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NY REIT Makes Some Key Changes

NEW YORK CITY—Though it failed to cite the angry letters its received from investors in the last week, NY REIT late Monday announced several changes its making in the interest of best practices.

By Rayna Katz | Updated on June 22, 2015

NEW YORK CITY—Taking some steps to remedy its troubles—but possibly not doing enough to appease shareholders—the board of New York REIT has authorized the company to repurchase up to $150 million of the company’s common stock. Additionally, the board has authorized the engagement of Cushman & Wakefield and HFF to sell certain of the company’s non-core assets as part of its efforts to “focus on high quality New York City real estate generating consistent, stable returns and providing significant long-term capital appreciation opportunities,” according to a statement from the REIT.

Meanwhile, NYRT has appointed Randolph Read the non-executive chairman of the company’s board of directors—replacing William Kahane, who will continue to serve as a director—while the board was “overwhelmingly” re-elected at today’s shareholders meeting.

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