0001144204-12-018676.txt : 201203300001144204-12-018676.hdr.sgml : 2012033020120330144947ACCESSION NUMBER:0001144204-12-018676CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:33CONFORMED PERIOD OF REPORT:20120330ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20120330DATE AS OF CHANGE:20120330

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:American Realty Capital Trust, Inc.CENTRAL INDEX KEY:0001410997STANDARD INDUSTRIAL CLASSIFICATION:REAL ESTATE [6500]IRS NUMBER:711036989STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-35439FILM NUMBER:12728371

BUSINESS ADDRESS:STREET 1:106 OLD YORK ROADCITY:JENKINTOWNSTATE:PAZIP:19046BUSINESS PHONE:215.887.2189

MAIL ADDRESS:STREET 1:106 OLD YORK ROADCITY:JENKINTOWNSTATE:PAZIP:19046

8-K1v307925_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest eventreported) March 30, 2012

AMERICAN REALTY CAPITAL TRUST, INC.

(Exact name of Registrant as specifiedin its charter)

Maryland 001-35439 71-1036989

(State or other jurisdiction of

incorporation or organization)

(Commission File Number) (I.R.S. Employer Identification No.)

405 Park Avenue
New York, New York 10022

(Address, including zip code, of principal executive offices)

(212) 415-6500

Registrants telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item2.02. Results of Operations and Financial Condition.

On March 30, 2012, American Realty CapitalTrust, Inc. (the Company) issued a press release attached hereto as Exhibit 99.1 announcing significant earningsgrowth based on reported 2012 guidance, as well as additional information regarding the successful completion of its modified Dutchauction tender offer on March 28, 2012.

Item 2.03. Creation of a DirectFinancial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On March 29, 2012, through American RealtyCapital Operating Partnership, L.P. (the Operating Partnership), the Company drew an amount equal to $218.9 millionon its existing $220 million revolving credit facility with RBS Citizens, N.A., as amended. In addition, the accordionfeature of the revolving credit facility allows the Company, under certain circumstances (including the receipt of lender commitments),to increase the aggregate commitments under the revolving credit facility to a maximum of $500 million. The terms of the revolvingcredit facility are set forth in the Companys Current Report on Form 8-K filed on August 19, 2011 and the credit agreementwas filed as Exhibit 10.1 to such filing. The terms of the first amendment to the credit agreement are set forth in the CompanysCurrent Report on Form 8-K filed on February 29, 2012 and the amendment was filed as Exhibit 10.36 to such filing. The descriptionsof the revolving credit facility and the amendment thereto in this Current Report on Form 8-K are summaries and are qualified intheir entirety by the terms of the credit agreement and the amendment, respectively, which are incorporated herein by reference.

Item7.01. Regulation FD Disclosure.

As disclosed in Item 2.02 above, on March30, 2012, the Company issued a press release attached hereto as Exhibit 99.1 announcing significant earnings growth based on reported2012 guidance, as well as additional information regarding the successful completion of its modified Dutch auctiontender offer on March 28, 2012.

Item 8.01.Other Events.

Senior Secured Term Loan Facility

TheCompany also announced today it has received a commitment from Wells Fargo Bank, National Association to enter into a senior securedinterim term loan in the amount of up to $200 million (the Interim Loan). The Company has also engaged Wells FargoBank, National Association to enter into a senior secured five-year term loan facility (the Term Loan) (collectively,with the Interim Loan, the Credit Facility). The Interim Loan will have a term of six months. The Company expectsthat the Interim Loan will bear interest at LIBOR plus 1.95% (orapproximately 2.20%). The Term Loan will have a term of five years. The Company expects that the Term Loan will bear interest ata fixed rate based on the then-current five-year Treasury swap rate plus 1.95% (or approximately 3.20% currently), after givingeffect to expected swap arrangements, for the full loan term. Pursuant to the terms of the commitment letter and engagement letter,the lenders obligation to enter into the Credit Facility is subject to customary approvals and conditions to closing (includingconsent of required lenders under the Companys revolving credit facility). Although the Company believes that the entryinto the Credit Facility is probable, there can be no assurance that the transaction will be consummated.

The Credit Facility will provide for monthlyinterest payments, with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid from timeto time and at any time, in whole or in part, without premium or penalty, subject to reimbursement of certain costs and expenses.The Company and certain of the Operating Partnerships subsidiaries guarantee the obligations under the Credit Facility andhave pledged certain equity interests in the property owning entities as collateral for the obligations thereunder. In the eventof a default, the lender has the right to terminate its obligations under the Credit Facility, and to accelerate the payment onany unpaid principal amount of all outstanding loans.

Proceeds from the Credit Facility are anticipatedto be used to prepay approximately $161.3 million of the Companys outstanding fixed rate mortgage indebtedness. The expectedannual interest savings to the Company from the prepayment of mortgage debt is approximately $4.3 million. The Credit Facilitywill increase the Companys unencumbered asset pool to approximately $1.24 billion.

Conference Call

The Company will host a conference callon Thursday, April 5, 2012 at 9:30 am EDT to discuss the results of the Companys tender offer for the purchase of up to$220 million in value of shares of its common stock, which expired at 12:00 Midnight, Eastern Time, on March 28, 2012, as wellas 2012 estimates. The number to dial is (855) 212-0212 with an access code of 175-378-153. The preliminary results of the tenderoffer were released yesterday, March 29, 2012.

Company Presentations

The Company intends to present a slide presentationto its stockholders, members of the broker-dealer community or investment advisors in attendance at meetings to be occur over thenext three weeks. Information regarding these meetings can be found on the Companys website at www.arctreit.com. A copyof the presentation is attached to this Current Report on Form 8-K as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description

99.1 Press Release, dated March 30, 2012

99.2 Company Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Actof 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMERICAN REALTY CAPITAL TRUST, INC.

March 30, 2012 By: /s/ William M. Kahane

Name: William M. Kahane

Title: Chief Executive Officer and President

EX-99.12v307925_ex99-1.htm

CONTACTS

From: Anthony J. DeFazio For: Brian D. Jones, Chief Financial Officer

DeFazio Communications, LLC American Realty Capital Trust, Inc.

tony@defaziocommunications.com bjones@arctreit.com

Ph: (484) 532-7783 Ph: (646) 937-6900

FOR IMMEDIATE RELEASE

American Realty Capital Trust Announces
Significant Earnings Growth in Reported 2012 Guidance, Prepayment of Mortgage Notes,
and the Completion of its Tender Offer

New York, NY, March 30, 2012 AmericanRealty Capital Trust, Inc. (ARCT or the Company) (NASDAQ: ARCT) announced today, based on 2012earnings guidance, that it estimates its annualized FFO and AFFO for the 12-month period commencing April 1, 2012 totalbetween $0.79 and $0.82 per share. This compares with annualized FFO and AFFO per share of $0.70, prior to the effect of thetender offer, prepayment of certain mortgages and assumed acquisitions, as discussed below. In addition, the Companyindicated it plans to prepay approximately $161.3 million of mortgage notes in the beginning of the second quarter of2012. Furthermore, the Company made public a commitment from Wells Fargo Bank, National Association to enter into a seniorsecured interim term loan facility in the amount of up to $200 million and engagement of Wells Fargo Bank, NationalAssociation to arrange a senior secured five-year term loan facility. The Company also confirmed the successful completion ofits $220 million tender offer.

We have undertaken a number of important initiativesin an effort to build shareholder value, improve earnings and reduce our cost of capital. Our 2012 earnings guidance is a demonstrationof our confidence that these substantive actions will create value for our stockholders, said William M. Kahane, the CompanysCEO.

2012 FFO and AFFO Estimates

The Company estimates that both FFO and AFFO on an annualizedbasis for the 12-month period commencing April 1, 2012 should range from $0.79 to $0.82 per share. These per share estimates are based on the completion of the following activities:

-Purchasing $220 million of common shares (or approximately 20.95 million shares) under its tender offer at a price of $10.50per share. Such tendered shares will be redeemed with proceeds received from the Companys current revolving credit facilitywith RBS Citizens Bank, N.A.

-Prepaying approximately $161.3 million of fixed rate mortgage indebtedness. The weighted average effective interest rate ofthis debt is 5.43%, with a current remaining term of 4.2 years. These mortgage notes will be paid off with proceeds received froma senior secured interim term loan committed by Wells Fargo Bank, National Association. The Company expects the $200 million interimterm loan to bear interest at LIBOR plus 1.95% (or 2.20%) for the initial six months, and then be replaced by a fixed-rate facilityat an interest rate based on the then current five-year Treasury swap rate plus 1.95% (or 3.20% currently), after giving effectto expected swap arrangements, for the balance of the five-year term.

-Acquiring approximately $100 million (at an initial yield of 7.80%) of high-quality, freestanding, single tenant investment properties net leased to credit worthy or investment grade credit tenants on a long-term basis funded with available working capital and availability under its existing revolving credit facility.

-ARCTs current annual dividend is $0.70 per common share, or $0.05833 payable monthly. Management and the board of directorswill evaluate increasing the dividend at the end of the second quarter and on a quarterly basis thereafter.

Senior Secured Term Loan

The Company also announced todayit has received a commitment from Wells Fargo Bank, National Association to enter into a senior secured interim term loan in theamount of up to $200 million (the Interim Loan). The Company has also engaged Wells Fargo Bank, National Associationto enter into a senior secured five-year term loan facility (the Term Loan) (collectively, with the Interim Loan,the Credit Facility). The Interim Loan will have a term of six months. The Company expects that the Interim Loanwill bear interest at LIBOR plus 1.95% (or approximately 2.20%). The Term Loan will have aterm of five years. The Company expects that the Term Loan will bear interest at a fixed rate based on the then-current five-yearTreasury swap rate plus 1.95% (or approximately 3.20% currently), after giving effect to expected swap arrangements, for the fullloan term. Pursuant to the terms of the commitment letter and engagement letter, the lenders obligation to enter into theCredit Facility is subject to customary approvals and conditions to closing (including consent of required lenders under the Companysrevolving credit facility). Although the Company believes that the entry into the Credit Facility is probable, there can be noassurance that the transaction will be consummated.

The Credit Facility will provide for monthly interest payments,with all principal outstanding being due on the maturity date. The Credit Facility may be prepaid from time to time and at anytime, in whole or in part, without premium or penalty, subject to reimbursement of certain costs and expenses. The Company andcertain of the Operating Partnership's subsidiaries guarantee the obligations under the Credit Facility and have pledged certainequity interests in the property owning entities as collateral for the obligations thereunder. In the event of a default, the lenderhas the right to terminate its obligations under the Credit Facility, and to accelerate the payment on any unpaid principal amountof all outstanding loans.

Proceeds from the Credit Facility are anticipated to be usedto prepay approximately $161.3 million of the Companys outstanding fixed rate mortgage indebtedness. The expected annualinterest savings to the Company from the prepayment of mortgage debt is approximately $4.3 million. The Credit Facility will increasethe Companys unencumbered asset pool to approximately $1.24 billion.

Tender Offer

The Company also confirmed today the successful completion ofits modified Dutch auction tender offer for the purchase of up to $220 million of shares of its common stock. Approximately20.95 million shares were accepted under the tender offer at a price of $10.50 per share.

We couldnt be more pleased with the results ofthe Tender Offer, said Nicholas S. Schorsch, chairman of ARCT. Results exceeded our expectations and we are excitedfor the opportunity to buy back shares at a discounted value which we believe will have a positive impact on the Companysearnings, and in turn be accretive to ARCTs shareholders.

As previously disclosed, the Company processed the full amountof the Tender Offer as initially contemplated and met the validly tendered requests submitted by tendering shareholders. The preliminaryresults of the Tender Offer were released yesterday, March 29, 2012.

Investor Conference Call

The Company will host a conference call on Thursday, April5,2012 at 9:30am EDT to discuss the results of the Companys Tender Offer and 2012 estimates. The number to dial is (855) 212-0212with an access code of 175-378-153.

FFO & AFFO

The Company considers funds from operations (FFO)and adjusted FFO, as adjusted to exclude acquisition-related fees and expenses (AFFO), useful indicators of the performanceof a real estate investment trust (REIT). Because FFO calculations exclude such factors as depreciation and amortizationof real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identicalassets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operatingperformance between periods and between other REITs in our peer group. Accounting for real estate assets in accordance with generallyaccepted accounting principles (GAAP) implicitly assumes that the value of real estate assets diminishes predictablyover time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analystshave considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficientby themselves.

Additionally, the Company believes that AFFO, by excluding acquisition-relatedfees and expenses, provides information consistent with management's analysis of the operating performance of the properties. Byproviding AFFO, the Company believes it is presenting useful information that assists investors and analysts to better assess thesustainability of its operating performance. Further, the Company believes AFFO is useful in comparing the sustainability of itsoperating performance with the sustainability of the operating performance of other real estate companies, including exchange-tradedand non-traded REITs.

As a result, the Company believes that the use of FFO and AFFO,together with the required GAAP presentations, provide a more complete understanding of its performance relative to its peers anda more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

FFO and AFFO are non-GAAP financial measures and do not representnet income as defined by GAAP. FFO and AFFO do not represent cash flows from operations as defined by GAAP, are not indicativeof cash available to fund all cash flow needs and liquidity, including the Companys ability to pay distributions and shouldnot be considered as alternatives to net income, as determined in accordance with GAAP, for purposes of evaluating its operatingperformance. Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts,or NAREIT, definition (as the Company does) or may interpret the current NAREIT definition differently than the Company does and/orcalculate AFFO differently than it does. Consequently, the Companys presentation of FFO and AFFO may not be comparable toother similarly titled measures presented by other REITs.

The following is a reconciliation of net income per share, computedin accordance with GAAP, to FFO and AFFO for the 12-month period commencing April 1, 2012 (consistent with how the Company has historically presented this non-GAAP financial measure):

Guidance Range

Low

High

Net income $0.144 $0.174

Add: Depreciation and amortization 0.646 0.646

FFO (rounded) $0.790 $0.820

Straight line rent -0.049 -0.049

Amortization of deferred compensation 0.022 0.022

Amortization of deferred financing costs 0.018 0.018

Acquisition and transaction costs 0.005 0.005

AFFO (rounded) $0.790 $0.820

Important Notice

The preliminary information contained in this press releaseis subject to confirmation by the paying agent and the depositary and is based on the assumption that all shares tendered throughnotice of guaranteed delivery will be delivered within three business days of the expiration of the Tender Offer. The final numberof shares to be purchased, the final purchase price and the final proration information will be announced following completionof the confirmation process. Payment for the shares accepted for purchase under the Tender Offer, and return of all other sharestendered and not purchased, will occur promptly thereafter. Investor questions concerning the Tender Offer may be directed to thedepositary for the Tender Offer, ARC Advisory Services, LLC at (877) 373-2522.

This press release is for informational purposes only and isnot an offer to buy or the solicitation of an offer to sell any shares of the Company.

American Realty Capital Trust, Inc., a publicly traded Marylandcorporation listed on The NASDAQ Global Select Market, is a leading self-administered real estate company that owns and acquiressingle tenant free standing commercial real estate properties that are primarily net leased on a long-term basis to investmentgrade credit rated and other creditworthy tenants.

The statements in this press release that are not historicalfacts may be forward-looking statements. These forward looking statements involve risks and uncertainties that could cause theoutcome to be materially different.

Additional information about the Company can be found on theCompanys website at www.arctreit.com.

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