American Realty Capital Properties and American Realty Capital Trust IV Announce Amended Merger Agreement

   American Realty Capital Properties and American Realty Capital Trust IV
                      Announce Amended Merger Agreement

ARCT IV Stockholders will Receive Consideration that Includes 30% Cash
Component and Provides Mix of More Stable, Freely Tradable Common and
Preferred Securities

ARCP Eliminates Exchange Floor and Perceived Stock Overhang

CapLease Closing and Second Half 2013 Acquisitions Remain on Track

PR Newswire

NEW YORK, Oct. 7, 2013

NEW YORK, Oct. 7, 2013 /PRNewswire/ --American Realty Capital Properties,
Inc. ("ARCP") (NASDAQ: ARCP) and American Realty Capital Trust IV, Inc. ("ARCT
IV") announced today that they have signed an amendment to the previously
announced definitive merger agreement (the "Merger Agreement") between the two
companies. This amendment was precipitated by recent challenging conditions
in the capital markets that had a material effect on the economic terms of the
original Merger Agreement, and were arrived at following considerable
discussions between the two companies, and in consultation with their
respective financial and legal advisors. ARCP's pending merger with ARCT IV
(the "ARCT IV merger") is expected to close in the fourth quarter 2013,
subject to SEC review and an affirmative vote of the ARCT IV stockholders.

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Under the terms of the Merger Agreement, as amended, ARCP will now acquire all
of the outstanding shares of ARCT IV, in a transaction valued at $3.0 billion,
for per share consideration of: (1) $9.00 in cash (representing 30% of the
total nominal consideration); (2) 0.5190 shares of ARCP common stock (valued
at $6.59 using the latest ARCP closing price of $12.70 from October 4, 2013,
and representing 22% of the total nominal consideration); and (3) 0.5937
shares of ARCP perpetual preferred securities (valued at $14.84 based on a
liquidation preference of $25.00 per share of perpetual preferred stock and
representing 48% of the total nominal consideration), for a fixed nominal
consideration, as of October 4, 2013, of $30.43. ARCP would be issuing
36.9million shares of common stock and 42.2 million shares of perpetual
preferred securities.

Upon the earlier to close of the ARCT IV merger and ARCP's pending merger (the
"CapLease merger") with CapLease, Inc. (NYSE: LSE) ("CapLease"), ARCP will
increase the dividend on its common shares to pay an annualized dividend of
$0.94 per share, which will yield 7.2% on an annualized basis, and be payable
monthly. The perpetual preferred securities to be issued in connection with
the ARCT IV merger will be senior in priority to ARCP's common stock, pay an
annualized dividend of $1.675 per share, yield 6.7% on an annualized basis,
and be payable monthly. The effective distribution on the basket of common
and preferred securities equates to a 6.9% annual yield, or $1.48 per share,
to be paid monthly. Both the common and perpetual preferred shares issued to
ARCT IV stockholders are expected to be registered, fully tradable and listed
on NASDAQ and will not be subject to any "lockup."

Commenting on the transaction, ARCP's Chairman and Chief Executive Officer,
Nicholas S. Schorsch, said, "Today's changes to the previously announced
merger terms enable ARCP to construct a transaction that continues to provide
significant value to the ARCT IV stockholders, while at the same time giving
the ARCP stockholders an attractive solution to a merger arrangement that had
become increasingly challenged by the current economic environment. As
previously announced, for the ARCP stockholder, the revised transaction
continues to provide substantial AFFO accretion, an increase in their
dividend, significantly increased scale of enterprise, improved portfolio
diversification, maintenance of income stability, and G&A synergies. This
combination with ARCT IV solidifies our leadership position in the net lease
real estate sector. It is further evidence of our ability to navigate the
shoals of the changing markets while effectively providing our stockholders an
overwhelmingly positive outcome."

Mr. Schorsch continued, "Less than two years after listing ARCP on NASDAQ,
subject to completing this acquisition and the CapLease merger, together with
the recently announced portfolio purchase from GE Capital and other organic
acquisitions, we will have increased our enterprise value from $250 million in
September 2011 to $10.2 billion by the end of 2013, becoming the second
largest publicly-traded net lease REIT. With this acquisition we continue to
further diversify our asset and tenant base and increase our projected 2014
AFFO per share, as previously announced. This acquisition is yet another
example of executing on our deliberate and focused strategy to: build size in
an industry where size matters; improve profitability; increase asset and
tenant diversification, thus mitigating risk; focus on constructing a
portfolio of properties that produces durable income and potential asset
appreciation, while preserving capital investment; provide some inflation and
interest rate protection; and give us further cost of capital advantages
enabling us to deliver AFFO per share earnings accretion. In addition, this
acquisition provides the size and scale to allow us to become self-managed by
year end, further reducing our operating costs and potentially improving our
AFFO multiple."

Michael Weil, ARCP's President, noted, "We continue to be focused on the
deliberate and consistent execution of our investment strategy, including the
closing of the CapLease merger and the previously announced $1.1 billion of
accretive portfolio acquisitions during the second half of 2013 – both of
which remain on track to close. Along with these announced transactions, the
addition of ARCT IV's assets to ARCP's portfolio results in an exceptionally
well diversified real estate pool, with 2,707 properties in 49 states plus
Puerto Rico aggregating more than 57 million square feet. On a pro forma
basis, our 597 tenants will generate $642 million of annualized rents, of
which 51% will derive from investment grade tenants. The weighted average
remaining lease term remains strong at approximately 10 years, near-term lease
rollover continues to be modest with 8.4% of our leases maturing through the
beginning of 2016, and occupancy remains at 100%. We welcome all the ARCT IV
stockholders who will become ARCP stockholders, and note that their
opportunity to participate in durable income-based, growing distributions will
continue."

Brian S. Block, ARCP's Chief Financial Officer said, "The acquisition of ARCT
IV will be completed with each stockholder receiving the same nominal
consideration per share, comprised of a specified combination of cash, common
stock and perpetual preferred securities, with a total fixed nominal
consideration, as of October 4, 2013, of $30.43 per share. This will result
in growth in projected 2014 AFFO per share, as well as reduced balance sheet
leverage. Our revised guidance, when published, will incorporate the reduced
borrowings, as well as our intent to term out the average tenor of our
indebtedness to better match fund our liabilities and assets. Recall, as
previously announced, we are increasing our annualized per share dividend by
$0.03, yet reducing our AFFO payout ratio below 80%, which provides capacity
for further dividend increases in 2014, consistent with prior practice."

ARCT IV Transaction Rationale

100% Liquidity in Large, Diversified, Seasoned Enterprise Operated by Same
Management Team Within 9 Months of Initial Investment: Immediate and full
liquidity for ARCT IV stockholders in the form of cash, listed common stock,
and listed perpetual preferred securities with no "lock-ups";  larger, more
diversified portfolio in a liquid investment with a leading seasoned
publicly-traded net lease REIT operated by the same management team who
constructed and operated ARCT IV.

Increased Dividend Yield: ARCP's annualized dividend per share will increase
$0.03 from $0.91 to $0.94 per share upon the earlier to close of the ARCT IV
merger and CapLease merger. Coupled with the to-be issued perpetual preferred
securities, ARCT IV stockholders will receive annualized dividends of $1.48
per share, which, excluding the cash portion of the merger consideration,
represents an annualized dividend increase of $0.47 per share, from $1.65 to
$2.12, or 28%.

Attractive Perpetual Preferred Securities: Registered, freely tradable
securities listed on NASDAQ, with an annualized dividend of $1.675 per share
or 6.7% (senior to ARCP's common stock dividend), payable monthly; "no call"
for five years from closing, thereafter may be repurchased by ARCP at original
price; non-convertible, i.e., cannot be converted into ARCP common stock.

Favorable Valuation of ARCP Shares and Return to ARCT IV Stockholders:
Receiving ARCP shares at a favorable valuation relative to its peer group;
estimated total return of 28% to ARCT IV stockholders, including a full return
of gross invested capital, a 22% share premium, and dividends paid since
inception.

Combined Lower Cost of Capital: ARCP's average cost of debt is priced at a
fixed interest rate of 2.45%, which is significantly accretive to overall
corporate earnings. Additionally, the potential ability for the shares to
trade at a higher AFFO multiple, in line with the peer set, could result in an
overall lower cost of equity.

Appreciable Trading Benefits: Eliminates current overhang on ARCP common
stock.

Enhanced Deal Certainty: Requires only vote of ARCT IV stockholders.

ARCP Strategic, Financial and Portfolio Benefits

Dramatic AFFO Growth from Combination: As previously announced, pro forma
combined company AFFO for 2013E to 2014E is estimated to grow dramatically by
approximately 25%, from 2013E of $0.91 to $0.95, to 2014E guidance of $1.14 to
$1.18.

Greatly Enhanced Portfolio Diversification: The pro forma combined company
will have greatly enhanced portfolio diversification by increasing the number
of distinct corporate credit tenants to 597 (formerly 302 for ARCT IV and 229
for ARCP), and the number of states to 49 plus Puerto Rico. The combined
portfolio will total 2,707 properties.

Strong Lease Duration, Modest Rollover and 100% Occupancy: The pro forma
combined company will have approximately 10 years of remaining lease duration
as of year-end 2013, modest near-term lease rollover with 8.4% of our leases
maturing through the beginning of 2016, and continuing 100% occupancy.

Materially Larger Size and Scale: On a combined basis, the merged entities
will have an enterprise value of $10.2 billion (assuming the close of all
previously announced transactions), making the combined company the 2^nd
largest publicly-traded net lease REIT, which is expected to further improve
the company's balance sheet flexibility, cost of capital, public float and
provide other benefits afforded to larger-sized companies.

Transaction Advisors

Citigroup Global Markets Inc. is acting as financial advisor and Duane Morris
LLP is acting as special legal counsel to ARCP in connection with the
transaction. BofA Merrill Lynch is acting as financial advisor and Weil,
Gotshal & Manges LLP is acting as special legal counsel to ARCT IV in
connection with the transaction. RCS Capital, the investment banking division
of Realty Capital Securities, LLC, is acting as financial advisor and
Proskauer Rose LLP is acting as corporate counsel to ARCP and ARCT IV.

Timing and Closing Process

ARCP's acquisition of ARCT IV is contingent upon the approval by ARCT IV's
stockholders of the merger. A registration statement and proxy statement are
expected to be filed in the near future and, following their respective
effectiveness, a proxy statement, prospectus and proxy voting card will be
mailed to ARCT IV's stockholders. The transaction is expected to close
shortly following the receipt of approval from ARCT IV's stockholders.

Additional Information

An investor presentation discussing the transaction will be filed with SEC and
will be available on ARCP's website at www.arcpreit.com and on ARCT IV's
website at www.arct-4.com.

About ARCP

ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global
Select Market that qualified as a REIT for U.S. federal income tax purposes
beginning in 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 ARCP can
be found on its website at www.arcpreit.com.ARCP may disseminate important
information regarding the company and its operations, including financial
information, through social media platforms such as Twitter, Facebook and
LinkedIn.

About ARCT IV

ARCT IV is a publicly registered, non-traded Maryland corporation that
qualified as a REIT for tax purposes for the taxable year ended December 31,
2012. Additional information about ARCT IV can be found on its website at
www.arct-4.com.

Additional Information about the ARCT IV Merger and Where to Find It

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the proposed ARCT IV merger, ARCP and ARCT IV expect to
prepare and file with the SEC an amendment to their proxy statement
/prospectus and ARCP expects to prepare and file with the SEC an amendment to
its registration statement on Form S-4 and other documents with respect to
ARCP's proposed acquisition of ARCT IV. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND REGISTRATION STATEMENT (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED ARCT IV MERGER.

Investors may obtain free copies of the registration statement, the proxy
statement/prospectus and other relevant documents filed by ARCP and ARCT IV
with the SEC (if and when they become available) through the website
maintained by the SEC atwww.sec.gov.Copies of the documents filed by ARCP
with the SEC are also available free of charge on ARCP's website
atwww.arcpreit.com, and copies of the documents filed by ARCT IV with the SEC
are available free of charge on ARCT IV's website atwww.arct-4.com.

Participants in Solicitation

ARCP, ARCT IV, AR Capital, LLC and their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from
ARCP's and ARCT IV's stockholders in respect of the proposed ARCT IV merger.
Information regarding ARCP's directors and executive officers can be found in
ARCP's definitive proxy statement filed with the SEC on April 30, 2013.
Information regarding ARCT IV's directors and executive officers can be found
in ARCT IV's definitive proxy statement filed with the SEC on April 30, 2013.
Additional information regarding the interests of such potential participants
will be included in the proxy statement, the registration statement and other
relevant documents filed with the SEC in connection with the proposed ARCT IV
merger if and when they become available. These documents are available free
of charge on the SEC's website and from ARCP or ARCT IV, as applicable, using
the sources indicated above.

Forward-Looking Statements

Information set forth herein (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
ARCP's, CapLease's and ARCT IV'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 either of the merger agreements will be consummated, the
combined company's plans, market and other expectations, objectives,
intentions, as well as any expectations or projections with respect to the
combined company, including regarding future dividends and market valuations,
and estimates of growth, including funds from operations and adjusted funds
from operations, 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: (1) the
occurrence of any event, change or other circumstances that could give rise to
the termination of by either of the merger agreements; (2) the inability to
complete the CapLease merger or failure to satisfy other conditions to
completion of the CapLease merger, including that a governmental entity may
prohibit, delay or refuse to grant approval for the consummation of the
CapLease merger; (3) the inability to complete the ARCT IV merger due to the
failure to obtain ARCT IV stockholder approval of the ARCT IV merger or the
failure to satisfy other conditions to completion of the ARCT IV merger,
including that a governmental entity may prohibit, delay or refuse to grant
approval for the consummation of the ARCT IV merger; (4) risks related to
disruption of management's attention from the ongoing business operations due
to the proposed mergers; (5) the effect of the announcement of the proposed
mergers on CapLease's, ARCT IV's or ARCP's relationships with its customers,
tenants, lenders, operating results and businesses generally; (6) the outcome
of any legal proceedings relating to the mergers or the merger agreements; and
(7) risks to consummation of the mergers, including the risk that the mergers
will not be consummated within the expected time period or at all. Additional
factors that may affect future results are contained in ARCP's, ARCT IV's and
CapLease's filings with the SEC, which are available at the SEC's website
atwww.sec.gov,ARCP, ARCT IV and CapLease disclaim any obligation to update
and revise statements contained in these materials based on new information or
otherwise.

SOURCE American Realty Capital Properties, Inc.

Website: http://www.arcpreit.com
Contact: Anthony J. DeFazio, DDCworks, tdefazio@ddcworks.com, Ph:
(484-342-3600), or Brian D. Jones, COO, American Realty Capital Properties,
Inc., bjones@arlcap.com, Ph: (212-415-6500), or Media: Jonathan Keehner, Joele
Frank, Wilkinson Brimmer Katcher, Ph: (212-355-4449)
 
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