American Realty Capital Properties to acquire approximately USD5.6m of properties
American Realty Capital Properties intends to acquire approximately USD5.6m of acquisitions, exclusive of closing costs, consistent with its single tenant, medium term, corporate credit, net lease investment strategy.
The properties under contract consist of a Family Dollar discount retail store in Brookston, Indiana and an Iron Mountain information storage warehouse in Columbus, Ohio.
The properties have an average remaining lease term of approximately six years and are priced at an average cap rate of 9.38 per cent.
The acquisitions add two new tenants to the ARCP property portfolio, bringing the company's total number of discrete tenants to 14.
These properties represent the initial portion of the USD25m of acquisitions anticipated to close in the third quarter of 2012 included in the company's previously announced guidance.
"These properties under contract are indicative of our continuous execution of accretive acquisitions that allow us to grow earnings," says Nicholas S. Schorsch (pictured), chairman and chief executive officer of ARCP. "These properties further enhance our portfolio's tenant mix. We continue to take advantage of plentiful buying opportunities in the market consistent with our guidance model and our investment strategy."
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