{"id":1004099154,"date":"2014-06-24T07:17:43","date_gmt":"2014-06-24T15:17:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004099154"},"modified":"2022-12-08T20:26:22","modified_gmt":"2022-12-09T04:26:22","slug":"investment-community-views-schorschs-stepping-down-favorably","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investment-community-views-schorschs-stepping-down-favorably\/","title":{"rendered":"Investment Community Views Schorsch\u2019s Stepping Down Favorably"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Nicholas<\/a>

Nicholas Schorsch<\/p><\/div>\n

Chairman & CEO of the $10 billion American Realty Capital Properties Inc. \u00a0Nicholas Schorsch\u00a0announced in a June 20 letter to shareholders that he will be passing the CEO torch to company president David Kay, effective Oct. 1, 2014. It\u2019s big news, but it\u2019s not new news; during ARCP\u2019s first quarter earnings call in May, Schorsch said that the company anticipated \u201caccelerating the succession planning process for David to take the rein to CEO of the company in the near future.\u201d<\/p>\n

In the letter to shareholders, Schorsch explained that the transition would provide him the freedom to focus his efforts on \u201clong-term strategic initiatives,\u201d leaving the day-to-day operations and investor communications to Kay.<\/p>\n

ARCP has made quite a few major moves under Schorsch\u2019s guidance over the last 18 months. In February of this year, the company closed the $11.2 billion acquisition of Cole Real Estate Investments Inc.<\/a>, a transaction that made ARCP the largest publicly traded net lease REIT. The merger came on the heels of ARCP\u2019s completion of the $3.2 billion purchase of American Realty Capital Trust IV in January<\/a>. And in February 2013, ARCP wrapped up the acquisition of American Realty Capital Trust III for $2 billion<\/a>.<\/p>\n

\"David<\/a>

David Kay<\/p><\/div>\n

The investment community views Schorsch\u2019s stepping down favorably, to a certain extent. \u201cIt\u2019s modest positive; I don\u2019t think he was spending a lot of time doing the day-to-day ARCP activities anyway,\u201d Jonathan Pong, senior research associate with financial services firm Robert W. Baird & Co. Inc., told Commercial Property Executive<\/em>.<\/p>\n

On paper, Schorsch\u2019s decision to focus on his role as chairman appears to be the right step toward alleviating a certain perception: conflict of interest. \u201cARCT III and IV were both were multibillion deals that eventually got rolled up into ARCP, so they basically bought out ARCT III and IV using ARCP capital, which definitely has the flavor of self-dealing there,\u201d Pong added. \u201cSo as long as he has a partnership interest vested in ARCP as chairman of the board or chairman emeritus, there\u2019s always going to be that overhang.\u201d<\/p>\n

Ultimately, it seems the big move is not as big as it may appear. \u201cIt\u2019s a modest positive,\u201d Pong reiterated, \u201cbut it\u2019s certainly not a game changer because Nick, for all intents and purposes, is still theoretically going to be making the final decision on big strategic moves for ARCP.\u201d<\/p>\n

Schorsch\u2019s passing of the torch marks quite a rapid ascension to the top for Kay, who only joined ARCP in November 2013, having previously served as CFO and CIO of Capital Automotive Real Estate Services Inc<\/a>.<\/p>\n

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Chairman & CEO of the $10 billion American Realty Capital Properties Inc. Nicholas Schorsch announced in a June 20 letter to shareholders that he will be passing the CEO torch to company president David Kay, effective Oct. 1. <\/p>\n","protected":false},"author":969,"featured_media":1004036962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004099154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"\nInvestment Community Views Schorsch\u2019s Stepping Down Favorably - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/investment-community-views-schorschs-stepping-down-favorably\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investment Community Views Schorsch\u2019s Stepping Down Favorably\" \/>\n<meta property=\"og:description\" content=\"Chairman & CEO of the $10 billion American Realty Capital Properties Inc. 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