American Realty Capital Trust Announces Third Quarter 2012 Operating Results

 American Realty Capital Trust Announces Third Quarter 2012 Operating Results

PR Newswire

NEW YORK, Oct. 29, 2012

NEW YORK, Oct. 29, 2012 /PRNewswire/ --American Realty Capital Trust, Inc.,
(NASDAQ: ARCT) ("ARCT" or the "Company") announced today its operating results
for the three and nine months ended September 30, 2012. Operating highlights
are provided below. All per share results are reported on a fully diluted
basis.

"Following the positive performance for the first half of the year, American
Realty Capital Trust had another impressive quarter," said William M. Kahane,
Chief Executive Officer of ARCT. "We not only posted solid financial results,
but our common stock returned over 9% for the quarter on a total return basis,
outperforming the S&P 500, the MSCI REIT Index the Russell 2000 and a
portfolio of its triple net peers by wide margins. We purchased over $30
million in new acquisitions at an average capitalization rate of 8.38%,
bringing the total portfolio tenant base to 63 high-quality, primarily
investment grade, tenants. We also increased the Company's annualized monthly
dividend commencing in September from $0.70 to $0.715 per share."

"We are extremely proud of the portfolio we have built for our shareholders.
With the recent announcement of the pending acquisition of ARCT by Realty
Income Corporation, we believe that we are delivering to our shareholders the
best publicly-traded net lease REIT in the real estate industry. In an
industry where size matters, upon completion of the transaction, Realty Income
will be the 18^th largest REIT and, we believe, financially stronger than any
of its competitors. Our companies' combined portfolio will be exceptionally
well positioned for continued earnings growth and increasing dividends. While
in some respects this transaction is bittersweet for me and those who built
ARCT, we are confident in Tom Lewis, CEO of Realty Income, and his team, and
are proud to pass the torch to them." 

Third Quarter 2012 Operating Highlights (three months ended September 30, 2012
compared to the three months ended September30, 2011)

  oFunds from operations: $29.5 million, or $0.19 per share, up from $17.0
    million, or $0.10 per share.
  oAdjusted funds from operations: $30.1 million, or $0.19 per share, up from
    $22.7 million, or $0.13 per share.
  oRevenues: $46.1 million, up from $36.2 million.
  oNet operating income: $43.3 million, up from $34.7 million.
  oNet loss attributable to stockholders: $64.5 million, or a loss of $0.41
    per share, compared to a loss of $5.7 million, or $0.03 per share.
    Excluding listing, internalization and merger related costs, net income
    attributable to stockholders was $3.6 million or $0.02 per share.
  oTotal dividends paid to stockholders: $27.9 million, or $0.70 per share on
    an annualized basis ($0.715 per share on an annualized basis for
    September), compared to $28.0million, or $0.70 per share on an annualized
    basis.

Year-to-Date 2012 Operating Highlights (nine months ended September 30, 2012
compared to the nine months ended September 30, 2011)

  oFunds from operations: $91.2 million, or $0.57 per share, up from $28.5
    million, or $0.24 per share.
  oAdjusted funds from operations: $91.6 million, or $0.57 per share up from
    $52.0 million or $0.43 per share.
  oRevenues: $137.3 million, up from $86.0 million.
  oNet operating income: $129.8 million, up from $83.4 million.
  oNet loss attributable to stockholders: $54.6 million, or $0.35 per share,
    based on adjusted first quarter net income, or $88.3 million loss, or
    $0.54 per share, as reported, compared to a net loss of $19.7 million, or
    $0.17 per share. Excluding listing, internalization, merger and
    extinguishment of debt related costs from as reported net loss, net income
    attributable to stockholders was $4.4 million or $0.03 per share.
  oTotal dividends paid to stockholders: $89.4 million, or $0.70 per share on
    an annualized basis ($0.715 per share on an annualized basis for
    September), compared to $55.8million, or $0.70 per share on an annualized
    basis.

Third Quarter 2012 Property Portfolio Highlights

  oClosed on $30.3 million of new acquisitions: acquired $30.3 million of
    properties with an average capitalization rate of 8.38%, consistent with
    ARCT's net lease investment strategy.
  oAcquisitions year-to-date: completed acquisitions/expansions for a total
    purchase price of $43.2 million year to date with an average
    capitalization rate of 8.43%. Including joint venture non-controlling
    interest redemptions, acquisitions totaled $54.7 million.
  oPortfolio occupancy: 100% physical and economic occupancy (no lease
    expirations in 2012 or 2013).
  oIncreased dividend: 2.14% dividend increase, effective September 15, 2012,
    announced on July 31, 2012, bringing the annualized distribution rate from
    $0.70 per share to $0.715 per share.

Third Quarter 2012 Capital Markets Activity

  oSecured permanent term loan: secured $235 million permanent term loan led
    by Wells Fargo Securities, LLC on July 2, 2012, replacing $200 million
    interim term loan funded on April 16, 2012 by Wells Fargo Bank, N.A.
  oRepurchased joint venture interests: Paid $11.6 million through September
    30, 2012 ($24.3 million through October 28, 2012) to non-controlling
    interest holders in property joint ventures with the Company to repurchase
    their joint venture interests.
  oRating under review for possible upgrade: Moody's Investor Services
    ("Moody's"), a national major credit rating agency, placed ARCT's Ba2
    issuer rating on review for a possible upgrade. This action followed the
    merger announcement described immediately below.

Entered into an Agreement to Merge with Realty Income Corporation

On September 6, 2012, ARCT and Realty Income Corporation ("Realty Income")
entered into a definitive agreement for Realty Income to acquire all of the
outstanding shares of ARCT in a transaction valued at approximately $3.0
billion. Both companies' board of directors have unanimously approved the
agreement. Following a stockholder vote by both companies, the transaction is
expected to close during the fourth quarter of 2012 or early in the first
quarter of 2013. Under the terms of the agreement, ARCT stockholders will
receive a fixed exchange ratio of 0.2874 Realty Income shares for each share
of ARCT common stock that they own. Upon closing of the transaction, ARCT's
stockholders are expected to own approximately 26% of Realty Income's shares.
By combining the two portfolios, Realty Income will become the 18^th largest
REIT and the largest net lease REIT by a factor of two times once the
transaction is completed.

Realty Income and ARCT filed preliminary joint proxy materials (Form S-4) with
the Securities and Exchange Commission on October 1, 2012. Complete
information on the merger, including the merger background, reasons for the
merger, who may vote, how to vote, and the time and place of the ARCT
shareholder meeting, will be included in a definitive proxy statement to be
filed in November.

Financial Results

Funds from operations and adjusted funds from operations

Funds from operations (FFO) for the three months ended September 30, 2012,
totaled $29.5 million, or $0.19 per share, compared to $17.0million, or $0.10
per share, for the three months ended September 30, 2011.

Adjusted fund from operations (AFFO) for the three months ended September 30,
2012, totaled $30.1 million, or $0.19 per share compared to $22.7 million, or
$0.13 per share, for the three months ended September 30, 2011.

For the nine months ended September 30, 2012, and using adjusted first quarter
FFO, FFO totaled $91.2 million, or $0.57 per share, compared to $28.5 million,
or $0.24 per share, for the nine months ended September 30, 2011.

AFFO for the nine months ended September 30, 2012, similarly calculated,
totaled $91.6 million, or $0.57 per share, compared to $52.0 million, or $0.43
per share, for the nine months ended September 30, 2011.

Third quarter FFO and AFFO are in line with the Company's expectations and
previously issued guidance for the year ending December 31, 2012. The Company
also reaffirms its previously issued 2013 guidance.

Revenues

Total revenues were $46.1 million for the three months ended September 30,
2012, an increase of 27% from $36.2 million for the three months ended
September 30, 2011. Rental income increased 27% to $44.4 million for the
three months ended September 30, 2012, compared to $34.9 million for the three
months ended September 30, 2011.

Total revenues increased 60% to $137.3 million for the nine months ended
September 30, 2012, from $86.0 million for the nine months ended September 30,
2011. Rental income increased 58% to $132.6 million for the nine months ended
September 30, 2012, compared to $83.7 million for the nine months ended
September 30, 2011. Increases in revenues were driven by the acquisition of
approximately $327.8 million of net leased properties subsequent to September
30, 2011.

Net operating income

Net operating income (NOI) increased 25% to $43.3 million for the three months
ended September 30, 2012, compared to $34.7 million for the three months ended
September 30, 2011. NOI increased 56% to $129.8 million for the nine months
ended September 30, 2012, compared to $83.4 million for the nine months ended
September 30, 2011. Increases in NOI were due to the acquisition of
approximately $327.8 million of net leased properties subsequent to September
30, 2011.

Net loss to stockholders

Net loss attributable to stockholders totaled $64.5 million, or $0.41 per
share, for the three months ended September 30, 2012. Net loss includes the
effect of the recognition of $68.1 million of expenses related to our NASDAQ
listing, termination of our advisory agreement with our former advisor and
merger related expenses, including $63.2 million paid in the form of an
Incentive Listing Fee Note to ARCT's former sponsor, AR Capital, LLC, and $4.9
million of merger expenses. Excluding these charges the Company realized net
income of $3.6 million or $0.023 per share.

For the nine months ended September 30, 2012, net loss attributable to
stockholders totaled $54.6 million, or $0.35 per share, based on adjusted
first quarter net income. As reported, net loss attributable to stockholders
for the nine months ended September 30, 2012 was $88.3 million, or $0.54 per
share. Excluding charges for the NASDAQ listing, internalization, merger and
extinguishment of debt related costs, net income was $4.4 million or $0.03 per
share.

Dividend increase

On July 31, 2012, the Company's board of directors announced an increase in
its annual dividend from $0.70 per share to $0.715 per share, or $0.05958 per
month. This equates to a 2.14% annual increase from the current dividend and
commenced payment on September 15, 2012, to stockholders of record on
September 8, 2012.

The Company paid dividends of $27.9 million for the three months ended
September 30, 2012, equal to two $0.05833 per share monthly dividends or,
$0.70 per annum and one $0.05958 per share monthly dividend, or $0.715 per
annum. For the nine months ended September 30, 2012, dividends totaled $89.4
million, equal to eight $0.05833 per share monthly dividends and one $0.05958
per share monthly dividend.

Real Estate Portfolio Grows

Property portfolio

As of September 30, 2012, the Company owned 507 freestanding, single-tenant,
net leased properties totaling 15.8 million square feet, located in 43 states
plus Puerto Rico. This compares to 405 properties totaling 13.2 million square
feet as of September 30, 2011. ARCT's portfolio is comprised of 63 corporate
tenants, operating in 20 distinct industries. The weighted average remaining
primary lease term of the portfolio is 12.7 years. The portfolio has de
minimis lease expirations in the next five years, and 74% of annualized rental
income is from tenants with an investment grade rating from a major credit
rating agency.

During the nine months ended September 30, 2012, ARCT acquired 10 Family
Dollar retail properties, seven Ruby Tuesday restaurants, four Bojangles'
quick service restaurants, three Tractor Supply retail properties, and one
Advance Auto retail property, as well as expansion spaces to a previously
acquired FedEx distribution facility and a Lockheed Martin facility, all 100%
occupied. For those properties purchased in the nine months ended September
30, 2012, the Company paid a total purchase price of $43.2 million, at an
average capitalization rate of 8.43%. Gross leasable area for these buildings
total 239,494 square feet.

Rents grow

During the three months ended September 30, 2012, cash rents on the 368 "same
store" properties held for the full period in both 2011 and 2012 increased
0.9% to $31.5 million, compared to $31.2 million for the three months ended
September 30, 2011. During the nine months ended September 30, 2012, cash
rents on the 259 "same store" properties held for the full period in both 2011
and 2012 increased 0.6% to $51.8 million, compared to $51.5 million for the
nine months ended September 30, 2011. The Company, since its inception, has
had no lease turnover, "dark stores" or lease renegotiations.

Year-to-Date 2012 Capital Market Activities

Permanent term loan secured

On July 2, 2012, ARCT secured a $235.0 million 5-year term loan led by Wells
Fargo Securities, LLC, which replaced a $200.0 million interim term loan
previously funded by Wells Fargo Bank, N.A. The facility bears interest at
the rate of LIBOR plus 195 to 275 basis points, depending on the Company's
leverage ratio. Net proceeds from the term loan were used to repay outstanding
balances on the Company's $330.0 million revolving line of credit and for
general working capital purposes. The effective annualized interest rate on
the term loan was 2.61% at September 30, 2012. The weighted average interest
rate on the $948.5million of outstanding debt at September 30, 2012 was
3.99%.

Potential rating upgrade

Moody's placed ARCT's Ba2 issuer rating on review for possible upgrade. This
action was a result of the announcement that Realty Income entered into an
agreement with ARCT to acquire all the Company's outstanding shares. Moody's
will continue to monitor the progress and completion of the proposed
transaction. Once the transaction closes, ARCT's issuer rating will be
withdrawn since there will be no remaining outstanding shares of common stock
available.

Repurchase of joint venture non-controlling interests

Through October 28, 2012, the Company has acquired non-controlling joint
venture interests in six joint venture arrangements totaling $22.1 million and
representing 90.5% of the outstanding non-controlling interests at the
beginning of the year. The Company has agreements in placeto acquire 100% of
the outstanding joint venture minority interests. Upon completion of these
repurchases, the Company will save $2.0 million annually in cash distributions
to the non-controlling interest holders and increase AFFO by approximately
$1.8 million.

Incentive listing fee paid

In connection with the listing of the Company's common stock on the NASDAQ on
March 1, 2012, and as previously disclosed, our former sponsor was entitled to
receive an incentive listing fee based on total shareholder return from
inception of the Company through the listing date in excess of a return of
capital plus a specified hurdle. As of September 30, 2012, the Company
recorded and accrued expenses related to the subordinated incentive listing
fee note, in the amount of $63.2 million. On October 12, 2012, the incentive
listing fee was paid in cash to the sponsor.

Third Quarter 2012 Conference Call Details

ARCT will be hosting its third quarter 2012 conference call and webcast on
Tuesday, October 30, 2012 at 9:00 a.m. ET. Nicholas S. Schorsch, Chairman,
William M. Kahane, Chief Executive Officer, and Brian D. Jones, Chief
Financial Officer, will conduct the call. Conference call details are as
follows:

Live Conference Call and Webcast Details*
Domestic Dial-In Number: 1-877-883-0383
International Dial-In Number: 1-412-902-6506
Canada Dial-In: 1-877-885-0477
Conference ID: 9185621
Webcast: www.arctreit.com/q3earningscall/
*Participants should dial in 10-15 minutes early.

AMERICAN REALTY CAPITAL TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
                                         September30, 2012  December31, 2011
                                         (Unaudited)
ASSETS
Real estate investments, at cost:
Land                                     $   334,470         $   325,458
Buildings, fixtures and improvements     1,558,105           1,528,962
Acquired intangible lease assets         276,819             271,751
Total real estate investments, at cost   2,169,394           2,126,171
Less: accumulated depreciation and       (179,730)           (101,576)
amortization
Total real estate investments, net       1,989,664           2,024,595
Cash and cash equivalents                5,819               33,329
Investment securities, at fair value     20,247              17,275
Restricted cash                          2,772               2,728
Investment in unconsolidated joint       —                   11,201
venture
Prepaid expenses and other assets        26,528              27,564
Deferred costs, net                      14,471              13,883
Total assets                             $   2,059,501       $   2,130,575
LIABILITIES AND EQUITY
Revolving credit facility                $   202,307         $   10,000
Long-term note payable                   235,000             —
Mortgage notes payable                   511,144             673,978
Mortgage discount and premium, net       756                 679
Below-market lease liabilities, net      7,922               8,150
Derivatives, at fair value               135                 8,602
Accounts payable and accrued expenses    78,211              11,706
Deferred rent and other liabilities      4,049               6,619
Dividends payable                        —                   10,637
Total liabilities                        1,039,524           730,371
Preferred stock, $0.01 par value;
10,000,000 shares authorized, none       —                   —
issued and outstanding
Common stock, $0.01 par value;
240,000,000 shares authorized,
158,576,630 and 177,963,413 shares       1,586               1,780
issued and outstanding at September 30,
2012 and December 31, 2011,
respectively
Additional paid-in capital               1,338,453           1,548,009
Accumulated other comprehensive income   2,497               (5,053)
(loss)
Accumulated deficit                      (333,601)           (166,265)
Total stockholders' equity               1,008,935           1,378,471
Non-controlling interests                11,042              21,733
Total equity                             1,019,977           1,400,204
Total liabilities and equity             $   2,059,501       $   2,130,575



AMERICAN REALTY CAPITAL TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except for per share data)
(Unaudited)
                     Three Months Ended September  Nine Months Ended September
                     30,                           30,
                     2012             2011         2012            2011
Revenues:
Rental income        $  44,400        $  34,943    $  132,590      $ 83,715
Operating expense    1,662            1,252        4,734           2,314
reimbursements
Total revenues       46,062           36,195       137,324         86,029
Operating expenses:
Acquisition and      534              5,554        1,233           23,377
transaction related
Property operating   2,797            1,542        7,488           2,666
Fees to affiliate    —                1,022        4,143           2,572
General and          1,586            371          6,600           1,104
administrative
Equity-based         798              375          1,955           1,099
compensation
Depreciation and     26,309           19,828       78,521          45,015
amortization
Listing,
internalization and  68,106           —            85,766          —
merger
Total operating      100,130          28,692       185,706         75,833
expenses
Operating income     (54,068)         7,503        (48,382)        10,196
Other income
(expenses):
Interest expense     (10,512)         (10,167)     (30,447)        (25,879)
Extinguishment of    —                —            (6,902)         (720)
debt
Equity in income of
unconsolidated joint —                22           36              71
venture
Other income, net    264              379          1,980           473
Loss on derivative   —                (3,114)      (4,055)         (2,967)
instruments
Loss on disposition  —                —            —               (44)
of property
Total other          (10,248)         (12,880)     (39,388)        (29,066)
expenses, net
Net loss             (64,316)         (5,377)      (87,770)        (18,870)
Net income
attributable to      (179)            (284)        (526)           (830
non-controlling
interests
Net loss
attributable to      (64,495)         (5,661)      (88,296)        (19,700)
stockholders
Other comprehensive
income (loss) items:
Designated
derivatives, fair    27               (838)        4,578           (864)
value adjustment
Unrealized gain
(loss) on investment 1,041            (433)        2,972           (433)
securities, net
Total other
comprehensive income 1,068            (1,271)      7,550           (1,297)
(loss)
Comprehensive loss   $  (63,427)      $  (6,932)   $  (80,746)     $ (20,997)
Basic and diluted
net loss per share   $  (0.41)        $  (0.03)    $  (0.54)       $ (0.17)
attributable to
stockholders

The below table reflects the items deducted or added to net loss in our
calculation of FFO and AFFO for the three and nine months ended September30,
2012 and 2011 (in thousands). Items are presented net of non-controlling
interest portions where applicable.

                  Three Months Ended September     Nine Months Ended September
                  30,                              30,
                  2012                2011         2012 ^(1)       2011
Net loss
attributable to
stockholders (in  $   (64,495)        $  (5,661)   $  (54,622)     $ (19,700)
accordance with
GAAP)
Non-cash
mark-to-market    —                   3,114        (465)           2,991
adjustments
Listing,
internalization   68,106              —            68,497          —
and merger
expenses
Debt
extinguishment    —                   —            276             720
expenses
Depreciation and  25,938              19,591       77,504          44,310
amortization
Loss on
disposition of    —                   —            —               44
property
Other non-cash    —                   —            —               102
losses
FFO               29,549              17,044       91,190          28,467
Acquisition       534                 5,554        1,233           23,374
related expenses
Amortization of
below-market      (76)                (76)         (228)           (228)
lease liabilities
Amortization of
deferred          1,139               1,492        3,029           3,641
financing costs
Straight-line     (1,842)             (1,725)      (5,684)         (4,349)
rent
Equity-based      798                 375          2,088           1,099
compensation
AFFO              $   30,102          $  22,664    $  91,628       $ 52,004
(1) As adjusted, see reconciliation below for the three months ended March 31,
2012. Adjustments relate to the Listing and Internalization, as well as to
normalize periodic expenses based on the Company's anticipated expense
structure subsequent to the Internalization.



                                                              Adjusted
                                      Three                              Three      Three      Adjusted
                January                                       Three                 Months     Nine
                                      Months                             Months
                and        March                 Adjustments  Months                Ended      Months
                           2012       Ended     ^(1)                    Ended      September  Ended
                February                                      Ended                 30,        September
                                      March 31,                          June 30,              30,
                2012                                          March 31,             2012
                                      2012                               2012                  2012
                                                              2012
Revenues:
Rental income   $ 29,386   $ 14,694   $ 44,080                $ 44,080   $ 44,110   $ 44,400   $ 132,590
Operating
expense         1,023      511        1,534                   1,534      1,538      1,662      4,734
reimbursements
Total revenues  30,409     15,205     45,614                  45,614     45,648     46,062     137,324
Operating
expenses:
Acquisition and
transaction     261        380        641        (641)        —          58         534        592
related
Property        1,793      896        2,689                   2,689      1,993      2,797      7,479
operating
Fees to         4,152      —          4,152      (4,152)      —          —          —          —
affiliate
General and     902        1,082      1,984      (599)        1,385      3,030      1,586      6,001
administrative
Equity-based    251        256        507        133          640        650        798        2,088
compensation
Depreciation
and             17,344     8,714      26,058                  26,058     26,154     26,309     78,521
amortization
Listing,
internalization —          17,269     17,269     (17,269)     —          391        68,106     68,497
and merger
Total operating 24,703     28,597     53,300                  30,772     32,276     100,130    163,178
expenses
Operating       5,706      (13,392)   (7,686)                 14,842     13,372     (54,068)   (25,854)
income (loss)
Other income
(expenses):
Interest        (6,440)    (3,417)    (9,857)                 (9,857)    (10,078)   (10,512)   (30,447)
expense
Extinguishment  —          (6,626)    (6,626)    6,626        —          (276)      —          (276)
of debt
Equity in
income from     14         8          22                      22         14         —          36
unconsolidated
joint venture
Other income,   176        88         264                     264        1,452      264        1,980
net
Gain (loss) on
derivative      —          (4,046)    (4,046)    4,520        474        (9)        —          465
instruments
Total other     (6,250)    (13,993)   (20,243)                (9,097)    (8,897)    (10,248)   (28,242)
expenses, net
Net income      (544)      (27,385)   (27,929)                5,745      4,475      (64,316)   (54,096)
(loss)
Net income
attributable to (96)       (48)       (144)                   (144)      (203)      (179)      (526)
noncontrolling
interests
Net income
(loss)          (640)      (27,433)   (28,073)                5,601      4,272      (64,495)   (54,622)
attributable to
stockholders
Net income per                                                $ 0.03     $ 0.03     $ (0.41)   $ (0.35)
share ^(2)
Funds from
operations:
Add: Non-cash
mark-to-market  —          4,046      4,046      (4,520)      (474)      9          —          (465)
adjustments
Add: Listing,
internalization —          17,269     17,269     (17,269)     —          391        68,106     68,497
and merger
expenses
Add: Debt
extinguishment  —          6,626      6,626      (6,626)      —          276        —          276
expenses
Add:
Depreciation    17,113     8,665      25,778                  25,778     25,788     25,938     77,504
and
amortization
Funds from      16,473     9,173      25,646                  30,905     30,736     29,549     91,190
operations
Funds from
operations per                                                $ 0.19     $ 0.19     $ 0.19     $ 0.57
share ^(2)
Adjusted funds
from
operations:
Add:
Acquisition     641        —          641                     641        58         534        1,233
related
expenses
Less:
Amortization of
below-market    (51)       (25)       (76)                    (76)       (76)       (76)       (228)
lease
liabilities
Add:
Amortization of 558        390        948                     948        942        1,139      3,029
deferred
financing costs
Less:
Straight-line   (1,316)    (645)      (1,961)                 (1,961)    (1,881)    (1,842)    (5,684)
rent
Add: Equity
based           251        256        507        133          640        650        798        2,088
compensation
Adjusted funds  $ 16,556   $ 9,149    $ 25,705                $ 31,097   $ 30,429   $ 30,102   $ 91,628
from operations
Adjusted funds
from operations                                               $ 0.19     $ 0.19     $ 0.19     $ 0.57
per share ^(2)
(1) Adjustments made for items related to the Listing and Internalization, as well as to normalized
periodic expenses.
(2) Based on 163,712,513 shares for the three months ended March 31, 2012 calculation representing the
estimated weighted average shares for the three months beginning
April 1, 2012, including the effect of the issuer Tender Offer. Based on 159,225,091 and 158,631,519
shares for the three months ended June 30, 2012 and September 30,
2012, respectively, on a fully diluted basis.

Supplemental Information

Supplemental information on the Company's third quarter 2012 operations can be
found in the Company's Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission (SEC) on Monday, October 29, 2012. The
report is titled Quarterly Supplemental Information: Third Quarter 2012.
Information in this report includes, in addition to other data: 1)
Consolidated Balance Sheet and Income Statement Details; 2) Funds from
Operations and Adjusted Funds from Operations details; 3) Dividend Summary; 4)
Debt Summary and Mortgage Notes Payable; and 5) Portfolio Details.

Funds from Operations and Adjusted Funds from Operations Definitions

ARCT considers FFO and AFFO, which is FFO as adjusted to exclude
acquisition-related fees and expenses, amortization of above-market lease
assets and liabilities, amortization of deferred financing costs,
straight-line rent, non-cash mark-to-market adjustments, amortization of
restricted stock, non-cash compensation and non-recurring gains and losses
useful indicators of the performance of a REIT. Because FFO calculations
exclude such factors as depreciation and amortization of real estate assets
and gains or losses from sales of operating real estate assets (which can vary
among owners of identical assets in similar conditions based on historical
cost accounting and useful-life estimates), they facilitate comparisons of
operating performance between periods and between other REITs in our peer
group. ARCT also adds back to net income which is used in deriving FFO,
certain costs associated with our NASDAQ listing, management internalization
and mortgage prepayments as these expenses and losses do not properly reflect
our operating performance. Accounting for real estate assets in accordance
with GAAP implicitly assumes that the value of real estate assets diminishes
predictably over time. Since real estate values have historically risen or
fallen with market conditions, many industry investors and analysts have
considered the presentation of operating results for real estate companies
that use historical cost accounting to be insufficient by themselves.

Additionally, the Company believes that AFFO, by excluding acquisition-related
fees and expenses, amortization of above-market lease assets and liabilities,
amortization of deferred financing costs, straight-line rent, non-cash
mark-to-market adjustments, amortization of restricted stock, non-cash
compensation and non-recurring gains and losses, provides information
consistent with management's analysis of the operating performance of the
properties. By providing AFFO, ARCT believes it is presenting useful
information that assists investors and analysts to better assess the
sustainability of our operating performance. Further, ARCT believes AFFO is
useful in comparing the sustainability of our operating performance with the
sustainability of the operating performance of other real estate companies,
including exchange-traded and non-traded REITs.

As a result, the Company believes that the use of FFO and AFFO, together with
the required GAAP presentations, provide a more complete understanding of our
performance relative to our peers and a more informed and appropriate basis on
which to make decisions involving operating, financing, and investing
activities.

About the Company

American Realty Capital Trust, Inc., a publicly traded Maryland corporation
listed on The NASDAQ Global Select Market under the trading symbol "ARCT", is
a leading self-administered real estate company that owns and acquires single
tenant free standing commercial real estate properties that are primarily net
leased on a long-term basis to investment grade rated and other creditworthy
tenants. Additional information about the Company can be found on the
Company's website at www.arctreit.com.

Important Notice

The statements in this press release that are not historical facts may be
forward-looking statements. These forward looking statements involve
substantial risks and uncertainties. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements ARCT makes. Forward-looking statements may include,
but are not limited to, statements regarding stockholder liquidity and
investment value and returns. The words "anticipates," "believes," "expects,"
"estimates," "projects," "plans," "intends," "may," "will," "would," and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words.
Factors that might cause such differences include, but are not limited to: the
impact of current and future regulation; the impact of credit rating changes;
the effects of competition; the ability to attract, develop and retain
executives and other qualified employees; changes in general economic or
market conditions; the outcome of any legal proceedings to which the Company
is a party, and our proposed acquisition of American Capital Realty Trust, as
described in the Company's filings with the Securities and Exchange Commission
and other factors, many of which are beyond our control, including other
factors included in our reports filed with the SEC, particularly in the "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of ARCT's latest Annual Report on Form 10-K
and subsequent Quarterly Reports on Form 10-Q, each as filed with the SEC, as
such Risk Factors may be updated from time to time in subsequent reports. ARCT
does not assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.

SOURCE American Realty Capital Trust, Inc.

Website: http://www.arctreit.com
Contact: From - Anthony J. DeFazio, DeFazio Communications, LLC,
tony@defaziocommunications.com, +1-484-532-7783; For - Brian D. Jones, CFO &
Treasurer, American Realty Capital Trust, Inc., bjones@arctreit.com,
+1-646-937-6903
 
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