American Realty Capital (ARCP) Boosts Dividend 0.6%; Acquires Property from Reckitt Benckiser
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American Realty Capital Properties, Inc., (Nasdaq: ARCP) authorized and the Company declared, its third consecutive quarterly increase to the Company's annual dividend. The Company will increase its annual distribution per share by $0.005, from $0.885 to $0.890 per annum. The new annual distribution rate will accrue commencing on August 9, 2012. Distributions will continue to be paid on the 15th day of each month to stockholders of record at the close of business on the 8th day of such month.
In addition, on June 19, 2012, the Company's board approved the acquisition of an additional property â the fee-simple interest in the Reckitt Benckiser French's Mustard office building located in Chester, NJ. The contract purchase price of the Reckitt Benckiser â French's Mustard office building is approximately $10.0 million, exclusive of closing costs, or at an anticipated capitalization rate of 9.2% (based on annualized net operating income and purchase price). The Reckitt Benckiser â French's Mustard office building contains approximately 32,000 rentable square feet and is 100% leased to Reckitt Benckiser Plc. (LSE: RB), a British multinational consumer goods company headquartered in Slough, United Kingdom that carries an investment grade credit rating as determined by major credit rating agencies. The net lease has a 10-year term, with approximately six years remaining. The annualized rental income for the property will be approximately $920,000, or approximately $28.75 per rentable square foot.
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In addition, on June 19, 2012, the Company's board approved the acquisition of an additional property â the fee-simple interest in the Reckitt Benckiser French's Mustard office building located in Chester, NJ. The contract purchase price of the Reckitt Benckiser â French's Mustard office building is approximately $10.0 million, exclusive of closing costs, or at an anticipated capitalization rate of 9.2% (based on annualized net operating income and purchase price). The Reckitt Benckiser â French's Mustard office building contains approximately 32,000 rentable square feet and is 100% leased to Reckitt Benckiser Plc. (LSE: RB), a British multinational consumer goods company headquartered in Slough, United Kingdom that carries an investment grade credit rating as determined by major credit rating agencies. The net lease has a 10-year term, with approximately six years remaining. The annualized rental income for the property will be approximately $920,000, or approximately $28.75 per rentable square foot.
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