NEW YORK (TheStreet) --Shares of American Realty Capital Properties Inc. (ARCP) are up 1.14% to $12.40 at the beginning of trading on Thursday, following yesterday's announcement that the REIT is planning to sell most of its multi-tenant shopping center buildings to affiliates of Blackstone Group (BX) for $1.98 billion to pay for Red Lobster's real estate portfolio.
American Realty Capital Properties entered into a sale-lease back deal with Golden Gate Capital after Darden Restaurants agreed to sell the restaurant chain.
Darden agreed to sell Red Lobster to the investment firm Golden Gate Capital for $2.1 billion.
TheStreet Ratings team rates AMERICAN RLTY CAP PPTY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMERICAN RLTY CAP PPTY INC (ARCP) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."