NEW YORK (AP) -- American Realty has completed its $7 billion acquisition of Cole Real Estate.
American announced the cash-and-stock deal in October that would create a real estate investment trust with more than 3,700 retail, office and other properties, leased to 600 tenants.
American Realty issued to Cole stockholders 1.0929 shares of its common stock for each Cole share. The stock was issued to those that chose to receive stock and to those that didn't make a selection.
Under the cash option, American Realty said Friday that it paid about $147 million at $13.82 per share. This excluded certain payments to Cole executives that chose the cash option.
The company maintained its 2014 adjusted funds from operations forecast of $1.13 to $1.19 per share. Analysts surveyed by FactSet expect $1.11 per share.
Funds from operations, or FFO, are considered key to measuring the financial performance of real estate investment trusts. FFO adds items such as amortization and depreciation back to net income.
Cole Real Estate Investments Inc. is based in Phoenix, while American Realty Capital Properties Inc. is based in New York.