- Posted at 6:00, January 08, 2014
- By Russ Bleemer
New York-based American Realty Capital Properties Inc. announced earlier today that it is now self managed.
It previously said on Dec. 30 that it would transition to self-management by today, terminating its management agreement with its external manager, the affiliated ARC Properties Advisors LLC, as soon as it completed its acquisition of another related company, American Realty Capital Trust IV Inc.
ARC Properties will use the external manager until it can finish its acquisition of Cole Real Estate Investments Inc., a Phoenix-based net-lease REIT.
ARC Properties and Cole announced their merger in October. Their joint press release says the combination will create the world's largest publicly traded net lease REIT valued at $21.5 billion. Details HERE.
Last year was eventful for ARC Properties.
- In February, it acquired American Realty Capital Trust III Inc.
- In March and April, it bought a Falmouth, Maine, bank building and six leased properties.
- In August, it first announced the self-management move.
- In November, it acquired $4 billion REIT CapLease Inc.
And effective Friday, it acquired American Realty Capital Trust IV Inc., a REIT that originally was sponsored by American Realty Capital, which also was in the news frequently in 2013-- most notably for the acquisition by one of its sponsored REITs of a big interest in Worldwide Plaza on Eighth Avenue, stepping in front of RXR Realty, which originally brought ARC into the deal. (On QuidnuncRE HERE.)
Today's statement, available on American Realty Capital Properties' website, HERE, says the Cole merger should be completed this month, subject to shareholder approval. ARC Properties is a Maryland company headquartered in New York City that trades on Nasdaq Global Select.