Stockholders of American Realty Capital Properties and American Realty Capital Trust III have approved the completion of their previously announced merger at their respective special meetings.
The merger between the two companies had been previously approved by both companies' boards of directors.
More than 97.4 per cent of the shares voting at ARCP's special meeting voted in favour of the merger, representing more than 55.0 per cent of all outstanding ARCP shares. In addition, more than 98.4 per cent of the shares voting at ARCT III's special meeting voted in favour of the merger, representing more than 68.8 per cent of all outstanding ARCT III shares.
"We are excited that the investors in both companies recognised the significant value created from this combination by approving the merger between ARCP and ARCT III," says Nicholas S Schorsch, chairman and chief executive officer of ARCP. "We look forward to leveraging the best aspects of both investment strategies to pay a durable, growing dividend to our stockholders while capitalising on the compelling growth potential of the combined asset portfolio. We are rapidly moving forward to satisfy all necessary closing conditions and look forward to completing the transaction promptly."