Attached files
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| 8-K - American Realty Capital Trust III, Inc. | v236257_8k.htm |
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CONTACTS
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For:
Brian S. Block (212) 415-6500
EVP
& Chief Financial Officer
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FOR
IMMEDIATE RELEASE
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American
Realty Capital
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bblock@arlcap.com
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From:
Tony DeFazio (484) 532-7783
DeFazio
Communications, LLC
tony@defaziocommunications.com
American
Realty Capital Trust III Closes First Acquisition and Resets Accrual Date for
Distributions
New York, NY, October 3, 2011
- American
Realty Capital Trust III, Inc. (“ARCT III” or the “Company”) announced
today that it had completed on September 27, 2011, its first real property
acquisition. The Company purchased one free-standing, fee simple,
build-to-suit freight distribution facility located in Butte, Montana and leased
to FedEx Freight, Inc. The purchase price was approximately $8.9
million, exclusive of closing costs. The Company funded the
acquisition of the property with proceeds from the sale of its common
stock.
The
property is 100% leased to FedEx Freight, Inc., a subsidiary of FedEx
Corporation (NYSE: “FDX”). FedEx Corporation has guaranteed the
tenant’s obligations under the lease. The property contains 45,826
rentable square feet. The lease has a 15-year term and contains two
renewal options of five years each.
"This acquisition points up
our continuing ability to buy on a basis that is accretive to our 6.60%
distribution, and to acquire efficiently assets within our investment strategy,”
offered Nicholas S. Schorsch, Chairman and CEO of ARCT III.
The
Company also announced that on September 23, 2011, its board of directors
reaffirmed a distribution equal to a 6.60% annualized rate based on the common
stock price of $10 per share. The board of directors also approved a
change to the timing of when such distributions will accrue with distributions
beginning to accrue immediately upon completion of the Company’s initial
property acquisition. The first property purchase occurred on
September 27, 2011, as described immediately above. The distributions
will be payable by the 5th day
following each month end to stockholders of record at the close of business each
day during the prior month. The dividend will be calculated based on
stockholders of record each day during the applicable period at a rate of
$0.00180821918 per day.
American
Realty Capital Trust III, Inc. is a publicly registered, non-traded real estate
investment program that has commenced its initial public offering of up to 150.0
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. The
Company 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.
A
registration statement relating to the offering of these securities has been
filed with the U.S. Securities and Exchange Commission and declared
effective. The offering will be made only by means of a
prospectus. 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.
This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction.
This
press release may contain forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Actual results and trends could differ
materially from those set forth in such statements due to the following risks:
The failure to qualify or maintain the requirements to be taxed as a REIT would
reduce the amount of income available for distribution and limit the Company’s
ability to make distributions to its stockholders. No public market
initially exists for the Company’s shares of common stock, and one may never
exist for this or any other such type of real estate program. Securities are
being offered on a best efforts basis. These are speculative
securities and as such involve a high degree of risk. There are
substantial conflicts among an offering and its sponsor, advisor, dealer manager
and property manager. There is no assurance that the value of the
real estate will be sufficient to return any portion of investors' original
capital. Operating results will be affected by economic and
regulatory changes that have an adverse impact on the real estate market and we
cannot assure you that there will be growth in the value of the
properties.
To
arrange interviews with executives of American Realty Capital Trust III, Inc.
please contact Tony DeFazio at 484-532-7783 or tony@defaziocommunications.com
.