Attached files
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| 8-K - FORM 8-K - American Realty Capital Trust III, Inc. | v240655_8k.htm |
CONTACTS
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From: Anthony J. DeFazio
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For: Brian S. Block, EVP & CFO
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DeFazio Communications, LLC
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American Realty Capital Trust III, Inc.
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tony@defaziocommunications.com
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bblock@arlcap.com
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Ph: (484-532-7783)
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Ph: (212-415-6500)
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FOR IMMEDIATE RELEASE
American Realty Capital Trust III Reports Third Quarter 2011 Results
New York, NY, November 14, 2011 ˗ American Realty Capital Trust III, Inc. (“ARCT III” or the “Company”) announced today its operating results for the quarter ended September 30, 2011.
Third Quarter 2011 and Subsequent Events Highlights
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On October 5, 2011, ARCT III acquired a Walgreens drug store located in Staten Island, New York, for a purchase price of $4.6 million, excluding closing costs. The ground lease has an initial term of 21 years and expires in December 2025. The current annual rent is approximately $332,000 or $29.25 per rentable square foot.
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On October 11, 2011, ARCT III acquired a Walgreens drug store located in Coalinga, California, for a purchase price of $4.6 million, excluding closing costs. The lease for the property has an initial term of 25 years and expires in June 2033. The current annual rent is approximately $327,000 or $22.60 per rentable square foot.
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On October 31, 2011, ARCT III acquired a portfolio of 11 Dollar General stores located in Texas, Ohio, Florida and Missouri, for an aggregate purchase price of $12.5 million, excluding closing costs. The properties total approximately 109,000 rentable square feet, and the leases for the properties each have a 15-year term and a weighted average remaining term of approximately 14 years. The aggregate annualized rental income for the properties is approximately $1.0 million, or approximately $9.17 per rentable square foot.
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Nine Month Period Ended September 30, 2011
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As of September 30, 2011, ARCT III had 2.6 million shares of common stock outstanding, including unvested restricted shares and shares issued under the DRIP, for total gross proceeds of $26.4 million.
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As of September 30, 2011, ARCT III owned three properties consisting of 59,303 square feet, for an aggregate purchase price of $12.1 million, which were approximately 100% occupied with a weighted average remaining lease term of 13.6 years.
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As of September 30, 2011, ARCT had no mortgage financings as the purchase price of the properties was funded entirely from equity proceeds received from its offering.
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CONSOLIDATED SUMMARY BALANCE SHEETS
(In thousands)
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September 30,
2011
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December 31,
2010
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ASSETS
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(Unaudited)
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Total real estate investments at cost
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12,083
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—
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Cash
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6,336
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—
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Prepaid expenses and other assets
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919
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—
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Deferred financing costs, net
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150
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—
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Deferred offering costs
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—
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402
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Total assets
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$
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19,488
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$
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402
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Derivatives, at fair value
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$
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70
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$
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—
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Accounts payable and accrued expenses
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638
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202
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Deferred rent
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79
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—
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Distributions payable
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18
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—
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Total liabilities
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805
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202
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Total stockholders’ equity
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18,683
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200
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Total liabilities and stockholders’ equity
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$
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19,488
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$
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402
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CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended
September 30, 2011
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Nine Months
Ended
September 30,
2011
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Rental income
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$
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8
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$
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8
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Expenses:
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Property operating
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2
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2
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Operating fees to affiliates
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—
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—
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Acquisition and transaction related
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420
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420
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General and administrative
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82
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180
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Total operating expenses
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504
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602
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Net loss
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$
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(496
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)
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$
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(594
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)
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Basic and diluted weighted average shares outstanding
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685,340
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244,217
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Basic and diluted net loss per share
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$
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(0.72
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)
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$
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(2.43
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)
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ARCT III is a publicly registered, non-traded real estate investment program that has commenced its initial public offering of up to 150 million shares of common stock, at a purchase price of $10 per share, for an aggregate offering amount of up to $1.5 billion. The Company intends to use the proceeds from the offering to acquire properties that are single tenant, long-term net leased to investment-grade and creditworthy tenants. ARCT III is offering the shares of common stock on a reasonable “best efforts” basis through its affiliate, Realty Capital Securities, LLC, the dealer manager of the offering.
Copies of the prospectus for the offering may be obtained by contacting: Realty Capital Securities, LLC, Three Copley Place, Suite 3300, Boston, MA 02116, Tel: 1-877-373-3522.
To arrange interviews with American Realty Capital executives, please contact Tony DeFazio at 484-532-7783 or tony@defaziocommunications.com.