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Shares of American Realty Capital Properties Lower Following Business Update

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Shares of American Realty Capital Properties Inc (NASDAQ: ARCP) were trading lower during Wednesday's pre-market session after the company issued a business update.

Shares were down 3.7 percent at $8.02.

The company reported that it obtained an additional lender waiver and extension for reporting third quarter 2014 and full year 2014 financial results. The company has agreed pursuant to the waiver and extension that it will not pay a dividend until its financial statements have been delivered.

The company also stated that it will review its dividend policy and pay a dividend that is in-line with its industry peers.

The company also disclosed a list of business review priorities which include:

  • Evaluate capital structure and allocation of capital to drive stockholder returns.
  • Actively manage real estate assets in ARCP's portfolio.
  • Stabilize and grow Cole Capital's non-traded REIT business.
  • Enhance financial and operating information systems to be best-in-class.
  • Review and optimize organizational structure and G&A expenses.
  • Manage liabilities and cash flow during the review.

Posted-In: American Realty Capital Properties Cole Capital REITNews

 

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