Before the markets opened Monday morning, American Realty Capital Properties Inc. (NASDAQ: ARCP) restated operating results for its third quarter in 2014. The company said its revenue as $457.1 million, up by $361.9 million from the previous year, and adjusted funds from operations were reported as $0.26 per share. However for the quarter, ARCP noted that it had a loss of $280.4 million, or roughly -$0.35 per share.
It looks like the road ahead might not be as rocky as once thought, if the company can continue to keep up this performance.
In terms of its segments, ARCP’s Real Estate segment revenue increased $302.1 million to $397.3 million and its Cole Capital segment revenue was $59.8 million.
In the third quarter, ARCP sold seven properties for total net proceeds of $73.1 million and invested $1.1 billion in 228 properties on behalf of the Cole Capital managed funds. Also the firm acquired $2.3 billion of real estate in the third quarter with a cash cap rate of 7.7%, including the approximate $1.7 billion Red Lobster sale-leaseback transaction.
The board of directors will announce the ARCP’s new dividend policy later in 2015. Currently the company cannot declare or pay a dividend on the common stock until it has delivered its required quarterly and annual financial statements.
William Stanley, interim chairman and chief executive officer, said:
We are pleased to report our third quarter 2014 operating results. We have made significant progress to address the issues identified in the Audit Committee investigation, and can now focus our attention on moving ARCP to where we know it should be. We do that knowing that we have an exceptional business built on a diversified, high-quality portfolio of net lease assets, an outstanding team of real estate professionals and a healthy balance sheet to support our efforts.
Shortly after the opening bell Monday, shares rose 4.6% to $10.27. The stock has a consensus analyst price target of only $9.33, but its 52-week trading range is $7.38 to $14.96.
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