NEW YORK CITY-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the news, but GlobeSt.com has learned that American Realty Capital is about to acquire CapLease for $2.2 billion.
The boards of both REITs have agreed to the terms, and the deal is expected to close in Q3. This will push ARCP into the #3 slot among the largest net lease trusts.
“The combination of ARCP with CapLease allows us to expand and further diversify our property portfolio, fortify our credit quality, reduce our tenant concentration and enhance our management team,” says ARCP chairman and CEO Nick Schorsch in a statement. “This transaction is immediately accretive and is expected to generate approximately $0.11 per share in additional adjusted FFO annually and, upon closing, will allow us to increase our dividends to stockholders by $0.03 per share to an annualized rate of $0.94 per share.”
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
