ARCP Provides Update On Business Priorities, Lender Consent And Dividend

(RTTNews) - American Realty Capital Properties Inc., or ARCP (ARCP) said it has outlined its Board of Directors' business priorities for the company moving forward and announced that it has concluded a status evaluation of the properties in ARCP's portfolio.

Additionally, ARCP announced that it has obtained an additional lender waiver and extension for reporting third quarter 2014 and full year 2014 financial statements. While ARCP has agreed pursuant to the waiver and extension that it will not pay a dividend on its common stock until its financial statements have been delivered, following the delivery of its financial statements ARCP intends to review its dividend policy and pay a common stock dividend in line with its industry peers.

Additionally, on January 15, 2015, ARCP will pay a dividend to holders of its 6.70% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share, in respect of the period commencing December 15, 2014 through January 14, 2015. Holders of record of the Series F Preferred Stock on January 1, 2015 will be eligible to receive such dividend. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.

The ARCP Board of Directors is taking actions that are intended to strengthen the business and maintain ARCP's position as a leading net-lease REIT in order to provide long-term value to stockholders.

In addition to its business review, the Compensation Committee of the ARCP Board of Directors has retained Korn Ferry and commenced the search for a Chief Executive Officer or CEO and an independent, non-executive Chairman of the Board, which the Committee will seek to conclude as quick as possible.