Nicholas S. Schorsch Resigns from American Realty Capital Properties, Inc.

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Dec 15, 2014, 08:31 ET

NEW YORK, Dec. 15, 2014 /PRNewswire/ -- AR Capital ("AR Capital"), today announced that its Managing Partner, Nicholas S. Schorsch, has resigned as Executive Chairman and Director of American Realty Capital Properties, Inc. ("ARCP"), effective immediately. Mr. Schorsch will focus his attention on the strategy, growth and management of AR Capital. At the same time, Mr. Schorsch and his partners at AR Capital will continue to support ARCP by maintaining their current position as major shareholders.

Recently, AR Capital announced a number of initiatives in connection with its investment programs, including non-traded REITs and BDCs currently in offering. In this regard, AR Capital undertook to examine the board composition of each of these programs to reduce overlap and potential conflict among directors from one board to the next.

"In order to reduce complexity, enhance accountability, align interests and minimize conflicts of interest among related parties and affiliates, Nick has decided to step down from his positions at ARCP and certain related companies," said William M. Kahane, Founding Partner of AR Capital. "He did this because in creating clarity and eliminating potential conflicts, he is acting in the best interests of the shareholders. I know this has not been an easy decision for Nick, but he believes it is the correct one."

"Although the ARCP Audit Committee investigation is continuing," Mr. Kahane added, "we understand that to date there has not been any conclusion of unlawful conduct by Mr. Schorsch."

About AR Capital

Founded in 2006, AR Capital is a full-service investment management firm providing advisory services to retail and institutional investors. AR Capital is an active sponsor and manager of public and private real estate investments, business development companies, an oil and gas program, and other investment products. Collectively, AR Capital's senior team of seasoned professionals has acquired and managed over $10 billion of real estate, as well as $5 billion of corporate sale-leasebacks and net leased properties. For more information, visit www.americanrealtycap.com.

Important Notice

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SOURCE AR Capital