American Realty Capital Trust 8-K American Realty Capital Trust Announces Strong First Quarter 2012 Operating Results, Reaffirms 2012 Guidance

American Realty Capital Trust, Inc.

Quarterly Supplemental Information

First Quarter 2012

Table of Contents
Introductory Notes	3
Company Information	4
Summary of Financial Highlights	6
Selected Financial Information	7
Consolidated Balance Sheets	8
Consolidated Statements of Operations	9
Funds from Operations and Adjusted Funds from Operations	10
2012E Guidance Summary	11
Adjusted First Quarter Operating Detail	12
Dividends Summary	13
Financial and Operational Statistics and Ratios	14
Debt Summary	15
Mortgage Notes Payable	16
Portfolio Profile	17
Lease Expirations	18
Tenant Diversification	19
Tenant Industry Diversification	20
Property Geographic Diversification	22
Definitions	23

American Realty Capital Trust, Inc.

Introductory Notes

The data and other information described in this Quarterly Supplement are as of the date this Supplement was filed or an earlier date where indicated. Future performance may not be consistent with past performance, and is subject to change with inherent risks and uncertainties.

This Supplement contains certain statements that are the Company’s and Management’s hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forward looking statements under Federal Securities laws. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties. The Company’s actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after we have made the statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K filed with the SEC, (the Company’s quarterly report on Form 10-Q to be filed with the SEC,) as well as Company press releases.

Definitions of specialized terms can be found at the end of this presentation on page 23.

3

American Realty Capital Trust, Inc.

Company Information

Company Profile

American Realty Capital TrustInc. ("ARCT" or the "Company") is a real estate investment trust ("REIT") that acquires, owns and operates single tenant freestanding commercial properties. We are a publicly traded net-leased REIT that focuses exclusively on corporate, and principally investment grade, tenants. Our diversified real estate portfolio is comprised of mostly recently constructed, modern facilities, net-leased long-term, with primarily investment grade rated tenants. ARCT's primary goal is to provide durable, reliable income for our shareholders through the delivery of dependable monthly dividends.

We listed our common stock on The NASDAQ Global Select Market under the ticker symbol, "ARCT" on March 1, 2012.

Company Mission

Our mission is to preserve and protect investors' capital while providing dependable, monthly income through a professionally managed investment strategy. Our management team adheres to a strict code of industry best practices designed to align the interests of management with those of the shareholders in pursuit of several investment objectives. These objectives include:

· Generate predictable, durable income

· Preserve capital

· Create capital appreciation potential

· Provide inflation protection

Investment Strategy

We place a premium on stability of cash flow for shareholders, and accordingly focus on long term net leases with corporate, and principally investment grade, tenants. Currently, we do not have any significant lease expirations in our properties until after 2018. We currently plan that our focus will be on expanding our portfolio of high-quality, well located net leased properties diversified by tenant, industry and geography. We also currently plan to focus on maintaining an average lease duration greater than 13 years. We intend to pursue an investment strategy that maximizes cash flow and achieves sustainable long-term growth, in an effort to enhance total return for our shareholders.

· Acquire high-quality single tenant, freestanding properties in strategic locations leased long term to high quality tenants

· Managethe operating portfolio, including extending leases with existing tenants and re-leasing properties where a tenant may vacate

· Leaseany potentially vacant properties to industry-leading investment grade and other creditworthy tenants (currently the portfolio is 100% occupied)

· Maximize cash flow through contractual rental growth and value-add repositioning of properties

· Sell properties on a selective, profitable basis, thereby mitigating exposure to certain tenants and markets

4

American Realty Capital Trust, Inc.

Company Information

(Continued)

Senior Management	Board of Directors
William M. Kahane, President and Chief Executive Officer	Nicholas S. Schorsch, Chairman
Brian D. Jones, Chief Financial Officer	William M. Kahane, Director
Susan E. Manning, Chief Accounting Officer	Robert H Burns, Independent Director
	Leslie D. Michelson, Independent Director
	William G. Stanley, Independent Director
Corporate Offices and Contact Information
106 York Road	405 Park Avenue
Jenkintown, PA 19046	New York, NY 10022
215-887-2189	646-937-6900
www.arctreit.com
Trading Symbol
ARCT
Stock Exchange Listing
NASDAQ Global Select Market
Transfer Agent
DST Systems, Inc.
430 W. 7th Street
Kansas City, MO 64105
866-771-2088

5

American Realty Capital Trust, Inc.

Summary of Financial Highlights

First Quarter 2012

First Quarter 2012 Highlights (as compared to same quarterly period in 2011)

· Funds from operations (FFO): $25.6 million, or $0.14 per share, excluding charges for the Listing, Internalization and prepayment of debt; FFO on an annualized basis for the month ended March 31, 2012, reflecting our operations as a self-advised, publicly traded REIT, is $123.6 million, or $0.78 per share, excluding acquisition activities, previously forecasted to be approximately $100 million in the next twelve months, compared to previously announced FFO guidance of $0.79 to $0.82 per share, inclusive of that same level of acquisitions.

· Adjusted funds from operations (AFFO): $25.7 million, or $0.14 per share, excluding charges for the Listing, Internalization and prepayment of debt. AFFO on an annualized basis for the month ended March 31, 2012, excluding forecasted acquisition activities as described above, is $124.4 million, or $0.785 per share, compared to previously announced AFFO guidance of $0.79 to $0.82 per share, inclusive of acquisitions.

· Previously announced earnings guidance is consistent with Q1 results: FFO and AFFO guidance in the range of $0.79 to $0.82 per share on an annualized basis for the twelve-month period commencing April 1, 2012; first quarter operations are consistent with this guidance and the Company reaffirms its previous guidance on that basis.

· Revenues: $45.6 million, increased 118% from $20.9 million.

· Net operating income (NOI): $42.9 million, increased 108% from $20.6 million.

· Net loss attributable to shareholders: $28.1 million, or a loss of $0.16 per share.

· Dividends paid to stockholders: $33.7 million, ore $0.70 per share on an annualized basis.

· Portfolio occupancy: 100%.

· Acquisitions: three properties for a total purchase price of $10.6 million, exclusive of fees and expenses.

· Listing on NASDAQ: listed stock on The NASDAQ Global Select Market on March 1, 2012, under trading symbol “ARCT”.

Subsequent Events

· Completed self-tender: completed issuer Tender Offer of 20.95 million shares of common stock on April 4, 2012, reducing total shares outstanding to approximately 158 million shares.

· Prepaid mortgage debt: completed prepayment of $161.2 million of secured mortgage debt on April 17, 2012 resulting in a net annual reduction in interest expense of $4.3 million.

· Funded interim term loan:funded $200 million interim term loan from Wells Fargo Bank, National Association on April 16, 2012.

· Increased revolving line of credit: increased revolving line of credit with RBS Citizens, N.A. from $220 million to $330 million on May 4, 2012.

· Increased investment grade portfolio percentage: investment grade tenancy increased to 74.5% from 71.1% due to Dollar General Corp.’s upgrade to “BBB-”.

· Improved the Company’s credit rating: upgraded by Moody’s Investor Service to a “Ba2” credit rating with a stable outlook, adjusted rating of “Baa3”.

6

American Realty Capital Trust, Inc.

Selected Financial Information

(in 000’s except share and per share data)

	Q1 2012			Q1 2011			2011			2010
Total revenues	$	45,614		$	20,857		$	129,120		$	44,773
Net loss attributable to stockholders		(28,073	)		(4,520	)		(25,076	)		(9,833	)
Basic and diluted net loss attributable to
stockholders per share		(0.16	)		(0.07	)		(0.20	)		(0.31	)
Funds from operations		25,646			5,195			43,067			10,372
Funds from operations per weighted average share (1)		0.14			0.07			0.32			0.32
Adjusted funds from operations		25,705			12,093			75,604			21,460
Adjusted funds from operations per weighted average share (1)		0.14			0.16			0.56			0.63
Listing, internalization and extinguishment of debt expenses		23,895			-			1,423			-
General and administrative expenses		2,491			524			4,168			1,299
Interest expense		9,857			6,785			35,950			18,109
Straight-line revenue adjustment		2,009			1,193			6,563			2,747
Dividends paid		33,714			11,129			86,597			20,729
Weighted average shares, Basic		178,245,822			72,741,000			133,730,159			32,539,393
Weighted average shares, Diluted		178,272,822			74,177,000			135,275,159			33,975,393

	Q1 2012		Q4 2012
Total real estate investments, at cost	$	2,136,742	$	2,126,171
Total assets		2,084,425		2,130,575
Total debt, excluding premiums and discounts		673,164		683,978
Total equity (2)		1,144,802		1,400,204
common shares outstanding		179,425,465		177,963,413

(1) Funds from operations and adjusted funds from operations per weighted average share are based on weighted average shares on a fully diluted basis unless the effect would be anti-dilutive.

(2) Total Equity at March 31, 2012 is adjusted for the announced close of the Tender Offer of $220 million in shares of common stock excluding costs and expenses. The amount required for the repurchase of the shares and any related unpaid costs is recorded in “Common stock to be repurchased, inclusive of accrued fees and costs” on the Company’s balance sheet at March 31, 2012.

7

American Realty Capital Trust, Inc.

Consolidated Balance Sheets

(in 000’s)

	Q1 2012			Q4 2011			Q3 2011			Q2 2011			Q1 2011
ASSETS
Real estate investments, at cost:
Land	$	328,386		$	325,458		$	295,917		$	274,658		$	215,832
Buildings, fixtures and improvements		1,535,192			1,528,962			1,319,801			1,155,088			905,049
Acquired intangible lease assets		273,164			271,751			227,397			199,641			153,699
Total real estate investments, at cost		2,136,742			2,126,171			1,843,115			1,629,387			1,274,580
Less: accumulated depreciation and amortization		(127,571	)		(101,576	)		(77,672	)		(57,864	)		(42,640	)
Total real estate investments, net		2,009,171			2,024,595			1,765,443			1,571,523			1,231,940
Cash and cash equivalents		8,140			33,329			291,504			276,984			19,583
Investment securities, at fair value		18,544			17,275			2,708			-			-
Restricted cash		2,780			2,728			17,191			2,008			3,525
Investment in unconsolidated joint venture		11,014			11,201			11,385			11,575			11,762
Receivable from affiliate		-			-			6,806			-			-
Receivable for sale of common stock		-			-			-			27,233			-
Prepaid expenses and other assets		21,464			27,564			24,578			19,112			22,363
Deferred costs, net		13,312			13,883			13,549			13,039			11,661
Total assets	$	2,084,425		$	2,130,575		$	2,133,164		$	1,921,474		$	1,300,834
LIABILITIES AND EQUITY
Mortgage notes payable	$	673,164		$	673,978		$	649,068		$	642,544		$	542,713
Mortgage discount and premium, net		643			679			716			753			788
Long-term notes payable		-			-			-			-			12,720
Revolving credit facility		-			10,000			-			-			-
Below-market lease liabilities, net		8,074			8,150			8,226			8,302			8,378
Derivatives, at fair value		8,125			8,602			9,065			5,117			4,401
Accounts payable and accrued expenses		14,160			11,706			26,572			11,798			6,245
Common stock to be repurchased, inclusive of
accrued fees and expenses		228,972			-			-			-			-
Deferred rent and other liabilities		6,485			6,619			4,454			4,216			3,482
Dividends payable		-			10,637			10,206			7,626			4,954
Total liabilities		939,623			730,371			708,307			680,356			583,681
Preferred stock		-			-			-			-			-
Common stock		1,794			1,780			1,765			1,498			879
Additional paid-in capital		1,338,594			1,548,009			1,535,760			1,314,281			760,864
Accumulated other comprehensive income (loss)		736			(5,053	)		(5,175	)		(3,904	)		(3,176	)
Accumulated deficit		(217,691	)		(166,265	)		(129,443	)		(92,934	)		(63,794	)
Total stockholders’ equity		1,123,433			1,378,471			1,402,907			1,218,941			694,773
Non-controlling interests		21,369			21,733			21,950			22,177			22,380
Total equity		1,144,802			1,400,204			1,424,857			1,241,118			717,153
Total liabilities and equity	$	2,084,425		$	2,130,575		$	2,133,164		$	1,921,474		$	1,300,834

8

American Realty Capital Trust, Inc.

Consolidated Statements of Operations

(in 000’s except per share data)

	Q1 2012			Q4 2011			Q3 2011			Q2 2011			Q1 2011
Revenues:
Rental income	$	44,080		$	41,136		$	34,943		$	28,054		$	20,718
Operating expense reimbursements		1,534			1,956			1,252			922			139
Total revenues		45,614			43,092			36,195			28,976			20,857
Operating expenses:
Acquisition and transaction related		641			6,628			5,554			10,691			7,132
Property operating		2,689			2,631			1,542			911			213
Fees to affiliate		4,152			3,000			1,022			950			600
General and administrative		2,491			1,965			746			932			524
Depreciation and amortization		26,058			23,925			19,828			15,244			9,943
Listing and internalization		17,269			-			-			-			-
Total operating expenses		53,300			38,149			28,692			28,728			18,412
Operating income		(7,686	)		4,943			7,503			248			2,445
Other income (expenses):
Interest expense		(9,857	)		(10,229	)		(10,167	)		(8,769	)		(6,785	)
Extinguishment of debt		(6,626	)		(703	)		-			(720	)		-
Equity in income of unconsolidated joint
venture		22			25			22			25			24
Other income (loss), net		264			451			379			-			(64	)
Unrealized gain (loss) on derivative
instruments		(4,046	)		427			(3,114	)		6			142
Loss on disposition of property		-			-			-			-			(44	)
Total other expenses, net		(20,243	)		(10,029	)		(12,880	)		(9,458	)		(6,727	)
Net loss		(27,929	)		(5,086	)		(5,377	)		(9,210	)		(4,282	)
Net income attributable to non-controlling
interests		(144	)		(292	)		(284	)		(307	)		(238	)
Net loss attributable to stockholders	$	(28,073	)	$	(5,378	)	$	(5,661	)	$	(9,517	)	$	(4,520	)
Basic and diluted net loss per share
attributable to stockholders	$	(0.16	)	$	(0.03	)	$	(0.03	)	$	(0.09	)	$	(0.07	)

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American Realty Capital Trust, Inc.

Funds from Operations and Adjusted Funds from Operations

(in 000’s except share and per share data)

	Q1 2012			Q4 2011			Q3 2011			Q2 2011			Q1 2011
Funds from operations (1):
Net loss attributable to stockholders	$	(28,073	)	$	(5,378	)	$	(5,661	)	$	(9,517	)	$	(4,520	)
Non-cash mark-to-market adjustments		4,046			(427	)		3,114			(6	)		(142	)
Listing and internalization expenses		17,269			703			-			720			-
Debt extinguishment expenses		6,626			-			-			-			-
Depreciation and amortization		25,778			23,688			19,591			15,007			9,711
Loss on disposition of property		-			-			-			-			44
Other non-cash losses		-			-			-			-			102
Funds from operations		25,646			18,586			17,044			6,204			5,195
Adjusted funds from operations (1):
Acquisition and transaction expenses		641			6,628			5,554			10,688			7,132
Amortization of above-market lease assets and liabilities		(76	)		(76	)		(76	)		(76	)		(76	)
Amortization of deferred financing costs		948			840			1,492			1,520			628
Straight-line rent		(1,961	)		(2,011	)		(1,725	)		(1,483	)		(1,141	)
Non-cash compensation		507			377			375			370			355
Adjusted funds from operations	$	25,705		$	24,344		$	22,664		$	17,223		$	12,093
Weighted average shares, basic		178,245,822			176,740,000			173,087,000			110,777,000			72,741,000
Weighted average shares, fully diluted		178,272,822			178,272,300			174,591,200			112,277,450			74,177,000
Distributions paid (cash and shares)		33,714			30,765			28,000			16,703			11,129
Distribution coverage from adjusted funds from operations		76.2	%		79.1	%		80.9	%		103.1	%		108.7	%
Distributions paid in cash		24,125			16,696			15,270			9,333			6,225
Per share data:
Funds from operations, basic	$	0.14		$	0.11		$	0.10		$	0.06		$	0.07
Funds from operations, fully diluted		0.14			0.10			0.10			0.06			0.07
Adjusted funds from operations, basic		0.14			0.14			0.13			0.16			0.17
Adjusted funds from operations, fully diluted		0.14			0.14			0.13			0.15			0.16

(1) Adjustments are shown net of noncontrolling interests where applicable.

10

American Realty Capital Trust, Inc.

2012 Earnings Guidance Summary

(in 000’s except share and per share data)

	Quarter Ended March 31, 2012 (1)								Guidance Range (per share) (2)
	Exclusive of Forecasted Acquisitions								Inclusive of Forecasted Acquisitions
							Adjusted
				Adjusted			Annualized
	Adjusted			Annualized			Per Share (3)		Low		High
Net income (loss) attributable to ARCT	$	5,601		$	22,403		$	0.141	$	0.144	$	0.174
Funds from operations
Add: Non-cash mark-to-market adjustments		(474	)		(1,896	)	$	-0.012	$	0.000	$	0.000
Add: Depreciation and amortization		25,778			103,112		$	0.651	$	0.646	$	0.646
Funds from operations	$	30,905		$	123,619		$	0.780	$	0.790	$	0.820
Adjusted funds from operations
Add: Acquisition expenses		641			2,564		$	0.016	$	0.005	$	0.005
Add: Amortization of above-market leases		(76	)		(304	)	$	-0.002	$	0.000	$	0.000
Add: Amortization of deferred financing costs		948			3,792		$	0.024	$	0.018	$	0.018
Less: Straight-line rent		(1,961	)		(7,844	)	$	-0.049	$	-0.049	$	-0.049
Add: Non-cash compensation		640			2,560		$	0.016	$	0.022	$	0.022
Adjusted funds from operations	$	31,097		$	124,387		$	0.785	$	0.786	$	0.816

(1) Includes adjustments for Listing and Internalization expenses and adjustments to normalize periodic expenses.

(2) For the twelve-month period commencing April 1, 2012 as provided in the Current Report on Form 8-K filed with the SEC on March 30, 2012.

(3) Based on 158,474,862 adjusted shares outstanding as of May 7, 2012 following the issuer Tender Offer completed on April 4, 2012.

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American Realty Capital Trust, Inc.

Adjusted First Quarter Operating Detail

(in 000’s except share and per share data)

	Jan and									Adjustments			Adjusted
	Feb 2012			Mar 2012			Q1 2012			(1)			Q1 2012
Revenues:
Rental income	$	29,386		$	14,694		$	44,080					$	44,080
Operating expense reimbursement		1,023			511			1,534						1,534
Total revenues		30,409			15,205			45,614						45,614
Operating expenses:
Acquisition and transaction related		261			380			641			(641	)		-
Property operating		1,793			896			2,689						2,689
Fees to affiliate		4,152			-			4,152			(4,152	)		-
General and administrative		902			1,082			1,984			(599	)		1,385
Non-cash compensation		251			256			507			133			640
Depreciation and amortization		17,344			8,714			26,058						26,058
Listing and internalization		-			17,269			17,269			(17,269	)		-
Total operating expenses		24,703			28,597	��		53,300						30,772
Operating income (loss)		5,706			(13,392	)		(7,686	)					14,842
Other income (expense):
Interest expense		(6,440	)		(3,417	)		(9,857	)					(9,857	)
Extinguishment of debt		-			(6,626	)		(6,626	)		6,626			-
Equity in income from unconsolidated joint venture		14			8			22						22
Other income, net		176			88			264						264
Unrealized losses on derivative instruments		-			(4,046	)		(4,046	)		4,520			474
Total other expense, net		(6,250	)		(13,993	)		(20,243	)					(9,097	)
Net loss		(544	)		(27,385	)		(27,929	)					5,745
Net income attributable to noncontroling interests		(96	)		(48	)		(144	)					(144	)
Net income (loss) attributable to stockholders		(640	)		(27,433	)		(28,073	)					5,601
Net income (loss) per share (2)													$	0.03
Funds from operations:
Add: Non-cash mark-to-market adjustments		-			4,046			4,046						(474	)
Add: Listing and internalization expenses		-			17,269			17,269						-
Add: Debt extinguishment expenses		-			6,626			6,626						-
Add: Depreciation and amortization		17,113			8,665			25,778						25,778
Funds from operations		16,473			9,173			25,646						30,905
Funds from operations per share (2)													$	0.19
Adjusted funds from operations:
Add: Acquisition expenses		641			-			641						641
Add: Amortization of above-market leases		(51	)		(25	)		(76	)					(76	)
Add: Amortization of deferred financing costs		558			390			948						948
Less: Straight-line rent		(1,316	)		(645	)		(1,961	)					(1,961	)
Add: Non-cash compensation		251			256			507						640
Adjusted funds from operations	$	16,556		$	9,149		$	25,705					$	31,097
Adjusted funds from operations per share (2)													$	0.19

(1) Adjustments made for items related to the Listing and Internalization as well as to normalize periodic expenses.

(2) Based on 163,712,513 shares representing the estimated weighted average shares for the quarter beginning April 1, 2012 including the effect of the issuer Tender Offer.

12

American Realty Capital Trust, Inc.

Dividend Summary

(in 000’s except per share data)

	Dividends Paid
							Dividends per share
Month	Cash		DRIP		Total		(annualized)
Mar-12 (1)	$	12,661	$	-	$	12,661	$	0.70
Feb-12		5,731		4,787		10,518		0.70
Jan-12		5,733		4,802		10,535		0.70
2012 to date		24,125		9,589		33,714
Q4 2011		16,696		14,069		30,765		0.70
Q3 2011		15,270		12,730		28,000		0.70
Q2 2011		9,333		7,370		16,703		0.70
Q1 2011		6,225		4,904		11,129		0.70
Total 2011		47,524		39,073		86,597
Q4 2010		4,375		3,601		7,976		0.70
Q3 2010		3,096		2,584		5,680		0.70
Q2 2010		2,119		1,726		3,845		0.70
Q1 2010 (2)		1,821		1,407		3,228		0.67
Total 2010		11,411		9,318		20,729
Q4 2009		967		694		1,661		0.67
Q3 2009		526		358		884		0.67
Q2 2009		250		160		410		0.67
Q1 2009		145		75		220		0.67
Total 2009		1,888		1,287		3,175
Q4 2008		127		64		191		0.67
Q3 2008		111		63		174		0.67
Q2 2008		57		23		80		0.65
Q1 2008		-		-		-
Total 2008		295		150		445

(1) Includes a partial period distribution for the period from Mar 1 to Mar 8 of $2.8 million.

(2) Includes a special distribution of $0.05 per share paid January 2010.

13

American Realty Capital Trust, Inc.

Financial and Operational Statistics and Ratios

	2012 (1)			2011 (1)
Debt to total market capitalization		36.5	%		38.4	%
Net debt to total market capitalization		36.1	%		36.6	%
Annualized EBITDA (excluding listing and
internalization expense)		126,948			81,267
Net debt to annualized EBITDA		5.24			8.01
Annualized EBITDA / interest expense		3.22			2.17
Total debt / gross assets		32.3	%		32.1	%
Shares outstanding		179,425,465			177,963,413
Stock price at end of period	$	10.27		$	10.00
Market capitalization (equity capitalization) (in 000's)	$	1,842,700		$	1,779,634
Total capitalization (in 000's)	$	2,515,864		$	2,463,612
Enterprise value (in 000's)	$	2,507,724		$	2,430,283
High stock close price (2)	$	10.58			NA
Low stock close price (2)	$	10.23			NA

(1) Balance sheet amounts and ratios are presented as of the end of the period. Earnings ratios are for the full year ended 2011 and are annualized for 2012.

(2) Stock prices are since the Listing.

14

American Realty Capital Trust, Inc.

Debt Summary

(dollars in 000’s)

	2012		2013			2014		2015			2016			Thereafter			Total
Debt Maturities:
Mortgage notes payable	$	2,494	$	59,196		$	33,749	$	119,807		$	283,768		$	174,150		$	673,164
Mortgage notes repaid in April 2012		-		(53,424	)		-		(33,251	)		(43,750	)		(30,803	)		(161,228	)
Mortgage notes payable adjusted		2,494		5,772			33,749		86,556			240,018			143,347			511,936
Revolving line of credit drawn April
2012(1)		-		-			195,138		-			-			-			195,138
Term loan drawn April 2012(2)		-		-			-		-			-			200,000			200,000
Total as adjusted	$	2,494	$	5,772		$	228,887	$	86,556		$	240,018		$	343,347		$	907,074

				Weighted			Weighted
				Average			Average
	Percentage of			Effective			Marurity
	Total Debt			Interest Rate			(years)
Debt Summary:
Mortgage notes payable as adjusted		56.4	%		5.22	%		3.8
Revolving line of credit drawn April
2012(3)		21.5	%		2.32	%		2.4
Term loan drawn April 2012(2)(3)		22.0	%		2.73	%		5.0
Weghted average					4.05	%		3.8

	Cost Basis		Debt		LTV%
Secured Debt Summary:
Encumbered assets	$	1,023,027	$	511,936		50	%
Unencumbered assets		1,098,282		-		0	%
Total	$	2,121,309	$	511,936		24	%

(1)   Due August 2014.

(2)   $200 million loan is currently financed with a six month interim term loan until the permanent 5 year term loan is syndicated.

(3)   Represents the rate in April 2012. Loan is at a floating rate.

15

American Realty Capital Trust, Inc.

Mortgage Notes Payable

		Balance
Lender	Maturity	(000's)		Coupon Rate			Effective Rate
ING Life and annuity	3/31/2016		20,500		4.030	%		4.086	%
Goldman Sachs	5/6/2016		11,500		4.188	%		4.246	%
Ladder Capital Finance, LLC	3/6/2016		19,220		4.258	%		4.317	%
Citigroup	9/6/2015		19,600		4.300	%		4.360	%
Citigroup	7/9/2016		14,780		4.305	%		4.365	%
Ladder Capital Finance, LLC	6/6/2016		5,632		4.368	%		4.429	%
Citigroup	11/12/2020		24,700		4.450	%		4.512	%
Wells Fargo Bank, NA	2/1/2016		24,300		4.490	%		4.552	%
Citigroup	10/6/2015		3,900		4.500	%		4.563	%
TD Bank	9/16/2013		4,237		4.580	%		4.644	%
Ladder Capital Finance, LLC	4/6/2016		28,710		4.592	%		4.656	%
Ladder Capital Finance, LLC	5/6/2016		17,590		4.663	%		4.728	%
Citigroup	11/6/2020		28,200		4.850	%		4.917	%
Wells Fargo Bank, NA	4/1/2016		51,600		4.860	%		4.928	%
Ladder Capital Finance, LLC	5/6/2016		11,350		4.863	%		4.931	%
Ladder Capital Finance, LLC	7/6/2015		10,800		5.250	%		5.323	%
Ladder Capital Finance, LLC	12/5/2015		12,450		5.250	%		5.323	%
JP Morgan	6/1/2021		9,250		5.260	%		5.333	%
John Hancock	7/1/2021		15,000		5.390	%		5.465	%
Ladder Capital Finance, LLC	5/11/2015		15,000		5.490	%		5.566	%
Midfirst Bank	6/1/2018		15,106		5.500	%		5.576	%
Ladder Capital Finance, LLC	9/6/2015		6,550		5.500	%		5.576	%
Citigroup	3/6/2021		13,800		5.580	%		5.658	%
U.S. Bank, NA	10/6/2015		10,429		5.612	%		5.690	%
Ladder Capital Finance, LLC	1/6/2016		22,900		5.780	%		5.860	%
Citigroup	7/6/2015		12,150		5.950	%		6.033	%
Wells Fargo Bank, NA	9/1/2037	$	6,965		6.202	%		6.288	%
North American Savings	8/1/2019		1,550		6.550	%		6.641	%
Ladder Capital Finance, LLC	12/11/2014		32,280		6.552	%		6.643	%
Ladder Capital Finance, LLC	2/11/2015		5,957		6.625	%		6.717	%
Capmark	9/7/2017		12,808		6.875	%		6.970	%
National Integrity Life	10/5/2019		23,122		6.875	%		6.970	%
		$	511,936		5.161	%		5.220	%

Excludes mortgage loans prepaid in April 2012.

16

American Realty Capital Trust, Inc.

Portfolio Profile

Total real estate assets, at cost	$	2,121,309
Number of properties		485
Square footage		15,575,591
Number of states (including Puerto Rico)		44
Number of tenants		61
Number of tenant industries		20
Average remaining lease term (in years)		13.3
Occupancy		100.0	%
Investment grade tenants (based in rental income) (3)		74.5	%
Average capitalization rate (annualized rental
income/purchase price)		8.16	%
Top three tenants percentage of total annualized rent		33.3	%
Top ten tenants percentage of total annualized rent		53.8	%
Acquisitions YTD:
Number of properties		3
Square footage of acquisitons		60,864
Cost of acquisitions (000's)	$	10,571
Average capitalization rate of acquisitions		8.42	%
Same Store Analysis(1):
Same store cash rent Q1 2012 (000's)	$	30,845
Same store cash rent Q1 2011 (000's)	$	29,931
Change in cash rent (2)		3.1	%

(1) Note that the Company has had no tenant turnover, lease renegotiations or vacancy since its inception.

(2) Leases contain contractual rental increases on varing schedules. Increases in comparative periods may not be indicative of increases to be expected over a period of time.

Average annual rental increases are approximately 1% annually for all leases over the entire lease terms.

(3) Includes the change for Dollar General to investment grade in April 2012.

17

American Realty Capital Trust, Inc.

Lease Expirations

					% of Portfolio					% of Portfolio
	Number of Leases		Average Annual Rent		Average Annual Rent			Leased Rentable		Rentable Square Feet
Year of Expiration	Expiring		(in 000's)		Expiring			Square Feet		Expiring
2012		-	$	-		0.0	%		-		0.0	%
2013		-		-		0.0	%		-		0.0	%
2014		2		160		0.1	%		9,841		0.1	%
2015		-		-		0.0	%		-		0.0	%
2016		3		482		0.3	%		27,675		0.2	%
2017		1		179		0.1	%		12,613		0.1	%
2018		67		11,180		6.5	%		997,148		6.4	%
2019		14		7,765		4.5	%		1,123,013		7.2	%
2020		14		8,845		5.1	%		1,253,713		8.0	%
2021		23		19,543		11.3	%		3,029,841		19.5	%
Total		124	$	48,154		27.8	%		6,453,844		41.4	%

18

American Realty Capital Trust, Inc.

Tenant Diversification

														Average
					Square Feet as			Average				Average		Annual Rent as
	Number of				a % of Total			Remaining				Annual Rent		a % of Total
Tenant	Properties		Square Feet		Portfolio			Lease Term(1)		Industry		(in 000's)		Portfolio
FedEx		23		2,139,769		13.7	%		10.0		Freight	$	28,936		16.7	%
Walgreen's		42		574,108		3.7	%		20.6		Pharmacy		17,332		10.0	%
CVS		32		420,565		2.7	%		20.5		Pharmacy		11,454		6.6	%
GSA		14		418,926		2.7	%		10.5		Government Services		7,940		4.6	%
Dollar General		71		652,777		4.2	%		13.9		Discount Retail		5,997		3.5	%
BSFS		23		341,500		2.2	%		12.1		Auto Services		5,421		3.1	%
Express Scripts		2		416,141		2.7	%		7.2		Healthcare		4,623		2.7	%
Payless		1		801,651		5.1	%		13.4		Specialty Retail		4,211		2.4	%
PetSmart		1		1,000,375		6.4	%		10.3		Specialty Retail		3,672		2.1	%
PNC		50		272,599		1.8	%		11.8		Retail Banking		3,560		2.1	%
IHOP		22		101,431		0.7	%		14.0		Restaurant		3,541		2.0	%
Whirlpool		2		1,450,350		9.3	%		9.3		Manufacturing		3,342		1.9	%
Reliant Rehab		1		65,141		0.4	%		18.6		Healthcare		3,322		1.9	%
3M		1		650,760		4.2	%		9.1		Consumer Products		3,294		1.9	%
Tractor Supply		12		232,227		1.5	%		12.6		Specialty Retail		3,221		1.9	%
First Niagara		15		177,774		1.1	%		10.8		Retail Banking		3,161		1.8	%
Home Depot		2		573,565		3.7	%		16.8		Home Maintenance		2,813		1.6	%
Royal Ahold		2		116,865		0.8	%		10.9		Supermarket		2,780		1.6	%
Reckitt Benckiser		1		574,106		3.7	%		9.8		Consumer Products		2,668		1.5	%
Rockland		18		121,057		0.8	%		9.3		Retail Banking		2,530		1.5	%
Texas Instruments		1		125,000		0.8	%		8.7		Technology		2,522		1.5	%
Brown Shoe		1		351,723		2.3	%		18.1		Specialty Retail		2,358		1.4	%
Kum & Go		16		75,318		0.5	%		15.9		Gas/Convenience		2,349		1.4	%
Bojangles		13		47,865		0.3	%		11.1		Restaurant		2,193		1.3	%
Aaron's		18		214,739		1.4	%		10.6		Specialty Retail		2,184		1.3	%
DaVita Dialysis		8		66,851		0.4	%		9.4		Healthcare		1,942		1.1	%
Citigroup		1		64,036		0.4	%		13.5		Financial Services		1,910		1.1	%
Wal-Mart		2		335,367		2.2	%		6.9		Discount Retail		1,898		1.1	%
Renal Advantage		9		74,457		0.5	%		11.3		Healthcare		1,834		1.1	%
General Electric		1		484,348		3.1	%		7.0		Manufacturing		1,806		1.0	%
Lowe's		2		276,590		1.8	%		11.6		Home Maintenance		1,774		1.0	%
Jack in the Box		11		27,228		0.2	%		18.1		Restaurant		1,673		1.0	%
ConAgra		1		65,000		0.4	%		13.3		Consumer Goods		1,648		1.0	%
Sealy		1		257,000		1.7	%		11.7		Manufacturing		1,606		0.9	%
Rite Aid		6		74,919		0.5	%		11.3		Pharmacy		1,447		0.8	%
Wrangler		1		316,800		2.0	%		8.8		Manufacturing		1,417		0.8	%
Kohl's		2		152,658		1.0	%		16.4		Discount Retail		1,208		0.7	%

19

American Realty Capital Trust, Inc.

Tenant Diversification

(Continued)

														Average
					Square Feet as			Average				Average		Annual Rent as
	Number of				a % of Total			Remaining				Annual Rent		a % of Total
Tenant	Properties		Square Feet		Portfolio			Lease Term (1)		Industry		(in 000's)		Portfolio
Wawa		2		12,433		0.1	%		15.1		Gas/Convenience	$	1,205		0.7	%
Fresenius		2		140,000		0.9	%		10.3		Healthcare		1,159		0.7	%
Pep Boys		3		60,140		0.4	%		11.3		Auto Services		1,124		0.6	%
Lockheed Martin		1		102,466		0.7	%		7.8		Aerospace		1,050		0.6	%
Verizon		1		40,000		0.3	%		9.7		Telecommunications		1,042		0.6	%
Auto Zone		5		35,696		0.2	%		14.3		Auto Retail		960		0.6	%
Coats & Clark		1		401,512		2.6	%		8.8		Manufacturing		937		0.5	%
Advance Auto		8		52,129		0.3	%		11.5		Auto Retail		932		0.5	%
Jared Jewelry		4		25,691		0.2	%		15.9		Specialty Retail		888		0.5	%
O'Reilly Auto		5		41,814		0.3	%		10.2		Auto Retail		883		0.5	%
Dillons		2		120,309		0.8	%		8.6		Supermarket		877		0.5	%
Sam's Club		1		141,583		0.9	%		13.4		Discount Retail		851		0.5	%
Saint Joseph's MM		3		46,706		0.3	%		11.9		Healthcare		766		0.4	%
Trader Joe's		1		31,920		0.2	%		9.8		Supermarket		675		0.4	%
Danfoss		1		99,823		0.6	%		9.6		Manufacturing		657		0.4	%
Chase Bank		2		8,030		0.1	%		25.1		Retail Banking		604		0.3	%
Fifth Third Bank		2		8,252		0.1	%		16.0		Retail Banking		520		0.3	%
National Tire & Battery		3		33,920		0.2	%		13.5		Auto Services		483		0.3	%
7-Eleven		2		6,014		0.0	%		8.7		Gas/Convenience		402		0.2	%
Citizens Bank		2		14,307		0.1	%		6.8		Retail Banking		347		0.2	%
BB&T		1		3,635		0.0	%		7.8		Retail Banking		298		0.2	%
QuickTrip		1		4,555		0.0	%		11.9		Gas/Convenience		291		0.2	%
Mrs Baird's		2		30,120		0.2	%		7.5		Consumer Goods		265		0.2	%
Provident Bank		1		2,950		0.0	%		21.9		Retail Banking		237		0.1	%
Total/Weighted Average		485		15,575,591		100.0	%		13.3			$	173,040		100.0	%

⁽¹⁾ Remaining lease term in years as of March 31, 2012.

20

American Realty Capital Trust, Inc.

Tenant Industry Diversification

`					Square Feet as a % of			Average Annual		Average Annual Rent as a
Industry	Number of Properties		Square Feet		Total Portfolio			Rent (in 000's)		% of Total Portfolio
Pharmacy		80		1,069,592		6.9	%	$	30,233		17.5	%
Freight		23		2,139,769		13.7	%		28,936		16.7	%
Specialty Retail		37		2,626,406		16.9	%		16,534		9.6	%
Healthcare		25		809,296		5.2	%		13,646		7.9	%
Retail Banking		91		608,604		3.9	%		11,257		6.5	%
Discount Retail		76		1,282,385		8.2	%		9,954		5.8	%
Manufacturing		7		3,009,833		19.3	%		9,765		5.6	%
Restaurant		46		176,524		1.1	%		7,407		4.3	%
Government Services		14		418,926		2.7	%		7,940		4.6	%
Auto Services		29		435,560		2.8	%		7,028		4.1	%
Consumer Products		2		1,224,866		7.9	%		5,962		3.4	%
Home Maintenance		4		850,155		5.5	%		4,587		2.7	%
Supermarket		5		269,094		1.7	%		4,332		2.5	%
Gas/Convenience		21		98,320		0.6	%		4,247		2.5	%
Auto Retail		18		129,639		0.8	%		2,775		1.6	%
Technology		1		125,000		0.8	%		2,522		1.5	%
Consumer Goods		3		95,120		0.6	%		1,913		1.1	%
Financial Services		1		64,036		0.4	%		1,910		1.1	%
Aerospace		1		102,466		0.7	%		1,050		0.6	%
Telecommunications		1		40,000		0.3	%		1,042		0.6	%
Total		485		15,575,591		100.0	%	$	173,040		100.0	%

21

American Realty Capital Trust, Inc.

Property Geographic Diversification

						Square Feet as a % of			Average Annual		Average Annual Rent as a
State/Possesion		Number of Properties		Square Feet		Total Portfolio			Rent (in 000's)		% of Total Portfolio
New York			33		1,046,461		6.7	%	$	20,872		12.1	%
Texas			39		1,000,987		6.4	%		16,096		9.3	%
Ohio			24		1,983,397		12.7	%		12,276		7.1	%
Illinois			20		1,948,422		12.5	%		11,583		6.7	%
Missouri			27		667,634		4.3	%		9,422		5.4	%
California			10		727,032		4.7	%		9,118		5.3	%
Pennsylvania			42		610,190		3.9	%		8,899		5.1	%
Georgia			22		968,356		6.2	%		7,755		4.5	%
Arizona			5		368,773		2.4	%		5,334		3.1	%
Kentucky	��		9		322,254		2.1	%		5,143		3.0	%
Michigan			26		437,277		2.8	%		4,824		2.8	%
Florida			18		184,064		1.2	%		4,607		2.7	%
Maryland			2		165,502		1.1	%		4,137		2.4	%
Kansas			9		636,671		4.1	%		4,046		2.3	%
South Carolina			12		158,348		1.0	%		3,927		2.3	%
North Carolina			14		119,216		0.8	%		3,217		1.9	%
Louisiana			21		191,274		1.2	%		2,856		1.7	%
Utah			2		578,286		3.7	%		2,855		1.6	%
New Jersey			33		181,753		1.2	%		2,757		1.6	%
Massachusetts			19		127,214		0.8	%		2,738		1.6	%
Iowa			7		801,572		5.1	%		2,709		1.6	%
Arkansas			6		397,520		2.6	%		2,629		1.5	%
Nebraska			4		157,286		1.0	%		2,528		1.5	%
Alabama			16		158,371		1.0	%		2,395		1.4	%
Tennessee			8		213,262		1.4	%		2,370		1.4	%
Wisconsin			2		492,212		3.2	%		2,033		1.2	%
West Virginia			4		138,400		0.9	%		1,842		1.1	%
Virginia			6		51,513		0.3	%		1,695		1.0	%
Minnesota			4		117,675		0.8	%		1,524		0.9	%
Oklahoma			7		70,067		0.4	%		1,434		0.8	%
Indiana			4		50,908		0.3	%		1,394		0.8	%
Mississippi			5		51,469		0.3	%		1,107		0.6	%
Colorado			4		88,987		0.6	%		1,061		0.6	%
Maine			2		45,145		0.3	%		1,013		0.6	%
Puerto Rico			4		28,880		0.2	%		859		0.5	%
Washington			2		79,021		0.5	%		724		0.4	%
Nevada			2		32,335		0.2	%		637		0.4	%
New Hampshire			1		45,968		0.3	%		596		0.3	%
Idaho			2		16,788		0.1	%		448		0.3	%
Oregon			3		10,678		0.1	%		388		0.2	%
Connecticut			1		19,097		0.1	%		354		0.2	%
New Mexico			2		12,154		0.1	%		316		0.2	%
South Dakota			1		43,762		0.3	%		296		0.2	%
North Dakota			1		29,410		0.2	%		232		0.1	%
Total			485		15,575,591		100.0	%	$	173,040		100.0	%

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American Realty Capital Trust, Inc.

Definitions

Average annual rent is rental income under our leases reflecting straight-line rent adjustments associated with contractual rent increases in the leases as required by GAAP, as further adjusted to reflect the effect of (i) tenant concessions and abatements such as free rent (none), (ii) in respect of our modified gross leased properties, the effect of operating expense reimbursement revenue less property operating expenses, and (iii) with respect to our properties that are subject to ground leases, the effect of ground lease payments.

Creditworthy tenants are as determined by us based on our own assessment of the tenant’s financial condition based on out underwriting criteria.

Funds from operations and adjusted funds from operations (FFO/AFFO)- the Company considers funds from operations, or FFO, and FFO, as adjusted to exclude acquisition-related fees and expenses, amortization of above-market lease assets and liabilities, amortization of deferred financing costs, straight-line rent, non-cash mark-to-market adjustments, amortization of restricted stock, non-cash compensation and non-recurring gains and losses, or AFFO, useful indicators of the performance of a REIT. Because FFO calculations exclude such factors as depreciation and amortization of real estate assets and gains or losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs in our peer group. ARCT also adds back to net income, which is used in deriving FFO, certain costs associated with the Listing, Internalization and mortgage prepayments as these expenses and losses do not properly reflect our operation performance. Accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves.

Additionally, the Company believes that AFFO, by excluding acquisition-related fees and expenses, amortization of above-market lease assets and liabilities, amortization of deferred financing costs, straight-line rent, non-cash mark-to-market adjustments, amortization of restricted stock, non-cash compensation and non-recurring gains and losses, provides information consistent with management's analysis of the operating performance of the properties. By providing AFFO, ARCT believes it is presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance. Further, ARCT believes AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies, including exchange-traded and non-traded REITs.

As a result, the Company believes that the use of FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our performance relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities.

Internalization-On March 1, 2012, the Company became a self-administered REIT managed full-time by the same management team that built the Company.

Investment grade- a determination made by major credit rating agencies.

Listing-On March 1, 2012, the Company listed its common stock on The NASDAQ Global Select Market under the symbol "ARCT".

Tender Offer-The Company offered to purchase up to $220.0 million in shares of common stock from its shareholders, pursuant to a modified "Dutch Auction" cash tender offer. The Tender Offer was completed on April 4, 2012 when the Company purchased 21.0 million shares at 10.50 per share.

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