ARCP Brings in President, Completes Exec Team

NEW YORK CITY-American Realty Capital Properties Inc., which recently announced a switch to self-management, has brought in David S. Kay as its new president. Kay is joining CEO and executive chairman Nicholas Schorsch, COO Lisa Beeson and CFO Brian S. Block as part of ARCP's self-managed executive team.

Previously, Kay served as CIO and CFO at Capital Automotive Real Estate Services Inc., a specialty finance company for automotive retail real estate. He had co-founded its predecessor, Capital Automotive REIT, in October 1997, and directed its IPO the following year.  Kay completed nearly $3 billion of real estate acquisitions in the following seven years, and in December 2005, he led Capital Automotive through a nearly $4-billion privatization transaction.

Kay counts himself “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.”

Schorch notes that with the addition of Kay as president, “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.”

In October, GlobeSt.com reported that ARCP and Cole Real Estate Investments would merge in a transaction valued at $11 billion, adding to the pending acquisitions of CapLease and American Realty Capital Trust IV. The three mergers, when finalized, will result in a net lease REIT with an enterprise value of $21 billion, 64% larger than its next nearest competitor and the 14th largest publicly traded REIT.