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Last Updated ( Monday, 03 June 2013 15:38 )
DATE_FORMAT_LC2=Monday,June 03 2013 12:00:00 am EDT   
ARCP to Purchase $807 Million Portfolio from GE Capital

New York City — American Realty Capital Properties Inc. (ARCP) has entered into an agreement to purchase an $807 million portfolio of 471 net-lease properties from GE Capital. The portfolio includes assets net leased to restaurant tenants including IHOP, Jack in the Box, Golden Corral, Burger King, Arby's, Taco Bell, Applebee's, Wendy's, Logan's Roadhouse and Denny's. These 10 national brands make up approximately 64 percent of the net operating income of the portfolio to be acquired.

"This transaction allows us to deliver on our promise to acquire $1.1 billion of properties, consistent with our investment strategy, and to do so earlier than expected in 2013 at a cap rate in excess of 7 percent," says Nicholas Schorsch, CEO and chairman of ARCP. "This acquisition solidifies the company's position as the fastest growing single-tenant net lease REIT. We are pleased to have forged this agreement to purchase a portion of the formerly publicly traded Trustreet Properties Inc. portfolio from GE Capital, which bolsters and further diversifies significantly our net-lease portfolio."

ARCP plans to use currently available debt to complete the GE Capital transaction.


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