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Stock Market & Financial Investment News

News Breaks
March 13, 2014
06:08 EDTARCPAmerican Realty plans to spin off multi-tenant shopping center business
American Realty Capital Properties announced a plan to spin off substantially all of its multi-tenant shopping center business into a publicly traded REIT, American Realty Capital Centers, that will operate under the name "ARCenters" and that is expected to trade on The NASDAQ Global Market under the symbol, "ARCM." ARCP's operating partnership will retain 25% of ARCM. David S. Kay, ARCP's president, stated, "In addition to unlocking that value for our stockholders, we believe this transaction enhances our financial profile while focusing our pure-play strategy. Not only do we have the added benefit of participating in future potential upside through our operating partnership's 25% retained ownership, we will also reduce our leverage to an expected 7.0x net debt to EBITDA while producing an expected combined 7.3% increase in dividend rate and expected AFFO accretion resulting in a combined $1.20 of AFFO per share. Equally noteworthy is the expected improvement in our credit profile as ARCP will maintain a long lease duration while increasing our percentage of investment grade tenancy to 52%, increasing our percentage of unencumbered NOI, decreasing our percentage of secured debt and materially reducing our property-related capital expenditures." Lisa Beeson, ARCP's COO, further stated, "We believe we have the proven expertise to bring ARCenters to the market and to manage ARCM's over $2B of assets alongside the additional $1.2B of shopping center assets managed across our Private Capital Management business and possibly more from the $1B of acquisition opportunities we are actively reviewing. We expect that ARCenters will truly benefit from ARCP's best-in-class, investment grade platform given our dominant aggregation expertise and by having access to our deeply experienced acquisition, underwriting, leasing and asset management teams. We believe a tremendous opportunity exists for ARCenters to aggregate even more high-quality assets across the fragmented shopping center sector of over 100,000 assets in the U.S. with less than an estimated 5% owned by public companies or large institutional investors."
News For ARCP From The Last 14 Days
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October 30, 2014
05:49 EDTARCPStocks with implied volatility movement; ARCP BMY
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October 29, 2014
17:05 EDTARCPOn The Fly: Closing Wrap
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16:02 EDTARCPOptions Update; October 29, 2014
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15:53 EDTARCPAmerican Realty would consider selling assets to buy back shares at these levels
15:52 EDTARCPAmerican Realty says in compliance with financial covenant calculations
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15:50 EDTARCPAmerican Realty says Q1, Q2 financials need to be reissued
15:49 EDTARCPAmerican Realty CEO says he will stay with company
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15:12 EDTARCPS&P puts American Realty Capital 'BBB-' rating on watch negative
Standard & Poor's Ratings Services placed its ratings, including the 'BBB-' corporate credit rating on American Realty Capital Properties and its operating partnership, ARC Properties Operating Partnership, on CreditWatch with negative implications.
14:39 EDTARCPAmerican Realty to host conference call
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12:58 EDTARCPOn The Fly: Midday Wrap
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11:08 EDTARCPOptions with increasing implied volatility: ACHN CZR ARCP HSY JNJ
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10:15 EDTARCPFollow-up: American Realty downgraded to Underweight at JPMorgan
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10:00 EDTARCPOn The Fly: Analyst Downgrade Summary
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09:56 EDTARCPWells 'more firmly' on sidelines with respect to American Realty
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09:19 EDTARCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Goodyear Tire (GT), up 10%... Electronic Arts (EA), up 3.7%... ZELTIQ (ZLTQ), up 9%... Eaton (ETN), up 2.3%... Anadarko (APC), up 2%... U.S. Steel (X), up 7.7%... IAC (IACI), up 3.6%. ALSO HIGHER: Fiat Chrysler (FCAU), up 12% after reporting quarterly results, announcing plan to spin off Ferrari... Cara Therapeutics (CARA), up 17.8% after HAL trial of IV formulation of CR845 met primary endpoint... Jamba (JMBA), up 4% after upgraded at Wedbush. DOWN AFTER EARNINGS: Facebook (FB), down 5.7%... Gilead (GILD), down 3.2%... Ralph Lauren (RL), down 2.3%... SodaStream (SODA), down 3%... Garmin (GRMN), down 5%... Applied Micro Circuits (AMCC), down 9.9%... STMicroelectronics (STM), down 10%... Ballard Power (BLDP), down 8.7%... Hershey (HSY), down 3.3%... Deutsche Bank (DB), down 2.3%... McKesson (MCK), down 2%. ALSO LOWER: Sanofi (SNY), down 5.7% after downgraded at various firms including Barclays and BofA/Merrill after the company's board removed Christopher Viehbacher as CEO... InvenSense (INVN), down 22%, downgraded at Pacific Crest, Northland and Piper Jaffray following the company's Q2 earnings results... CareTrust REIT (CTRE), down 3.6% after acquiring Cross Healthcare Seniors housing portfolio... Orbital (ORB), down 16% after Orb-3 launch mishap... American Realty (ARCP), down 22% after announcing resignations of CFO, CAO.
09:12 EDTARCPAmerican Realty downgraded to Market Perform from Outperform at BMO Capital
BMO Capital downgraded American Capital to Market Perform citing more accounting errors and the CFO resignation.
07:46 EDTARCPAmerican Realty says error 'identified but intentionally not corrected'
American Realty said its Audit Committee's investigation conducted to date has not uncovered any errors in the consolidated financial statements for the three months ended March 31, 2014. 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, a non-U.S. GAAP financial measure, for the three months ended March 31, 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."
07:11 EDTARCPAmerican Realty does not expect restatement to impact Cole sale
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07:10 EDTARCPAmerican Realty announces resignations of CFO, CAO
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07:08 EDTARCPAmerican Realty says financial statements cannot be relied upon
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