{"id":1004110132,"date":"2014-12-29T07:24:24","date_gmt":"2014-12-29T15:24:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110132"},"modified":"2022-12-07T03:24:56","modified_gmt":"2022-12-07T11:24:56","slug":"arcp-board-outlines-priorities-announces-lender-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arcp-board-outlines-priorities-announces-lender-deal\/","title":{"rendered":"ARCP Board Outlines Priorities, Announces Lender Deal"},"content":{"rendered":"

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

\"William<\/a>

William Stanley, ARCP<\/p><\/div>\n

Maybe it was a way of trying to be low profile, or maybe it was only what it was, but last Wednesday, Christmas Eve, American Realty Capital Properties Inc. set out its board\u2019s priorities and announced that it has concluded an evaluation of its portfolio properties.<\/p>\n

ARCP also stated that it has obtained an additional consent and waiver from the lenders under its unsecured credit facility for an additional extension for reporting its third-quarter 2014 and full year 2014 financial statements.<\/p>\n

The company has agreed in return to not pay a dividend on its common stock until the financial statements have been delivered. Once that has been taken care of, however, the REIT reportedly \u201cintends to review its dividend policy and pay a common stock dividend in line with its industry peers.\u201d<\/p>\n

The initial priorities for moving the company forward include:<\/p>\n

\u2022 Evaluating capital structure and allocation of capital to drive stockholder returns.<\/p>\n

\u2022 Actively managing CRE assets in ARCP\u2019s portfolio.<\/p>\n

\u2022 Stabilizing and growing Cole Capital\u2019s non-traded REIT business.<\/p>\n

\u2022 Enhancing financial and operating information systems to be best in class.<\/p>\n

\u2022 Reviewing and optimizing organizational structure and G&A expenses.<\/p>\n

\u201cThe Board of Directors is focused on strengthening ARCP and generating cash flows to protect and grow investor capital. We are also evaluating the best strategies to stabilize and grow Cole Capital, an important business with strong prospects,\u201d interim chairman & CEO William Stanley said in the announcement.<\/p>\n

The ARCP board\u2019s compensation committee has retained Korn Ferry and will try to conclude a search for a CEO and an independent, nonexecutive board chairman \u201cas expeditiously as possible.\u201d<\/p>\n

Its hold on common-stock dividends notwithstanding, ARCP will on Jan. 15 pay a dividend to holders of its 6.70 percent Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share, in respect of the period from Dec. 15, 2014, through Jan. 14, 2015.<\/p>\n

ARCP\u2019s portfolio review reportedly has confirmed the ownership status of the portfolio and that the properties\u2019 respective tenants occupy them pursuant to valid leases. According to ARCP, \u201cthe review validated the high-quality, diverse composition of ARCP\u2019s net-lease portfolio comprised of credit quality tenants in desirable locations across the United States.\u201d<\/p>\n

As of press time, ARCP had not replied to Commercial Property Executive<\/i>\u2019s request for further information.<\/p>\n

ARCP, of course, has been beleaguered for weeks over allegations of improper financial statements and by the departures of, in addition to former CEO and executive chairman Nick Schorsch, the company\u2019s chief financial and chief accounting officers. Most recently, the latter sued ARCP, Schorsch and others, alleging defamation<\/a>.<\/p>\n

Along the way, barely two weeks ago Moody\u2019s downgraded ARCP\u2019s senior unsecured debt<\/a>, just as the REIT announced that it 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Maybe it was a way of trying to be low profile, or maybe it was only what it was, but last Wednesday, Christmas Eve, American Realty Capital Properties Inc. set out its board\u2019s priorities and announced that it has concluded an evaluation of its portfolio properties. <\/p>\n","protected":false},"author":882,"featured_media":1004110135,"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-1004110132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nARCP Board Outlines Priorities, Announces Lender Deal - 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\/arcp-board-outlines-priorities-announces-lender-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARCP Board Outlines Priorities, Announces Lender Deal\" \/>\n<meta property=\"og:description\" content=\"Maybe it was a way of trying to be low profile, or maybe it was only what it was, but last Wednesday, Christmas Eve, American Realty Capital Properties Inc. set out its board\u2019s priorities and announced that it has concluded an evaluation of its portfolio properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arcp-board-outlines-priorities-announces-lender-deal\/\" \/>\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=\"2014-12-29T15:24:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T11:24:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/William-Stanley.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"136\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/arcp-board-outlines-priorities-announces-lender-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/arcp-board-outlines-priorities-announces-lender-deal\/\",\"name\":\"ARCP Board Outlines Priorities, Announces Lender Deal - 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