Business Context and Reporting Period
This Form 8-K is a current report filed by American Realty Capital New York City REIT, Inc. on October 5, 2017. The filing addresses Item 5.02 regarding the departure of certain officers and the election of new officers.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and personnel changes.
Material Changes
- Resignation of Nicholas Radesca: Mr. Radesca notified the Board on October 5, 2017, of his intent to retire from his positions as interim Chief Financial Officer and Treasurer of the Company, the Advisor (New York City Advisors, LLC), and the Property Manager (New York City Properties, LLC).
- Effective Date: Resignations are effective on the later of November 15, 2017, or the day after the filing of the Company's Form 10-Q for the quarter ended September 30, 2017.
- Reason for Departure: Retirement. The filing states there were no disagreements between Mr. Radesca and the Company or the Advisor.
Guidance, Outlook, and Management Commentary
- Election of Katie P. Kurtz: On October 9, 2017, the Board unanimously elected Katie P. Kurtz as Chief Financial Officer and Treasurer of the Company, the Advisor, and the Property Manager, effective upon Mr. Radesca's resignation.
- Background: Ms. Kurtz, 37, is a Certified Public Accountant with extensive experience in financial reporting and accounting roles at various business development companies and REITs, including American Realty Capital Healthcare Trust III, Inc., Healthcare Trust, Inc., and American Finance Trust, Inc.
- Related Party Transactions: As an executive officer, Ms. Kurtz may be deemed to have a material interest in transactions involving the Company and the Advisor as described in the Company's definitive proxy statement filed on April 24, 2017.
Investor Verification Checklist
- Verify the exact effective date of the CFO transition once the Form 10-Q for the quarter ended September 30, 2017, is filed.
- Review the definitive proxy statement (Schedule 14A) filed on April 24, 2017, for details on potential material interests of the new CFO in related party transactions.
- Confirm the interim financial reporting status during the transition period between the resignation notice and the effective date.