NEW YORK (AP) — American Realty Capital Properties Inc. is spinning off its multi-tenant shopping center businesses into a publicly traded real estate investment trust.
American Realty said that the new business will be called American Realty Capital Centers Inc. and operate as ARCenters. The new company is expected to trade on the Nasdaq under the "ARCM" ticker symbol.
ARCenters is expected to initially own 69 multi-tenant shopping centers with properties in 26 states.
American Realty Capital Properties Chairman and CEO Nicholas Schorsch will serve as ARCenters chairman. No other ARCP board members or employees are expected to be directors at ARCenters.
ARCP's board unanimously approved the spinoff plans. Maryland-based ARCP says it focuses on acquiring and owning single-tenant freestanding commercial properties.
Last month, ARCP completed its $7 billion acquisition of Cole Real Estate.
ARCP shares finished at $14.52 on Wednesday. Its shares are up more than 14 percent over the past three months.