PHOENIX—VEREIT is the new name of the net lease REIT formerly known as American Realty Capital Properties, effective Tuesday. The ARCP stock ticker will live on for three more days, as the company's stock trades on Nasdaq through the close of business on Thursday before moving over to the New York Stock Exchange under the VER ticker on Friday.
The new name is a combination of “veritas,” the Latin word for truth, and “REIT.” A new logo, brand messaging and website are being promoted through various channels. Cole Capital, VEREIT's investment arm, will retain its name and logo, which have strong recognition in the non-traded REIT sector.
“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,” says Glenn Rufrano, VEREIT's CEO. “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.”
Owner of about 4,650 net lease properties, VEREIT will introduce its new business plan during its second-quarter earnings call, scheduled for Thursday, August 6 at 1 p.m. ET. “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 next week's call, Rufrano says. A follow-up investor day will be announced in the near future.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
