VEREIT (VER) 8-K/A Regulation FD Disclosure

American Realty Capital Properties, Inc.

Quarterly Supplemental Information

Fourth 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
2013 Earnings Guidance Summary	11
Dividend Summary	12
Portfolio Profile	13
Lease Expirations	14
Tenant Diversification	15
Tenant Industry Diversification	17
Property Geographic Diversification	18
Definitions	20

American Realty Capital Properties, Inc.

Introductory Notes

The financial 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 Quarterly 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 inherent risks and uncertainties. The Company’s actual future results may differ significantly from the matters discussed in these forward-looking statements, we do not undertake to and 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 reports on Form 10-Q filed with the SEC, as well as Company press releases filed with the SEC.

This supplemental information includes certain unaudited pro forma consolidated financial information. We use the terms “on a combined basis”, “pro forma” and “on a pro forma basis” throughout this supplemental report. The pro forma consolidated financial information combines the historical financial statements of ARCP and American Realty Capital Trust III, Inc. (“ARCT III”) after giving effect to the Merger, as described in further detail below, using the carryover basis of accounting as ARCP and ARCT III are considered to be entities under common control under United States generally accepted accounting principles (“U.S. GAAP”). The unaudited pro forma consolidated financial information should be read in conjunction with ARCP’s historical consolidated financial statements including the notes thereto, and the notes to the unaudited pro forma consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2012.

The unaudited pro forma consolidated financial information is presented for illustrative purposes only and does not purport to be indicative of the results that would actually have occurred if the Merger between ARCP and ARCT III had occurred as presented in such statements or that may be obtained in the future. In addition, future results may vary significantly from the results reflected in such statements.

Definitions of specialized terms can be found at the end of this presentation on page 20.

3

American Realty Capital Properties, Inc.

Company Information

Company Profile

American Realty Capital Properties,Inc. ("ARCP" or the "Company") is a publicly traded real estate investment trust ("REIT") that acquires, owns and operates single tenant freestanding commercial properties. We were formed to acquire and own single-tenant, freestanding commercial real estate primarily subject to medium-term and long-term net leases with high credit quality tenants. Following the merger with ARCT III discussed below, our long-term business plan will be to acquire a portfolio consisting of approximately 70% long-term leases and 30% medium-term leases, with an average remaining lease term of 10 to 12 years. We expect this investment strategy to develop growth potential from below market leases.  Additionally, following the merger, we will own a portfolio that uniquely combines ARCT III's portfolio of properties with stable income from high credit quality tenants, with our portfolio, which has substantial growth opportunities. Prior to the consummation of the merger our common stock was listed on The NASDAQ Stock Market under the ticker symbol “ARCP”. On February 28, 2013, our common stock will be transferred to the NASDAQ Global Select Market.

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 intend to focus on composing a portfolio consisting of approximately 30% medium-term and approximately 70% long-term net leases with corporate, and principally investment grade, tenants.  Currently, we have less than 1% of lease expirations in our properties through 2014.  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 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 single tenant, freestanding properties in strategic locations leased medium and 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, excluding one property designated as held for sale as of December 31, 2012)

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

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

4

American Realty Capital Properties, Inc.

Company Information

(Continued)

Senior Management(1)	Board of Directors(2)
Peter M. Budko, Executive Vice President and Chief Investment Officer	Nicholas S. Schorsch, Chairman and Chief Executive Officer
Brian S. Block, Executive Vice President and Chief Financial Officer	Edward M. Weil, Jr., President, Chief Operating Officer, Secretary, Treasurer and Director
	Walter P. Lomax, Jr., M.D., Lead Independent Director
	Robin A. Ferracone, Independent Director
	Leslie D. Michelson, Independent Director

⁽¹⁾ Post-merger Brian D. Jones will be added to the senior management team as Executive Vice President and Chief Operating Officer.

⁽²⁾ Post-merger Edward M. Weil, Jr. will be President, Secretary, Treasurer and Director, William M. Kahane will be a Director, Scott J. Bowman and Governor Edward G. Rendell will be Independent Directors and Robin A. Ferracone will be no longer serve as a Director.

Corporate Offices and Contact Information

405 Park Avenue, 12^th Floor

New York, NY 10022

212-415-6500

www.americanrealtycapitalproperties.com    (Post-merger:www.arcpreit.com)

Trading Symbol:ARCP

Stock Exchange Listing: NASDAQ Stock Market (Post-merger: NASDAQ Global Select Market)

Transfer Agent

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

800-736-3001

5

American Realty Capital Properties, Inc.

Summary of Financial Highlights

Fourth Quarter 2012

Merger Agreement with American Realty Capital Trust III

On December 14, 2012, ARCP and American Realty Capital Trust III (“ARCT III”) entered into an Agreement and Plan of Merger under which ARCP will acquire all of the outstanding shares of ARCT III in a transaction that would result in a combined company with $3.0 billion of enterprise value. This will increase ARCP’s enterprise value tenfold. Both companies’ board of directors have unanimously approved the agreement and on February 26, 2013, both companies stockholders voted ‘FOR’ the proposal to approve the merger. The transaction is expected to close on February 28, 2013. Under the terms of the agreement, each outstanding share of ARCT III will be converted into the right to receive, at the election of each stockholder, either 0.95 of a share of ARCP common stock or $12.00 in cash. Post closing, the combined company is anticipated to be comprised of a portfolio of over 692 properties that are net leased to investment grade and other credit tenants totaling approximately 16.4 million square feet and located in 44 states and Puerto Rico.

Fourth Quarter 2012 Operating Highlights(three months ended December 31, 2012)

· Revenues: $5.6 million, representing an increase of $0.8 million, or 15.8%, compared to the prior quarter.

· Funds from operations: $2.2 million, which includes one-time net acquisition and transaction related expenses of $0.7 million. Core funds from operations (excluding the impact of acquisition and transaction related expenses) of $2.9 million, or $0.26. per share computed using weighted average basic shares outstanding (“basic”) and $0.24 per share computed using weighted average fully diluted shares outstanding (“fully diluted”).

· Adjusted funds from operations: $3.4 million, or $0.31 per share basic and $0.28 per share fully diluted.

· Total dividends paid to stockholders: $2.6 million, or $0.892 per share on an annualized basis.

Year End 2012 Operating Highlights

· Revenues: $16.8 million.

· Funds from operations: $5.2 million, which includes one-time net acquisition and transaction related expenses of $4.0 million. Core funds from operations (excluding the impact of acquisition and transaction related expenses) of $9.2 million, or $1.01 per share basic and $0.95 per share fully diluted.

· Adjusted funds from operations: $10.5 million, or $1.15 per share basic and $1.08 per share fully diluted.

· Total dividends paid to stockholders: $8.4 million, or $0.884 per share on an annualized basis.

Property Portfolio Highlights as of December 31, 2012

· Operating portfolio occupancy:100%.

· Investment grade tenancy:97% based on average rental income (We have attributed the rating of each parent company to its wholly owned subsidiary for purposes of this calculation.).

· Acquisitions: Completed 58 property acquisitions for a base purchase price of $131.8 million, comprised of over 1.4 million square feet, at an average capitalization rate of 9.2% (annualized rental income on a straight-line basis, or annualized net operating income, divided by base purchase price).

6

American Realty Capital Properties, Inc.

Selected Financial Information

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

	Quarter Ended												Quarter Ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Total revenues	$	5,650		$	4,880		$	3,348		$	2,944		$	2,599
Net loss attributable to stockholders		(3,804	)		(805	)		(2,039	)		(630	)		(1,925	)
Net loss from continuing operations attributable to common stockholders per share, basic and diluted		(0.34	)		(0.08	)		(0.27	)		(0.04	)		(0.17	)
Net loss per share attributable to common stockholders, basic and diluted		(0.36	)		(0.09	)		(0.28	)		(0.09	)		(0.29	)
Funds from operations (FFO)		2,156			2,059			(180	)		1,212			78
FFO per weighted average share, basic		0.20			0.19			(0.02	)		0.17			0.01
FFO per weighted average share, fully diluted		0.18			0.18			(0.02	)		0.17			0.01
Adjusted funds from operations (AFFO)		3,375			3,373			2,096			1,653			1,491
AFFO per weighted average share, basic		0.31			0.31			0.27			0.23			0.23
AFFO per weighted average share, fully diluted		0.28			0.29			0.27			0.23			0.22
General and administrative expenses		731			617			495			418			340
Interest expense		(1,483	)		(1,136	)		(883	)		(854	)		(739	)
Straight-line revenue adjustment		(207	)		(236	)		(175	)		(179	)		-
Dividends paid		2,428			2,413			1,575			1,566			1,450
Weighted average shares, basic		10,959,840			10,846,432			7,653,170			7,147,934			6,596,908
Weighted average shares, diluted		11,987,280			11,732,422			7,833,215			7,156,034			6,915,908

	December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
Total real estate investments, at cost	$	268,679	$	235,723	$	210,023	$	145,501	$	136,873
Total assets		256,069		226,579		201,166		136,392		131,581
Total debt, excluding premiums and discounts		160,362		126,850		105,153		79,859		72,667
Total equity		91,162		97,650		93,662		55,189		57,332
Common shares outstanding		11,157,643		11,163,617		10,676,117		7,323,434		7,323,434

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American Realty Capital Properties, Inc.

Consolidated Balance Sheets

(in 000’s)

	ARCP Pro Forma			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
ASSETS
Real estate investments, at cost:
Land	$	313,744		$	34,345		$	28,717		$	25,831		$	20,000		$	18,489
Buildings, fixtures and improvements		1,661,142			205,930			182,700			163,897			113,383			107,340
Acquired intangible lease assets		264,304			28,404			24,306			20,295			12,118			11,044
Total real estate investments, at cost		2,239,190			268,679			235,723			210,023			145,501			136,873
Less: accumulated depreciation and amortization		(56,110	)		(24,233	)		(20,954	)		(18,092	)		(16,348	)		(14,841	)
Total real estate investments, net		2,183,080			244,446			214,769			191,931			129,153			122,032
Cash and cash equivalents		39,088			2,748			3,779			2,107			768			3,148
Investment securities, at fair value		41,654			-			-			-			-			-
Restricted cash		1,108			-			-			-			-			-
Prepaid expenses and other assets		9,501			3,219			3,015			2,501			2,196			1,798
Deferred costs, net		15,356			4,991			4,204			3,215			2,780			2,785
Assets held for sale		665			665			812			1,412			1,495			1,818
Total assets	$	2,290,452		$	256,069		$	226,579		$	201,166		$	136,392		$	131,581
LIABILITIES AND EQUITY
Mortgage notes payable		265,118		$	35,758		$	35,760		$	30,260		$	30,260		$	30,260
Derivatives, at fair value		3,830			-			-			-			-			-
Senior secured revolving credit facility		-			124,604			91,090			74,893			49,599			42,407
Unsecured credit facility		780,068			-			-			-			-			-
Accounts payable and accrued expenses		9,459			3,782			1,276			1,656			741			858
Deferred rent and other liabilities		4,337			763			803			695			603			724
Distributions payable		9,946			-			-			-			-			-
Total liabilities		1,072,758			164,907			128,929			107,504			81,203			74,249
Preferred stock		8			8			8			5			-			-
Common stock		1,538			112			112			107			73			73
Additional paid-in capital		1,225,986			101,548			101,325			93,703			57,719			57,582
Accumulated other comprehensive income (loss)		(3,934	)		(11	)		(13	)		(13	)		-			-
Accumulated deficit		(120,072	)		(19,705	)		(13,295	)		(9,915	)		(6,223	)		(4,025	)
Total stockholders’ equity		1,103,526			81,952			88,137			83,887			51,569			53,630
Non-controlling interests		114,168			9,210			9,513			9,775			3,620			3,702
Total equity		1,217,694			91,162			97,650			93,662			55,189			57,332
Total liabilities and equity	$	2,290,452		$	256,069		$	226,579		$	201,166		$	136,392		$	131,581

8

American Realty Capital Properties, Inc.

Consolidated Statements of Operations

(in 000’s except per share data)

	ARCP Pro Forma			Quarter Ended												Quarter Ended
	Year Ended December 31, 2012			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Revenues:
Rental income	$	178,999		$	5,337		$	4,791		$	3,304		$	2,902		$	2,446
Operating expense reimbursements		2,002			313			89			44			42			153
Total revenues		181,001			5,650			4,880			3,348			2,944			2,599
Operating expenses:
Acquisition and related		13,631			711			820			2,115			342			1,271
Merger and other transaction related		-			2,583			-			20			-			-
Property operating		3,484			543			315			121			119			153
Operating fees to affiliates		11,196
General and administrative		5,092			731			617			495			418			340
Depreciation and amortization		111,245			3,230			2,818			1,755			1,519			1,249
Total operating expenses		144,648			7,798			4,570			4,506			2,398			3,013
Operating income		36,353			(2,148	)		310			(1,158	)		546			(414	)
Other expenses:
Interest expense		(30,579	)		(1,483	)		(1,136	)		(883	)		(854	)		(739	)
Other income		960			2			-			-			-			1
Total other expenses, net		(29,619	)		(1,481	)		(1,136	)		(883	)		(854	)		(738	)
Loss from continuing operations		6,734			(3,629	)		(826	)		(2,041	)		(308	)		(1,152	)
Net income from continuing operations attributable to non-controlling interests		377			84			62			79			-			-
Net loss from continuing operations attributable to stockholders		7,111			(3,545	)		(764	)		(1,962	)		(308	)		(1,152	)
Discontinued operations:
Loss from operations of held for sale properties		(145	)		(133	)		3			(2	)		(13	)		(29	)
Loss on held for sale properties		(600	)		(148	)		(47	)		(82	)		(323	)		(815	)
Loss from discontinued operations		(745	)		(281	)		(44	)		(84	)		(336	)		(844	)
Income from discontinued operations attributable to non-controlling interests		46			22			3			7			14			70
Loss from discontinued operations attributable to stockholders		(699	)		(259	)		(41	)		(77	)		(322	)		(774	)
Net loss		5,989			(3,910	)		(870	)		(2,125	)		(644	)		(1,996	)
Net income attributable to non-controlling interests		(585	)		106			65			86			14			70
Net loss attributable to stockholders	$	5,404		$	(3,804	)	$	(805	)	$	(2,039	)	$	(630	)	$	(1,926	)
Net loss from continuing operations attributable to common stockholders per share, basic and diluted	$	0.04		$	(0.34	)	$	(0.08	)	$	(0.27	)	$	(0.04	)	$	(0.17	)
Net loss per share to common stockholders, basic and diluted	$	0.03		$	(0.36	)	$	(0.09	)	$	(0.28	)	$	(0.09	)	$	(0.29	)

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American Realty Capital Properties, Inc.

Funds from Operations and Adjusted Funds from Operations

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

	ARCP Pro Forma						Quarter Ended												Quarter Ended
	Year Ended December 31, 2012			Year Ended December 31, 2012			December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012			December 31, 2011
Funds from operations:
Net loss attributable to stockholders	$	5,404		$	(7,278	)		(3,804	)	$	(805	)	$	(2,039	)	$	(630	)	$	(1,925	)
Merger and other transaction costs		-			2,603			2,583			-			20			-
Loss on held for sale properties		600			600			147			47			83			323			808
Depreciation and amortization		111,245			9,322			3,230			2,817			1,756			1,519			1,195
Funds from operations		117,249			5,247			2,156			2,059			(180	)		1,212			78
Adjusted funds from operations:
Acquisition related		13,631			3,988			711			820			2,115			342			1,231
Amortization of above-market lease asset		202			117			61			56			-			-			-
Amortization of deferred financing costs		1,523			771			276			201			153			141			-
Straight-line rent		(7,597	)		(797	)		(207	)		(236	)		(175	)		(179	)		-
Non-cash equity compensation expense		1,191			1,170			378			473			183			137			182
Adjusted funds from operations	$	126,199		$	10,496		$	3,375		$	3,373		$	2,096		$	1,653		$	1,491
Weighted average shares, basic		151,733,529			9,150,785			10,959,840			10,846,432			7,653,170			7,147,934			6,596,908
Weighted average shares, fully diluted(1)		152,289,310			9,689,165			11,987,280			11,732,422			7,833,215			7,156,034			6,915,908
Distribution coverage from AFFO					131.5	%		138.6	%		139.8	%		133.1	%		105.5	%		103.0	%
Distributions paid				$	7,982		$	2,428		$	2,413		$	1,575		$	1,566		$	1,448
Per share data:
Funds from operations, basic	$	0.773		$	0.573		$	0.197		$	0.190		$	(0.024	)	$	0.170		$	0.012
Funds from operations, fully diluted	$	0.770		$	0.542		$	0.180		$	0.175		$	(0.023	)	$	0.169		$	0.011
Adjusted funds from operations, basic	$	0.832		$	1.147		$	0.307		$	0.311		$	0.274		$	0.231		$	0.226
Adjusted funds from operations, fully diluted	$	0.829		$	1.083		$	0.281		$	0.287		$	0.268		$	0.231		$	0.216

⁽¹⁾ Excludes the effect of OP Units.

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American Realty Capital Properties, Inc.

Affirming 2013 Earnings Guidance

	Low		High
AFFO/Share Fully diluted(1)	$	0.91	$	0.95

⁽¹⁾ On a pro forma basis including the effect of the merger of ARCP with ARCT III.

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American Realty Capital Properties, Inc.

Dividend Summary

(in 000’s except per share data)

Month	Total Common Stock Dividends(1)		Dividends per share (annualized) (2)
Dec-12	$	812,183		0.895
Nov-12		807,718		0.890
Oct-12		807,718		0.890
Sep-12		807,584		0.890
Aug-12		803,011		0.885
Jul-12		802,734		0.885
Jun-12		527,094		0.885
May-12		523,878		0.880
Apr-12		523,878		0.880
Mar-12		523,878		0.880
Feb-12		521,019		0.875
Jan-12		521,019		0.875
Total 2012		7,981,714
Dec-11		521,019		0.875
Nov-11		521,019		0.875
Oct-11		406,354		0.875
Sep-11		-
Total 2011		1,448,392

⁽¹⁾ Excludes dividends paid on unvested restricted shares, dividends paid on OP Units to limited partners and dividends paid on Series A and Series B Preferred Stock.

⁽²⁾ Paid monthly.

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American Realty Capital Properties, Inc.

Portfolio Profile⁽¹⁾

	December 31, 2012
	ARCP			Pro Forma Combined ARCT III and ARCP
Base purchase price of properties acquired	$	268,625		$	1,798,434
Number of properties		146			653
Square footage		2,412,104			15,424,665
Number of states		26			44
Number of tenants		17			44
Number of tenant industries		11			19
Average remaining lease term (in years)		6.7			11.4
Occupancy		100.0	%		100.0	%
Investment grade tenants (based on annualized rental income)		97.1	%		78.4	%
Average capitalization rate (annualized rental income/purchase price)		8.5	%		8.0	%
Top three tenants, percentage of total annualized rent		50.3	%		34.3	%
Acquisitions YTD December 31, 2012:
Number of properties		58			524
Square footage of acquisitons		1,416,092			13,998,624
Cost of acquisitions (000's)(2)	$	131,752		$	1,589,110
Average capitalization rate of acquisitions		9.2	%		8.0	%
Acquisitions QTD December 31, 2012:
Number of properties		22			125
Square footage of acquisitons		212,666			5,150,188
Cost of acquisitions (000's)(2)	$	32,902		$	584,111
Average capitalization rate of acquisitions		9.0	%		7.9	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

⁽²⁾ Excludes acquisition and transaction related costs.

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American Realty Capital Properties, Inc.

Lease Expirations

Year of Expiration	Number of Leases Expiring		Average Annual Rent (in 000's)		% of Portfolio Average Annual Rent Expiring			Leased Rentable Square Feet		% of Portfolio Rentable Square Feet Expiring
2012		—	$	—		—			—		—
2013		—		—		—			—		—
2014		3		91		0.4	%		23,778		1.0	%
2015		14		823		3.6	%		130,726		5.4	%
2016		8		680		2.9	%		74,926		3.1	%
2017		38		5,182		22.0	%		470,392		19.5	%
2018		35		7,605		33.0	%		881,510		36.5	%
2019		21		3,946		16.8	%		146,034		6.0	%
2020		6		804		3.5	%		54,044		2.2	%
2021		8		1,167		5.1	%		64,874		2.7	%
2022		6		522		2.3	%		46,340		1.9	%
Total		139		20,820		88.5	%		1,892,624		78.3	%

Pro Forma for ARCP and ARCT III Combined

Year of Expiration	Number of Leases Expiring		Average Annual Rent (in 000's)		% of Portfolio Average Annual Rent Expiring			Leased Rentable Square Feet		% of Portfolio Rentable Square Feet Expiring
2012		—	$	—		—			—		—
2013		—		—		—			—		—
2014		4		314		0.2	%		26,957		0.2	%
2015		14		823		0.6	%		130,726		0.9	%
2016		8		680		0.5	%		74,926		0.5	%
2017		38		5,182		3.6	%		470,392		3.1	%
2018		49		9,349		6.5	%		955,089		6.2	%
2019		24		4,226		2.9	%		169,299		1.1	%
2020		25		3,390		2.4	%		153,003		1.0	%
2021		31		9,540		6.6	%		798,418		5.2	%
2022		93		20,294		14.1	%		3,901,523		25.3	%
Total		286	$	53,798		37.4	%		6,680,333		43.5	%

14

American Realty Capital Properties, Inc.

Tenant Diversification ⁽¹⁾

Tenant	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Remaining Lease Term (2)		Industry	Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
Advance Auto		20		149,577		6.2	%		7.8	Auto Retail		1,699		7.2	%
Citizens Bank		59		291,920		12.1	%		5.2	Retail Banking	$	6,726		28.6	%
Community Bank		1		4,410		0.2	%		3.6	Retail Banking		36		0.2	%
CVS		3		31,620		1.3	%		4.4	Pharmacy		481		2.0	%
Dollar General		36		311,770		12.9	%		5.7	Discount Retail		1,607		6.8	%
Family Dollar		3		25,265		1.0	%		9.4	Discount Retail		310		1.3	%
FedEx		7		135,365		5.6	%		4.7	Freight		1,387		5.9	%
Fresenius		1		6,402		0.3	%		5.6	Healthcare		168		0.7	%
GSA		5		103,907		4.3	%		5.2	Government Services		2,736		11.6	%
Home Depot		1		465,600		19.3	%		16.9	Home Maintenance		2,258		9.6	%
Iron Mountain		1		126,664		5.3	%		5.0	Storage Facility		443		1.9	%
John Deere		1		552,960		22.9	%		5.1	Specialty Retail		2,353		10.0	%
Mrs. Bairds		1		75,050		3.1	%		4.4	Consumer Goods		631		2.7	%
Reckitt Benckiser		1		32,000		1.3	%		5.3	Consumer Goods		964		4.1	%
Synovus Bank		1		3,744		0.2	%		8.5	Retail Banking		335		1.4	%
Tractor Supply Co.		1		38,507		1.6	%		5.8	Specialty Retail		183		0.8	%
Walgreen's		4		57,344		2.4	%		7.2	Pharmacy		1,195		5.1	%
Total		146		2,412,104		100.0	%		6.7		$	23,512		100.0	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

⁽²⁾ Remaining lease term in years as of December 31, 2012.

15

American Realty Capital Properties, Inc.

Tenant Diversification ⁽¹⁾

Pro Forma for ARCP and ARCT III Combined

	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Remaining Lease Term (2)		Industry	Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
7-Eleven		4		10,526		0.1	%		6.9	Gas/Convenience		411,301		0.28	%
Academy Sports		1		71,680		0.5	%		15.1	Specialty Retail		846,822		0.58	%
Advance Auto		39		276,940		1.8	%		9.3	Auto Retail		3,994,836		2.76	%
AON Corporation		1		818,686		5.3	%		12.0	Insurance		10,821,371		7.47	%
Bed Bath & Beyond		1		1,035,840		6.7	%		12	Consumer Products		4,716,895		3.26	%
Bojangles		12		44,032		0.3	%		12.5	Restaurant		1,672,889		1.16	%
Circle K		3		9,460		0.1	%		11.0	Gas/Convenience		416,011		0.29	%
Citizens Bank		153		687,088		4.5	%		8.7	Retail Banking		17,086,810		11.80	%
Community Bank		1		4,410		0.0	%		3.6	Retail Banking		36,428		0.03	%
Cracker Barrel		5		50,479		0.3	%		16.6	Restaurant		1,605,245		1.11	%
CVS		8		86,256		0.6	%		13.3	Pharmacy		1,748,397		1.21	%
DaVita Dialysis		3		205,543		1.3	%		10.9	Healthcare		2,833,894		1.96	%
Dollar General		221		2,038,938		13.2	%		13.5	Discount Retail		17,795,263		12.29	%
Express Scripts		1		227,467		1.5	%		9.0	Healthcare		3,347,011		2.31	%
Family Dollar		40		331,382		2.1	%		9.5	Discount Retail		3,719,447		2.57	%
FedEx		25		1,285,418		8.3	%		10.1	Freight		14,813,378		10.23	%
Fresenius		8		57,805		0.4	%		9.6	Medical Office		1,551,477		1.07	%
GE Aviation		1		303,035		2.0	%		11.9	Aerospace		2,511,174		1.73	%
General Mills		2		1,872,112		12.1	%		10.3	Consumer Products		6,670,164		4.61	%
GSA		12		217,615		1.4	%		7.5	Government Services		5,833,101		4.03	%
Home Depot		1		465,600		3.0	%		16.9	Home Maintenance		2,257,998		1.56	%
Hanesbrands		1		758,463		4.9	%		11.7	Consumer Products		2,366,133		1.63	%
Iron Mountain		1		126,664		0.8	%		5.0	Storage Facility		443,324		0.31	%
John Deere		1		552,960		3.6	%		5.1	Specialty Retail		2,353,461		1.62	%
Krystal		23		50,447		0.3	%		19.8	Restaurant		2,584,188		1.78	%
Kum & Go		11		50,099		0.3	%		18.9	Gas/Convenience		2,479,717		1.71	%
Mattress Firm		5		43,941		0.3	%		10.2	Specialty Retail		695,208		0.48	%
Mrs. Baird's		1		75,050		0.5	%		4.4	Consumer Goods		630,660		0.44	%
NTB		1		12,244		0.1	%		10.9	Auto Services		145,996		0.10	%
NTW & Big O Tires		2		17,159		0.1	%		11.1	Auto Services		311,701		0.22	%
O'Reilly Auto		2		12,084		0.1	%		14.6	Auto Retail		166,329		0.11	%
Pantry Gas & Convenience		11		32,393		0.2	%		9.3	Gas/Convenience		2,745,570		1.90	%
Price Rite		1		42,100		0.3	%		15.2	Supermarket		353,583		0.24	%
Reckitt Benckiser		1		32,000		0.2	%		5.3	Consumer Products		964,369		0.67	%
Rite Aid		10		142,233		0.9	%		15.0	Pharmacy		3,502,974		2.42	%
Rubbermaid		2		1,160,820		7.5	%		9.9	Consumer Products		3,135,094		2.16	%
Scotts Company		3		551,249		3.6	%		10.0	Consumer Products		1,511,763		1.04	%
Shaw's Supermarkets		1		59,766		0.4	%		8.2	Supermarket		513,116		0.35	%
Synovus Bank		1		3,744		0.0	%		8.5	Retail Banking		335,379		0.23	%
Tire Kingdom		1		6,656		0.0	%		10.7	Auto Services		155,146		0.11	%
Tractor Supply		5		110,895		0.7	%		11.8	Specialty Retail		1,374,544		0.95	%
Walgreens		25		357,906		2.3	%		15.5	Pharmacy		8,917,692		6.16	%
West Marine		1		15,404		0.1	%		9.5	Specialty Retail		276,918		0.19	%
Williams Sonoma		1		1,106,876		7.2	%		10.0	Consumer Products		4,178,655		2.89	%
Total		653		15,421,465		100	%		11.4			144,831,432		100.0	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

⁽²⁾ Remaining lease term in years as of December 31, 2012.

16

American Realty Capital Properties, Inc.

Tenant Industry Diversification⁽¹⁾

Industry	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
Retail Banking		61		300,074		12.4	%	$	7,097		30.2	%
Government Services		5		103,907		4.3	%		2,736		11.6	%
Specialty Retail		2		591,467		24.5	%		2,536		10.8	%
Home Maintenance		1		465,600		19.3	%		2,258		9.6	%
Discount Retail		39		337,035		14.0	%		1,917		8.2	%
Auto Retail		20		149,577		6.2	%		1,699		7.2	%
Pharmacy		7		88,963		3.7	%		1,676		7.1	%
Consumer Goods		2		107,050		4.4	%		1,595		6.8	%
Freight		7		35,365		5.6	%		1,387		5.9	%
Storage Facility		1		126,664		5.3	%		443		1.9	%
Healthcare		1		6,402		0.3	%		168		0.7	%
Total		146		2,412,104		100.0	%	$	23,512		100.0	%

Pro Forma for ARCP and ARCT III Combined

Industry	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
Auto Retail		41		289,024		1.9	%		4,161		2.9	%
Auto Services		4		36,059		0.2	%		613		0.4	%
Consumer Products		11		6,517,360		42.3	%		23,543		16.3	%
Freight		25		1,285,418		8.3	%		14,813		10.2	%
Healthcare		4		433,010		2.8	%		6,181		4.3	%
Home Maintenance		1		465,600		3.0	%		2,258		1.6	%
Pharmacy		43		586,395		3.8	%		14,169		9.8	%
Restaurant		40		144,958		0.9	%		5,862		4.0	%
Retail Banking		155		695,242		4.5	%		17,459		12.1	%
Specialty Retail		13		794,880		5.2	%		5,547		3.8	%
Discount Retail		261		2,370,320		15.4	%		21,515		14.9	%
Supermarket		2		101,866		0.7	%		867		0.6	%
Gas/Convenience		29		102,478		0.7	%		6,053		4.2	%
Medical Office		8		57,805		0.4	%		1,551		1.1	%
Government Services		12		217,615		1.4	%		5,833		4.0	%
Consumer Goods		1		75,050		0.5	%		631		0.4	%
Aerospace		1		303,035		2.0	%		2,511		1.7	%
Insurance		1		818,686		5.3	%		10,821		7.5	%
Storage Facility		1		126,664		0.8	%		443		0.3	%
		653		15,421,465		100.0	%		144,831		100.0	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

17

American Realty Capital Properties, Inc.

Property Geographic Diversification⁽¹⁾

State/Possesion	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
Michigan		25		162,024		6.7	%	$	3,581		15.2	%
Ohio		19		232,691		9.6	%		2,533		10.8	%
South Carolina		2		480,014		19.9	%		2,503		10.6	%
Iowa		1		552,960		22.9	%		2,353		10.0	%
New York		13		87,024		3.6	%		2,237		9.5	%
Missouri		26		224,509		9.3	%		1,215		5.2	%
Illinois		10		77,777		3.4	%		1,209		5.1	%
Pennsylvania		5		62,682		2.6	%		1,065		4.5	%
Alabama		3		54,104		2.2	%		1,007		4.3	%
New Jersey		1		32,000		1.3	%		964		4.1	%
Texas		3		120,457		5.0	%		925		3.9	%
Georgia		9		75,122		3.1	%		838		3.6	%
Kentucky		5		40,625		1.7	%		543		2.3	%
Indiana		2		28,285		1.2	%		426		1.8	%
Florida		2		12,644		0.5	%		392		1.7	%
California		1		41,868		1.7	%		288		1.2	%
Virginia		1		11,281		0.5	%		264		1.1	%
Vermont		3		12,492		0.5	%		237		1.0	%
Arkansas		5		43,786		1.8	%		181		0.8	%
North Carolina		1		6,402		0.3	%		168		0.7	%
Tennessee		1		10,722		0.4	%		150		0.6	%
Connecticut		2		5,592		0.2	%		124		0.5	%
New Hampshire		2		6,872		0.3	%		112		0.5	%
Delaware		1		4,610		0.2	%		91		0.4	%
Oklahoma		2		18,044		0.7	%		76		0.3	%
Kansas		1		7,517		0.3	%		30		0.1	%
Total		146		2,412,104		100.0	%	$	23,512		100.0	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

18

American Realty Capital Properties, Inc.

Property Geographic Diversification⁽¹⁾

Pro Forma for ARCP and ARCT III Combined

State/Possesion	Number of Properties		Square Feet		Square Feet as a % of Total Portfolio			Average Annual Rent (in 000's)		Average Annual Rent as a % of Total Portfolio
Iowa		8		610,065		4.0	%	$	3,215		2.20	%
Kansas		15		1,276,763		8.3	%		4,096		2.80	%
Kentucky		14		185,034		1.2	%		3,128		2.20	%
Louisiana		19		190,646		1.2	%		2,167		1.50	%
Massachusetts		15		115,996		0.8	%		2,148		1.50	%
Michigan		46		430,397		2.8	%		7,695		5.30	%
Minnesota		5		167,582		1.1	%		1,150		0.80	%
Mississippi		29		1,335,566		8.6	%		7,104		4.90	%
Missouri		69		852,021		5.5	%		8,760		6.00	%
Montana		1		45,832		0.3	%		697		0.50	%
Nebraska		1		8,050		0.1	%		82		0.10	%
Nevada		6		59,903		0.4	%		1,366		0.90	%
New Hampshire		10		65,328		0.4	%		1,349		0.90	%
New Jersey		6		79,719		0.5	%		2,475		1.70	%
New Mexico		3		22,506		0.1	%		325		0.20	%
New York		17		292,768		1.9	%		6,766		4.70	%
North Carolina		28		980,732		6.4	%		7,549		5.20	%
North Dakota		4		31,318		0.2	%		572		0.40	%
Ohio		46		1,004,986		6.4	%		7,872		5.40	%
Oklahoma		12		233,639		1.5	%		1,663		1.10	%
Pennsylvania		57		293,139		1.9	%		6,775		4.70	%
Rhode Island		5		23,488		0.2	%		636		0.40	%
South Carolina		15		579,067		3.8	%		5,180		3.60	%
South Dakota		1		9,180		0.1	%		90		0.10	%
Tennessee		12		194,719		1.3	%		2,167		1.50	%
Texas		53		634,743		4.1	%		6,547		4.50	%
Vermont		4		15,432		0.1	%		335		0.20	%
Virginia		12		100,591		0.7	%		1,833		1.30	%
Washington		3		212,756		1.4	%		2,834		2.00	%
West Virginia		3		31,491		0.2	%		790		0.50	%
Wisconsin		3		27,724		0.2	%		226		0.20	%
Wyoming		2		11,958		0.1	%		361		0.40	%
		653		15,421,465		100.0	%	$	144,831		100.0	%

⁽¹⁾ Excludes one vacant propery classified as held for sale.

19

American Realty Capital Properties, Inc.

Definitions

Average annual rent is annualized rental income or Net Operating 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, and (ii) in respect of our modified gross leased properties, the effect of operating expense reimbursement revenue less property operating expenses.

Creditworthy tenants is determined by us based on our own assessment of the tenant’s financial condition based on our 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 certain 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. 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 certain gains and losses, provides information consistent with management's analysis of the operating performance of the properties. By providing AFFO, ARCP believes it is presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance. Further, ARCP 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.

FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures such as FFO of AFFO have limitations that they do not reflect all of the amounts associated with ARCP’s and ARCT III’s results of operations that would be reflected in measures determined in accordance with U.S. GAAP. These measures should only be used to evaluate ARCP’s and ARCT III’s performance in conjunction with the corresponding U.S. GAAP measures.

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

20