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American Realty Capital's (NASDAQ:ARCP) acquisition has officially closed and shareholders are set to reap the benefits. While I do believe the stock is a buy, I want to first address the decline in the share price recently.

It's reasonable to believe that the decline might simply be shareholders of ACRT III selling their shares at a premium. When ARCP acquired ACRT III, it gave shareholders of ACRT two options. They could either receive .95 of ARCP common stock or $12 in cash.

Given that ARCP's stock was trading above $14, it would be irrational not to take the common stock offer. Only 16.5% of shares were converted to cash. So the remaining 83.5% were converted to ACRP shares. The recent selloff is clearly the new shareholders that were simply looking to exit at a higher price.

I believe this decline presents a great buying opportunity. The merger will provide many synergies for ACRP. The company will save $48 million in operating cost savings over five years. AFFO is expected to rise to $1.06 - $1.10 by 2014.

I believe dividend investors will find comfort with this stock due to the incredible safety of its yield. The company's portfolio is a 100% leased and 79% of the tenants are investment grade. The fact that the portfolio is fully occupied goes to show that management is extremely efficient.

Given the current dividend yield of 6.7%, I think the stock is a better buy than many other REITs. Vornado Realty (NYSE:VNO) has a 3.6% yield. Brookfield Office Properties (NYSE:BPO) has a 3.30% yield.

So why exactly does ACRP have a higher yield? Is it because there is more risk with ACRP than Vornado or Brookfield? I think the only reason the stock has a higher yield is simply due to its size. It's possible the market believes that companies like Vornado and Brookfield are safer since they are major players. Honestly, given the fact the ACRP's portfolio is a 100% leased, mainly to investment grade tenants, I don't see much risk in the company.

I recommend dividend investors looking for a nice, stable yield to consider investing in ACRP. A 6.7% yield is very nice for a well managed REIT such as ACRP and I expect dividends to continue to increase going forward.

Source: American Realty Capital: One Of The Most Stable Dividends Around