American Realty Capital enters consent memorandum to modify financial information deliverables

By Jennifer Chiou

New York, Feb. 27 – American Realty Capital Properties, Inc. entered into a consent memorandum to memorialize an agreement by the company, its operating partnership and the lenders to modify one of the financial information deliverables relating to American Realty’s 2013 audited reports, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the administrative agent.

The change allows the company to deliver restated consolidated balance sheets as of Dec. 31, 2012 and 2013 and related statements of operations, comprehensive loss, changes in equity and cash flows, provided that the same are substantially consistent with certain financial information provided to the lender, and are accompanied by an unqualified opinion by the company’s independent registered public accounting firm, the filing stated.

American Realty said it will file the consent memorandum with its quarterly report on Form 10-Q for the first quarter of 2015.

The company’s operating partnership is ARC Properties Operating Partnership, LP.

American Realty is a self-managed New York-based company focused on acquiring and owning single-tenant freestanding commercial properties subject to net leases with high-credit-quality tenants.

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