American Realty Capital Properties changes name to Vereit; preferred stock listing moved to NYSE

By Stephanie N. Rotondo

Phoenix, July 31 – American Realty Capital Properties Inc., a Phoenix-based real estate investment trust, has changed its name to Vereit Inc., the company said in a press release.

In connection with the name change, the 6.7% series F cumulative redeemable preferred stock symbol was moved to the New York Stock Exchange from the Nasdaq Global Select Market. The ticker symbol was changed to “VERPR” from “ARCPP.”

The rebranding is part of an effort to “focus on the future,” the company said in its statement. The move comes almost a year after the company was embroiled in an accounting scandal that resulted in the resignation of several top executives, including founder and chairman Nicholas Schorsch.

The new name 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 the press release.

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