CONTACTS

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

 

FOR IMMEDIATE RELEASE

 

American Realty Capital Trust III Reports First Quarter 2012 Results

 

New York, NY, May 17, 2012 ˗

American Realty Capital Trust III, Inc. (“ARCT III” or the “Company”) announced its operating results for the quarter ended March 31, 2012.

 

“A significant opportunity exists in today’s economic climate for an asset class that provides investors with durable monthly distributions,” commented Nicholas S. Schorsch, chairman and chief executive officer of the Company. “We acquired our initial investments in September 2011. In a short time period our team has executed brilliantly in assembling a well-diversified portfolio of 100% occupied net leased assets that exceed $410 million in total purchase price. The acquisition pipeline continues to be robust and we look forward to adding multiple new corporate tenants to the portfolio in the coming months.”

 

First Quarter 2012 and Subsequent Events Highlights

 

-For the quarter ended March 31, 2012, acquired 52 properties, 100% occupied, containing 1.2 million square feet for an aggregate base purchase price of $196 million. On a weighted average basis, these properties have a remaining lease term of 12.0 years and were purchased at a capitalization rate of 7.8% (based on annualized rental income on a straight line basis). As of quarter end, the portfolio was comprised of 93 freestanding, single tenant properties, 100% occupied on a net lease basis, containing 1.7 million square feet for an aggregate base purchase price of $268 million. On a weighted average basis, these properties have a remaining lease term of 13.0 years at a capitalization rate of 7.8% (based on annualized rental income on a straight line basis).

 

-For the quarter ended March 31, 2012, generated revenues of $3.3 million (based on generally accepted accounting principles), a $2.6 million increase compared to $0.7 million generated in the prior quarter ended December 31, 2011. For the quarter ended March 31, 2012, generated modified funds from operations of $2.0 million. (See non-GAAP tabular reconciliations and accompanying notes contained within this release for additional information.)

 

-Purchased an additional 56 properties from April 1 to May 11, 2012, for a total base purchase price of $142 million containing 1.2 million square feet.

 

(Dollar amounts in thousands) December 31, March 31, May 11,  
  2011 2012 2012  
Number of properties 41 93 149  
Base purchase price $ 72,453 $ 268,243 $ 410,390  
Square feet 427,000 1,653,000 2,805,000  
No. of tenants 6 9 14  
No. of states 17 28 35  
Occupancy 100% 100% 100%  
Investment grade tenants (1) 100% 98% 97%  

__________________________

 

(1)As defined by a major credit rating agency, based on rental revenues. Includes an upgrade to Dollar General to investment grade in April 2012

The following information was filed by American Realty Capital Trust Iii, Inc. on Thursday, May 17, 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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