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[June 26, 2014]
AMERICAN REALTY CAPITAL PROPERTIES, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
American Realty Capital Properties, Inc. (the "Company") previously reported in its Current Report on Form 8-K furnished to the Securities and Exchange Commission (the "SEC") on June 20, 2014, that, as planned, Nicholas S. Schorsch will relinquish his Chief Executive Officer role to David S. Kay, the Company's President, effective October 1, 2014. The transition was contemplated by Mr.
Schorsch's employment agreement with the Company and does not constitute a change of control or trigger any accelerated benefits or other rights thereunder.
Mr. Kay, 47, has served as President of the Company since December 2013. A description of Mr. Kay's background is contained in the Company's Current Report on Form 8-K filed with the SEC on November 26, 2013 (the "November 26th Form 8-K"). Mr. Kay's business experience and current compensation arrangements with the Company are described in the November 26th Form 8-K and the Company's Proxy Statement filed with the SEC on April 29, 2014, and such information is incorporated into this Current Report on Form 8-K in response to this Item 5.02.
There are no transactions involving Mr. Kay that are reportable under Item 404(a) of Regulation S-K for the purposes of this Current Report on Form 8-K.
Item 8.01. Other Events.
Press Release Relating to July 2014 Dividends As previously disclosed, the board of directors of the Company authorized, and the Company declared, an annualized common stock dividend of $1.00 per share per annum to be paid monthly to holders of common stock of record at the close of business on the 8th day of each month, payable on the 15th day of such month.
Accordingly, on July 15, 2014, the Company will pay a distribution of $0.0833333 per share to holders of common stock of record at the close of business on July 8, 2014.
Additionally, the Company will pay a monthly dividend to holders of its 6.70% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share ("Series F Preferred Stock"), in respect of the period commencing June 15, 2014 through July 14, 2014, on July 15, 2014. Holders of Series F Preferred Stock on July 1, 2014 will be eligible to receive such dividend. The dividend for the Series F Preferred Stock accrues daily on a 360-day annual basis equal to an annualized dividend rate of $1.675 per share, or $0.1395833 per 30-day month.
A copy of the press release, dated June 26, 2014, announcing the foregoing is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 99.1 Press Release Issued June 26, 2014
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