The board needs to disclose how their stockholders are "being compensated over and above the net asset value for its public shell." A "very rough analysis" suggests a material dilution in net asset value for New York REIT shareholders, Michael Lewis, an analyst with SunTrust Robinson Humphrey, said in a note to investors yesterday. New York REIT, which has been under pressure to raise its shareholder value, dropped 8.1% to close at $9. That was the biggest decline since the shares started trading publicly in April 2014.