- 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.
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
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