American Realty Capital Properties has asked its chief financial officer and chief accounting officer to resign after the company overstated a measure of income in the first quarter. The error was not corrected in the second quarter.
American Realty Capital Properties' acquisition of Cole Real Estate Investments earlier this year is giving the REIT a boost, thanks to asset manager Cole Capital's broker-dealer network. Cole Capital is expected to raise $3.1 billion of equity and acquire $4.9 billion of real estate assets.
An American Realty Capital Properties-led investment group has purchased a 75-asset industrial portfolio from Mesa Real Estate Partners for $295 million. The properties, which service the energy sector and are located primarily in Texas, are fully leased and encompass 2.5 million square feet.
American Realty Capital Properties is buying 471 properties from General Electric for $807 million. The properties are largely rented to such restaurant tenants as IHOP, Jack in the Box and Taco Bell. The REIT is making the acquisition to diversify its portfolio.
Cole Credit Property Trust III has completed a purchase of Cole Holdings, after a special committee created by the board of directors rejected a revised, unsolicited buyout offer from American Realty Capital Properties. The committee says American Realty Capital's proposal is "not in the best interests of CCPT III and its stockholders." The combined entity, Cole Real Estate Investments, is expected to list on the New York Stock Exchange in June.