NEW YORK ( TheStreet) -- Just over two years ago, American Realty Capital Properties (ARCP) listed shares on Nasdaq. With only two tenants -- Home Depot (HD) and Citizens Bank (C) -- the triple-net REIT capitalized the company with 5,580,000 shares that resulted in around $70 million in equity ($12.50 per share at IPO).Today ARCP shares were trading down by 4.1%, to close at $12.22, with a market cap of around $2.64 billion. The recent price decline likely stemmed from the company's announced agreement to issue Series D Cumulative Convertible Preferred Common Stock, par value 1 cent per share, at a 5.81% coupon and common stock, par value 1 cent per share, to institutional holders of Series C Convertible Preferred Stock. Although the market didn't favor the share issuance news, dividend investors should; ARCP's dividend yield is now an eye-popping 7.45%.
[video] REITs on the Street: Dividend Dynamo Alert
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