Schorsch, 53, was a co-founder of ARCP and through acquisitions helped build it into one of the largest U.S. owners of single-tenant buildings. Late last year, he stepped down as chairman of two other publicly traded companies and several nontraded REITs started by his company AR Capital.

Investors including Corvex Management and PGGM Investment Management have pressed for more changes at ARCP, including the removal of board members with ties to past leadership.

“A truly independent board is necessary to choose a new management team for ARCP,” PGGM, a Dutch pension fund manager which owns more than 1 percent of the REIT’s shares, wrote in a Feb. 27 letter to the company. “Any board member with current or past ties to Nicholas Schorsch or to his affiliated entities could be subject to inherent conflicts of interest.”

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