American Realty Capital To Close Acquisition Of 150 Net Lease Properties In Q3

(RTTNews) - American Realty Capital Properties Inc. (ARCP) announced Tuesday that it expects to close on the acquisition of about 150 net lease properties in third quarter 2013, for $550 million, exclusive of closing costs.

ARCP said that these purchases put the company ahead of its targeted acquisition volume for the period.

These properties are 100% occupied , of which 65% are net leased to investment grade tenants, including CVS Caremark, Dollar General, Family Dollar, Walgreens and Wells Fargo.

As of August 31, 2013, ARCP owns 1,211 net lease properties that are 100% occupied, excluding two properties which are vacant and held for sale, with an average remaining lease term of approximately 10 years to 181 tenants, including 59% investment grade tenants.

The company noted that the acquisition activity is consistent with its previously announced guidance of $1.1 billion of organic, accretive acquisitions during the second half of 2013, and further positions ARCP for expected 2014 growth, which includes $1.0 billion of 2014 acquisitions. Previously provided 2014 adjusted funds from operations guidance is for $1.14 to $1.18 per share.

The company noted that it remains committed to the anticipated closing of its announced merger with CapLease Inc. (LSE) as soon as possible following the stockholder vote scheduled for September 10, 2013.

In addition, ARCP anticipates the finalization of the proxy for its acquisition of ARCT IV in the next several weeks, clearing the way for stockholders from both companies to cast their ballots on that pending merger. As previously announced, ARCP's annualized dividend will increase immediately by $0.03 per share from $0.91 per share to $0.94 per share per annum upon closing the CapLease merger.