New York City REIT, Inc. (NYSE:NYC) Q3 2022 Earnings Conference Call November 15, 2022 11:00 AM ET

Company Participants

Curtis Parker - SVP

Michael Weil - CEO

Chris Masterson - CFO

Conference Call Participants

Bryan Maher - B. Riley Securities FBR

Operator

Good morning. Welcome to the New York City REIT Third Quarter Earnings Call. At this time all participants are in listen-only mode. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions].

And I'd like to turn the conference over to Curtis Parker, Senior Vice President. Please go ahead.

Curtis Parker

Thank you. Good morning, everyone. And thank you for joining us for NYCs third quarter 2022 earnings call. This event is being webcast in the Investor Relations section of NYC's website.

Joining me today on the call to discuss the quarter's results are Michael Weil, NYC's Chief Executive Officer and Chris Masterson, NYC's chief financial officer.

The following information contains forward-looking statements which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the Form 10-K filed for the year ended December 31, 2021, filed on March 18, 2022 in all subsequent PC filings for a more detailed discussion of the risk factors that could cause these differences.

Any forward-looking statements provided during this conference call are only made as of the date of this call, as stated in our SEC filings NYC disclaims any intent or obligation to update or revise these forward-looking statements except as required by law.

Also, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release, which is posted on our website at www.newyorkcityreit.com. Please also refer to our earnings release for more information about what we consider to be implied investment grade tenants a term we will use throughout today's call.

I will now turn the call over to Michael Weil, Chief Executive Officer. Please go ahead, Mike.

Michael Weil

Thanks, Curtis. Good morning. And thank you all for joining us today. The third quarter was very positive for us, especially with respect to leasing. During the quarter we commenced five new leases across almost 49,000 square feet, with a weighted average remaining lease term of 6.3 years. During the first nine months of 2022, we signed seven new leases that increased portfolio occupancy by 160 basis points, including a 790 basis points increase at 9 Times Square.