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ARCP buying ARCT IV in $3.1B cash-and-stock deal

Published on NewsOK Modified: July 2, 2013 at 6:06 am •  Published: July 2, 2013

NEW YORK (AP) — American Realty Capital Properties Inc. is buying American Realty Capital Trust IV Inc. in a cash-and-stock deal valued at about $3.1 billion.

Shares of ARCP nearly doubled in premarket trading on Tuesday.

ARCP, a real estate investment trust, said that the deal — along with other recent transactions — will make it the second-biggest net lease REIT. After the transaction closes, ARCP will own 2,579 single tenant properties in 48 states and Puerto Rico.

Last month ARCT IV announced that it would pay $1.45 billion to GE Capital for properties leased mostly to restaurant chains like KFC, Burger King and Wendy's. The deal includes 986 net lease properties in 47 states.

In a separate deal, also in June, ARCP said that it would pay $807 million for 471 properties from GE Capital, which are mostly leased to operators of restaurants such as IHOP, Burger King and Wendy's.

In May, ARCP announced that it was buying fellow real estate investment trust CapLease in a deal the companies valued at about $2.2 billion.

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