New York REIT Director Resigns
New York REIT Inc. (NYSE: NYRT), a former non-traded real estate investment trust known as American Realty Capital New York Recovery REIT, announced that Keith Locker resigned from the board of directors on April 27th, according to a filing with the Securities and Exchange Commission. Locker joined the board in November 2015.
“We thank Mr. Locker for his service on the board. He has brought his extensive experience in REITs, real estate, capital markets, governance, risk management and asset management into our deliberations and we wish him well in his future endeavors,” said Wendy Silverstein, chief executive officer.
In a letter to the board, Locker said that his resignation was not the result of any dispute or disagreement with company and that he was “extremely proud of the results achieved by appointing Winthrop REIT Advisors as the new manager and Wendy Silverstein as CEO, along with the successful transition. I am confident that the shareholder approved plan of liquidation is in the right hands.”
Shareholders recently agreed to dissolve and liquidate the company after dismissing AR Global-affiliate New York Recovery Advisors as the REIT’s external advisor.
At the REIT’s annual meeting of stockholders on June 8th, investors will vote on seven directors: Craig Bouchard, Howard Goldberg, Joe McKinney, James Nelson, Sue Perrotty, Randolph Read and Wendy Silverstein.
The board previously had nine directors, but in addition to Locker’s resignation, William Kahane is not standing for reelection.
New York REIT owns 19 commercial real estate properties in New York City. Shares of NYRT closed at $9.59 on Monday.
