Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - American Realty Capital Trust III, Inc. | v749096_ex99-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 28, 2012
American Realty Capital Trust III, Inc.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 000-54690 | 27-3715929 | ||
|
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
|
405 Park Avenue, 15th Floor New York, New York 10022 |
|
(Address, including zip code, of Principal Executive Offices)
(212) 415-6500 Registrant's telephone number, including area code: |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On September 28, 2012, American Realty Capital Trust III, Inc. (the “Company”) announced the closure of its fund following the successful achievement of its target equity raise of $1.7 billion (including shares reallocated from the Company’s distribution reinvestment plan).
On that same day, the Company announced its recent property acquisitions and provided a summary of its overall portfolio.
From August 21, 2012 through September 21, 2012, the Company has closed the acquisition of 91 single-tenant, freestanding properties with approximately 0.7 million leasable square feet located in 19 states, at an aggregate purchase price of $111.7 million (exclusive of closing costs). The acquisitions increased the portfolio’s size, at cost, to $846.6 million, comprised of 326 properties. The acquisitions were funded with cash available from the Company’s ongoing public offering. The Company also announced today that its portfolio pipeline includes approximately $404.0 million worth of acquisitions under contract.
The table below provides a summary of the 91 properties acquired by the Company from August 21, 2012 through September 21, 2012 and, for each tenant, includes the properties’ location, average lease term remaining at acquisition, contractual purchase price, rentable square footage, annual GAAP net operating income, average capitalization rate, and indicates whether the tenant or guarantor is investment grade:
| Tenant | Number of Properties |
States | Average Lease Term Remaining at Acquisition (Years) |
Contract Purchase Price (millions) |
Rentable Footage |
Annual GAAP Net Operating Income (millions) |
Average Capitaliz- ation Rate |
Investment Grade? (Y/N)(1) | ||||||||||||||||||||
| Advance Auto | 3 | KY, NJ and TX | 11.9 | $ | 6.0 | 18,779 | $ | 0.4 | 7.5 | % | Y | |||||||||||||||||
| Circle K | 1 | GA | 10.6 | $ | 1.3 | 3,745 | $ | 0.1 | 8.4 | % | Y | |||||||||||||||||
| CVS | 1 | NV | 12.0 | $ | 5.1 | 12,941 | $ | 0.3 | 6.9 | % | Y | |||||||||||||||||
| Dollar General | 58 | IA, IL, KS, MI, MO, MS, NM, OK, TN and TX | 13.8 | $ | 62.3 | 535,426 | $ | 4.9 | 7.9 | % | Y | |||||||||||||||||
| Family Dollar | 5 | ID, MS, NV and OH | 10.3 | $ | 5.1 | 40,673 | $ | 0.5 | 9.0 | % | Y | |||||||||||||||||
| FedEx | 1 | WV | 14.9 | $ | 4.3 | 13,334 | $ | 0.3 | 7.6 | % | Y | |||||||||||||||||
| Krystal | 22 | AL, FL, GA, MS and TN | 20.0 | $ | 27.6 | 47,874 | $ | 2.5 | 9.0 | % | N | |||||||||||||||||
| Total | 91 | 19 | 15.0 | $ | 111.7 | 672,772 | $ | 9.0 | 8.2 | % | ||||||||||||||||||
_________________
| (1) | As defined by a major credit rating agency. |
A copy of the press release announcing the closure of the Company’s fund and the Company’s portfolio acquisitions from August 21, 2012 through September 21, 2012 is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release dated September 28, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN REALTY CAPITAL TRUST III, INC. | |||
| Date: September 28, 2012 | By: | /s/ Nicholas S. Schorsch | |
| Name: | Nicholas S. Schorsch | ||
| Title: |
Chief Executive Officer and Chairman of the Board of Directors | ||