Monday, March 02, 2015
The Wait Is Finally Over
American Realty Capital Properties, Inc. (ARCP) filed its restated financial statements this morning, which stem from the October 29, 2014, disclosure of accounting errors . The restatement includes the first two quarters of 2014, and full years 2013, 2012, and 2011. According to this Bloomberg article, which quotes a JP Morgan analyst, it does not appear that any bigger issues emerged from the restatements. The specter of some undisclosed issue at ARCP was the concern of most people who follow the non-traded REIT industry. The restatement did result in ARCP reporting an increased loss and lower adjusted funds from operations for 2013.