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

Soeur Anne ne vois-tu rien venir ?

Ça commence à s’éterniser cet audit ……   

La patience est l’une des vertues à avoir pour un petit investisseur value comme nous.
:-)

Schorsch, Kay et Beeson => OUT

NEW YORK, Dec. 15, 2014 /PRNewswire/ -- American Realty Capital Properties, Inc. ("ARCP") (NASDAQ: ARCP) today announced changes to its management and corporate governance. As previously announced today, Nick Schorsch has stepped down as Executive Chairman of ARCP and from the ARCP Board of Directors and the Boards of Directors of the non-traded REITs managed by Cole Capital. In addition, David Kay has stepped down as Chief Executive Officer of ARCP and from the ARCP Board of Directors. Lisa Beeson has also stepped down as President and Chief Operating Officer.

William Stanley has been appointed Lead Independent Director and Chairman of the Nominating and Corporate Governance Committee. Effective immediately, Mr. Stanley will serve as Interim Chief Executive Officer and Interim Chairman of the Board until permanent replacements are named. The Compensation Committee of the ARCP Board of Directors already has commenced the process of identifying a new Chief Executive Officer and a new Chairman of the Board. The Committee is engaging an independent search firm to assist with this process and will identify and name new leadership as expeditiously as possible.

Mr. Stanley said, "The actions taken today will stabilize the company and are necessary to strengthen future leadership and strategy, improve governance, and complete a separation from Nick Schorsch and his affiliates. These actions build on ARCP’s significant real estate assets and asset management capabilities, and will further restore investor confidence in ARCP. The Board is focused on finding highly qualified and experienced leadership for the roles of Chief Executive Officer and independent Board Chairman, as well as establishing a best-in-class governance structure. We thank David and Lisa for their service. We will continue to engage with all of our stakeholders and take actions that create long-term shareholder value."

Review of Business Relationships

In connection with Mr. Schorsch’s departure as Executive Chairman, ARCP will be unwinding all of its relationships with entities in which Mr. Schorsch maintains an executive or director-level role or is a significant stockholder. These steps will not only enhance the Company’s corporate governance structure but will also lead to further simplification of its business relationships. As part of this undertaking, Mr. Stanley has resigned, or is in the process of resigning, his positions with all other entities related with Mr. Schorsch, including Business Development Corporation of America, Business Development Corporation of America II, American Realty Capital, Retail Centers of America, Inc., and New York REIT Inc.

Additional Enhancements to Corporate Governance and ARCP’s Board of Directors

Bruce D. Frank has joined the Audit Committee and will assume the role of Committee Chairman. Thomas A. Andruskevich has joined the Compensation Committee and assumed the role of Committee Chairman. Messrs. Frank and Andruskevich are both independent directors and joined the ARCP Board of Directors in July and February 2014, respectively.

Commenting on these changes, Mr. Stanley, said "Our actions today clearly demonstrate the conviction of the independent board members to reset its senior leadership and governance, increase transparency, and continue to enhance the value of ARCP. The Company remains a strong business and the changes announced today will only enhance our future opportunities."

Ongoing Audit Committee Investigation

The Audit Committee continues to work with its advisors to complete its previously-announced investigation into 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. The Audit Committee will conclude its investigation and the related restatement of ARCP’s financial statements as soon as possible.

Hiring of Morgan Stanley & Co. LLC

As previously disclosed, the independent members of the ARCP Board of Directors have retained Morgan Stanley & Co. LLC to provide advice around capital structure, business strategy and capital allocation.

Bah on voulait des news et bin la on en a !
Attachez vos ceintures, ca va secouer ferme !….

long sur ARCP

Le départ de Schorsch est une bonne nouvelle.

Le départ de David Kay est peut-être un signe qu’il va y avoir du grabuge de côté des rapports financiers corrigés. En tout cas, ça laisse ARCP décapité et sans direction pour quelque temps ; mais faire table rase est peut-être la meilleure solution pour le long terme.

J’ai des actions et des options ARCP.

Je ne suis pas actionnaire ARCP mais quelques phrases sont des bijoux:

* "We thank David and Lisa for their service" et donc pas Nick
* "complete a separation from Nick Schorsch and his affiliates" : Schorsch a dû magouiller à plusieurs niveaux
* "Mr. Stanley has resigned, or is in the process of resigning, his positions with all other entities related with Mr. Schorsch" : la défense de stanley est sans doute du genre ’je ne me suis rendu compte de rien, j’ai été manipulé’ C’est peut-être même lui qui a tout balancé.

bref le communiqué n’est vraiment pas tendre envers Schorsch et pour aller jusque là c’est qu’ils ont dû découvrir des choses pas nettes dans la galaxy Schorsch.

roudoudou a écrit :

C’est une bonne nouvelle mais sans vouloir spéculer il a du se produire un truc dans les comptes pour que Kay soit (aussi) débarqué non ?

Je viens de me couper un bras , ça fait mal mais je préfère être loin le jour où l’audit sera publié.

Les next steps :
Va falloir retrouver une nouvelle direction : mauvais pour l’action car la bourse n’aime pas l’incertitude.
La nouvelle direction va passer les comptes à la paille de fer et va plomber le passé : mauvais pour l’action car news flow négatif.
Flottement dans la prise de décision ce qui va nuire notamment aux opérations de refinancement cruciales pour une REIT car c’est le principal poste de cout.

Bref si à terme il sera opportun de revenir car le départ de Schorch était nécessaire et prévisible, à CT l’action va être sous pression.

Je reviendrais sur l’action dans quelque mois car ça reste une valeur de fond de portefeuille pertinente si décotée.

J’avoue que c’est assez décevant de prends un -10% sur une news qui était demandé par les actionnaires.

Il va rester les comptes et le dividende à digérer.

Autour de 8,25 usd par titre, on est à nouveau plus très loin de la valeur net tangible en théorie.

Une vision intéressante - et amusante - du limogeage des dirigeants : ça fait économiser de l’argent !
American Realty: Schorsch Falls, AFFO Rises - VEREIT Inc. (NYSE:VER) | Seeking Alpha

Je suis long ARCP. (J’ai d’ailleurs acheté des calls et vendu des puts aujourd’hui.)

@Lavande63
Malheureusement, pour les amateurs, la probabilité de gain est bien souvent inversement proportionnelle aux nombres de leurs mouvements. Etre une girouette finit très vite par coûter cher