PHOENIX, July 28, 2015 /PRNewswire/ -- As part of its
ongoing efforts to focus on the future, American Realty Capital
Properties, Inc. (NASDAQ: ARCP) announced that it will officially
begin business operations under a new corporate name and will be
known as VEREIT, Inc. ("VEREIT" or the "Company") effective today.
The name VEREIT (pronounced "ver-REIT") is the blend of veritas,
the Latin word meaning truth, and REIT, the industry in which the
Company strives to be a respected leader. "Changing the name
of the Company was high on my list of priorities as we work towards
establishing a new business foundation and organizational culture,"
explained Glenn J. Rufrano, VEREIT's
Chief Executive Officer. "VEREIT is the perfect name as it
succinctly represents a commitment to serve our tenants, business
partners, investors and employees through discipline, transparency
and consistency."
The Company is also unveiling a new logo, brand messaging and a
re-designed website, www.VEREIT.com, as part of the transition to
the VEREIT name. The new logo is comprised of three stacked layers,
with each layer referring to its key audiences of tenants,
stakeholders and employees. Additionally, the openness of the
logo's design represents transparency.
As the Company announced on July 20,
2015, it expects that its common stock ("Common Stock"), par
value $0.01 per share, and 6.70%
Series F Cumulative Redeemable Preferred Stock ("Series F Preferred
Stock"), par value $0.01 per share,
will begin trading on the New York Stock Exchange ("NYSE") on
July 31, 2015, under the VEREIT name
and ticker symbols VER and VER.PFR, respectively. Until the opening
of trading on July 31, 2015, the
Company's Common Stock and Series F Preferred Stock will continue
to trade on the NASDAQ under the ticker symbols ARCP and ARCPP,
respectively.
VEREIT will introduce its new business plan during its second
quarter 2015 earnings call scheduled for August 6, 2015, at 1 p.m.
ET. At that time, Mr. Rufrano and Michael J. Sodo, the Company's Chief Financial
Officer, will also discuss the Company's financial results.
"I look forward to sharing more news about the many positive
changes that have taken place, the framework of our business plan
and continued enhancements to our corporate governance on the
upcoming second quarter 2015 earnings call and at a
soon-to-be-announced Investor Day," added Mr. Rufrano.
Cole Capital®, the investment arm of VEREIT, will retain its
name and logo, which has strong brand value and recognition in the
non-traded REIT industry.
About the Company
VEREIT is a leading, full-service real estate operating company
with investment management capability. VEREIT owns and actively
manages a diversified portfolio of retail, restaurant, office and
industrial real estate assets with a total asset book value of
$20.3 billion including approximately
4,650 properties totaling 102 million square feet. Additionally,
VEREIT manages $6.1 billion of gross
real estate investments on behalf of the Cole Capital non-traded
REITs. VEREIT is a publicly traded Maryland corporation. Additional information
about VEREIT can be found on its website at www.VEREIT.com. VEREIT
may disseminate important information regarding it and its
operations, including financial information, through social media
platforms such as Twitter, Facebook and LinkedIn.
Forward-Looking Statements
Information set forth
herein contains "forward-looking statements" (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended), which reflect
VEREIT's expectations regarding future events. The forward-looking
statements involve a number of assumptions, risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in the forward-looking statements.
Such forward-looking statements include, but are not limited to:
VEREIT's ability to transfer the listing of its Common Stock and
Series F Preferred Stock to the NYSE and its ability to do so
within the announced timeframe; and VEREIT's plans, market and
other expectations, objectives, intentions and other statements
that are not historical facts. Additional factors that may affect
future results are contained in VEREIT's filings with the U.S.
Securities and Exchange Commission (the "SEC"), which are available
at the SEC's website at www.sec.gov. VEREIT disclaims any
obligation to update and revise statements contained in these
materials based on new information or otherwise.
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SOURCE VEREIT, Inc.