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ARCP Moves To Further Distance Itself from AR Capital

American Realty Capital Properties Inc. (NASDAQ: ARCP), a real estate investment trust founded by AR Capital, will transfer its common stock listing from the NASDAQ Global Select Market to the New York Stock Exchange on July 31. In conjunction with the move, the company will change its name and ticker symbol, to be announced “soon.”

“In line with the many changes that we have made recently at the corporate level to re-position the company, we are excited to re-list under a new name and ticker symbol with the NYSE,” said Glenn J. Rufrano, ARCP’s chief executive officer. “I look forward to sharing more news about these positive changes, our business plan and continued enhancements to our corporate governance on the upcoming second quarter earnings call.”

These latest moves follow a string of changes after the disclosure last October of accounting irregularities at the huge net lease REIT founded by Nicholas Schorsch and his partners at AR Capital. A wave of C-suite resignations, including that of executive chairman Schorsch, followed the revelations, as did a massive deflation in the stock price. The board brought in Glenn Rufrano earlier this year as chief executive officer to right the ship and restore investor confidence. The only remaining significant ties to the Schorsch era has been the name and ticker symbol, which the company will now divest itself of in the coming weeks.

American Reality Capital Properties is a self-managed commercial real estate investment trust focused on acquiring and owning single tenant freestanding commercial properties subject to net leases with high-credit quality tenants. The company owns and actively manages a portfolio of retail, restaurant, office and industrial real estate assets with a total asset book value of $20.3 billion including approximately 4,650 properties totaling 102 million square feet. Additionally, ARCP manages $6.1 billion of gross real estate investments on behalf of the Cole Capital® non-traded real estate investment trusts.