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|From: Anthony J. DeFazio||For: Brian S. Block, EVP & CFO|
|DeFazio Communications, LLC||American Realty Capital Trust III, Inc.|
|Ph: (484-532-7783)||Ph: (212-415-6500)|
FOR IMMEDIATE RELEASE
American Realty Capital Trust III Reports Second Quarter 2012 Results
New York, New York, August 10, 2012 ˗ American Realty Capital Trust III, Inc. (“ARCT III” or the “Company”) announced its operating results for the quarter ended June 30, 2012.
“In the first six months of 2012, our team’s execution allowed us to acquire 140 properties for an aggregate purchase price of $445 million,” observed Nicholas S. Schorsch, Chairman and Chief Executive Officer of American Realty Capital Trust III, Inc. “More importantly, our discipline of diversification continues as we’ve added 16 new corporate tenants and 22 states not previously represented in the portfolio. We are excited about the opportunity to further diversify the portfolio with new corporate tenants in various industries based on our significant pipeline of acquisitions expected to close over the balance of the year.”
Second Quarter 2012 and Subsequent Events Highlights
|-||For the quarter ended June 30, 2012, the Company acquired 88 properties, 100% occupied, containing 1.9 million square feet for an aggregate purchase price of $249 million. These properties have a remaining lease term of 12.4 years and were purchased at a capitalization rate of 7.8%. As of June 30, 2012, the Company owned a total of 181 freestanding, single tenant properties, 100% occupied on a net lease basis, containing 3.6 million square feet for an aggregate purchase price of $518 million. These properties have a remaining lease term of 12.8 years and an aggregate capitalization rate of 7.8% (The capitalization rates are calculated by dividing annualized rental income on a straight-line basis plus operating expense reimbursements less estimated property operating costs by base purchase price).|
For the quarter ended June 30, 2012, the Company generated revenues of $8.2 million (based on generally accepted accounting principles (“GAAP”)), a $4.9 million increase compared to $3.3 million generated for the first quarter ended March 31, 2012. For the quarter ended June 30, 2012, the Company generated modified funds from operations of $5.9 million. (See non-GAAP tabular reconciliations and accompanying notes contained within this release for additional information.)
For the quarter ended June 30, 2012, the Company’s secured debt leverage ratio (secured mortgage notes payable divided by base purchase price) was reduced to 27.9% from 30.3% at March 31, 2012.
On July 26, 2012, the Company entered into a $100.0 million revolving credit facility with RBS Citizens, N.A. The Credit Facility contains an “accordion” feature to allow the Company, under certain circumstances, to increase the aggregate commitments under the Credit Facility to a maximum of $250.0 million. The credit facility has a term of 36 months, subject to the Company’s right to a 12-month extension.
The Company purchased an additional 43 properties from July 1, 2012 to August 8, 2012, for a total base purchase price of $90.4 million containing 0.9 million square feet.
The following information was filed by American Realty Capital Trust Iii, Inc. on Monday, August 13, 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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