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New Name for American Realty Capital Properties

American Realty Capital Properties, Inc. (NASDAQ: ARCP), a real estate investment trust founded by AR Capital, has officially changed its name to VEREIT Inc., effective today.

VEREIT (pronounced “ver-REIT”) is the blend of veritas, the Latin word meaning truth, and REIT, the industry in which the company strives to be a respected leader, according to a recent press release. “Changing the name of the company was high on my list of priorities as we work towards establishing a new business foundation and organizational culture,” explained Glenn J. Rufrano, VEREIT’s chief executive officer. “VEREIT is the perfect name as it succinctly represents a commitment to serve our tenants, business partners, investors and employees through discipline, transparency and consistency.”

The company is also unveiling a new logo, brand messaging and a re-designed website, www.VEREIT.com, as part of the transition to the VEREIT name. The new logo is comprised of three stacked layers, with each layer referring to its key audiences of tenants, stakeholders and employees. Additionally, the openness of the logo’s design represents transparency.

As the DI Wire reported last week, the company expects that its common stock and Series F cumulative redeemable preferred stock will begin trading on the New York Stock Exchange on July 31, 2015, under the VEREIT name and ticker symbols VER and VER.PFR, respectively. Until the opening of trading on July 31, 2015, the company’s common stock and Series F preferred stock will continue to trade on the NASDAQ under the ticker symbols ARCP and ARCPP, respectively.

These latest moves follow a string of changes after the disclosure last October of accounting irregularities at the huge net lease REIT founded by Nicholas Schorsch and his partners at AR Capital. A wave of C-suite resignations, including that of executive chairman Schorsch, followed the revelations, as did a deflation in the stock price. The board brought in Glenn Rufrano earlier this year as chief executive officer to right the ship and restore investor confidence. The only remaining significant ties to the Schorsch era had been the name and ticker symbol.

Cole Capital®, the non-traded alternative investment arm of VEREIT, will retain its name and logo, which has strong brand recognition in the non-traded REIT industry.

VEREIT is a full-service real estate operating company with investment management capability. VEREIT owns and actively manages a diversified portfolio of retail, restaurant, office and industrial real estate assets with a total asset book value of $20.3 billion including approximately 4,650 properties totaling 102 million square feet. Additionally, VEREIT manages $6.1 billion of gross real estate investments on behalf of the Cole Capital non-traded REITs.