NEW YORK (TheStreet) -- Shares of American Realty Capital Properties (ARCP) were falling 3.7% to $8.02 in pre-market trading Wednesday after the REIT announced it received another waiver from lenders, and an extension for reporting its third quarter and fourth quarter results for 2014 following recent accounting regularities.
Under the new agreement with lenders American Realty Capital Properties will reduce the maximum debt allowed under its current credit facility to $3.6 billion. The company said it currently has $3.2 billion outstanding under its credit facility, and has about $250 million in cash on hand.
American Realty Capital Properties also agreed to not pay a dividend to its shareholders until it can deliver its quarterly statement. The company plans to review its dividend policy and pay a dividend that's in line with its peers.
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The company also announced that it hired Korn Ferry (KFY) to help in the search for a new CEO and an independent, nonexecutive chairman.
TheStreet Ratings team rates AMERICAN RLTY CAP PPTY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN RLTY CAP PPTY INC (ARCP) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its poor profit margins and generally disappointing historical performance in the stock itself."