New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 8, 2014
06:02 EDTNYRTNew York REIT initiated with a Market Perform at JMP Securities
JMP Securities believes the risk/reward for shares of New York REIT is balanced at current levels. The firm started the stock with a Market Perform rating.
News For NYRT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
June 23, 2015
08:23 EDTNYRTNew York REIT moves positive, says JMP Securities
Subscribe for More Information
June 22, 2015
16:52 EDTNYRTNew York REIT to pursue divestures of non-core assets
Subscribe for More Information
16:51 EDTNYRTNew York REIT appoints Randolph Read non-executive Chairman of the Board
16:50 EDTNYRTNew York REIT announces $150M share repurchase program
Subscribe for More Information
June 18, 2015
18:03 EDTNYRTFirst Winthrop,Witkoff Group offer to become external advisor to New York REIT
Subscribe for More Information
17:53 EDTNYRTNew York REIT closes up almost 10% after Rambleside calls for sale, liquidation
Ealier today, Rambleside Holdings, owner of 1.2M shares of New York REIT, sent a letter to Michael Happel CEO of New York REIT. The letter said in part: "We read with interest Sorin Capital's letter to you on Tuesday. As among your largest shareholders with 1.2 million shares of NYRT, Rambleside Holdings is also very disappointed with the current situation. At this time, it is appropriate to discuss how you and the Board can ensure shareholders realize full value for our company...As indicated in our letter to you of June 10th, Rambleside believes NYRT trades at a discount of at least 40% to true NAV...We are also skeptical of plans to 'unlock excess value' of our properties through joint ventures. While we don't disagree with you the equity value of the portfolio's top 5 assets has increased by $500M, or $3 per share, since their acquisition by NYRT, selling minority interests in our properties will ultimately make these assets less valuable...It's almost embarrassing NYRT trades at a 5% dividend yield when comparable Class A Office REITs trade closer to a 2% dividend yield and significantly closer to NAV. As NYRT cannot issue capital of any kind that wouldn't either dilute or endanger equity holders, the only credible solution to the situation we find ourselves in is to sell the entire company immediately, or liquidate its portfolio over the next 6-9 months to achieve the highest value." Shares of New York REIT closed up 9.83% or 94c to $10.50.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use