AR Global’s New York REIT Sets Stockholders Meeting Date
AR Global-managed 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 its 2016 Annual Meeting of Stockholders will be held on December 19, 2016 at a time and location to be determined. Stockholders of record at the close of business on November 10th will be entitled to vote at the annual meeting.
At the meeting, shareholders will vote on the election of directors and whether to approve NYRT’s proposed plan of liquidation and dissolution. The REIT terminated its proposed merger with private real estate firm, JBG Companies in August.
New York REIT recently reached a settlement agreement with Michael Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC and agreed to expand its board of directors to include James Hoffmann, Gregory Hughes and Craig Bouchard as new independent directors. The board will now comprise nine directors, as opposed to six, eight of whom are considered independent.
As reported by The DI Wire yesterday, the company announced that in light of the liquidation plan it will not pay a regular dividend for the month of November 2016 and does not currently expect to pay a regular monthly dividend for the month of December 2016.
NYRT is a publicly traded real estate investment trust that owns 19 commercial real estate properties, including office and retail properties, located in New York City. Shares of NYRT closed at $9.42 on Monday.
