Dane Bowler
Value, hedge fund analyst, REITs, long/short equity

American Realty Capital Properties: Rapid Growth At A Cheap Price

The Buy Thesis

American Realty Capital Properties (ARCP) has become irrationally cheap amidst its heavy flow of activity. We believe that the sheer volume of transactions in 2014 may have scared investors as it is no longer clear where earnings figures will come in. However, analysis suggests that the deals were, in aggregate, accretive to FFO/share and bode well for the long-term success of ARCP. The temporarily reduced price made available by the recent equity offering (announced 5/21/14) represents an excellent entry point with outsized reward relative to risk.

Recent Activity

Since its 1Q14 report, ARCP has made numerous large transactions which are listed and linked below.

    Acquired Cole Credit Properties Trust Purchased a portfolio of 500 Red Lobster restaurants ...
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