Real estate investment trust American Realty Capital Properties Inc (ARCP) announced that it will be purchasing forty buildings worth USD 416.5 million. This enabled the New-York based firm to increase its single-tenant real estate. The company also said that the transaction will allow them to meet their goal of acquiring USD 1.1 billion worth of real estate in the second half of this year.
ARCP announced that the properties will be bought at an average capitalization rate of 8.8%. The buildings are leased to 26 tenants and located in 20 states. ARCP Chief Executive Officer Nicholas Schorsch said, "We continue to identify a balance of long-term and mid-term leases for our portfolio and properties which enhance diversity, decrease tenant and industry concentration and further fortify our net-lease portfolio with rents that are highly accretive to our dividend." To support his plan of making ARCP the biggest single-tenant landlord in the country, Schorsch also bought the American Realty Capital Trust IV for USD 3.1 billion last month. He also acquired CapLease Inc. in May for USD 2.2 billion.
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