Key Developments: American Realty Capital Properties Inc (ARCP.OQ)

ARCP.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

American Realty Capital Properties Inc Announces Monthly Dividend For August 2013
Monday, 29 Jul 2013 04:01pm EDT 

American Realty Capital Properties Inc announced that, pursuant to the prior authorization of its board of directors, ARCP has declared an annualized dividend of $0.910 per share to be paid monthly to stockholders of record at the close of business on the 8th day of each month, payable on the 15th day of such month. Accordingly, on August 15, 2013, the Company will pay a dividend of $0.07583 per share to stockholders of record at the close of business on August 8, 2013.  Full Article

American Realty Capital Properties Inc Announces Pricing Of $300 Million Convertible Senior Notes Offering
Tuesday, 23 Jul 2013 06:39pm EDT 

American Realty Capital Properties Inc announced that it has priced previously announced underwritten public offering of $300.0 million Convertible Senior Notes due 2018 (Notes). Additionally, ARCP granted the underwriters a 30-day option to purchase up to an additional $30.0 million of additional Notes, solely to cover over-allotments, if any. ARCP intends to use the net proceeds of the offering to repay outstanding indebtedness under existing senior secured credit facility (which will increase the availability of funds under such credit facility) and for other general corporate purposes which includes investing in properties in accordance with investment objectives. The settlement of the Notes offering is expected to occur on or about July 29, 2013. J.P. Morgan, Citigroup, Barclays, BMO Capital Markets and KeyBanc Capital Markets are acting as joint bookrunners for this offering. JMP Securities, Ladenburg Thalmann & Co. Inc. and RCS Capital, the investment banking and capital markets division of Realty Capital Securities, LLC, are acting as co-managers for this offering.  Full Article

American Realty Capital Properties Inc Launches $300 Million Convertible Senior Note Offering
Tuesday, 23 Jul 2013 06:55am EDT 

American Realty Capital Properties Inc announced that it plans to issue $300.0 million of Convertible Senior Notes (Notes) due in 2018 in an underwritten public offering. The Notes will mature on August 1, 2018. The Notes may be converted into cash, common stock or a combination thereof in limited circumstances prior to February 1, 2018 and may be converted at any time into such consideration on or after February 1, 2018. Additionally, ARCP intends to grant the underwriters a 30-day option to purchase up to an additional $30.0 million of additional Notes, solely to cover over-allotments, if any. ARCP intends to use the net proceeds of the offering (a) to repay outstanding indebtedness under its existing senior secured revolving credit facility (which will increase the availability of funds under such credit facility) and (b) for other general corporate purposes which includes investing in properties in accordance with its investment objectives. J.P. Morgan, Citigroup, Barclays, BMO Capital Markets and KeyBanc Capital Markets will act as joint bookrunners for this offering. JMP Securities, Ladenburg Thalmann & Co. Inc. and RCS Capital, the investment banking and capital markets division of Realty Capital Securities, LLC, will act as co-managers for this offering.  Full Article

American Realty Capital Properties Inc Announces Intention To Close Caplease Merger Earlier Than Expected In Third Quarter Of 2013 In Light Of Expiration Of Caplease's 40-day "Go Shop" Period
Monday, 8 Jul 2013 06:24am EDT 

American Realty Capital Properties Inc announced its intention to close its previously announced merger with CapLease, Inc. (CapLease). Following CapLease's announcement of the expiration of its 40-day "go shop" period without receipt of any alternative proposals, the Company expects to close the transaction in the third quarter of 2013. CapLease's recent filing of its preliminary proxy statement in connection with its special meeting, at which CapLease stockholders will vote whether to approve the merger, and the expiration of the "go shop" period, provide ARCP with a clear timetable for the closing of the CapLease acquisition.  Full Article

American Realty Capital Properties Inc To Acquire American Realty Capital Trust IV In Merger Transaction Valued $3.1 Billion
Tuesday, 2 Jul 2013 06:00am EDT 

American Realty Capital Properties, Inc. and American Realty Capital Trust IV, Inc. announced that they have signed a definitive merger agreement whereby ARCP will acquire all of the outstanding shares of ARCT IV for stock and cash in a transaction valued at approximately $3.1 billion. As a result of this and other previously announced acquisitions, ARCP will own 2,579 single tenant properties net leased to 470 tenants across 29 industries in 48 states. ARCP's projected pro forma enterprise value will be approximately $10 billion, with annualized rent of more than $527 million, of which 57% will be from investment grade tenants. The merger agreement has been approved by the independent directors of both companies, and is subject to customary closing conditions, including stockholder votes by both companies. The acquisition is expected to close by the end of the third quarter of 2013. Stockholders of record for each company as of July 2, 2013 will be entitled to vote on the proposals related to the merger.  Full Article

American Realty Capital Properties Inc Raises FY 2014 FFO Guidance
Tuesday, 2 Jul 2013 06:00am EDT 

American Realty Capital Properties Inc revised its fiscal 2014 guidance and it expects adjusted funds from operations (AFFO) to be the range of $1.19 - $1.25 per share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $1.12 for fiscal 2014.  Full Article

American Realty Capital Properties Inc Acquires 447 Net Lease Properties From GE Capital For $774 Million
Friday, 28 Jun 2013 06:00am EDT 

American Realty Capital Properties Inc announced acquisition of 447 net lease properties at a purchase price of $774 million from certain affiliates of GE Capital. This property portfolio includes assets primarily net leased to nationally recognized restaurant operators including: IHOP; Jack in the Box; Golden Corral; Burger King; Arby's; Taco Bell; Applebee's; Wendy's; Logan's Roadhouse; and Denny's. These ten nationally recognized brands constitute 63% of the net operating income of the 447-property portfolio, part of formerly public Trustreet Properties Inc. The 447 properties acquired represent the entire portfolio acquisition after the parties agreed to remove 24 properties from the originally announced 471 property portfolio, as permitted under the purchase and sale agreement. Apart from the GE Capital portfolio acquisition, ARCP has acquired in 2013 an additional 81 properties from its organically developed pipeline for a purchase price of $366.6 million, exclusive of closing costs, at a cap rate of 8.1%. Thus the Company's total acquisitions in 2013 as of June 30th total $1.14 billion, surpassing it previously announced purchase projections for all of 2013.  Full Article

American Realty Capital Properties Inc Announces Monthly Dividend For July 2013
Friday, 28 Jun 2013 06:00am EDT 

American Realty Capital Properties Inc announced that, pursuant to the prior authorization of its board of directors, ARCP has declared an annualized dividend of $0.910 per share to be paid monthly to stockholders of record at the close of business on the 8th day of each month, payable on the 15th day of such month. Accordingly, on July 15, 2013, the Company will pay a dividend of $0.07583 per share to stockholders of record at the close of business on July 8, 2013.  Full Article

American Realty Capital Properties Inc Announces $900 Million Private Placement Of Common Stock And Convertible Preferred Stock
Tuesday, 4 Jun 2013 06:45am EDT 

American Realty Capital Properties Inc announced that it has entered into definitive purchase agreements pursuant to which it agreed to sell approximately 29.4 million shares of common stock at a price of $15.47 per share for gross proceeds of $455 million, and approximately 28.4 million shares of 5.81% convertible preferred stock (Preferred Stock) with an aggregate liquidation preference of $445 million, in separate private placement transactions (collectively, the Placement). Net proceeds from the Placement of approximately $898 million will be used to fully fund working capital needs and recently announced strategic acquisitions, including a $807 million property portfolio being acquired from GE Capital and the $2.2 billion acquisition of CapLease, Inc. The Placement was led by existing institutional stockholders in ARCP and is expected to close on June 7, 2013. RCS Capital, the investment banking and capital markets division of Realty Capital Securities, LLC, and JMP Securities LLC served as co-placement agents in connection with the private placements of the common stock and the Preferred Stock.  Full Article

American Realty Capital Properties Inc to Acquire $807 Million GE Capital Portfolio
Friday, 31 May 2013 06:00am EDT 

American Realty Capital Properties Inc announced that it has entered into an agreement to purchase from GE Capital a $807 million portfolio of 471 net lease properties comprised primarily of nationally recognized restaurants. The 471 property portfolio includes assets net leased to tenants who operate restaurants including: IHOP; Jack in the Box; Golden Corral; Burger King; Arby's; Taco Bell; Applebee's; Wendy's; Logan's Roadhouse; and Denny's. These ten national brands constitute approximately 64% of the net operating income of the portfolio to be acquired.  Full Article

American Realty seeks No.2 spot in net leases with $3.1 billion buy

- American Realty Capital Properties Inc (ARCP) said it would buy American Realty Capital Trust IV (ARCT) for $3.1 billion as it seeks to become the second-largest operator in the fast-growing U.S. net-lease property sector.

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