American Realty Capital Properties (NYSE: VER ) is the proud new owner of a raft of net lease properties after formally closing a deal with affiliates of General Electric's (NYSE: GE ) GE Capital. American Realty Capital bought a total of 447 such properties for $774 million.
Most of its new assets are properties leased to prominent chain restaurant operators. These include Wendy's, Yum! Brands' Taco Bell, and Denny's. All told, 10 high-profile chains constitute 63% of the net operating income of the portfolio.
American Realty Capital has been on something of a buying spree this year. It has also acquired 81 other properties so far in 2013, spending $366.6 million exclusive of closing costs to do so.