{"id":1004113512,"date":"2015-02-16T13:56:44","date_gmt":"2015-02-16T21:56:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004113512"},"modified":"2022-12-08T15:02:22","modified_gmt":"2022-12-08T23:02:22","slug":"whats-next-for-the-house-that-schorsch-built","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whats-next-for-the-house-that-schorsch-built\/","title":{"rendered":"FEBRUARY ISSUE: What\u2019s Next for the House That Schorsch Built?"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"ARCP<\/a>

ARCP owns and manages this Merrill Lynch office campus in Hopewell, N.J.<\/p><\/div>\n

For American Realty Capital Properties Inc., the world has changed drastically since Feb. 7, 2014. On that day, ARCP completed the acquisition of Cole Real Estate Investments Inc., creating a $21.5 billion net-lease REIT<\/a>, the largest of its kind. Nicholas Schorsch, ARCP\u2019s chairman & CEO and the architect of its swift rise, touted the $11.2 billion Cole deal as an \u201cepic transaction.\u201d<\/p>\n

Only a year later, Schorsch and other top executives<\/a>\u00a0are gone in the wake of last fall\u2019s revelations of accounting irregularities. Resignations, lawsuits and falling stock prices followed thorat disclosure in rapid succession, along with rumors of federal investigations. The question remains: What\u2019s next for the net-lease juggernaut?<\/p>\n

The answer will have far-reaching implications, but it may not be forthcoming anytime soon. \u201cThey\u2019re still unraveling this puzzle. It took three years to build it. How long is it going to take to unwind it?\u201d asked Brad Thomas, a REIT specialist and editor of \u201cThe Intelligent REIT Investor\u201d newsletter. \u201cIt\u2019s a mess.\u201d
\nBoth before and after the Cole merger, Schorsch built ARCP with an aggressive, rapid-fire series of acquisitions. Other 2014 deals of note included the $1.5 billion sale-leaseback transaction involving the REIT<\/p>\n

Lobster chain<\/strong><\/p>\n

But the momentum stalled on Oct. 29, when ARCP disclosed a $23 million accounting error in its financial statements for the first half of 2014. Worse, it turned out that the mistakes had been intentionally covered up. Lisa McAlister, ARCP\u2019s chief accounting officer, and Brian Block, the firm\u2019s CFO, left immediately. ARCP\u2019s stock tumbled as low as $7.38 per share before climbing back above $9 by the end of the year. Stock values in other parts of Schorsch\u2019s real estate empire\u2014like RCS Capital Corp., which trades as RCAP, also took a hit.<\/p>\n

On Dec. 15, Schorsch stepped down as ARCP\u2019s executive chairman and from the ARCP board of directors. He also left the boards of the non-traded REITs<\/a> managed by Cole Capital, which had been acquired in the Cole merger. William Stanley, the lead independent director, took over as interim chairman & CEO. Two weeks later, he resigned from 11 non-traded REITs and direct investment programs. Schorsch remains as chairman & CEO of AR Capital.
\nWhile analysts and investors had been calling for Schorsch to resign from ARCP, the departures of two other top executives\u2014David Kay, who had been named CEO only on Oct.1, and Lisa Beeson, the firm\u2019s president & COO\u2014came as a shock to most.<\/p>\n

Analysts Weigh In<\/strong>
\nCapitalOne Securities Inc. analyst Christopher Lucas told CPE <\/a>that Kay had reiterated his intention to stay with ARCP during a NAREIT event in early November. Paul Adornato, an analyst for BMO Capital Markets Corp., concurred. \u201cWe thought Kay had rolled up his sleeves and was attempting to turn around the company,\u201d he wrote in a December investors\u2019 report. \u201cWe also appreciated Kay\u2019s desire to be as transparent as possible by meeting\/speaking with investors and analysts during this period in which ARCP lacks clean financials.\u201d<\/p>\n

J.P. Morgan analyst Anthony Paolone suggested that Kay\u2019s and Beeson\u2019s resignations may have been hastened by a $50 million defamation lawsuit filed on Dec. 18 in New York State Supreme Court by McAlister. She alleges that Schorsch directed her and Block to move numbers around to hide the accounting errors. She claims she was a whistle-blower and was fired for pointing out the errors.<\/p>\n

In his Dec. 18 investors\u2019 report Paolone wrote that when Stanley was asked why Kay and Beeson were let go, he responded that \u201cthe board was taking actions as the investigation was unfolding. Given the claims made in McAlister\u2019s complaint, we surmised that either the board knew this lawsuit was coming and would impugn Kay\u2019s credibility to do his job and\/or the investigations going on at ARCP uncovered evidence that Kay knew more than previously thought.\u201d<\/p>\n

In addition to McAlister\u2019s defamation lawsuit, numerous class-action lawsuits have been filed on behalf of investors alleging securities fraud, and there are reports of probes by the U.S. Securities and Exchange Commission and the Federal Bureau of Investigation. Following its own review, Moody\u2019s downgraded ARCP\u2019s credit ratings to junk status because of \u201ccontinued uncertainty.\u201d<\/p>\n

One thing analysts and accounting experts agree on is that ARCP will have trouble moving forward as a viable company until it issues clean financial statements.\u00a0\u201cThe one thing they need to do to really get rid of this cloud of uncertainty is to get clean financial statements out that everybody can stand behind,\u201d said Robert Rostan, a CFO and principal of Training the Street, a corporate training provider, as well as a certified public accountant.\u00a0Rostan, a specialist in assurance and advisory services for public companies, speculated the accounting error was probably just a mathematical mistake made far worse by the effort to hide it.\u201cThey should have come clean,\u201d he told CPE.\u00a0Moreover, the steady stream of complex deals undertaken by ARCP in a brief period likely compounded the problem. \u201cThe likelihood of making mistakes is tenfold when you\u2019re making lots of large acquisitions like this,\u201d said Rostan.<\/p>\n

Next steps for ARCP include submitting financials for the third quarter of 2014 and for the full year, both due in March. The firm\u2019s bank lenders granted a waiver and extension, a significant step that Rostan finds encouraging. Lucas noted in a late December report that the waiver and extension also comes with some restrictive conditions: a reduction in the revolving credit line for ARCP to $3.6 billion, elimination of the $25 million swing line facility and suspension of the dividend until the financials are filed.<\/p>\n

Inevitable Sale?<\/strong>
\nFor Lucas, ARCP\u2019s various challenges point in one direction\u2014the auction block. \u201cWhile we see value in the company\u2019s assets … we continue to view the ultimate outcome to the ARCP saga as a sale of the company,\u201d he wrote.\u00a0Adornato of BMO Capital Markets noted in his report that there could already be interest in ARCP\u2019s assets. \u201cMost of ARCP\u2019s portfolio would be desirable to other net lease investors (public and private) at the right price,\u201d he wrote.<\/p>\n

Whatever the outcome, ARCP 2.0 will look very different from the behemoth that Schorsch built. Possible moves could include spinning off Red Lobster as a REIT or spinning off the industrial and office properties and creating a REIT from the remaining retail assets, comparable to National Retail Properties.<\/p>\n

Thomas said the only REIT he views as a potential buyer for the entire ARCP portfolio is Realty Income Corp. ARCP\u2019s 3,900 assets vary widely among retail (62 percent), office (23 percent) and industrial (15 percent). Realty Income is an intriguing possibility because it is due for \u201canother dividend spike,\u201d Thomas said. \u201cThe only way for Realty Income to really move the needle is to buy larger portfolios.\u201d<\/p>\n

Private equity firms, too, are taking an interest. Corvex Management L.P., run by managing partner Keith Meister, reported in a Dec. 29 SEC filing that it had acquired 7.1 percent of ARCP\u2019s outstanding shares.\u00a0Word of Corvex\u2019s investment finally bumped ARCP\u2019s share price over the $9 mark and earned a public thumbs-up from its board of directors. Bloomberg reported that Corvex talked to the ARCP board about adding a representative from the firm to the board and about ways to increase the REIT\u2019s value.<\/p>\n","protected":false},"excerpt":{"rendered":"

For American Realty Capital Properties, the world has changed drastically since Feb. 7, 2014.<\/p>\n","protected":false},"author":1068,"featured_media":1004112779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004113512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nFEBRUARY ISSUE: What\u2019s Next for the House That Schorsch Built? - 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\/whats-next-for-the-house-that-schorsch-built\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEBRUARY ISSUE: What\u2019s Next for the House That Schorsch Built?\" \/>\n<meta property=\"og:description\" content=\"For American Realty Capital Properties, the world has changed drastically since Feb. 7, 2014.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-the-house-that-schorsch-built\/\" \/>\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=\"2015-02-16T21:56:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:02:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/02\/NMerrill_Lynch_Cole_480x270.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\\\/whats-next-for-the-house-that-schorsch-built\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"FEBRUARY ISSUE: What\u2019s Next for the House That Schorsch Built?\",\"datePublished\":\"2015-02-16T21:56:44+00:00\",\"dateModified\":\"2022-12-08T23:02:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/\"},\"wordCount\":1247,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/NMerrill_Lynch_Cole_480x270.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/whats-next-for-the-house-that-schorsch-built\\\/\",\"name\":\"FEBRUARY ISSUE: What\u2019s Next for the House That Schorsch Built? 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