American Realty Capital Properties Announces Its Recent Property Acquisitions
and Fifth Consecutive Quarterly Dividend Increase
NEW YORK, Nov. 30, 2012
NEW YORK, Nov. 30, 2012 /PRNewswire/ --American Realty Capital Properties,
Inc. ("ARCP" or the "Company") (NASDAQ: ARCP) announced that it has recently
closed the acquisition of five single-tenant, freestanding properties with
approximately 79,000 leasable square feet located in four states, at an
aggregate purchase price of $12.1 million (exclusive of closing costs). The
five properties were purchased at a weighted average capitalization rate of
8.8% (calculated by dividing annualized rental income on a straight-line basis
plus operating expense reimbursement revenue, less property operating
expenses, by base purchase price).
ARCP also stated that, in addition to its previous announcement which included
four of the five acquisitions discussed in this release, it has placed another
$13.2 million of acquisitions under contract.
The table below provides a summary of the five properties acquired by ARCP
and, for each tenant, includes the properties' location, average lease term
remaining at acquisition, contractual purchase price, rentable square feet,
annualized rental income/net operating income, average capitalization rate and
indicates whether the tenant or guarantor is investment grade:
Lease Term Contract Rental
Purchase Average Investment
Number of Remaining Rentable Income/Net
Tenant States at Price Capitalization Grade?
Properties Square Operating
Acquisition (millions) Rate (Y/N)
Family 2 GA, MI 9.4 $ 2.5 17,180 $ 0.2 8.8 % Y
FedEx 1 CA 5.6 $ 3.5 41,868 $ 0.3 8.3 % Y
Fresenius 1 NC 5.7 $ 1.9 6,402 $ 0.2 9.1 % N
Walgreen's 1 MI 7.0 $ 4.2 13,905 $ 0.4 9.0 % Y
Total 5 4 6.9 $ 12.1 79,355 $ 1.1 8.8 %
The Company also announced that, on November 29, 2012, in light of these
acquisitions and its recent performance, its board of directors authorized,
and the Company declared, its fifth consecutive quarterly increase to its
annual dividend. ARCP will increase its annual distribution per share by
$0.005, from $0.895 to $0.900 per annum. The new annual distribution rate will
accrue commencing on February 9, 2013. Distributions will continue to be paid
on the 15th day of each month to stockholders of record at the close of
business on the 8th day of such month.
"Our fifth consecutive quarterly increase to our annual dividend was warranted
by our strong execution of our investment strategy in acquiring properties
that are net leased to investment grade and other credit tenants and our
continued robust acquisition pipeline," commented Nicholas S. Schorsch,
Chairman and Chief Executive Officer of ARCP.
American Realty Capital Properties, Inc. is a publicly traded Maryland
corporation listed on The NASDAQ Capital Market that qualified as a real
estate investment trust for the year ended December 31, 2011, focused on
acquiring and owning single tenant freestanding commercial properties subject
to net leases with high credit quality tenants. Additional information about
the Company can be found on the Company's website at
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different.
SOURCE American Realty Capital Properties, Inc.
Contact: Anthony J. DeFazio, DeFazio Communications, LLC,
firstname.lastname@example.org, +1-484-532-7783; Brian S. Block, EVP & CFO,
American Realty Capital Properties, Inc., email@example.com, +1-212-415-6500
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