Business Context and Reporting Period
This Form 8-K Current Report was filed by Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. on December 2, 2020, regarding events occurring on November 30, 2020. The filing focuses on corporate governance changes, specifically the appointment of a new independent director and the transition of the Chief Accounting Officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding personnel and governance changes and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors increased its size from eight to nine members.
- Director Appointment: Grant H. Hill was appointed as an independent director, effective November 30, 2020. He will serve on the Finance Committee and the Nominating and Corporate Governance Committee.
- Executive Departure: Andrew J. Prentice is scheduled to depart as Chief Accounting Officer and Treasurer effective February 26, 2021.
- Executive Appointment: Stephen Horn was appointed Senior Vice President and Chief Accounting Officer, effective February 26, 2021. He began an interim role as Deputy Chief Accounting Officer on December 2, 2020.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary regarding future performance. The primary risks and contingencies disclosed relate to the transition of key financial leadership roles. The Company expects to enter into standard indemnification agreements with both the new director and the new Chief Accounting Officer.
Investor Verification Checklist
- Verify the independence status of Grant H. Hill under NYSE listing standards.
- Confirm the pro-rated compensation structure for Grant H. Hill as detailed in the 2020 Proxy Statement.
- Monitor the transition timeline for the Chief Accounting Officer role between Andrew J. Prentice and Stephen Horn (December 2020 to February 2021).
- Review the background of Stephen Horn, specifically his tenure at Ernst & Young LLP and his qualifications as a CPA.