ARCPP Profile
American Realty Capital Properties, Inc. (ARCP) is a real estate investment trust (REIT) that focused on investing in single-tenant, net lease real estate. The company was founded in 2011 and was headquartered in New York, NY.
In 2014, the company was hit by an accounting scandal, which led to the resignation of its CEO and CFO, as well as the company's decision to restate its financial statements for 2013 and the first two quarters of 2014. The scandal also led to a decline in the company's stock price and a loss of investor confidence.
In an effort to address the accounting issues and restore investor confidence, the company's board of directors appointed a new CEO and initiated a series of changes, including the sale of non-core assets and a reduction in debt. The company also changed its name to VEREIT, Inc. (VER) in 2015.
Today, VEREIT is a diversified real estate investment company that owns and manages a portfolio of retail, restaurant, office, and industrial properties across the United States. The company is headquartered in Phoenix, AZ.
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