{"id":1004109866,"date":"2014-12-22T07:37:05","date_gmt":"2014-12-22T15:37:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004109866"},"modified":"2020-04-06T23:03:18","modified_gmt":"2020-04-07T07:03:18","slug":"former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\/","title":{"rendered":"Former CAO’s Suit Against ARCP Could Shake Up Non-Traded REIT Sector"},"content":{"rendered":"

\u00a0<\/i>By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Brad<\/a>

Brad Thomas, The Intelligent REIT Investor<\/p><\/div>\n

Last week\u2019s defamation suit brought against American Realty Capital Properties Inc. by Lisa McAlister, its former chief accounting officer, fits a common enough pattern: A company and an ousted executive go to war over whether there was or was not just cause for the exec\u2019s involuntary departure.<\/p>\n

In this case, of course, the company, after a period of meteoric growth, is beleaguered on other fronts as well, and other events since McAlister\u2019s departure might be seen as bolstering her side of the story. Those other factors add extra gravitas to this affair, and so does the particular circumstances of just how entangled recently departed ARCP executive chairman Nicholas Schorsch is in the whole public non-traded REIT industry, says a long-time REIT consultant and blogger.<\/p>\n

Brad Thomas, of The Intelligent REIT Investor<\/a>, has gone through certain phases regarding ARCP. He was not a big fan of the company when it was first launched, he said, but reassessed them as their diversification grew.<\/p>\n

More recently, though, even before McAlister and Brian Block were terminated<\/a>, Thomas was getting nervous about them again. \u201cI think they overpaid for Cole\u201d [Real Estate Investments] to get the revenue stream that Cole would provide them, he says, adding that he believes that the Cole model was not sustainable.<\/p>\n

Furthermore, Thomas said that if McAlister\u2019s allegations are true, \u201cIt\u2019s going to have a tremendous impact on the non-traded REIT business.\u201d<\/p>\n

The total value of public REITs in the neighborhood of $750 billion, and about 10 percent of that is in public, non-traded REITS, according to Thomas. And of that 10 percent, about half is in entities affiliated with Schorsch. \u201cPeople have finally caught on to all the conflicts of interest,\u201d he said. \u201cAll of these conflicts of interest are coming to the table.\u201d<\/p>\n

\u201cI fear for the non-traded REIT investors,\u201d he added. \u201cThere\u2019s a lot of risk out there, and these investors don\u2019t know it.\u201d<\/p>\n

McAlister\u2019s suit alleges that Schorsch directed her and Block, the then CFO, to move numbers around to hide previous accounting errors, and that she was a whistleblower for which she was fired. The suit was first reported by The Wall Street Journal last Thursday.<\/p>\n

More specifically, the civil complaint, filed in a New York State court on Thursday, asserts that last February McAlister \u201crepeatedly informed Mr. Schorsch, Mr. Kay and senior management she had discovered that the Company had, in the fourth quarter of 2013 \u2026 and possibly in earlier quarters, suddenly and without any apparent justification or basis, changed the method by which it had historically reported its adjusted funds from operations \u2026 relative to previous financial quarters.\u201d<\/p>\n

Despite these warnings, \u201cand in an apparent effort to avoid public disclosure of its faltering financial performance,\u201d McAlister alleged, ARCP continued to use the improper accounting approach, at Schorsch\u2019s and Kay\u2019s direction, through July.<\/p>\n

A call to McAlister\u2019s law firm was not returned as of press time.<\/p>\n

Schorsch had led ARCP through a $15 billion, three-year string of acquisitions to become the world\u2019s largest net-lease REIT.
\nFor a review of recent developments, here\u2019s a timeline:<\/p>\n

Oct. 1<\/b>: David Kay was appointed CEO and Lisa Beeson was appointed president of ARCP, after Schorsch relinquished the CEO title and Kay moved up from president.<\/p>\n

Oct. 2<\/b>: ARCP announced an agreement to sell Cole Capital, its private capital management business (acquired as part of ARCP\u2019s $11.2 billion merger with Cole Real Estate Investments<\/a>), to sister company RCS Capital Corp. for at least $700 million.<\/p>\n

Oct. 28<\/b>: McAlister and Block were terminated (or they resigned; take your pick).<\/p>\n

Oct. 29<\/b>: ARCP announced errors in financial statements, including overstatements of adjusted funds from operations for the first quarter of calendar 2014 that were intentionally not corrected. (McAlister\u2019s suit alleges that the ARCP press release defamed her by falsely blaming her for these irregularities.)<\/p>\n

Nov. 3<\/b>: RCS Capital Corp. withdrew from the purchase of Cole Capital Partners<\/a>. Later that day, ARCP alleged that RCS had no basis on which to withdraw and called the action a breach of the purchase agreement.<\/p>\n

Dec. 4<\/b>: RCS Capital agreed to pay ARCP $60 million to settle a lawsuit over the canceled $700 million Cole Capital Partners deal<\/a>. About three weeks earlier, ARCP had filed suit in the Court of Chancery in Delaware over the terminated deal.<\/p>\n

Dec. 15<\/b>: ARCP announced that Schorsch, Kay and Beeson had resigned. Schorsch stepped down not only as executive chairman of ARCP, but also from the boards of ARCP and of the non-traded REITs managed by Cole Capital, a sponsor owned by ARCP.<\/p>\n

In the announcement, William Stanley, the lead independent director who took over as interim CEO & chairman, s<\/a>aid ARCP was \u201cunwinding all of its relationships with entities in which Mr. Schorsch maintains an executive chairman or director-level role or is a significant stockholder. These steps will not only enhance the company\u2019s corporate governance structure but will also lead to further simplification of its business relationships.\u201d<\/p>\n

Dec. 16<\/b>: Moody\u2019s downgraded ARCP\u2019s senior unsecured debt to Ba1 and issued a negative outlook<\/a>, citing \u201cthe continued uncertainty surrounding the unsecured debt rating from the accounting, legal and investment banking reviews.\u201d<\/p>\n

By all means, stay tuned for further developments.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week\u2019s defamation suit brought against American Realty Capital Properties by its former chief accounting officer, Lisa McAlister, fits a common enough pattern: A company and an ousted executive go to war over whether there was or was not just cause for the exec\u2019s involuntary departure. <\/p>\n","protected":false},"author":882,"featured_media":1004109870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004109866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nFormer CAO's Suit Against ARCP Could Shake Up Non-Traded REIT Sector - 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\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former CAO's Suit Against ARCP Could Shake Up Non-Traded REIT Sector\" \/>\n<meta property=\"og:description\" content=\"Last week\u2019s defamation suit brought against American Realty Capital Properties by its former chief accounting officer, Lisa McAlister, fits a common enough pattern: A company and an ousted executive go to war over whether there was or was not just cause for the exec\u2019s involuntary departure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-22T15:37:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T07:03:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Brad-Thomas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"350\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Former CAO’s Suit Against ARCP Could Shake Up Non-Traded REIT Sector\",\"datePublished\":\"2014-12-22T15:37:05+00:00\",\"dateModified\":\"2020-04-07T07:03:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/\"},\"wordCount\":888,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/12\\\/Brad-Thomas.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-caos-suit-against-arcp-could-shake-up-non-traded-reit-sector\\\/\",\"name\":\"Former CAO's Suit Against ARCP Could Shake Up Non-Traded REIT Sector - 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