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American Realty Capital Properties, Inc. Message Board

  • busy26795 busy26795 Oct 23, 2013 12:28 PM Flag

    ARCP American Realty Capital upgrade details -- to Buy at Ladenburg Thalmann; tgt $16...makes COLE worth more both

    23-Oct-13 12:12 ET


    American Realty Capital upgrade details -- to Buy at Ladenburg Thalmann; tgt $16

    Ladenburg Thalmann upgraded ARCP to Buy from Neutral and set tgt at $16 based upon strategic benefits of its recently announced merger with COLE. Benefits include: 1) reduced leverage; 2) more reliable AFFO stream vs. the prior forecast; 3) higher quality AFFO stream 4) the addition of the well-respected and highly connected real estate professionals from COLE; 5) .) better AFFO/sh growth potential now that ARCP will own Cole's private capital business.

    makes COLE worth more both

    Sentiment: Strong Buy

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    • Tank you i missed this

      Sentiment: Buy

    • Less than two months ago, this same firm downgraded ARCP.

      • 1 Reply to johnkur8
      • Things have this

        RCP and Cole managements discuss merger

        "This is taking the number two and number three net-lease REITs and creating kind of a game-over, category-killer in the sector," says Cole Real Estate (COLE +8.7%) CEO Marc Nemer of the deal to sell itself to American Realty Capital Properties (ARCP -1.5%) for $11.2B in cash and stock. The combined company will push into first place in size in the popular triple-net-lease sector, surpassing Realty Income (O +0.7%).

        ARCP's acquisition-happy chief Nicholas Schorsch in the past has typically raised private money for non-traded REITs and then sold the portfolios to ARCP in order to cash out his investors, but this is a massive public deal. "How many REITs have the ability to raise both public and private capital," he says. "The ability for us to acquire non-traded REITs, either whole or in part, is only increased" by this Cole deal.

        S&P 500 inclusion next? The investor presentation (slide 8) notes the combined company's market cap will be larger than index constituents Kimco Realty and Macerich.

        Sentiment: Strong Buy

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