This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

American Realty Capital Properties Announces Full Exercise Of Underwriters' Option To Purchase Additional Shares

Stocks in this article: ARCP





NEW YORK, July 9, 2012 /PRNewswire/ --  American Realty Capital Properties, Inc. (NASDAQ: ARCP) (the "Company") announced today the full exercise of the underwriters' option to purchase an additional 487,500 newly issued shares of the Company's common stock, par value $0.01 per share, at a price of $10.00 per share (before underwriting discounts and commissions). The Company had previously granted such option to the underwriters in connection with the underwritten public offering of 3,250,000 shares, completed on June 18, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120529/NY15147LOGO )

The net proceeds to the Company from the exercise of such over-allotment option were approximately $4.6 million, after deducting underwriting discounts and commissions, thereby bringing the total net proceeds from the offering to approximately $35.3 million, after deducting underwriting discounts and commissions. The Company intends to use the net proceeds from the offering to make additional property acquisitions, including the acquisitions announced on June 20, 2012, and repay certain indebtedness.

Robert W. Baird & Co. Incorporated, Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., and JMP Securities LLC acted as representatives of the several underwriters and joint book-running managers of the offering. Maxim Group LLC and National Securities Corporation acted as co-managers for the offering.

"We are very pleased by the execution of this offering and the underwriters' belief in the strength of our company, as evidenced by their full exercise of the over-allotment option," commented Nicholas S. Schorsch, chairman and chief executive officer of the Company.

"The full exercise of the over-allotment option will permit us to execute on our previously announced investment strategy while enhancing our portfolio's tenant mix and geographic diversification," added Brian S. Block, executive vice president and chief financial officer of the Company.  "In fact, since we closed the offering in early June, we have already acquired 21 of the 22 previously disclosed properties and have entered into an additional contract for a Reckitt Benckiser property. Our recent acquisitions increase the total size of our portfolio to approximately $210.0 million, comprising 118 properties."

Important Notice

American Realty Capital Properties, Inc. is a publicly traded Maryland corporation listed on The NASDAQ Capital Market that intends to qualify as a real estate investment trust focused on owning and acquiring single-tenant, freestanding commercial properties generally subject to net leases with high credit quality tenants.  Additional information about the Company can be found on the Company's website at www.americanrealtycapitalproperties.com.

The shares of common stock were offered pursuant to an effective registration statement that the Company previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities was made only by means of a prospectus. A copy of the prospectus relating to the offering is available on the SEC website at: http://sec.gov/Archives/edgar/data/1507385/000114420412034735/v315952_424b4.htm.

Investors may obtain these documents free of charge from the Securities and Exchange Commission's website at www.sec.gov.

Alternatively, copies of the prospectus relating to the offering may be obtained at the following address:

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs