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ARCP Gets Reporting Extension; Suspends Dividend

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American Realty Capital Properties, Inc. (ARCP) said Wednesday that it has obtained an additional waiver and extension from lenders for reporting third quarter and full year 2014 financial results, as it continues to work with its external advisors to complete its previously announced accounting probe and any necessary restatements of financial statements as soon as possible.

The New York-based real estate investment trust also said it has agreed not to pay a dividend on its common stock until its third quarter and full year 2014 financial statements are completed.

However, the firm said it plans to review its dividend policy and pay a common stock dividend in line with its industry peers after the financial statements are reported.

Additionally, American Realty Capital said it has hired Korn/Ferry International (KFY) and begun the search for a Chief Executive Officer and an independent, non-executive Chairman.

The announcement came a little more than a week after Nicholas Schorsch, American Realty Capital Properties' founder and Executive Chairman, David Kay, its CEO, and Lisa Beeson, its COO, resigned.

The company disclosed in late October that it has launched a probe into some past accounting issues and might restate its financial results for the full year 2013 and the first two quarter of 2014.

ARCP shars are currently trading at $8.14, down 19 cents or 2.34%. The shares trade in a 52-week range of $7.38 to $14.96.

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