American Realty Capital’s New York REIT kicks off trading
Shares jump nearly 3.8 percent to close at $10.75 Tuesday
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