NEW YORK, Nov. 26, 2013 /PRNewswire/ -- American Realty Capital Properties, Inc. ("ARCP") (NASDAQ: ARCP) announced today that it has appointed David S. Kay as President. Mr. Kay will join Nicholas S. Schorsch, Executive Chairman and Chief Executive Officer, Lisa Beeson, Chief Operating Officer, and Brian S. Block, Chief Financial Officer, as part of ARCP's self-managed executive team.
Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP, commented, "With the addition of David Kay as President of ARCP, we have successfully completed our self-management initiative. David brings with him extensive senior management experience that will be invaluable as we work to integrate the CapLease, ARCT IV and Cole assets and work forces. I also wish to thank Mike Weil for the integral role he has played in building ARCP to its present stature. Mike will remain a director of the Company."
Prior to his appointment, Mr. Kay, served as Chief Investment Officer and Chief Financial Officer of Capital Automotive Real Estate Services, Inc. ("Capital Automotive"), a specialty finance company for automotive retail real estate, whose predecessor, Capital Automotive REIT, Mr. Kay co-founded in October 1997. As Chief Financial Officer, Mr. Kay directed Capital Automotive's initial public offering in 1998, raising $370 million, and completed nearly $3 billion of real estate acquisitions in the following seven years. In December 2005, Mr. Kay led Capital Automotive through a nearly $4 billion privatization transaction. In 2011 and 2009, Mr. Kay oversaw two recapitalizations totaling $3.7 billion of the Company's debt. Prior to forming Capital Automotive REIT, Mr. Kay was employed by the public accounting firm of Arthur Andersen LLP for approximately 10 years. While at Arthur Andersen LLP, Mr. Kay provided clients with consultation regarding mergers and acquisitions, business planning and strategy, and equity financing. He also has extensive experience in capital formation, roll-up transactions, and public offerings. Mr. Kay is a member of the board of directors of Summit Hotel Properties, Inc. (NYSE: INN), a premium-branded limited-service and select-service hotel investment company. Mr. Kay received a B.B.A. from James Madison University where he is currently a member of the Executive Advisory Board of the Business School and a member of the Board of the Center for Entrepreneurship. He is also active in many charitable foundations and organizations.When asked about his role at ARCP, Mr. Kay explained, "I am enthusiastic about the opportunity to join the extraordinary group of people that make up the ARCP management team. After a great run at Capital Automotive, I look forward to continue working in the capital markets and am excited to once again be part of a public company."