American Realty Capital Properties Announces $37.8 Million of Recent Acquisitions
NEW YORK, April 8, 2013 /PRNewswire/ -- American Realty Capital Properties, Inc. ("ARCP") (NASDAQ: ARCP) announced today that it has closed $37.8 million of net lease acquisitions, including nine properties located in four states plus Puerto Rico with approximately 200,000 total rentable square feet. These acquisitions have occurred since its last acquisition announcement on March 18, 2013. The nine properties were purchased at a weighted average capitalization rate of 7.7% (calculated by dividing annualized rental income on a straight-line basis by base purchase price) and contained a weighted average lease duration remaining of 12.6 years at acquisition.
"We continue to add strong credit tenants to our portfolio and anticipate a solid second quarter 2013," said Nicholas S. Schorsch, Chief Executive Officer and Chairman of ARCP. Mr. Schorsch added, "These acquisitions, made at a weighted average 7.7% cap rate, demonstrate our success in assembling a robust portfolio that ties directly to our investment objectives."
ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global Select 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 www.arcpreit.com.
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.