—American Realty Capital Properties Inc. (ARCP) has closed on its acquisition of American Realty Capital Trust III Inc. (ARCT III). The merger was unanimously approved by both companies’ boards of directors and was approved by both companies’ stockholders at respective meetings held on February 26.
As a result of the merger, ARCP’s NASDAQ listing will be transferred to the larger NASDAQ Global Select Market and its common stock will continue to trade under the ticker symbol “ARCP.”
Nicholas S. Schorsch, chairman and CEO of ARCP, said, “We are very pleased to have completed this transformative transaction between ARCP and ARCT III, which combines the best aspects of both companies’strategies, enabling us to solidify our unique competitive position in the net lease sector. ARCP will provide our investor base with principal protection, durable income and outsized growth potential.”
ARCP will now consist of 692 commercial properties totaling approximately 16.4 million sq. ft. in 44 states and Puerto Rico.