American Realty Capital Trust Files Investor Presentation

          American Realty Capital Trust Files Investor Presentation

ARCT's Board of Directors Urges all Stockholders to Vote 'For' Proposed
ARCT-Realty Income Transaction

PR Newswire

NEW YORK, Dec. 12, 2012

NEW YORK, Dec. 12, 2012 /PRNewswire/ --American Realty Capital Trust, Inc.,
(NASDAQ: ARCT) ("ARCT" or the "Company") today announced that it has filed an
investor presentation with the Securities and Exchange Commission ("SEC") in
connection with the Special Meeting of Stockholders scheduled for January 16,
2013. At the Special Meeting, ARCT stockholders of record as of December 6,
2012, will be entitled to consider and vote on the proposal to approve the
merger and the other transactions contemplated by the merger agreement
providing for the acquisition of ARCT by Realty Income Corporation (NYSE: O).


As detailed in the Company's proxy materials, the ARCT board of directors has
concluded that the proposed merger with Realty Income is in the best interests
of the Company and its stockholders and unanimously recommends ARCT
stockholders vote FOR the proposal to approve the merger.

The presentation is available on the SEC's website at and on the
Company's website at The presentation details the
benefits ARCT stockholders will receive as a result of the proposed merger
with Realty Income. Highlights include:

  oPremium Valuation: Realty Income is valuing ARCT's assets at a
    significantly higher price that represents an exceptional cap rate that is
    lower than ARCT's cost basis. This represents the lowest cap rate of
    similar net lease REIT transactions.

       oOn September 5, 2012, the offer value implied a weighted average
         capitalization rate for ARCT's assets of 6.1% GAAP cap rate, or 5.9%
         based on current cash rents. This is significantly below the
         weighted average capitalization rate of 8.2% paid by ARCT for its
         assets as well as the weighted average capitalization rates of
         similar transactions, which range from 7.1% - 8.25%.
       oIn addition, the 15.7x forward EBITDA multiple represents the second
         highest amongst similar REIT transactions.

  oIdeal Strategic Buyer: Realty Income represents the ideal strategic buyer
    given their business focus, size and scale, investment grade balance sheet
    / cost of capital and share liquidity. As part of Realty Income, ARCT
    stockholders will benefit from:

       oThe strength and stability that comes from the scale and diversity of
         the combined portfolio, in particular the $7 million reduction in
         overhead to service ARCT's properties; and
       oThe value that is unlocked by the lower cost of capital and risk
         reduction that comes from being able to better match the maturity of
         the debt with the duration of the leases.

  oComprehensive Strategic Process: ARCT undertook a comprehensive process
    to evaluate strategic alternatives to create stockholder value, which
    concluded that the transaction with Realty Income is superior to other
    available alternatives, including the status quo. This evaluation began
    in April 2011. Through this process, with the assistance of Goldman,
    Sachs & Co., the Company's financial advisor, a number of strategic
    options were evaluated thoroughly.

       oImportantly, since announcement of the transaction, no third party
         has approached ARCT or its advisors with an alternative transaction
         or with a request for information despite low break fee of
         approximately 1.7% of transaction value.

  oManagement's Interests Firmly Aligned with Stockholders: Pro forma for
    the transaction, ARCT management will own ~$45 million of equity in Realty
    Income, including over $25 million of existing equity in ARCT.

       oIn addition, as part of the merger agreement, ARCT management agreed
         to reduce its total compensation and capped its potential financial

  oFuture Growth Opportunities and Value Creation: Realty Income's
    experienced management team has a successful track record of driving
    dividend growth and producing enhanced stockholder returns. The combined
    company will be significantly larger and financially stronger than ARCT as
    a stand-alone company or than its competitors, and will have one of the
    lowest costs of capital in a sector where low cost capital creates
    competitive advantage.

       oThe combined company's cost of capital advantage positions it to grow
         earnings while increasing dividends.
       oThe combined company's greater scale and balance sheet strength will
         facilitate the execution of large transactions through improved
         access to capital, further enhancing the Company's ability to realize
         value in the relatively fragmented net lease real estate market.
       oAs a result of the merger, ARCT stockholders stand to benefit from
         greater risk adjusted returns due to the enhanced stability and
         diversity of the combined property portfolio.

ARCT urges all stockholders to vote FOR the Realty Income transaction today.
The vote of ARCT stockholders is extremely important, no matter how many
shares they own. The affirmative vote of holders of a majority of ARCT's
outstanding shares is required to approve the merger and the other
transactions contemplated by the merger agreement.

Stockholders can vote FOR the proposal to approve the merger by telephone, by
Internet or by signing, dating and returning the WHITE proxy card. If ARCT
stockholders have any questions or need assistance voting their shares, please
call the Company's proxy solicitor, D.F. King & Co., Inc., toll free at

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

Additional Information and Where to Find It
In connection with the proposed merger, the Company and Realty have filed a
definitive proxy statement with the SEC on December6, 2012 and commenced
mailing the definitive proxy statement and a form of proxy to the stockholders
THE PROPOSED MERGER. Investors will be able to obtain, without charge, a copy
of the definitive proxy statement and other relevant documents filed with the
SEC from the SEC's website at Copies of the documents
filed by the Company with the SEC are also available free of charge on the
Company's website at, and copies of the documents filed
by Realty with the SEC are available free of charge on Realty's website at

Participants in Solicitation
The Company, Realty and their respective directors and executive officers may
be deemed to be participants in the solicitation of proxies from the Company's
and Realty's stockholders in respect of the proposed merger. Information
regarding the Company's directors and executive officers can be found in the
Company's definitive proxy statement filed with the SEC on May 21, 2012.
Information regarding Realty's directors and executive officers can be found
in Realty's definitive proxy statement filed with the SEC on March 30, 2012.
Stockholders may obtain additional information regarding the interests of the
Company and its directors and executive officers in the proposed merger, which
may be different than those of the Company's stockholders generally, by
reading the definitive proxy statement filed in connection with the proposed
merger with the SEC on December6, 2012 and other relevant documents regarding
the proposed merger filed with the SEC. These documents are available free of
charge on the SEC's website and from the Company or Realty, as applicable,
using the sources indicated above.

Forward-Looking Statements
Information set forthherein (including information included or incorporated
by reference herein) contains "forward-looking statements" (as defined in
Section 21E of the Securities Exchange Act of 1934, as amended), which reflect
the Company's and Realty's expectations regarding future events. The
forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
contained in the forward-looking statements. Such forward-looking statements
include, but are not limited to whether and when the transactions contemplated
by the merger agreement will be consummated, the new combined company's plans,
market and other expectations, objectives, intentions and other statements
that are not historical facts.

The following additional factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the ability to
obtain regulatory approvals for the transaction and the approval of the merger
agreement by the stockholders of both parties; unexpected costs or unexpected
liabilities that may arise from the transaction, whether or not consummated;
the inability to retain key personnel; continuation or deterioration of
current market conditions; future regulatory or legislative actions that could
adversely affect the companies; and the business plans of the customers of the
respective parties. Additional factors that may affect future results are
contained in the Company's and Realty's filings with the SEC, which are
available at the SEC's website at The Company and Realty disclaim
any obligation to update and revise statements contained in these materials
based on new information or otherwise.

SOURCE American Realty Capital Trust, Inc.

Contact: Brian D. Jones, CFO & Treasurer, American Realty Capital Trust, Inc.,
+1-646-937-6900; Investors: Thomas Germinario / Richard Grubaugh, D.F. King &
Co., Inc., +1-212-269-5550; Media: Averell Withers / Jamie Moser / Matthew
Sherman, Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449
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