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Cole Credit Property Trust III, Inc. Comments On Withdrawal Of Unsolicited Proposal From American Realty Capital Properties, Inc.

Stocks in this article: ARCP

PHOENIX, April 11, 2013 /PRNewswire/ -- Cole Credit Property Trust III, Inc. ("CCPT III") today issued the following statement regarding the announcement by American Realty Capital Properties, Inc. (NASDAQ: ARCP) that it has withdrawn its unsolicited proposal to acquire CCPT III:

Recent public activities have highlighted, if nothing else, the industry leading nature and robust value of our portfolio and business model.   We thank all of our broker dealers, financial advisors and stockholders for their support.  We remain confident that we are extremely well-positioned to drive long-term stockholder value and look forward to our anticipated listing on the New York Stock Exchange in June 2013, which will provide stockholders with a clear path to liquidity.

CCPT III's recently completed acquisition of Cole Holdings Corporation enhances our world class real estate company and provides investors the benefits of owning high-quality, income-producing real estate leased long-term to credit-worthy corporations.  CCPT III's portfolio is highly ranked among its peers and compares highly favorably to industry leaders, including:

  • $7.4 billion of gross book assets;
  • 99% occupancy rate;
  • 42% of rent from investment grade tenants; and
  • 12.7 years weighted average lease term.

CCPT III's continuity of high quality leadership and robust sales and marketing platform is expected to yield substantial financial benefits to CCPT III and its stockholders through, among other things, accretive cost savings and EBITDA growth potential, and it has allowed us to raise the current annualized dividend from $0.65 to $0.70 per share.  Importantly, CCPT III is delivering such value even before realizing the benefits of its unique business strategy, which includes diversified revenue streams that other funds under the Cole brand contribute, and combines net lease/real estate ownership with an established investment management business to deliver enhanced growth potential to our stockholders.

Goldman, Sachs & Co. and Lazard serve as financial advisors, and Wachtell, Lipton, Rosen & Katz and Venable LLP serve as legal advisors to the Special Committee of the Board of Directors of CCPT III.  Morris, Manning & Martin, LLP serves as legal advisor to CCPT III.

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