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Huge REIT ARCP Announces Accounting Errors (Intentional)

edited October 2014 in The OT Bullpen
http://seekingalpha.com/article/2610375-disaster-strikes-for-american-realty-capital-properties

http://www.bloomberg.com/news/2014-10-29/sec-said-to-open-review-of-american-realty-s-accounting.html

http://www.fa-mag.com/news/arcp-says-accounting-errors-were-intentionally-not-corrected-19694.html

http://www.investmentnews.com/article/20141029/FREE/141029916/schorschs-american-realty-capital-discloses-serious-accounting

"The company said that some amounts related to non-controlling interests likely were incorrectly included in adjusted funds from operations, an error the audit committee believes was identified but intentionally not corrected." "The result of the errors was that AFFO was overstated and the net losses for the three and six months ended June 30, 2014 were understated, the company said."

-20%, but was down near 40% at one point.

Huge company - 11B market cap and the largest owner of single tenant properties in the US.

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