Business Context and Reporting Period
This Form 8-K is filed by American Realty Capital New York City REIT, Inc. (the "Company"), a Maryland corporation. The report covers events occurring on January 22, 2015, with the filing date of January 28, 2015. The Company is a real estate investment trust focused on New York City properties.
Key Financial Metrics
This filing is a current report regarding a change in corporate governance and does not contain financial performance data. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Change in Certifying Accountant: On January 22, 2015, Grant Thornton LLP resigned as the Company's independent registered public accounting firm. The resignation was accepted by the Company's audit committee.
- Audit History: Grant Thornton's audit reports for the periods ending January 2, 2014, and December 31, 2013, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: The Company confirmed there were no disagreements with Grant Thornton regarding accounting principles, financial statement disclosures, or auditing scope/procedures from the Company's establishment in December 2013 through January 22, 2015.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant period.
Outlook, Risks, and Management Commentary
The Company is currently in discussions with several accounting firms to replace Grant Thornton for the fiscal year ending December 31, 2014. Management stated that a subsequent Form 8-K will be filed promptly upon the completion of the retention of a replacement firm. No specific risks, contingencies, or unusual items were disclosed beyond the standard disclosure of the auditor resignation.
Investor Verification Checklist
- Verify the identity of the new independent registered public accounting firm once the Company files the follow-up Form 8-K.
- Review the attached Exhibit 16.1 (Letter from Grant Thornton LLP) for any additional context regarding the resignation.
- Monitor future filings for any changes in the Company's financial reporting or audit opinions resulting from the change in auditors.