American Realty Capital Properties Inc. Filed Plans for an Initial Public Offering of up to $110 million

NNN Lease Market News
American Realty Capital Properties Inc. filed plans for an initial public offering of up to $110 million, with plans to use the proceeds to repay debt and fund the acquisition of new properties.
The newly organized Maryland-based company, which intends to become a real-estate investment trust, intends to offer a minimum of 5.4 million shares and a maximum of 8.8 million shares of Class A common stock at $12.50 a share.
American Realty has been formed to own and acquire single tenant, freestanding commercial real estate that is net leased on a "medium-term basis," which means properties originally leased long term that are currently subject to net leases with remaining lease terms of generally three to eight years, on average.
As of Sept. 30, American Realty's portfolio consists of 63 single tenant, freestanding properties, located in 10 states and containing an aggregate of about 768,730 leasable square feet. The company's continuing properties are 100% occupied.
According to the company's filing with the Securities and Exchange Commission, the U.S. net lease market is "vast," comprising a wide range of property types and tenant operations and includes nearly every geographic market in the country. American Realty targets properties net leased to investment grade or other credit worthy tenants, which are typically larger companies operating at multiple locations.
The company has applied to list the shares on the Nasdaq Capital Market under the symbol ARCP.


http://online.wsj.com/