SEC Filing Summary: New York City REIT, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed by New York City REIT, Inc. (NYSE: NYC) on December 19, 2022, covering events occurring on December 14, 2022. The filing addresses corporate governance changes under Item 5.02 regarding the appointment of a new director.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change reported is the appointment of Mr. Louis P. DiPalma to the Board of Directors, effective December 14, 2022. This appointment fills the vacancy created by the passing of Mr. Lee M. Elman. Mr. DiPalma has been designated as an "audit committee financial expert" and appointed as the chairman of the audit committee. The Board determined he meets the independence requirements of the New York Stock Exchange.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of material risks and contingencies. It notes that Mr. DiPalma is eligible for standard non-employee director compensation, including a pro-rated annual retainer, and will enter into the Company's standard indemnification agreement. No unusual items or transactions requiring disclosure under Item 404(a) of Regulation S-K were identified.
Key Facts for Investor Verification
- Mr. Louis P. DiPalma was appointed to the Board of Directors on December 14, 2022.
- Mr. DiPalma serves as the Undersea Systems Chief Engineer at Raytheon Technologies Corporation and is a member of the Rhode Island State Senate.
- He has been designated as an "audit committee financial expert" and appointed chairman of the audit committee.
- The appointment fills the vacancy left by the late Mr. Lee M. Elman.
- Compensation is based on the standard non-employee director retainer disclosed in the 2022 Proxy Statement.