Schorsch served as the company's president, CEO, and vice chairman of the board of trustees, listing it publicly on the New York Stock Exchange in 2003.
[7] Similar to American Financial Realty Trust, ARCT would invest in single-tenant commercial real estate properties leased to corporate businesses that provided other essential goods and services, such as Walgreens, CVS, Dollar General, and Federal Express.
[15] In September 2019, VEREIT entered into agreements to settle pending class action litigation against it regarding among other things alleged violations of Section 11 of the 1933 Act (In re American Realty Capital Properties, Inc.
[8] They launched a series of investment programs at the same time, using the broker-dealer platform to raise capital for other sponsor companies in the industry.
[20] This coincided with Realty Capital Securities garnering a 53% market share in the real estate managing broker-dealer sales, more than five times that of the next competitor.
[22] Earlier in the year the fund managed to acquire an office building at 1440 Broadway, pushing into the Times Square sub-market,[21] as well as the leasehold interest in the Viceroy Hotel.
In January 2015, this medical-related property portfolio was purchased by Ventas, Inc. (NYSE: VTR) in an approximately $2.6 billion transaction, or at $11.33 per HCT share.
[26] Shortly after RCAP's IPO, Schorsch announced the acquisition of First Allied Holdings, Inc., together with The Legend Group serving over 1,500 independent financial advisors.
An article by Investment News cited that "If all his deals come to fruition...his network would have close to 9,200 registered representatives and financial advisers producing about $1.73 billion in total annual revenue, placing him in the top tier of independent broker-dealers.
[34] Two days later, on June 13, 2014, RCS Capital completed yet another of its previously announced Independent Broker-Dealer acquisitions, closing on J.P. Turner & Company.
[36] Schorsch was succeeded by Mark Auerbach, RCS Capital's former Lead Independent Director, to the role of chairman, effective immediately.
[38] Schorsch influenced the non-traded REIT industry in several ways, notably eliminating the "internalization fee" and prompting other sponsor companies to follow suit.
[39] Through American Realty Capital's Best Practice standards, Kahane and Schorsch made the focus on lowering fees a priority, contrary to industry convention.
[44] He is also regarded as one of the principal figures contributing to the increased appeal and accessibility of commercial real estate investments to individual investors.