PHOENIX, July 28, 2015 /PRNewswire/ -- As part of its ongoing efforts to focus on the future, American Realty Capital Properties, Inc. (NASDAQ: ARCP) announced that it will officially begin business operations under a new corporate name and will be known as VEREIT, Inc. ("VEREIT" or the "Company") effective today.
The name VEREIT (pronounced "ver-REIT") is the blend of veritas, the Latin word meaning truth, and REIT, the industry in which the Company strives to be a respected leader. "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," explained Glenn J. Rufrano, VEREIT's Chief Executive Officer. "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."
The Company is also unveiling a new logo, brand messaging and a re-designed website, www.VEREIT.com, as part of the transition to the VEREIT name. The new logo is comprised of three stacked layers, with each layer referring to its key audiences of tenants, stakeholders and employees. Additionally, the openness of the logo's design represents transparency.
As the Company announced on July 20, 2015, it expects that its common stock ("Common Stock"), par value $0.01 per share, and 6.70% Series F Cumulative Redeemable Preferred Stock ("Series F Preferred Stock"), par value $0.01 per share, will begin trading on the New York Stock Exchange ("NYSE") on July 31, 2015, under the VEREIT name and ticker symbols VER and VER.PFR, respectively. Until the opening of trading on July 31, 2015, the Company's Common Stock and Series F Preferred Stock will continue to trade on the NASDAQ under the ticker symbols ARCP and ARCPP, respectively.
VEREIT will introduce its new business plan during its second quarter 2015 earnings call scheduled for August 6, 2015, at 1 p.m. ET. At that time, Mr. Rufrano and Michael J. Sodo, the Company's Chief Financial Officer, will also discuss the Company's financial results.
"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 the upcoming second quarter 2015 earnings call and at a soon-to-be-announced Investor Day," added Mr. Rufrano.
Cole Capital®, the investment arm of VEREIT, will retain its name and logo, which has strong brand value and recognition in the non-traded REIT industry.
About the Company
VEREIT is a leading, full-service real estate operating company with investment management capability. VEREIT owns and actively manages a diversified portfolio of retail, restaurant, office and industrial real estate assets with a total asset book value of $20.3 billion including approximately 4,650 properties totaling 102 million square feet. Additionally, VEREIT manages $6.1 billion of gross real estate investments on behalf of the Cole Capital non-traded REITs. VEREIT is a publicly traded Maryland corporation. Additional information about VEREIT can be found on its website at www.VEREIT.com. VEREIT may disseminate important information regarding it and its operations, including financial information, through social media platforms such as Twitter, Facebook and LinkedIn.
Information set forth herein contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which reflect VEREIT's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements include, but are not limited to: VEREIT's ability to transfer the listing of its Common Stock and Series F Preferred Stock to the NYSE and its ability to do so within the announced timeframe; and VEREIT's plans, market and other expectations, objectives, intentions and other statements that are not historical facts. Additional factors that may affect future results are contained in VEREIT's filings with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. VEREIT disclaims any obligation to update and revise statements contained in these materials based on new information or otherwise.
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SOURCE VEREIT, Inc.