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Extension and Resignations for this Schorsch Non-Traded REIT

American Realty Capital Daily Net Asset Value Trust, Inc. (Value Trust), a public, non-traded REIT, recently approved an extension of its IPO termination date from August 15, 2014 to February 11, 2015. The REIT commenced offering shares of up to an aggregate value of $1.7 billion in August of 2011.

Through June 2014, Value Trust had 2.4 million shares of common stock outstanding for total value of $23.6 million.

The REIT was formed mostly to purchase freestanding, single-tenant bank branches, convenience stores and certain office, industrial or retail properties that are net leased to investment grade tenants.

Through July 30, 2014, Value Trust has acquired 14 properties for a total acquisition price of $34.7 million. These properties are 100% leased.

First reported by FactRight via its Non-Traded REIT Updates, Ms. Portia Sue Perrotty and Mr. Edward M. Weil, Jr. have both resigned from Value Trust’s board of directors. Their resignations appear to be part of a strategy to reduce the board to three directors, according to a filing.