VEREIT (ex American Realty Capital Properties) : immobilier triple net aux USA…

Plus d’informations sur ce sujet dans mon récent post dans Dividendes étrangers : fiscalité des dividendes d’actions étrangères (qui fait référence à la NL de IH Détail de la fiscalité d’un dividende étranger).

Rien de neuf.

C’était une transaction annoncée il y a quelques mois qui est effective.

Mais c’est sûr qu’à terme, avec une meilleure gouvernance affirmée et effective, une simplification de la structure opérationnelle, la décote par rapport à ses pairs devrait se réduire fortement.

Bonjour,
je me suis laissé tenter par l’achat de 1000 actions ARCP en septembre et je viens de recevoir 45.78€ de dividende net mensuel. Si je comprend bien il devrait y avoir un remboursement/abattement fiscal sur mon prochain IR ?
J’avoue que je suis un peu déçu par cette rentabilité mais on ne peut pas avoir le beurre, l’argent du beurre et le reste !
;)

Romain75 a écrit :

Bonjour,
je me suis laissé tenter par l’achat de 1000 actions ARCP en septembre et je viens de recevoir 45.78€ de dividende net mensuel. Si je comprend bien il devrait y avoir un remboursement/abattement fiscal sur mon prochain IR ?
J’avoue que je suis un peu déçu par cette rentabilité mais on ne peut pas avoir le beurre, l’argent du beurre et le reste !

Bonjour Romain75,

Je vous conseille de lire mon post récent #294 sur ce sujet dans le thread sur la fiscalité.

Cela devrait répondre précisément à vos questions.

N’hésitez pas à répondre dans l’autre thread si cela n’est toutefois pas clair.

Cordialement,
XabiX

Grossièrement, si votre TMI est à 30, le crédit d’impôt lié au prélèvement à la source américain va compenser l’IRPP à payer sur les dividendes.

ça vous laisse donc 45,78*12/(1000*12/1,27)
En prenant un cours d’achat à 12$ et un taux de change eur/usd de 1,27.

Soit 5,8% net.
C’est si décevant ?

Juste pour info, voila le dernier article de BRAD THOMAS "gourou des reits"
Lisez les commentaires aussi……

Is American Realty Capital Properties A ’Sucker Yield’ Bet?

Vos reactions avant l’annonce du Q3 le 27 octobre  ?

Comme BRAD…
I’m sitting on the sidelines for now          "assis sur le banc de touche"

pour info : long ARCP

Vente Cole beaucoup incertitudes

la cotation est suspendue…-21 % en pré cloture !
ça sent pas très bon…

Une erreur comptable.

Il ne manquait plus que ça…

Quand la gouvernance est foireuse, elle l’est vraiment jusqu’au bout…

Le communiqué de presse complet :

ARCP a écrit :

American Realty Capital Properties Announces Non-Reliance on Previously Issued Financial Statements and Changes in Accounting Personnel

Related reductions in adjusted funds from operations (AFFO) estimated to be $11,974,000 for the three months ended March 31, 2014 and $10,869,000 for the three months ended June 30, 2014, reporting non-controlling interests on a gross basis  Michael Sodo named Chief Financial Officer and Gavin Brandon named Chief Accounting Officer  No impact on first quarter Net Income  First and second quarter NAV, Revenues, Net Operating Income and real estate property metrics are unaffected for relevant periods  Previously announced annual dividend rate is not affected by the estimated reductions in AFFO  No impact on the Company’s balance sheet or the assets managed for Cole Capital® non-traded REITs  Previously announced transactions are unaffected, including the sale of Cole Capital to RCS and the sub-advisory agreement with ARC Global II
Company Release - 10/29/2014 07:03

NEW YORK, Oct. 29, 2014 /PRNewswire/ -- American Realty Capital Properties, Inc. ("ARCP") (NASDAQ: ARCP) announced today the conclusion of its Audit Committee that the previously issued financial statements and other financial information contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2014 and June 30, 2014, and the Company’s earnings releases and other financial communications for these periods, should no longer be relied upon.  The Audit Committee based its conclusions on the preliminary findings of its investigation into concerns that were first reported to it on September 7, 2014.  The Audit Committee promptly initiated an investigation, which is being conducted with the assistance of independent counsel and forensic experts.  Senior management was informed of the preliminary findings of the investigation on October 24, 2014.

"The accounting issues are unacceptable and we are taking the personnel and other actions necessary to ensure that this does not happen again.  As disappointed as I am, I do not believe that this impairs, in any meaningful way, what is important about our Company – the high quality and diversification of our real estate assets, the depth and strength of our management team, the strong and predictable cash flows from our leases, the strength of our balance sheet and the size of our market opportunity," said David S. Kay, Chief Executive Officer of ARCP.

Although the Board is disappointed in these developments, the Board has full confidence in the management team and staff.  The Audit Committee, Board and management team are fully committed to resolving this matter in an expedited and thorough manner.  The Board continues to support management’s efforts surrounding the simplification of the business, enhancements in transparency, and improvements to the predictability of our earnings, all with the goal of enhancing long-term value.

The Audit Committee’s investigation conducted to date has not uncovered any errors in the consolidated financial statements (prepared in accordance with U.S. GAAP) for the three months ended March 31, 2014. However, based on the preliminary findings of the investigation, the Audit Committee believes that the Company incorrectly included certain amounts related to its non-controlling interests in the calculation of adjusted funds from operations ("AFFO"), a non-U.S. GAAP financial measure, for the three months ended March 31, 2014 and, as a result, overstated AFFO for this period.  The Audit Committee believes that this error was identified but intentionally not corrected, and other AFFO and financial statement errors were intentionally made, resulting in an overstatement of AFFO and an understatement of the Company’s net loss for the three and six months ended June 30, 2014.

Based on the preliminary findings of the investigation, the Company has identified the potential adjustments shown on the attached financial table to the Company’s reported net loss in accordance with U.S. GAAP for the three and six months ended June 30, 2014 and to reported AFFO for the three months ended March 31, 2014 and the three and six months ended June 30, 2014.  The Company notes that, in calculating AFFO for the first quarter of 2014, the Company reported non-controlling interests on a net basis, while in the second quarter of 2014, as permitted, the Company reported non-controlling interests on a gross basis (which it will continue to do in calculating AFFO in future periods).  The weighted average number of shares used in calculating AFFO differs depending on whether the net or gross method is used (but does not change for purposes of calculating net loss per share in accordance with U.S. GAAP).  The investigation is ongoing and there can be no assurance that the potential adjustments set forth in the attached financial table will not change based upon the final results of the investigation, and any such change could be material.

The Audit Committee has indicated that nothing has come to its attention that leads it to believe that there are any errors in the Company’s previously issued audited consolidated financial statements for the fiscal year ended December 31, 2013 contained in the Company’s 2013 Form 10-K. However, the Audit Committee has expanded its investigation to encompass the Company’s audited financial statements for this period in light of the fact that the Company’s former Chief Financial Officer and former Chief Accounting Officer had key roles in the preparation of those financial statements.

Management does not expect this matter to impact any previously announced transactions, including the sale of Cole Capital to RCS Capital Corp. (NYSE: RCAP), which the Company expects to be completed next week and the sub-advisory agreement with ARC Global II.  The identified potential adjustments would not affect the Company’s compliance with the financial ratios in its debt covenants.

The Company also announced that effective immediately, Michael Sodo has been named Chief Financial Officer of the Company, replacing Brian Block.  Mr. Sodo will report directly to David Kay and the Audit Committee.   Mr. Sodo previously served as Senior Vice President, Director of Financial Reporting and Treasury.  Mr. Sodo joined ARCP from Capital Automotive where he served in a number of roles of increasing seniority, most recently as SVP, Director of Financial Reporting and Treasurer.   Gavin Brandon will serve as Chief Accounting Officer, replacing Lisa McAlister and reporting to Mr. Sodo.  Mr. Brandon previously served as a Senior Vice President of Accounting where he oversaw acquisition accounting and property on-boarding, lease accounting, accounts payable, accounts receivable and process treasury services.  Mr. Block and Ms. McAlister have resigned effective immediately.

In light of the preliminary findings of the Audit Committee’s investigation, the Company is re-evaluating its financial reporting controls and procedures.  The Company intends to make the necessary changes to its controls and procedures to remediate any control deficiencies that are identified through the Audit Committee’s investigation.

The Company will work with the Audit Committee and the Audit Committee’s independent advisors to determine the adjustments required to be made to the Company’s previously issued financial statements, including the calculation of AFFO, as expeditiously as possible.  Upon completion of this process, which could identify further required adjustments in addition to those discussed above, the Company will restate prior financial statements and amend its prior periodic filings to the extent required and update its earnings guidance at that time.

The Company will file its Quarterly Report on Form 10-Q for the period ended September 30, 2014 after the amended filings have been made.

Source : American Realty Capital Properties Announces Non-Reliance on Previously Issued Financial Statements and Changes in Accounting Personnel

Le dernier paragraphe du communiqué incite à la prudence, en tout cas dans l’immédiat.

Kineast,

Pensez vous qu’il soit judicieux de renforcer a vil prix?

Une telle erreur visiblement masquee volontairement par le management n’acheve t-elle pas votre confiance dans celui-ci?

Après coup, c’est sans doute ce qui explique la révision à la baisse de la "guidance" début octobre, de $1.11-$1.14 à $1.06-$1.08. Il faut maintenant s’efforcer d’avoir confiance dans le nouveau management.

Je pense me renforcer lorsque le couteau sera tombé… mais vu la taille de ma position, l’effet ne sera pas très marqué. Patience !

Aïe le titre enfonce les 10 USD, point positif le titre passe au dessus des 10 % de rendement.

Et si finalement le Staff dit qu’il est furieux de cette malversation mais que ca ne change en rien le bilan la qualité du patrimoine, etc, … c’est une belle opportunité finalement