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American Realty Capital Properties, Inc. Announces First Quarter 2012 Results Of Operations And Revises AFFO Guidance Upward 11.05% To $1.04 To $1.07 Per Share

American Realty Capital Properties, Inc. (“ARCP” or the “Company”) (NASDAQ: ARCP) today announced results of operations for the quarter ended March 31, 2012, which included total funds from operations (“FFO”) of $1,149,000, or $0.16 per share, and adjusted FFO (“AFFO”) of $1,583,000, or $0.22 per share. Net loss from continuing operations attributable to common stockholders was $(308,000), or $(0.04) per share, inclusive of non-cash depreciation and amortization expense, as well as one-time costs incurred for acquisition and transaction related activities. A description and reconciliation of FFO per share and AFFO per share to net loss per share is included in the financial tables accompanying this press release. On January 12, 2012, the Company’s Board of Directors authorized, and the Company declared, an annual dividend rate of $0.880 per share, payable monthly. Accordingly, on March 15, 2012, the Company paid a dividend of $0.0733 per share to stockholders of record at the close of business on March 8, 2012. In addition, on March 16, 2012, the Company’s Board of Directors authorized, and the Company declared, an annual dividend rate of $0.885 per share, payable monthly, to accrue commencing May 9, 2012. Accordingly, on June 15, 2012, the Company will pay a dividend of $0.07375 per share to stockholders of record at the close of business on June 8, 2012.

Recent Highlights & Subsequent Events:
  • Generated total revenues for the quarter ended March 31, 2012, of $2.9 million, compared to $2.6 million in the previous quarter.
  • Increased the annual dividend rate by 0.6% to $0.880 per share, which commenced in March 2012. Announced a further increase in the annual dividend rate by an additional 0.6% to $0.885 per share commencing in June 2012.
  • Acquired two single-tenant, freestanding net leased properties during the second quarter of 2012 for an aggregate purchase price of $8.6 million, excluding closing costs.
  • Announced the pending acquisition of a 553,000 square foot John Deere distribution facility located in Davenport, Iowa for a base purchase price of $26.1 million, which will represent approximately 17% of the Company’s contractual rental income post-closing. The capitalization rate (annualized rental income on a straight-line basis divided by base purchase price) is 8.8%.
  • Announced the pending acquisition of six built-to-suit FedEx Freight distribution centers located in five states for an aggregate base purchase price of $12.2 million containing an aggregate of 93,000 square feet. The capitalization rate (annualized rental income on a straight-line basis divided by base purchase price) was 9.0% on a weighted average basis.
  • Anticipate raising gross proceeds of $6.0 million from the issuance of convertible preferred stock in May 2012 to an unaffiliated third-party investor. Such preferred shares will receive an annualized dividend yield of 7.0%, payable.
  • Anticipate issuing 580,000 operating partnership units in May 2012 as partial consideration for the acquisition of the fee simple interest in the six FedEx distribution facilities highlighted above.

“We continue to execute on our strategy of assembling a well-diversified portfolio of investment properties containing vintage net leases at attractive prices,” said Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP. “We are focused on increasing core earnings within our expanding portfolio, currently occupied or guaranteed entirely by investment grade credit rated tenants. I’m very pleased with the potential to use proceeds from convertible preferred stock and operating partnership units as currency to acquire assets that are under contract. We believe the corresponding results to ARCP’s earnings are accretive to our existing common stockholders.”

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