American Realty Capital Trust 8-K Completion of Acquisition or Disposition of Assets

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): November 25, 2008

American Realty Capital Trust, Inc.

(Exact Name of Registrant as Specified in Charter)

Maryland	333-145949	71-1036989
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

106 York Road

Jenkintown, PA 19046

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

Registrant's telephone number, including area code: (215) 887-2189

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:

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

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

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

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

Item 2.01Completion of Acquisition of Assets.

PNC Bank Properties

The REIT acquired 50 bank branches triple-net leased to PNC Bank, National Association (the “PNC Properties”) on November 25, 2008. On August 12, 2008, the REIT’s Board of Directors approved the acquisition of the PNC Properties and as of November 18, 2008 approved the financings with TD Bank, N.A. and KBC Bank, N.V., each described below.

The purchase price for the PNC Properties is approximately $42,286,000. Closing costs and the acquisition fee payable to American Realty Capital Advisors, LLC total approximately $1.6 million. The purchase price was paid with proceeds from the sale of common shares, first mortgage indebtedness and the proceeds from unsecured notes issued by an affiliate of the REIT. The PNC Properties are bank branches in Pennsylvania, New Jersey and Ohio with an aggregate of approximately 275,000 square feet. The current sole tenant of the properties is PNC Bank, National Association (“PNC Bank”) and will remain the sole tenant on a triple-net lease basis.

Address	City, State		Purchase Price		Approximate Compensation to Advisor and Affiliates
1001 East Erie Ave		Philadelphia, PA	$	857,143		Total for All Properties = $757,000
108 East Main Street		Somerset, PA		1,142,857		(Acquisition fee +
114 West State Street		Media, PA		714,286		Finance coordination fee)
1152 Main Street		Paterson, NJ		785,714
1170 West Baltimore Pike		Media, PA		285,714
12 Outwater Lane		Garfield, NJ		1,142,857
1260 McBride Ave		West Paterson, NJ		642,857
141 Franklin Turnpike		Mahwah, NJ		785,714
1485 Blackwood-Clementon Rd		Clementon, PA		1,357,143
150 Paris Ave		Northvale, NJ		785,714
16 Highwood Ave		Tenafly, NJ		714,286
1921 Washington Valley Road		Martinsville, NJ		1,357,143
1933 Borendtown Ave		Parlin, NJ		928,571
204 Raritan Valley College Drive		Somerville, NJ		1,214,286
207 S State St		Clarks Summit, PA		500,000
2200 Cottman		Philadelphia, PA		1,142,857
222 Ridgewood Ave		Glen Ridge, NJ		642,857
2431 Main Street		Trenton, NJ		1,428,571
294 Main Ave		Clifton, NJ		642,857
30 Main Street		West Orange, NJ		785,714
31 S Chester Rd		Swarthmore, PA		500,000
315 Haddon Ave		Haddonfield, PA		928,571
321 E 33rd St		Paterson, NJ		357,143
34 East Market Street		Blairsville, PA		642,857
359 Georges Rd		Dayton, NJ		1,142,857
36 Bergen St		Westwood, NJ		500,000
401 West Tabor Road		Philadelphia, PA		500,000
403 N Baltimore St		Dillsburg, PA		428,571
404 Pennsylvania Ave East		Warren, PA		642,857
410 Main Street		Orange, NJ		928,571
424 Broad Street		Bloomfield, NJ		785,714
425 Boulevard		Mountain Lakes, NJ		1,000,000
45 South Martine Ave		Fanwood, NJ		1,142,857
470 Lincoln Avenue		Pittsburgh, PA		642,857
49 Little Falls Road		Fairfield, NJ		1,857,143
501 Pleasant Valley Way		West Orange, NJ		500,000
555 Cranbury Road		East Brunswick, NJ		1,071,429
570 Pompton Ave		Cedar Grove, NJ		1,285,714
583 Kearny Ave		Kearny, NJ		785,714
588 Newark-Pompton Tnpk		Pompton Plains, NJ		285,714
5900 N Broad St		Philadelphia, PA		571,429
591 Route 33		Millstone, NJ		857,143
638 E Landis Ave		Vineland, NJ		714,286
6th & Spring Garden		Philadelphia, PA		928,571
7811 Tylersville Road		West Chester, OH		1,214,286
82 Greenbrook Road		Dunellen, NJ		1,000,000
8340 Germantown Ave		Philadelphia, PA		285,714
9 West Somerset Street		Raritan, NJ		1,142,857
Cooper & Delsea		Deptford, NJ		928,571
RR1 Box 640		Tannersville, PA		857,143
TOTAL			$	45,285,714

2

The properties are triple-net leased to PNC Bank, pursuant to which PNC Bank will be required to pay substantially all operating expenses and capital expenditures in addition to base rent, simultaneously with the acquisition of the properties, and will have primary lease terms of ten years, expiring November 1, 2018. Annual rent is $2,960,000 for each of the first five years of the initial lease term, increased by 10% in year six. The leases provide for up to four extensions of successive five-year terms with an increase in the rental rate by 10% for each additional renewal term. Following the first year of the lease, the tenant has the right to terminate two leases within the PNC Properties each calendar year during the term of the lease, including renewal options, at any time upon at least twelve months  prior written notice to the REIT.

Address	City, State		Total Square Feet Leased		Year 1 Gross Rent		Rent Per Square Foot
1001 East Erie Ave		Philadelphia, PA		3,653	$	60,000	$	16.42
108 East Main Street		Somerset, PA		7,322		80,000		10.93
114 West State Street		Media, PA		12,344		50,000		4.05
1152 Main Street		Paterson, NJ		4,405		55,000		12.49
1170 West Baltimore Pike		Media, PA		2,366		20,000		8.45
12 Outwater Lane		Garfield, NJ		7,372		80,000		10.85
1260 McBride Ave		West Paterson, NJ		2,963		45,000		15.19
141 Franklin Turnpike		Mahwah, NJ		3,281		55,000		16.76
1485 Blackwood-Clementon Rd		Clementon, PA		3,853		95,000		24.66
150 Paris Ave		Northvale, NJ		3,537		55,000		15.55
16 Highwood Ave		Tenafly, NJ		10,908		50,000		4.58
1921 Washington Valley Road		Martinsville, NJ		5,220		95,000		18.20
1933 Borendtown Ave		Parlin, NJ		4,355		65,000		14.93
204 Raritan Valley College Drive		Somerville, NJ		2,423		85,000		35.08
207 S State St		Clarks Summit, PA		7,170		35,000		4.88
2200 Cottman		Philadelphia, PA		3,617		80,000		22.12
222 Ridgewood Ave		Glen Ridge, NJ		9,248		45,000		4.87
2431 Main Street		Trenton, NJ		3,470		100,000		28.82
294 Main Ave		Clifton, NJ		1,992		45,000		22.59
30 Main Street		West Orange, NJ		5,340		55,000		10.30
31 S Chester Rd		Swarthmore, PA		3,126		35,000		11.20
315 Haddon Ave		Haddonfield, PA		4,828		65,000		13.46
321 E 33rd St		Paterson, NJ		2,837		25,000		8.81
34 East Market Street		Blairsville, PA		12,212		45,000		3.68
359 Georges Rd		Dayton, NJ		3,660		80,000		21.86
36 Bergen St		Westwood, NJ		5,160		35,000		6.78
401 West Tabor Road		Philadelphia, PA		8,653		35,000		4.04
403 N Baltimore St		Dillsburg, PA		2,832		30,000		10.59
404 Pennsylvania Ave East		Warren, PA		7,136		45,000		6.31
410 Main Street		Orange, NJ		8,862		65,000		7.33
424 Broad Street		Bloomfield, NJ		3,657		55,000		15.04
425 Boulevard		Mountain Lakes, NJ		2,732		70,000		25.62
45 South Martine Ave		Fanwood, NJ		2,078		80,000		38.50
470 Lincoln Avenue		Pittsburgh, PA		2,760		45,000		16.30
49 Little Falls Road		Fairfield, NJ		5,549		130,000		23.43
501 Pleasant Valley Way		West Orange, NJ		3,358		35,000		10.42
555 Cranbury Road		East Brunswick, NJ		16,324		75,000		4.59
570 Pompton Ave		Cedar Grove, NJ		4,773		90,000		18,86
583 Kearny Ave		Kearny, NJ		7,408		55,000		7.42
588 Newark-Pompton Tnpk		Pompton Plains, NJ		4,196		20,000		4.77
5900 N Broad St		Philadelphia, PA		7,070		40,000		5.66
591 Route 33		Millstone, NJ		2,162		60,000		27.75
638 E Landis Ave		Vineland, NJ		17,356		50,000		2.88
6th & Spring Garden		Philadelphia, PA		3,737		65,000		17.39
7811 Tylersville Road		West Chester, OH		2,988		85,000		28.45
82 Greenbrook Road		Dunellen, NJ		2,784		70,000		25.14
8340 Germantown Ave		Philadelphia, PA		7,096		20,000		2.82
9 West Somerset Street		Raritan, NJ		8,033		80,000		9.96
Cooper & Delsea		Deptford, NJ		5,160		65,000		12.60
RR1 Box 640		Tannersville, PA		2,070		60,000		28.99
TOTAL				275,436	$	2,960,000	$	10.75

3

The REIT has secured first mortgage indebtedness from TD Bank, N.A. The following table outlines the loan terms on the debt financing incurred in connection with acquisition of the PNC Properties. The loan will be secured by a mortgage on each of the PNC Properties.

Mortgage Debt Amount	Rate (1)	Maturity Date
$33,398,902	5.25%	November 25, 2013

 (1) Rate is the effective yield based on 30-day Libor Plus 1.65%, and the effects of an interest rate swap entered into prior to closing on this mortgage.

The REIT has secured additional financing for the acquisition of the PNC Properties from (i) KBC Bank, N.V. in the amount of $8,000,000, secured by a pledged interest in the REIT-affiliated entities that acquired the PNC Properties, and (ii) a group of individuals in the amount of approximately $1,090,000.

PNC Bank is a $128.6 billion commercial bank holding company with $76.5 billion in deposits. It is based in Pittsburgh, Pennsylvania, and has more than 1,100 branches, 3,900 automated teller machines and more than 25,000 employees. It is rated S&P AA- and is one of the largest commercial banking companies in the United States ranked by assets and deposits. It offers retail banking, corporate and institutional banking, asset management and global fund processing services. The following information relates to PNC Bank’s Parent company, PNC Financial Services Group, Inc.:

			For the Fiscal Year Ended
Consolidated Statements of Operations (in millions)	Nine Months Ended September 30, 2008		2007		2006		2005
Revenues	$	7,453	$	10,088	$	11,146	$	7,937
Operating Income		2,215		3,292		4,782		2,561
Net Income		1,130		1,467		2,595		1,325

	As of December 31,
Consolidated Balance Sheets (in millions)	2007		2006		2005
Total Assets	$	138,920	$	101,820	$	91,954
Total Liabilities		122,412		90,147		83,391
Stockholders’ Equity		14,854		10,788		8,563

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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, INC.
Date: December 3, 2008	By:	/s/ Nicholas S. Schorsch
		Nicholas S. Schorsch
		Chief Executive Officer and Chairman of the Board of Directors

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