This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Realty Capital - Retail Centers Of America, Inc. Acquires Liberty Crossing Shopping Center And Resets Accrual Date For Distributions

NEW YORK, June 11, 2012 /PRNewswire/ -- American Realty Capital – Retail Centers of America, Inc. (the "Company" or "ARC – Retail Centers of America") announced today that on June 8, 2012, it closed its acquisition of the Liberty Crossing Shopping Center located in Rowlett, Texas, at a purchase price of approximately $21.6 million, exclusive of closing costs. This marks the first acquisition by the Company.

(Logo: )

"We are particularly pleased to announce today our very first purchase in our large-format retail real estate investment program, ARC – Retail Centers of America," said Nicholas S. Schorsch, its CEO.  "We expect that ARC – Retail Centers of America will carry on our tradition of adhering to industry best practices, while representing another sector-specific, best-of-class investment solution operated by a skilled, experienced partner, in this case Lincoln Property Company from Dallas, with a demonstrated track record and an investment theme that resonates with our retail investors."

The property contains 106,000 rentable square feet and is 95 percent leased to 16 tenants. Three tenants represent 41 percent of the annualized rental income of the property: Ross Stores, Inc. (NASDAQ: ROST); PetSmart, Inc. (NASDAQ: PETM); each of which are rated by major credit rating agencies; and Dollar Tree, Inc. (NASDAQ: DLTR).

The Ross Stores lease, which commenced in October 2008, has a 10-year term, expiring in January 2019.  The PetSmart lease, which commenced in December 2008, has a 10-year term and expires in December 2018.  The Dollar Tree lease commenced in August 2008, has a 10-year term, expiring August 2018.

The Company also announced that its board of directors had reaffirmed a distribution equal to a rate of $0.0017534247 per day based on the common stock price of $10 per share.  The board of directors also approved a change to the timing of when such distributions will accrue.  Distributions will begin to accrue immediately upon completion of the Company's initial property acquisition, which occurred on June 8, 2012.  The distributions will be payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month.  The initial distribution will be payable on July 5, 2012.

Important Notice

ARC – Retail Centers of America is a publicly registered, non-traded real estate investment program.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs