NEW YORK (TheStreet) -- Shares of American Realty Capital Properties (ARCP) are up 6.13% to $9 in pre-market trade after activist investment firm Corvex Management LP reported a 7.1% in the U.S. real estate investment trust that has plunged since disclosing accounting errors two months ago, according to Bloomberg.
Corvex, run by former Carl Icahn protege Keith Meister, has accumulated about 64.7 million shares, including stock underlying call options, the firm said in a regulatory filing. The New York-based company paid about $71.1 million for the 7.925 million owned shares and $158.1 million for the options, according to the filing.
American Realty Capital Properties has declined 32% since revealing on October 29 that it had accounting errors that were intentionally concealed, leading to the resignation of its chief financial and chief accounting officers. Three of the company's other top executives resigned two weeks ago, and the REIT is reviewing its capital structure and dividend policy, Bloomberg reports.
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Corvex said that it has had talks with ARCP's board to discuss adding a representative and ways to boost value, Bloomberg noted.
New York-based ARCP is the largest owner of single-tenant U.S. buildings, with more than 4,000 properties across the country. The company said it has had "constructive conversations" with Corvex, Bloomberg said.
Separately, 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: