ARCP Gets Extension on Q3 Reporting

NEW YORK CITY—American Realty Capital Properties, the largest REIT in the net lease space, said Friday that its lenders had granted a waiver and amendment on its unsecured credit facility, while also giving the company an extension on reporting its third-quarter results. As part of the agreement with lenders, ARCP will permanently reduce its maximum debt level from $4.65 billion to $4.0 billion.

The lenders’ waiver and extension allows ARCP to remain compliant with its borrowing obligations while its external auditors complete their review of the REIT’s financial statements for the past two years. ARCP on Oct. 29 said it would no longer rely on its Q1 and Q2 statements after accounting irregularities were discovered, leading to the resignation of its then-CFO and chief accounting officer as well as a steep drop in its stock prices.