Real estate investment trust American Realty Capital Properties (NYSE:VER) announced (link opens a PDF) Friday that it is on target for a whopping $1.1 billion in acquisitions for the remainder of 2013.
The property portfolio is expected to be purchased at an average capitalization rate of 8%, meaning American Realty expects the purchases' overall annualized income to clock in at 8% of its total purchase price. The newest $417 million addition to the list is made up of 40 properties leased to 26 tenants across 21 industries and 20 states.
"We continue to identify a balance of long-term and mid-term leases for our portfolio and properties which enhance diversity, decrease tenant and industry concentration and further fortify our net lease portfolio with rents that are highly accretive to our dividend," said Chairman and CEO Nicholas Schorsch in a statement.
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