Comrit Investments Releases Presentation Detailing the Urgent Need for Change in New York City REIT's Boardroom
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Highlights the Incumbent Board’s Anti-Stockholder Practices, Concerning Interconnectivity and Record of Presiding Over Negative Returns Across Every Relevant Time Horizon
Makes Clear That the Company Is at Risk if the Status Quo Persists, as NYC REIT’s Capital Position Shrinks, Executive Compensation Rises and Trading Price Discount to NAV Widens
Reminds Stockholders That Independent Nominee Sharon Stern Has the Public REIT Experience and Financial Expertise Required to Help Rebuild NYC REIT
Urges Stockholders to Vote on the WHITE Proxy Card to Restore Accountability and Credibility in the Boardroom
NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--
Comrit Investments 1, LP (together with its affiliates, “Comrit” or “we”), a long-term stockholder of New York City REIT, Inc. (NYSE: NYC) (“NYC REIT” or the “Company”), today issued a comprehensive presentation that details the urgent case for change in NYC REIT's boardroom and summarizes the qualifications of its highly skilled and experienced nominee, Sharon Stern. As a reminder, Comrit is calling on stockholders to vote on the WHITE proxy card to elect Ms. Stern at the Company's 2022 Annual Meeting of Stockholders (the "Annual Meeting"). Learn more at www.RebuildNYCREIT.com.
"Following its public listing in August 2020, NYC REIT has continued to significantly underperform while the Board has initiated stockholder-unfriendly maneuvers, including the adoption of a defensive poison pill, serious conflicts of interest and the approval of an egregious advisory agreement that provides for excessive compensation and prioritizes management and the Company's advisor's interests over those of stockholders. In our view, leadership's repeated failure to create value for stockholders stems from a lack of independence, financial acumen and governance expertise across the current Board and management team. We believe stockholders deserve a highly qualified, independent director who is unhindered by legacy biases and conflicts of interest and who is laser-focused on unlocking value for stockholders.
At this year's Annual Meeting, stockholders have an opportunity to add a public company governance expert to the Board who can help objectively evaluate the Company's performance, governance and go-forward strategy. If elected, Sharon Stern will bring fresh perspectives and much-needed skills to help the Board improve NYC REIT's abysmal governance and create long-term value. We urge stockholders to vote to reverse the dismal status quo and begin rebuilding NYC REIT today."
Comrit Investments 1, LP is an investment partnership that invests in income generating real estate through public non-traded real estate investment trusts. Founded in 2015 and based in Tel Aviv, Washington D.C. and New York City, Comrit is sponsored by I.B.I. Investment House Ltd. (TLV: IBI), an Israel-based market leader in alternative fund offerings. Comrit’s management team collectively has 30 years of experience investing across the U.S. real estate market.
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