American Realty Capital Properties Announces Approximately $15.2M of Additional Acquisitions at an Average Cap Rate of 9.5%
American Realty Capital Properties (NASDAQ: ARCP) ("ARCP" or the "Company") announced today that it intends to acquire approximately $15.2 million of properties, exclusive of closing costs, consistent with its single tenant, medium term, corporate credit, net lease investment strategy. The acquisitions are in addition to the $5.6 million of properties under contract previously announced.
The properties under contract consist of three CVS pharmacies located in Georgia (Alpharetta and Vidalia) and Nashville, Tennessee, and a Pilot Flying J travel center located in Carnesville, Georgia. The properties have an average remaining lease term of approximately 5.9 years and are priced at an average cap rate of 9.5%. The acquisitions would add two new tenants to the ARCP property portfolio, bringing the Company's total number of discrete tenants to 16. These properties represent the second portion of the $25.0 million of acquisitions anticipated to close in the third quarter of 2012, included in the Company's previously announced guidance.
"These additional properties under contract are indicative of our continuous execution of accretive acquisitions that allow us to grow earnings," commented Nicholas S. Schorsch, chairman and chief executive officer of ARCP. "With these properties, we continue to enhance