Loading...
Loading...
American Realty
ARCP earlier announced plans to spin off the company's multi-tenant shopping center business.
The new publicly traded real estate investment trust will be named American Realty Capital Centers and will valued at more than $2.2 billion. The spin-off will own 69 shopping centers initially.
Nicholas Schorsch will be the chairman of the new REIT and said the spin-off should “create more clarity, more efficiency and more opportunity for our stockholders.”
Shares of American Realty are up 5 percent to $15.77 in pre-market trading.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in