CONTACTS

From: Anthony J. DeFazio For: Brian S. Block, EVP & CFO
DeFazio Communications, LLC American Realty Capital Trust
tony@defaziocommunications.com bblock@arlcap.com
Ph: (484-532-7783) Ph: (212-415-6500)

 

FOR IMMEDIATE RELEASE

 

 

American Realty Capital Trust Reports Fourth Quarter and Year End 2011 Results

 

 

New York, NY, February 15, 2012 – American Realty Capital Trust, Inc., (“ARCT” or the “REIT”) announced today its operating results for the quarter and year ended December 31, 2011.

 

“The fourth quarter of 2011 evidenced the long-term earnings power of ARCT, as we completed the acquisition phase of the strategy we commenced just four years ago this month. Our team accretively invested the remaining proceeds from our offering by acquiring an additional $283 million of investment properties within our core discipline,” said Nicholas S. Schorsch, Chairman and Chief Executive Officer of the REIT. “We are doing exactly what we said we would do from the start. The team’s hard work and support from our valued broker-dealers, financial advisors and their investors have afforded us a tremendous opportunity to forever change the public non-listed industry,” added Mr. Schorsch. “The Company’s listing on The NASDAQ Global Select Market anticipated later this month clearly demonstrates our alignment with our shareholders’ interest as we position ARCT for a profitable exit.”

 

“Adjusted funds from operations, or AFFO, for the fourth quarter of 2011 were $25.5 million, an 11.3% increase over the prior quarter,” observed Brian S. Block, EVP and Chief Financial Officer of the Company. “On a pro forma basis, factoring in a full period impact of properties acquired mid-quarter, and subsequent to the significant savings to be realized from internalizing the management team, distributions will continue to be fully covered from cash flows provided by our real estate operations.”

 

Fourth Quarter 2011 and Subsequent Events Highlights

 

  - Acquired 77 properties for an aggregate purchase price of $282.9 million containing approximately 2.3 million square feet.  These 100% occupied, freestanding, single-tenant properties had net leases in place with a weighted average remaining lease term at quarter end of 13.2 years.  Such properties were acquired at a weighted average capitalization rate of 8.3% (annualized rental income on a straight-line basis or annualized net operating income, as applicable, divided by base purchase price). 

 

  - Generated Adjusted Funds from Operations (“AFFO”) of $25.5 million in Q4 2011 based on the National Association of Real Estate Investment Trust’s definition of FFO, adjusted for one-time acquisition fees and related expenses, as well as certain non-cash items.  (See Non-GAAP tabular reconciliations and accompanying notes contained within this release for additional information.)

 


The following information was filed by American Realty Capital Trust, Inc. on Thursday, February 16, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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