NEW YORK CITY—American Realty CapitalProperties, the largest REIT in thenet lease space, said Friday that its lenders hadgranted a waiver and amendment on its unsecured credit facility,while also giving the company an extension on reporting itsthird-quarter results. As part of the agreement with lenders, ARCPwill permanently reduce its maximum debt level from $4.65 billionto $4.0 billion.

The lenders' waiver and extension allows ARCP to remaincompliant with its borrowing obligations while its externalauditors complete their review of the REIT's financial statementsfor the past two years. ARCP on Oct. 29 said it would no longerrely on its Q1 and Q2 statements after accounting irregularities were discovered,leading to the resignation of its then-CFO and chief accountingofficer as well as a steep drop in its stock prices.

Until its revised 2013 and 2014 statements are filed with theSEC, ARCP is temporarily limited to a maximum of $3.6 billionoutstanding under its unsecured credit facility. Currently thecompany has $3.2 billion outstanding on that facility. ARCP hasalso agreed to maintain a minimum unencumbered asset value of atleast $10.5 billion, which currently totals approximately $13billion.