structured finance practice from October 1999 until April 2009 Elizabeth Tuppeny | Lead Independent Director ▪ Chief Executive Officer and founder of Domus, Inc., since 1993 ▪ 30 years of experience in the branding and advertising industries, with a focus on Fortune 500 companies ▪ Ms. Tuppeny also founded EKT Development, LLC to pursue entertainment projects in publishing, feature film and education video games Strong Corporate Governance x Majority independent Board of Directors, with additional oversight provided by committees comprised solely of independent directors x PricewaterhouseCoopers LLP currently acts as the independent auditor for NYC x NYC is supported by robust financial accounting and reporting teams, and maintains financial reporting processes, controls and procedures x Management and shareholders fully aligned to compensate based on operational outperformance x NYC’s independent board members and the Advisor and its affiliates have each separately demonstrated its depth of commitment to NYC’s long - term value by increasing ownership in NYC. As of May 1 st 2022, NYC’s independent board members owned over 57,000 shares of NYC and separately, NYC’s Advisor and its affiliates owned over 1,500,000 shares of NYC
19 19 Appendix
20 20 Definitions Adjusted EBITDA : We believe that 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 . Annualized Straight - Line Rent : Straight - line rent which is annualized and calculated using most recent available lease terms as of the period end indicated . Approved Agreement : Represents Deferral Agreements as well as amendments granting the tenant a rent credit for some portion of original Cash Rent due . The rent credit is generally coupled with an extension of the lease . The terms of the lease amendments providing for rent credits differ by tenant in terms of the length and amount of the credit . A “Deferral Agreement” is an executed or approved amendment to an existing lease agreement to defer a certain portion of Cash Rent due . Cash NOI : 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 . Cash Rent : Represents total of all contractual rents on a cash basis due from tenants as stipulated in the originally executed lease agreements for the applicable period taking into account any deferrals or lease amendments . “Original Cash Rent” refers to contractual rents on a cash basis due from tenants as stipulated in their originally executed lease agreement based on leases in place for the applicable period, prior to any rent deferral agreement . We calculate “Original Cash Rent collections” by comparing the total amount of rent collected during the period to the original Cash Rent due for the applicable period . Total rent collected during the period includes both original Cash Rent due and payments made by tenants pursuant to rent deferral agreements . Core FFO : 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, listing related costs and expenses (including the vesting and conversion of Class B units and cash expenses and fees which are non - recurring in nature incurred in connection with the listing of Class A common stock on the NYSE and related transactions), and non - cash equity - based compensation . 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 . EBITDA : Defined as earnings before interest, taxes, depreciation and amortization (“EBITDA”) . We believe that EBITDA is an appropriate measure of our ability to incur and service debt . 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 . FFO : We define 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 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 the sale of certain real estate assets, gains 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 unconsolidated partnerships and joint ventures are calculated to reflect FFO . Our FFO calculation complies with NAREIT’s definition . Investment Grade : 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 . Ratings information is as of March 31 , 2022 . Top 10 tenants are 51 % actual investment grade rated and 20 % implied investment grade rated . Leasing Pipeline : Includes ( i ) all leases fully executed by both parties as of May 1 , 2022 , but after March 31 , 2022 , and (ii) all leases under negotiation with an executed LOI by both parties as of May 1 , 2022 . This represents three executed lease totaling 13 , 300 square feet and one signed Letter of Intent (“LOI”) for 4 , 700 square feet . Leasing pipeline should not be considered an indication of future performance . Net Debt : Total debt of $ 399 . 5 million less cash and cash equivalents of $ 10 . 3 million (excluding restricted cash) as of March 31 , 2022 . Net Leverage : For the Company and for March 31 , 2022 , represents total mortgage notes payable, gross of $ 399 . 5 million minus cash and cash equivalents of $ 10 . 3 million (excluding restricted cash) divided by total assets of $ 810 . 2 million plus accumulated depreciation and amortization of $ 164 . 7 million as of March 31 , 2022 . For peers, represents total debt, plus preferred equity, minus cash and cash equivalents divided by total assets plus accumulated depreciation and amortization, at cost, as of March 31 , 2022 . NOI : Defined as 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 (loss) . Occupancy : Represents percentage of square footage of which the tenant has taken possession of divided by the respective total rentable square feet as of the date or period end indicated . Remaining Lease Term : Represents the outstanding tenant lease term . Weighted based on Annualized Straight - Line rent as of the date or period end indicated . Total Return : Calculated by taking the ending share price on March 31 , 2022 less the beginning share price on January 1 , 2021 plus dividends paid divided by the beginning share price on January 1 , 2021 and shown as a percentage .
21 21 Reconciliation of Non - GAAP Metrics: Cash NOI For the Three Months Ended (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Net Loss (in accordance with GAAP) $ (11,105) $ (3,755) $ (13,535) Depreciation & Amortization 6,981 7,657 8,526 Interest Expense 4,715 4,811 4,713 Income tax (benefit) expense — 23 — EBITDA $ 591 $ 8,736 $ (296) Impairment of real estate investments — 1,039 — Equity - based compensation 2,120 2,119 2,115 Other income 37 (3) 8 Adjusted EBITDA $ 2,748 $ 11,891 $ 1,827 Asset and property management fees to related parties 1,922 1,938 1,907 General & Administrative 2,398 2,104 2,732 NOI $ 7,068 $ 15,933 $ 6,466 Accretion of below - and amortization of above - market lease liabilities and assets, net (51) (7,864) (215) Straight - line rent (revenue as a lessor) (1,303) (972) (640) Straight - line ground rent (expense as lessee) 27 27 28 Cash NOI $ 5,741 $ 7,124 $ 5,639 Cash Net Operating Income (Cash NOI) Reconciliation Schedule
22 22 Reconciliation of Non - GAAP Metric: FFO (in thousands) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Net Loss (in accordance with GAAP) $ (11,105) $ (13,535) Depreciation and amortization 6,981 8,526 FFO (As defined by NAREIT) $ (4,124) $ (5,009) Equity - based compensation 2,120 2,115 Core FFO attributable to common stockholders $ (2,004) $ (2,894) Funds From Operations (FFO) Reconciliation Schedule
23 23 Legal Notices
24 24 Important Additional Information and Where to Find It References in this presentation to the “Company,” “we,” “us” and “our” refer to New York City REIT, Inc. (“NYC”) and its cons oli dated subsidiaries. This presentation contains estimates and information concerning the Company’s industry and the Company’s peer companies that are based on industry publications, reports and peer company public filings. The Company has not independently verified the accuracy of the data co nta ined in these industry publications, reports and peer company public filings. These estimates and information involve a number of assumptions and li mit ations, and you are cautioned not to rely on or give undue weight to this information. The industry in which we operate is subject to a high deg ree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” and “Management's Discussion and Analysis of Financial Co ndi tion and Results of Operations” sections of the Company’s Annual Report on Form 10 - K filed with the SEC on March 18, 2022 and all other filings file d with the SEC after that date. These and other factors could cause results to differ materially from those expressed in these publications and reports . 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 FASB and the SEC related to lease modification accounting, rental revenue used to calculate Net Income, NAREIT FFO, Core FFO, EBITDA, and Adjusted EBITDA has n ot been, and we do not expect it to be, significantly impacted by these types of deferrals. 24
25 25 Forward Looking Statements Certain statements made in this presentation are “forward - looking statements” (as defined in Section 21E of the Exchange Act), w hich reflect the expectations of the Company regarding future events. You can identify forward - looking statements by the use of forward looking terminology such as “believes,” “expects,” “may,” “wil l,” “would,” “could,” “should,” “seeks,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases . T he forward - looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward - looking statements. T hese forward - looking statements include, but are not limited to, market and other expectations, objectives, and intentions, as well as any other statements that are not historical facts. Our potential risks and uncertainties are presented in the section titled “Item 1A. Risk Factors” in the Company’s Annual Rep ort on Form 10 - K filed with the SEC on March 18, 2022 as well as other subsequent reports filed with the SEC. Forward - looking statements speak as of the date they were made and we disclaim any obliga tion to update and revise statements contained in these materials to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless req uired by law. The following are some of the risks and uncertainties relating to us, although not all risks and uncertainties, that could cause our actual results to differ materially from those pr esented in our forward - looking statements: • Our properties may be adversely affected by economic cycles and risks inherent to New York City. • Our ability to fund our capital requirements will depend on, among other things, the amount of cash we are able to generate f rom our operations, which is dependent on, among other things, the impact of the COVID - 19 pandemic on our tenants and other factors outside of our control, and our ability to access capital from outside sources, which may not be available on acceptable or favorable terms, or at all. • If we are not able to generate sufficient cash flows from operations, we may continue to fund dividends from sources other th an cash flow from operations and may have to reduce the amount of dividends we pay or identify other financing sources. • Funding dividends from other sources such as borrowings, asset sales or equity issuances limits the amount we can use for pro per ty acquisitions, investments and other corporate purposes. • We are subject to risks associated with a pandemic, epidemic or outbreak of a contagious disease, such as the ongoing global COV ID - 19 pandemic, including negative impacts on our tenants and their respective businesses. • Geopolitical instability due to the ongoing military conflict between Russia and Ukraine may impact the economic conditions i n t he United States. • Inflation and continuing increases in the inflation rate may have an adverse effect on our investments and results of operati ons . • Increases in interest rates could increase the amount of our debt payments. • Market and economic challenges experienced by the U.S. and global economies may adversely impact aspects of our operating res ult s and operating condition. • We depend on tenants for our rental revenue and, accordingly, our rental revenue is dependent upon the success and economic v iab ility of our tenants. Lease terminations, tenant default and bankruptcy have adversely affected and could in the future adversely affect the income and cash flow produced by our properti es. • In owning properties we may experience, among other things, unforeseen costs associated with complying with laws and regulati ons and other costs, potential difficulties selling properties and potential damages or losses resulting from climate change. • We depend on our Advisor and our Property Manager to provide us with executive officers, key personnel and all services requi red for us to conduct our operations and our operating performance may be impacted by any adverse changes in the financial health or reputation of our Advisor and our Property Manager. • All of our executive officers face conflicts of interest, such as conflicts created by the terms of our agreements with the A dvi sor and compensation payable thereunder, conflicts allocating investment opportunities to us, and conflicts in allocating their time and attention to our matters. Conflicts that arise may no t be resolved in our favor and could result in actions that are adverse to us. • We have long - term agreements with our Advisor and its affiliates that may be terminated only in limited circumstances and may re quire us to pay a termination fee in some cases. • We have substantial indebtedness and may be unable to repay, refinance, restructure or extend our indebtedness as it becomes due . We may incur additional indebtedness in the future. • We have been in breach of several of our mortgage loans during 2021 encumbering certain of our properties for multiple quarte rs and have been or will be unable to use excess cash flow, if any, from those properties until the breaches are cured. If we experience additional lease terminations, it is possible that certa in of the covenants on other loans may be breached and we may also become restricted from accessing excess cash flows from those properties. • The stockholder rights plan adopted by our board of directors, our classified board and other aspects of our corporate struct ure and Maryland law may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders. • Restrictions on share ownership contained in our charter may inhibit market activity in shares of our stock and restrict our bus iness combination opportunities. • We may fail to continue to qualify as a REIT. 25