American Realty Capital Properties Inc. (NASDAQ: ARCP) reported fourth quarter and full-year 2014 results before markets opened Monday. The commercial real-estate company reported quarterly adjusted diluted funds from operations (FFO) of $0.22 on revenues of $418.8 million. In the prior year, ARCP reported FFO of $0.25 on revenue of $85.26 million. Fourth-quarter results also compare to the Thomson Reuters consensus estimates for FFO of $0.24 and $391 million in revenue.

For the full year, the company posted adjusted FFO of $0.90 on revenues of $1.58 billion, compared with FFO of $0.87 in 2013 on revenues of $329.3 million. Analysts were looking for FFO of $0.85 on revenues of $1.4 billion. The large difference between 2013 and 2014 was attributed to an increase in gross assets and the inclusion of revenue from Cole Capital, which ARCP did not own in 2013.

Last October, ARCP’s shares plummeted when the company announced that its 2013 financial statements could no longer be relied upon. The shares dropped more than 33% in one day and have never recovered.

The company once paid a monthly cash dividend of $0.0833 (annualized at $1.00 per share) but those payments have been suspended. In this latest report ARCP said that “working with the new CEO and management, [ARCP] will establish a common stock dividend later in 2015, which is expected to be in line with net lease peers and paid on a quarterly basis.”

On an unadjusted basis, the company posted a diluted loss of $0.06 in the quarter and a profit of $0.18 per share for the full year.

ARCP took impairment charges of $406.1 million in the fourth quarter related to Cole Capital, including $223.1 in a write-down of goodwill, $96.7 million for five office properties and $86.4 million in intangible asset value associated with the dealer manager and advisory contracts.

The company’s interim chairman/CEO said:

The filing of ARCP’s 2014 Annual Report completes one of the highest priorities established by the Board of Directors, moving the Company forward and focusing on stability and transparency. With Glenn Rufrano becoming CEO on April 1, 2015, as well as the previously announced reconstitution of the Board, we are addressing the needs of our stakeholders and will continue to make progress on our commitments. With a best-in-class net lease portfolio, new leadership and proven real estate capabilities, we are confident that ARCP has a solid foundation for creating value for shareholders and strengthening its position in the marketplace.

Shares traded up about 2.2% in premarket trading Monday, at $10.10 in a 52-week range of $7.38 to $14.17. Thomson Reuters had a consensus analyst price target of around $10.25 before the results were announced.

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