Comrit Investments Issues Letter to New York City REIT Stockholders Regarding the Board's Conflicts and Governance Lapses

Rhea-AI Summary

Comrit Investments, a long-term stockholder of New York City REIT (NYSE: NYC), emphasizes the lack of independence within the board and its ties to AR Global, the ultimate advisor for NYC REIT. The press release highlights past decisions favoring management over stockholders. Notably, Institutional Shareholder Services Inc. (ISS) recommends voting for Comrit's independent director candidate, Sharon Stern, at the upcoming Annual Meeting on May 31, 2022. This call for change aims to align the board’s interests with those of the shareholders.

Positive

• ISS recommends voting for independent candidate Sharon Stern.

Negative

• Board lacks independence and has prioritized management interests over stockholder interests.

Outlines the Board's Lack of Independence and Concerning Ties to AR Global, NYC REIT's Ultimate Advisor, and Its Affiliates

Highlights How the Board Has Historically Prioritized the Interests of Management and AR Global Over Stockholders

Reminds Stockholders Leading Independent Proxy Advisory Firm ISS Recommends Investors Vote the WHITE Proxy Card to Elect Comrit's Independent Director Candidate, Sharon Stern

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 sent a letter to fellow stockholders regarding the urgent need for boardroom change at NYC REIT.

Yesterday, Institutional Shareholder Services Inc. ("ISS"), a leading independent proxy advisory firm, recommended stockholders vote on the WHITE proxy card to elect Comrit's independent nominee, Sharon Stern, at the Company’s upcoming Annual Meeting of Stockholders on May 31, 2022.

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IF YOU HAVE QUESTIONS ON HOW TO VOTE THE WHITE PROXY CARD, PLEASE CONTACT SARATOGA PROXY CONSULTING AT INFO@SARATOGAPROXY.COM OR TOLL-FREE AT: (888) 368-0379.

STOCKHOLDERS CAN VISIT WWW.REBUILDNYCREIT.COM TO LEARN MORE.

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About Comrit Investments

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005959/en/

For Investors:

Saratoga Proxy Consulting LLC

John Ferguson / Joe Mills, 212-257-1311

jferguson@saratogaproxy.com / jmills@saratogaproxy.com

For Media:

Longacre Square Partners

Charlotte Kiaie / Bela Kirpalani, 646-386-0091

ckiaie@longacresquare.com / bkirpalani@longacresquare.com

Source: Comrit Investments 1, LP

FAQ

What does Comrit Investments highlight about the NYC REIT board?

Comrit Investments highlights the lack of independence within the NYC REIT board and its concerning ties to AR Global.

What is the recommendation from ISS regarding NYC REIT?

ISS recommends that stockholders vote for Comrit's independent candidate, Sharon Stern, using the WHITE proxy card.

When is the NYC REIT Annual Meeting of Stockholders?

The NYC REIT Annual Meeting of Stockholders is scheduled for May 31, 2022.

What concerns does Comrit Investments raise about the board's decisions?

Comrit raises concerns that the board has historically prioritized the interests of management and AR Global over those of stockholders.