ARCP gets time to revise earnings, delays dividend

American Realty Capital Properties Inc. (ARCP) won more time from lenders to revise some inaccurate financial statements and said it won't pay a dividend until the reports are completed. ARCP, which this month saw the departure of Chairman Nicholas Schorsch and two other executives, plans to review its dividend policy and deliver a common stock payment to investors that's “in line with its industry peers,” the New York-based company said Wednesday in a statement. (More: Nicholas Schorsch's REIT empire is under siege) ARCP, the largest U.S. owner of single-tenant buildings such as restaurants and drugstores, is reviewing financial statements going back to last year after finding that accounting errors were deliberately hidden. Shares of ARCP were down 3.4% to $8.05 in mid-morning trading Wednesday in New York. They have lost 35% since the Oct. 29 disclosures. The company plans to evaluate its capital structure and allocation of capital, ARCP said Wednesday. It hired adviser Korn Ferry and started a search for a chief executive officer and a non-executive chairman. CEO David Kay, who took the job in October, departed this month as did chief Operating Officer Lisa Beeson.