Business Context and Reporting Period
This Form 8-K is a current report filed by New York City REIT, Inc. (the "Company") on September 13, 2019. The filing addresses Item 5.02 regarding the departure of a senior officer and the election of a new Chief Financial Officer and Treasurer. The Company is incorporated in Maryland and is classified as an emerging growth company.
Key Financial Metrics
This filing is a corporate governance report and does not contain financial performance data. The text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Resignation: Katie P. Kurtz resigned as Chief Financial Officer and Treasurer, effective immediately on September 13, 2019. The filing states there were no disagreements between Ms. Kurtz and the Company, its advisor, or its property manager.
- Appointment: Christopher J. Masterson was unanimously elected as Chief Financial Officer and Treasurer, effective immediately upon Ms. Kurtz's resignation. He also assumed these roles for the Company's advisor (New York City Advisors, LLC) and property manager (New York City Properties, LLC).
- Indemnification: The Company entered into an indemnification agreement with Mr. Masterson on September 13, 2019, consistent with agreements held by other directors and officers.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. It notes that Mr. Masterson may be deemed to have a material interest in transactions involving the Company and its advisor as described in the Company's definitive proxy statement filed on March 19, 2019. No specific risks or contingencies related to the leadership change were disclosed beyond the standard indemnification terms.
Key Facts for Investor Verification
- Verify the effective date of the CFO transition (September 13, 2019) and confirm no interim financial reporting gaps occurred.
- Review the definitive proxy statement (Schedule 14A) filed on March 19, 2019, to understand the nature of Mr. Masterson's potential material interests in transactions with the advisor.
- Confirm that the resignation of the previous CFO was voluntary and not related to any undisclosed disagreements or financial irregularities.
- Assess Mr. Masterson's prior experience with AR Global Investments, LLC, and its subsidiaries to evaluate continuity in financial management.