UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 6, 2013 (May 3, 2013)

 

American Realty Capital Trust V, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Maryland   333-187092   90-0929989

(State or other jurisdiction

of incorporation or organization)

  (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

405 Park Avenue

New York, New York 10022

(Address, including zip code, of Principal Executive Offices)

Registrant's telephone number, including area code: (212) 415-6500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

£  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

£  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

£  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

£  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 
 

 

Item 2.01. Completion of Acquisition or Disposition of Assets.

 

Dollar General Store – Sullivan, Missouri

 

On May 3, 2013, American Realty Capital Trust V, Inc. (the “Company”) closed its second acquisition – the fee-simple interest in a build-to-suit Dollar General store located in Sullivan, Missouri for a contract purchase price of $1.1 million, exclusive of closing costs. The Company acquired the property through a wholly owned subsidiary of its operating partnership. The assignor has no material relationship with the Company and the acquisition was not an affiliated transaction.

 

The Company funded 100% of the acquisition of the property with cash from its ongoing initial public offering.

 

The property is 100% leased to a subsidiary of Dollar General Corporation (NYSE: “DG”), which guarantees the lease and carries an investment grade credit rating as determined by major credit rating agencies. The lease is net whereby the tenant is required to pay substantially all operating expenses, including all costs to maintain and repair the roof and structure of the building, in addition to base rent.

 

The following table provides information about the property relating to the assignor, lease commencement and termination dates, rentable square feet, annualized rental income, rental escalations and renewal options. 

 

Assignor

Lease
Commencement

Date

Lease
Termination

Date

Rentable
Square

Feet
Annualized
Rental

Income

 Rental

Escalations

Renewal
Options
Ladder Capital Finance LLC April 2013 April 2028 9,026 $0.1 million None Three 5-Year Options

 

 

 
 

 

Item 9.01. Financial Statements and Exhibits.

 

(a)Financial Statements of Business Acquired (Lessees)

 

Set forth in this Item 9.01(a) are summary financial statements of the parent guarantor to the lease, Dollar General Corporation, as described under Item 2.01 of this Current Report on Form 8-K.

 

Dollar General Corporation currently files its financial statements in reports filed with the U.S. Securities and Exchange Commission, and the following summary financial data regarding Dollar General Corporation are taken from such filings:

 

   Fiscal Year Ended 
(Amounts in Thousands)  February 1,
2013
(Audited)
   February 3,
2012
(Audited)
   January 28,
2011
(Audited)
 
Consolidated Condensed Statements of Income            
Net sales  $16,022,128   $14,807,188   $13,035,000 
Operating profit   1,655,276    1,490,804    1,274,065 
Net income   952,662    766,685    627,857 
Consolidated Condensed Balance Sheets               
Total assets  $10,367,682   $9,688,520   $9,546,222 
Long-term obligations   2,771,336    2,617,891    3,287,070 
Total liabilities   5,382,352    5,013,938    5,491,743 
Total shareholders’ equity   4,985,330    4,674,582    4,054,479 

 

(d)Exhibits

 

Exhibit No.   Description
99.1   Press Release dated May 6, 2013

 

 
 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN REALTY CAPITAL TRUST V, INC.
     
Date: May 6, 2013 By:   /s/ Nicholas S. Schorsch
 

Nicholas S. Schorsch

Chief Executive Officer and Chairman of the Board of Directors

 

 

 

 

 

[GRAPHIC MISSING]

 

 


CONTACTS

From: Anthony J. DeFazio For: Brian S. Block, EVP & CFO
Diccicco Battista Communications American Realty Capital Trust V, Inc.
tdefazio@ddcworks.com bblock@arlcap.com
Ph: (484-342-3600) Ph: (212-415-6500)

 

FOR IMMEDIATE RELEASE

 

American Realty Capital Trust V Makes First Two Acquisitions

 

New York, New York, May 6, 2013 ˗ American Realty Capital Trust V, Inc. (“ARCT V”) announced today that it closed on its first two acquisitions – two build-to-suit Dollar General stores located in Mission, Texas and Sullivan, Missouri. The purchase price of the properties was $2.2 million, exclusive of closing costs, and the properties were purchased at an average capitalization rate of 7.7% (calculated by dividing annualized rental income on a straight-line basis by base purchase price).

 

The Dollar General stores contain 18,126 rentable square feet and are net leased to a subsidiary of Dollar General Corporation (NYSE: DG), which guarantees the leases and carries an investment grade credit rating as determined by major credit rating agencies.

 

Dollar General Corporation is the largest small-box discount retailer in the United States. Dollar General Corporation’s stores offer convenience and value to customers, by offering consumable basic items that are frequently used and replenished, such as food, snacks, health and beauty aids and cleaning supplies, as well as a selection of basic apparel, housewares and seasonal items at everyday low prices.

 

Important Notice

 

ARCT V is a publicly registered, non-traded real estate investment trust (“REIT”) that intends to qualify as a REIT for tax purposes with the taxable year ending December 31, 2013.

 

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words.

 

For more information about this announcement, please contact Tony DeFazio at 484-342-3600 or tdefazio@ddcworks.com.