American Realty Capital Trust Reports Second Quarter 2011 Results
New York, NY, August 15, 2011 – American Realty Capital Trust, Inc. (“ARCT,” the “Company,” or the “REIT”) announced today its operating results for the quarter and period ended June 30, 2011.
“Among our greatest achievements immediately following second quarter 2011 is the successful, fully subscribed closing of ARCT’s equity raise at approximately $1.7 billion, without the need for a “follow on.” Moreover, we remain very excited by the real estate opportunities that present themselves going forward,” said Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCT. “We are particularly indebted to our broker-dealers, financial advisors and their investors who have trusted us to assemble a real estate portfolio of very high quality, freestanding properties, 100 percent net leased, primarily occupied by investment grade tenants on a long-term basis,” added Mr. Schorsch. “Our robust acquisition pipeline and current cash balance should enable us to deploy investors’ capital promptly as we work toward accomplishing a meaningful liquidity event for our shareholders.”
“A review of our second quarter results shows that since ARCT’s inception (January 2008), the REIT has generated modified funds from operations (“MFFO”) of $52.8 million and in that same period, the REIT paid distributions aggregating $52.2 million, including $23.0 million issued under the DRIP,” observed Brian S. Block, EVP and Chief Financial Officer of the Company. “This places us in an unprecedented and unique position of having generated a surplus over the life of the offering.”
“The real estate portfolio as of August 10, 2011, is approximately $1.7 billion and broadly diversified by tenant, industry and geography,” offered William M. Kahane, President and COO of the Company. “ARCT owns 377 fully-occupied properties of which roughly 76 percent of the rents are paid by investment grade rated tenants. This diverse portfolio features 52 different corporate tenants spanning 19 industries in 43 states. Our borrowing is under 40 percent loan to cost, and the assets were acquired over the past 3½ years at a very favorable average capitalization rate of 8.1 percent. In addition, the weighted average remaining primary lease term is over 14 years. And our very active acquisition pipeline should enable us to fully deploy the remainder of our investment capital promptly and prudently.”
The following information was filed by American Realty Capital Trust, Inc. on Tuesday, August 16, 2011 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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CIK: 1410997 Form Type:10-Q Quarterly Report Accession Number: 0001445305-11-003409 Submitted to the SEC: Mon Nov 14 2011 10:32:44 AM EST Accepted by the SEC: Mon Nov 14 2011 Period: Friday, September 30, 2011 Industry: Real Estate