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INVESTMENT PROPOSAL
HARVARD SEEKING ALPHA PITCH COMPETITION
NAOMIE GENDRON
MCGILL UNIVERSITY
INVESTMENT PROPOSAL
Portfolio Segmentation
Market Summary
Share Price
Market Capitalization
52-Week Range
Beta
Current Yield
EPS (TTM)
$11.14
$1.80B
$9.51- 12.32
0.41
4.18%
(0.66)
Investment Thesis
Quality Lease Portfolio & Experienced Management
- NYC REIT has the highest direct exposure to Manhattan of any public REIT
- High quality assets in key areas, with no near term lease expirations or debt maturities
- Quality management with a proven track record in acquiring high quality assets
Significant Room For Growth
- Internal growth projected at ~15% over 2014-2015, and ~5% long-term
- External growth opportunities include the Worldwide Plaza option
Extremely Attractive Valuation With Low Downside Risk
- Discounted on a 2015E P/FFO and P/AFFO basis, mainly due to the IPO discount
- Discount is even more severe when computing the adjusted dividend yield
- Supported by strong near-term catalysts
- Expected entry in the MSCI REIT Index as early as November 2014 should garner equity research
and institutional interest in the stock, leading to share appreciation
- Possibility for a merger/sale to ARC REIT given identical business model, 2/5 same board
members, and same parent company
INVESTMENT PROPOSAL