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|From: Anthony J. DeFazio||For: Brian D. Jones, CFO & Treasurer|
|DeFazio Communications, LLC||American Realty Capital Trust, Inc.|
|Ph: (484-532-7783)||Ph: (212-415-6500)|
FOR IMMEDIATE RELEASE
American Realty Capital Trust Announces Strong First Quarter 2012 Operating Results, Reaffirms 2012 Guidance
New York, New York, May 7, 2012 – American Realty Capital Trust, Inc. (NASDAQ: ARCT) (“ARCT” or the “Company”) announced today its operating results for the quarter ended March 31, 2012. All per share results are reported on a fully diluted basis.
“Our first quarter was all about execution, as you can see from the concrete progress we have been able to achieve. We are delighted with our first quarter results and subsequent events. Our focus, since listing the Company on NASDAQ and internalizing our management team, has been on reducing our cost of capital so as to improve our earnings. We believe, based on our current results, that we have accomplished this. Accordingly, we are reaffirming our previously provided FFO and AFFO guidance of $0.79 to $0.82 per share,” explained William M. Kahane, Chief Executive Officer of ARCT. He added, “Over the next several quarters we plan to focus on continuing to grow the Company by harvesting our acquisition pipeline opportunities and further improving our balance sheet metrics to lift our credit ratings. We would like to extend a special vote of thanks to our more than 40,000 shareholders who contributed to the construction of this primarily high credit quality net leased property portfolio.”
First Quarter 2012 Highlights (as compared to same quarterly period in 2011)
|·||Funds from operations (FFO): $25.6 million, or $0.14 per share, excluding costs for listing the Company’s common stock, internalization of management and prepayment of debt; FFO on an annualized basis for the month ended March 31, 2012, reflecting our operations as a self-advised, publicly-traded REIT, is $123.6 million, or $0.78 per share, excluding acquisition activities, previously forecasted to be approximately $100 million in the next twelve months, compared to previously announced FFO guidance of $0.79 to $0.82 per share, inclusive of that same level of acquisitions. (See quarterly supplemental information for detail.)|
|·||Adjusted funds from operations (AFFO): $25.7 million, or $0.14 per share, excluding costs for listing the Company’s common stock, internalization of management and prepayment of debt. AFFO on an annualized basis for the month ended March 31, 2012, excluding forecasted acquisition activities as described above, is $124.4 million, or $0.785 per share, compared to previously announced AFFO guidance of $0.79 to $0.82 per share, inclusive of acquisitions. (See quarterly supplemental information for detail.)|
|·||Previously announced earnings guidance is consistent with Q1 results: FFO and AFFO guidance was in the range of $0.79 to $0.82 per share on an annualized basis for the 12-month period commencing April 1, 2012; first quarter operations are consistent with this guidance and the Company reaffirms its previous guidance on that basis.|
|·||Revenues: $45.6 million, increased 118% from $20.9 million.|
|·||Net operating income (NOI): $42.9 million, increased 108% from $20.6 million.|
|·||Net loss attributable to shareholders: $28.1 million, or a loss of $0.16 per share.|
|·||Total Dividends paid to stockholders: $33.7 million, or $0.70 per share on an annualized basis.|
|·||Portfolio occupancy: 100%.|
|·||Acquisitions: three properties for a total purchase price of $10.6 million, exclusive of fees and expenses.|
|·||Listing on NASDAQ: listed common stock on The NASDAQ Global Select Market (“NASDAQ”) on March 1, 2012, under trading symbol “ARCT” (the “Listing”).|
The following information was filed by American Realty Capital Trust, Inc. on Monday, May 7, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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