As previously disclosed, the board of directors of American Realty Capital Properties, Inc. (the “Company”) authorized, and the Company declared, an annualized dividend of $0.940 per share per annum. Such annualized dividend will be paid monthly to stockholders of record at the close of business on the 8th day of each month, payable on the 15th day of such month. Accordingly, on January 15, 2014, the Company will pay a distribution of $0.07833 per share to stockholders of record at the close of business on January 8, 2014.
Furthermore, as previously announced, the Company’s board of directors has authorized an increase from $0.940 per share per annum to $1.00 per share per annum, contingent upon, and effective with, the close of the Company’s acquisition of Cole Real Estate Investments, Inc. (“Cole”), which is expected to occur promptly following the Company’s and Cole’s special meetings of stockholders to approve matters related to the transaction, each to be held on January 23, 2014. Such closing is contingent upon the receipt of stockholder approval from the Company’s and Cole’s stockholders and the satisfaction of the conditions of the merger agreement relating to the Company’s pending merger with Cole.
Should the Company's pending merger (the “ARCT IV Merger”) with American Realty Capital Trust IV, Inc. ("ARCT IV") close prior to the January 8, 2014 record date, holders of the Company’s common stock issued in exchange for ARCT IV common stock will be able to participate in the Company’s January 2014 dividend (in addition to any ARCT IV distribution payments that they may otherwise receive).
A copy of the press release announcing the foregoing is attached to this Current Report on Form 8-K as Exhibit 99.1 hereto.