Cole Capital on Track to Raise $3.1 Billion in 2014 - ARCP Has Record First Quarter
American Realty Capital Properties (ARCP) announced today its operating results for the first quarter. The results included many positive features such as increased revenue, increased AFFO, and an investment grade balance sheet.
Notably, Cole Capital, which was acquired by ARCP earlier this year, has already raised $897 million of capital on behalf of the managed funds and is on track to raise $3.1 billion this year. As a sponsor of non-traded REITs, Cole has acquired $419.9 million of real estate assets on behalf of its managed funds in the first quarter, through 84 properties in 51 individual transactions.
As of March 31, 2014, Cole had $5.07 billion total assets under management.
“With our acquisitions team firing on all cylinders, every aspect of our business is exceeding our expectations,” commented David S. Kay, President of ARCP. “With strong earnings, our acquisition volume is outpacing our guidance, our cap rates surpass all industry peers, Cole Capital launched two new products, and we successfully integrated our management and systems, all of which is allowing us to execute with a disciplined intensity.”
ARCP will be hosting a conference call today at 3:00 PM ET. The call will be conducted by Nicholas S. Schorsch, Executive Chairman and Chief Executive Officer, David S. Kay, President, Lisa E. Beeson, Chief Operating Officer, and Brian S. Block, Chief Financial Officer.
Live Conference Call and Webcast Details*
Domestic Dial-In Number: 1-888-317-6003
Conference ID: 8166540
Webcast: Click here.
*Participants should dial in 10-15 minutes early.