American Realty Capital Properties Accelerates Closing of $22 Million of
Previously Announced Acquisitions
NEW YORK, Feb. 1, 2013
NEW YORK, Feb. 1, 2013 /PRNewswire/ --American Realty Capital Properties,
Inc. ("ARCP" or the "Company") announced today that it has closed $21.9
million (exclusive of closing costs) of the $54.8 million of acquisitions
under agreement that it announced on January 22, 2013. ARCP intends to close
the acquisition of the remaining properties within the next 30 days. The
Company accelerated the $21.9 million of purchases in order to use the
proceeds received from its recent successful 2,070,000 share follow-on equity
offering. The acquisitions include five single tenant freestanding, net leased
properties with 59,034 rentable square feet and an average remaining lease
term of 6.9 years. The properties are located in four states and were
purchased at a weighted average capitalization rate of 8.9% (calculated by
dividing annualized rental income on a straight-line basis plus operating
expense reimbursement revenue, less property operating expenses, by base
purchase price). The five properties are leased to Walgreens, Family Dollar,
Fresenius and Pilot Flying J.
(Logo: http://photos.prnewswire.com/prnh/20120529/NY15147LOGO )
"We recently announced $55 million of acquisitions and have already closed
almost half of those purchases at returns accretive to our dividend. These
properties are leased to nationally recognized tenants with strong credit
ratings," said Nicholas S. Schorsch, Chairman and Chief Executive Officer of
ARCP. Mr. Schorsch added, "We continue to seize buying opportunities from our
robust pipeline of net lease properties with remaining lease terms of less
than 10 years. Our buying efforts are complemented by the market's strong
support for our business strategy as demonstrated by our recent 'overnight'
equity raise. These acquisitions continue to demonstrate that we are able to
deploy fluidly the capital raised from our recent public offering."
The table below provides a summary of the five properties acquired by the
Company since its January 22, 2013 announcement and, for each tenant, includes
the properties' average lease term remaining at acquisition, contractual
purchase price, rentable square feet, average capitalization rate and
indicates whether the tenant or guarantor of the applicable lease(s) is
Number of Purchase Rentable Average Investment
Tenant Remaining Price
Properties at Square Capitalization Grade?
(millions) Rate (Y/N)
Family 1 6.9 $ 0.9 9,180 9.0% Y
Fresenius 1 5.5 $ 0.9 5,100 9.7% N
Pilot 1 5.9 $ 10.4 17,480 9.4% N
Walgreens 2 8.3 $ 9.7 27,274 8.2% Y
Total 5 6.9 $ 21.9 59,034 8.9%
ARCP is a publicly traded Maryland corporation listed on The NASDAQ Capital
Market that qualified as a real estate investment trust for U.S. federal
income tax purposes for the taxable 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 its 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. In
addition, words such as "anticipate," "believe," "expect" and "intend"
indicate a forward-looking statement, although not all forward-looking
statements include these words.
SOURCE American Realty Capital Properties, Inc.
Contact: Anthony J. DeFazio, Diccicco Battista Communications,
email@example.com, +1-484-342-3600; or Brian S. Block, EVP & CFO, American
Realty Capital Properties, Inc., firstname.lastname@example.org, +1-212-415-6500
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