NEW YORK, May 10, 2017 /PRNewswire/ — New York REIT, Inc. (NYSE: NYRT) (the “Company” or “NYRT”), which is liquidating and winding down pursuant to a plan of liquidation, announced today its financial results for the first quarter ended March 31, 2017.
Financial Results
Liquidation Basis of Accounting
As a result of NYRT’s shareholder approval of the plan of liquidation on January 3, 2017, effective January 1, 2017, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimate net sales proceeds on an undiscounted basis as well as include…
Read the full article at: https://www.gurufocus.com/news/518937/new-york-reit-announces-results-for-first-quarter-2017