American Realty Capital’s New York REIT kicks off trading

Shares jump nearly 3.8 percent to close at $10.75 Tuesday

TRD New York /
Apr.April 16, 2014 01:05 PM

American Realty Capital’s New York REIT, which listed its shares on the New York Stock Exchange Tuesday, finished day one on the upswing.

Shares of Nicholas Schorsch’s New York City-centric real estate investment trust closed trading at $10.75 a share Tuesday, jumping nearly 3.8 percent in the final hour of the day’s trading. Before Tuesday, shares were valued at $10 each. The New York REIT, which snapped up roughly $1.8 billion worth of New York City real estate in 2013, indicated that its 23 retail and office holdings are worth $12.47 a share in pre listing marketing materials, according to the Wall Street Journal.

But Schorsch previously told the paper that if the share prices traded at $10.75 during the first day of listing, he would consider that a “victory.”

“I had hoped that we would exceed the opening price of $10.70, and it did,” Schorsch told the Journal late Tuesday. “That’s the definition of a good opening day for a stock.”

American Realty Capital’s New York REIT listing is a first for a real estate firm specializing solely in New York City properties. [WSJ]Julie Strickland


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