VEREIT (VER) 8-K American Realty Capital Properties Announces First Quarter 2015 Operating Results

Exhibit 99.2

Q1 2015 SUPPLEMENTAL INFORMATION

Table of Contents

ARCP Supplemental Information

March 31, 2015

Section	Page
Company Overview	4
Financial Information
Financial Summary	6
Financial and Operations Statistics and Ratios	7
Key Balance Sheet Metrics and Capital Structure	8
Business Model	9
Consolidated Balance Sheets	10
Consolidated Statements of Operations	11
FFO, AFFO and Per Share Information	12
Consolidated EBITDA and Normalized EBITDA	13
Real Estate Investments
Statements of Operations	15
EBITDA and Normalized EBITDA	16
FFO, AFFO and Per Share Information	17
GAAP and Cash NOI	18
Debt and Preferred Equity Summary	19
Mortgage Notes Payable	20
Credit Facility and Corporate Bond Covenants	23
Acquisitions and Dispositions	24
Same Store Rental Revenue	26
Top 10 Concentrations	27
Tenants Comprising Over 1% of Annualized Rental Revenue	28
Diversification	29
Lease Expirations	33
Unconsolidated Joint Venture Investment Summary	37
Red Lobster Highlights	38
Cole Capital
Statements of Operations	40
EBITDA and Normalized EBITDA	41
FFO, AFFO and Per Share Information	42
Net G&A	43
Program Development Costs	44
Managed Programs	45
Definitions	53

Q1 2015 SUPPLEMENTAL INFORMATION

Table of Contents

This data and other information described herein are as of and for the three-month period ended March 31, 2015 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with the financial statements and the management's discussion and analysis of financial condition and results of operations section contained in ARCP's Annual Report on Form 10-K for the year ended December 31, 2014 and Quarterly Reports on Form 10-Q for the three months ended March 31, 2015 and September 30, 2014 and Form 10-Q/A for the three months ended June 30, 2014 and March 31, 2014.

Forward-Looking Statements

Certain statements contained herein may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). ARCP intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable. Such statements include, in particular, statements about ARCP's plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of ARCP's performance in future periods. Such forward-looking statements can generally be identified by ARCP's use of forward-looking terminology such as "may," "will," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ARCP makes no representation or warranty (express or implied) about the accuracy of any such forward-looking statements contained herein, and does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in ARCP's filings with the U.S. Securities and Exchange Commission including, but not limited to, ARCP's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and 10-Q/A, as well as its press releases.

Q1 2015 SUPPLEMENTAL INFORMATION

Company Overview

(unaudited)

American Realty Capital Properties, Inc. (the "Company," "us," "our" and "we")is a self-managed and self-administered real estate company, incorporated in Maryland on December 2, 2010 which has elected to be taxed, and currently qualifies as a real estate investment trust ("REIT") for U.S. federal income tax purposes. On September 6, 2011, the Company completed its initial public offering.

Our business operates in two business segments, Real Estate Investment ("REI") and Cole Capital^®, the Company's private capital management segment ("Cole Capital"). Through our REI segment, we acquire, own and operate single-tenant, freestanding, commercial real estate properties, primarily subject to long-term net leases with high credit quality tenants. We seek to acquire net lease assets by self-originating individual or small portfolio acquisitions, by executing sale-leaseback transactions, and in connection with build-to-suit or forward take-out opportunities, to the extent they are appropriate in terms of capitalization rate and scale. Our high-quality property portfolio is generally net leased to corporate tenants. At March 31, 2015, approximately 47% of our rental revenues were delivered from investment grade tenants, occupying properties located at the corner of "Main & Main" and in other strategic locations. Cole Capital is contractually responsible for raising capital for, managing the affairs of and identifying and making acquisitions and investments on behalf of non-traded REITs and other real estate programs sponsored by Cole Capital (the "Managed Programs") on a day-to-day basis. We receive compensation and reimbursement for services relating to the Managed Programs' offerings and the investment, management, financing and disposition of their respective assets, as applicable. Cole Capital allows us to generate earnings without the corresponding need to invest capital in that business or incur balance sheet debt in order to fund or expand operations. Cole Capital also develops new REIT offerings and coordinates receipt of regulatory approvals from the SEC, the Financial Industry Regulatory Authority, Inc. and various jurisdictions for such offerings. At the appropriate time, Cole Capital recommends to each of the Managed Program's respective board of directors an approach for providing investors with liquidity.

ARCP's common shares and Series F preferred shares trade on the NASDAQ Global Select Market under the tickers symbol "ARCP" and "ARCPP," respectively.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |4

Q1 2015 SUPPLEMENTAL INFORMATION

Company Overview (cont.)

Senior Management	Board of Directors
Glenn J. Rufrano, Chief Executive Officer	Hugh R. Frater, Non-Executive Chairman
Richard A. Silfen, Executive Vice President, General Counsel and Secretary	Thomas A. Andruskevich, Independent Director
Michael J. Sodo, Executive Vice President, Chief Financial Officer and Treasurer	Bruce D. Frank, Independent Director
Gavin B. Brandon, Senior Vice President and Chief Accounting Officer	Julie G. Richardson, Independent Director
	William G. Stanley, Independent Director
	Glenn J. Rufrano, Executive Director

Corporate Offices and Contact Information

2325 E. Camelback Road, Suite 1100	1065 Avenue of the Americas, Floor 23
Phoenix, AZ 85016	New York, NY 10018
800-606-3610	212-413-9100
www.arcpreit.com

Trading Symbols: ARCP, ARCPP

Stock Exchange Listing: NASDAQ Global Select Market

Transfer Agent

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

800-736-3001

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |5

Q1 2015 SUPPLEMENTAL INFORMATION

Financial Summary

(unaudited, dollars in thousands, except per share amounts)

	Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014
CONSOLIDATED FINANCIAL RESULTS
Revenue	$	393,968		$	418,807		$	457,118		$	382,178		$	321,154
Net loss	$	(30,693	)	$	(360,427	)	$	(288,047	)	$	(56,598	)	$	(305,840	)
Normalized EBITDA	$	316,057		$	322,328		$	363,875		$	297,449		$	208,875
Funds from operations (FFO)	$	195,030		$	(58,825	)	$	195,798		$	156,967		$	(144,804	)
FFO per diluted share	$	0.21		$	(0.06	)	$	0.21		$	0.18		$	(0.24	)
Adjusted funds from operations (AFFO)	$	200,135		$	205,459		$	244,549		$	185,934		$	114,772
AFFO per diluted share	$	0.22		$	0.22		$	0.26		$	0.21		$	0.19
Dividends paid per common share	$	—		$	0.25		$	0.25		$	0.25		$	0.33
REAL ESTATE INVESTMENTS
Revenue	$	366,474		$	366,525		$	397,321		$	344,956		$	266,897
Net loss	$	(30,607	)	$	(82,458	)	$	(289,133	)	$	(46,124	)	$	(296,218	)
Normalized EBITDA	$	306,695		$	305,380		$	333,107		$	287,105		$	208,935
FFO	$	195,116		$	219,144		$	194,712		$	167,441		$	(135,182	)
FFO per diluted share	$	0.21		$	0.24		$	0.21		$	0.19		$	(0.23	)
AFFO	$	195,073		$	193,934		$	214,991		$	168,188		$	108,664
AFFO per diluted share	$	0.21		$	0.21		$	0.23		$	0.19		$	0.18
Properties owned	4,647			4,648			4,714			3,966			3,809
Rentable square feet (in thousands)	102,133			103,149			113,801			106,800			101,800
Occupancy rate	98.4		%	99.3		%	99.2		%	98.8		%	98.9		%
Weighted-average remaining lease term (years)	11.7			11.8			11.5			10.4			10.8
Weighted-average portfolio credit rating	BBB-			BBB-			BBB-			BBB			BBB
COLE CAPITAL
Revenue	$	27,494		$	52,282		$	59,797		$	37,222		$	54,257
Net (loss) income	$	(86	)	$	(277,969	)	$	1,086		$	(10,474	)	$	(9,622	)
Normalized EBITDA	$	9,362		$	16,948		$	30,768		$	10,344		$	(60	)
FFO	$	(86	)	$	(277,969	)	$	1,086		$	(10,474	)	$	(9,622	)
FFO per diluted share	$	—		$	(0.30	)	$	—		$	(0.01	)	$	(0.02	)
AFFO	$	5,062		$	11,525		$	29,558		$	17,746		$	6,108
AFFO per diluted share	$	0.01		$	0.01		$	0.03		$	0.02		$	0.01
Capital raised on behalf of Managed Programs, excluding DRIP	$	29,770		$	128,282		$	218,270		$	113,241		$	452,956		(1)
Purchase price of property acquisitions on behalf of Manged Programs	$	225,319		$	942,818		$	1,111,900		$	754,612		$	235,275		(1)
Assets under management (2)	$	6,084,979		$	8,563,540		$	7,705,703		$	6,565,984		$	5,976,257

________________________________________________

(1) Reflects amounts for the period from the Cole Acquisition Date of February 7, 2014 to March 31, 2014.

(2) Cole Corporate Income Trust, Inc. ("CCIT") merged on January 29, 2015 with Select Income REIT. Prior to the sale, Cole Capital had managed $2.7 billion of assets on behalf of CCIT. As such, Q1 2015 excludes CCIT's assets under management.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

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Q1 2015 SUPPLEMENTAL INFORMATION

Financial and Operations Statistics and Ratios

(unaudited, dollars in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
INTEREST COVERAGE RATIO
Interest expense	$	91,658		$	91,620		$	97,333		$	97,500		$	81,087
Normalized EBITDA	316,057			322,328			363,875			297,449			208,875
Interest coverage ratio	3.45x			3.52x			3.74x			3.05x			2.58x
FIXED CHARGE COVERAGE RATIO
Interest expense	$	91,658		$	91,620		$	97,333		$	97,500		$	81,087
Secured debt principal amortization	10,999			8,993			6,938			6,789			16,508
Dividends attributable to preferred shares	17,973			17,973			36,282			22,016			22,427
Total fixed charges	120,630			118,586			140,553			126,305			120,022
Normalized EBITDA	316,057			322,328			363,875			297,449			208,875
Fixed charge coverage ratio	2.62x			2.72x			2.59x			2.36x			1.74x
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
NET DEBT RATIOS
Total debt	$	10,333,173		$	10,469,121		$	11,551,644		$	9,672,412		$	10,196,967
Less: cash and cash equivalents	788,739			416,711			145,310			195,529			83,216
Net debt	9,544,434			10,052,410			11,406,334			9,476,883			10,113,751
Normalized EBITDA annualized	1,264,228			1,289,312			1,455,500			1,189,796			835,500
Net debt to Normalized EBITDA annualized ratio	7.55x			7.80x			7.84x			7.97x			12.11x
Net debt	$	9,544,434		$	10,052,410		$	11,406,334		$	9,476,883		$	10,113,751
Gross real estate and related assets	17,904,710			18,211,712			20,369,206			18,281,837			17,503,502
Net debt leverage ratio	53.31		%	55.20		%	56.00		%	51.84		%	57.78		%
UNENCUMBERED ASSETS/REAL ESTATE ASSETS
Unencumbered gross real estate and related assets	$	11,187,797		$	11,570,474		$	12,602,273		$	10,374,329		$	9,506,936
Gross real estate and related assets	17,904,710			18,211,712			20,369,206			18,281,837			17,503,502
Unencumbered asset ratio	62.5		%	63.5		%	61.9		%	56.7		%	54.3		%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |7

Q1 2015 SUPPLEMENTAL INFORMATION

Key Balance Sheet Metrics and Capital Structure

(unaudited)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |8

Q1 2015 SUPPLEMENTAL INFORMATION

Business Model

(unaudited)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

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Q1 2015 SUPPLEMENTAL INFORMATION

Consolidated Balance Sheets

(unaudited, in thousands)

	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
ASSETS
Real estate investments, at cost:
Land	$	3,434,414		$	3,472,298		$	3,487,824		$	3,343,235		$	3,224,257
Buildings, fixtures and improvements	12,081,061			12,307,758			12,355,029			12,420,626			11,836,655
Land and construction in progress	83,284			77,450			86,973			62,594			40,459
Intangible lease assets	2,386,904			2,435,054			2,424,076			2,227,393			2,209,902
Total real estate investments, at cost	17,985,663			18,292,560			18,353,902			18,053,848			17,311,273
Less: accumulated depreciation and amortization	1,238,320			1,034,122			828,624			660,617			428,566
Total real estate investments, net	16,747,343			17,258,438			17,525,278			17,393,231			16,882,707
Investment in unconsolidated entities	95,390			98,053			100,762			102,047			105,775
Investment in direct financing leases, net	54,822			56,076			57,441			62,094			65,723
Investment securities, at fair value	56,493			58,646			59,131			219,204			213,803
Loans held for investment, net	41,357			42,106			96,981			97,587			98,185
Cash and cash equivalents	788,739			416,711			145,310			195,529			83,216
Restricted cash	64,578			62,651			72,754			69,544			55,559
Intangible assets, net	142,851			150,359			323,332			347,618			371,634
Deferred costs and other assets, net	400,884			389,922			446,606			418,199			303,432
Goodwill	1,871,114			1,894,794			2,096,450			2,293,020			2,298,677
Due from affiliates	58,457			86,122			55,666			73,686			8,719
Assets held for sale	—			1,261			1,887,872			38,737			665
Total assets	$	20,322,028		$	20,515,139		$	22,867,583		$	21,310,496		$	20,488,095
LIABILITIES AND EQUITY
Mortgage notes payable and other debt, net	$	3,672,496		$	3,805,761		$	3,830,994		$	4,373,652		$	4,382,883
Corporate bonds, net	2,546,701			2,546,499			2,546,294			2,546,089			2,545,884
Convertible debt, net	978,769			977,521			976,251			975,003			973,737
Credit facility	3,184,000			3,184,000			4,259,000			1,896,000			2,415,800
Below-market lease liabilities, net	304,754			317,838			318,494			281,954			286,579
Accounts payable and accrued expenses	160,129			163,025			180,338			174,942			149,542
Deferred rent, derivative and other liabilities	139,241			127,611			195,256			223,419			206,105
Distributions payable	9,959			9,995			9,927			10,779			11,233
Due to affiliates	547			559			2,757			3,184			2,614
Liabilities associated with assets held for sale	—			—			545,382			—			—
Total liabilities	10,996,596			11,132,809			12,864,693			10,485,022			10,974,377
Series D preferred stock	—			—			—			269,299			269,299
Series F preferred stock	428			428			428			427			427
Common stock	9,051			9,055			9,080			9,079			7,699
Additional paid-in capital	11,919,358			11,920,253			11,905,338			11,901,675			10,302,168
Accumulated other comprehensive income	(4,136		)	2,728			8,600			7,058			8,463
Accumulated deficit	(2,826,524		)	(2,778,576		)	(2,182,731		)	(1,639,208		)	(1,358,743		)
Total stockholders' equity	9,098,177			9,153,888			9,740,715			10,279,031			8,960,014
Non-controlling interests	227,255			228,442			262,175			277,144			284,405
Total equity	9,325,432			9,382,330			10,002,890			10,556,175			9,244,419
Total liabilities and equity	$	20,322,028		$	20,515,139		$	22,867,583		$	21,310,496		$	20,488,095

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

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Q1 2015 SUPPLEMENTAL INFORMATION

Consolidated Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues:
Rental income	$	342,759		$	346,928		$	365,712		$	314,519		$	244,415
Direct financing lease income	741			791			625			1,181			1,006
Operating expense reimbursements	22,974			18,806			30,984			29,256			21,476
Cole Capital revenue	27,494			52,282			59,797			37,222			54,257
Total revenues	393,968			418,807			457,118			382,178			321,154
Operating expenses:
Cole Capital reallowed fees and commissions	2,031			9,326			15,398			7,068			34,436
Acquisition related	2,182			4,215			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,162			7,632			7,422			160,298
Property operating	30,999			27,723			40,977			39,286			29,755
Management fees to affiliates	—			—			—			—			13,888
General and administrative	33,106			44,622			30,213			37,224			55,369
Depreciation and amortization	219,141			226,272			265,150			250,739			173,842
Impairments	—			406,136			2,299			1,556			—
Total operating expenses	303,882			743,456			375,667			350,496			481,005
Operating income (loss)	90,086			(324,649		)	81,451			31,682			(159,851		)
Other (expense) income:
Interest expense, net	(95,699		)	(126,157		)	(101,643		)	(103,897		)	(120,951		)
Extinguishment of debt, net	429			(605		)	(5,396		)	(6,469		)	(9,399		)
Other income, net	8,961			65,848			8,687			4,442			3,975
(Loss) gain on derivative instruments, net	(1,028		)	(172		)	(17,484		)	14,207			(7,121		)
Loss on held for sale assets and disposition of real estate, net	(31,368		)	(1,263		)	(256,894		)	(1,269		)	(17,605		)
Gain on sale of investments	—			—			6,357			—			—
Total other expenses, net	(118,705		)	(62,349		)	(366,373		)	(92,986		)	(151,101		)
Loss before income and franchise taxes	(28,619		)	(386,998		)	(284,922		)	(61,304		)	(310,952		)
(Provision for) benefit from income and franchise taxes	(2,074		)	26,571			(3,125		)	4,706			5,112
Net loss	(30,693		)	(360,427		)	(288,047		)	(56,598		)	(305,840		)
Net loss attributable to non-controlling interests	723			9,804			7,649			1,878			14,396
Net loss attributable to the Company	$	(29,970	)	$	(350,623	)	$	(280,398	)	$	(54,720	)	$	(291,444	)
Basic and diluted net loss per share attributable to common stockholders	$	(0.05	)	$	(0.41	)	$	(0.35	)	$	(0.10	)	$	(0.58	)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

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Q1 2015 SUPPLEMENTAL INFORMATION

Consolidated Funds from Operations and Adjusted Funds from Operations

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Net loss	$	(30,693	)	$	(360,427	)	$	(288,047	)	$	(56,598	)	$	(305,840	)
Dividends on non-convertible preferred stock	(17,973		)	(17,973		)	(17,974		)	(17,773		)	(17,374		)
Loss on held for sale assets and disposition of real estate assets, net	31,368			1,263			256,894			1,269			17,605
Depreciation and amortization of real estate assets	210,770			219,080			240,046			225,940			159,461
Impairment of real estate assets	—			96,692			2,299			1,556			—
Proportionate share of adjustments for unconsolidated entities	1,558			2,540			2,580			2,573			1,344
FFO	$	195,030		$	(58,825	)	$	195,798		$	156,967		$	(144,804	)
Acquisition related	2,182			4,215			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,162			7,632			7,422			160,298
Impairment of intangible assets	—			309,444			—			—			—
Legal settlements and insurance proceeds	(1,250		)	(60,720		)	(3,275		)	—			—
Gain on sale and unrealized gains of investment securities	(233		)	—			(6,357		)	—			—
Loss (gain) on derivative instruments, net	1,028			172			17,484			(14,207		)	7,121
Amortization of net premiums on debt and investments	(3,858		)	11,461			(8,106		)	(4,606		)	(5,198		)
Amortization of below-market lease liabilities, net of amortization of above-market lease assets	1,007			1,475			1,934			2,103			388
Net direct financing lease adjustments	495			448			620			137			390
Amortization and write off of deferred financing costs	7,929			23,475			12,486			10,985			44,976
Amortization of management contracts	7,510			6,233			24,288			24,024			13,992
Deferred tax benefit(1)	(3,972		)	(33,324		)	—			—			—
(Gain) loss on early extinguishment of debt and forgiveness of debt, net	(5,302		)	605			5,396			6,469			9,399
Straight-line rent	(19,107		)	(25,367		)	(24,871		)	(17,413		)	(7,520		)
Equity-based compensation expense, net of forfeiture(2)	818			(980		)	5,541			5,690			21,574
Other amortization and non-cash charges	753			895			713			698			421
Proportionate share of adjustments for unconsolidated entities	682			1,090			1,268			464			318
AFFO	$	200,135		$	205,459		$	244,549		$	185,934		$	114,772
Weighted-average shares outstanding - basic	902,996,270			902,528,136			902,096,102			815,406,408			547,470,457
Effect of dilutive securities	26,157,663			29,629,740			44,970,255			52,613,117			51,151,928
Weighted-average shares outstanding - diluted(3)	929,153,933			932,157,876			947,066,357			868,019,525			598,622,385
FFO per diluted share	$	0.21		$	(0.06	)	$	0.21		$	0.18		$	(0.24	)
AFFO per diluted share	$	0.22		$	0.22		$	0.26		$	0.21		$	0.19

_______________________________________________

(1) This adjustment represents the non-current portion of the provision or benefit in order to show only the current portion of the benefit as an impact to AFFO.

(2) During the three months ended December 31, 2014, the Company reversed certain equity-based compensation amounts previously recorded due to the resignation of certain executives.

(3) Weighted-average shares for all periods presented excludes the effect of the convertible debt as the effect would be antidilutive.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |12

Q1 2015 SUPPLEMENTAL INFORMATION

Consolidated EBITDA and Normalized EBITDA

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Total revenues	$	393,968		$	418,807		$	457,118		$	382,178		$	321,154
Less: total operating expenses	303,882			743,456			375,667			350,496			481,005
Operating income (loss)	90,086			(324,649		)	81,451			31,682			(159,851		)
Total other (expenses), net	(118,705		)	(62,349		)	(366,373		)	(92,986		)	(151,101		)
Loss before income and franchise taxes	(28,619		)	(386,998		)	(284,922		)	(61,304		)	(310,952		)
(Provision for) benefit from income and franchise taxes	(2,074		)	26,571			(3,125		)	4,706			5,112
Net loss	(30,693		)	(360,427		)	(288,047		)	(56,598		)	(305,840		)
Adjustments:
Interest expense	95,699			126,157			101,643			103,897			120,951
Depreciation and amortization	219,141			226,272			265,150			250,739			173,842
Provision for (benefit from) income and franchise taxes	2,074			(26,571		)	3,125			(4,706		)	(5,112		)
Proportionate share of adjustments for unconsolidated entities	2,661			3,402			3,433			3,453			2,096
EBITDA	$	288,882		$	(31,167	)	$	85,304		$	296,785		$	(14,063	)
Management adjustments:
Loss on held for sale assets and disposition of real estate, net	31,368			1,263			256,894			1,269			17,605
Impairments	—			406,136			2,299			1,556			—
Acquisition related	2,182			4,215			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,162			7,632			7,422			160,298
Equity-based compensation	818			(980		)	5,541			5,690			21,574
Gain on sale and unrealized gains of investment securities	(233		)	—			(6,357		)	—			—
Loss (gain) on derivative instruments, net	1,028			172			17,484			(14,207		)	7,121
Amortization of below-market lease liabilities, net of amortization of above-market lease assets	1,007			1,475			1,934			2,103			388
(Gain) loss on early extinguishment of debt and forgiveness of debt, net	(5,302		)	605			5,396			6,469			9,399
Net direct financing lease adjustments	495			448			620			137			390
Straight-line rent	(19,107		)	(25,367		)	(24,871		)	(17,413		)	(7,520		)
Legal settlement and insurance proceeds	(1,250		)	(60,720		)	(3,275		)	—			—
Proportionate share of adjustments for unconsolidated entities	(254		)	1,086			1,276			437			266
Normalized EBITDA	$	316,057		$	322,328		$	363,875		$	297,449		$	208,875

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |13

Q1 2015 SUPPLEMENTAL INFORMATION

Statements of Operations - REI Segment

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues:
Rental income	$	342,759		$	346,928		$	365,712		$	314,519		$	244,415
Direct financing lease income	741			791			625			1,181			1,006
Operating expense reimbursements	22,974			18,806			30,984			29,256			21,476
Total real estate investment revenues	366,474			366,525			397,321			344,956			266,897
Operating expenses:
Acquisition related	1,723			853			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,139			7,613			5,999			159,794
Property operating	30,999			27,723			40,977			39,286			29,755
Management fees to affiliate	—			—			—			—			13,888
General and administrative	15,370			13,586			12,948			15,189			34,538
Depreciation and amortization	210,788			219,222			240,073			225,965			159,483
Impairment of real estate	—			96,692			2,299			1,556			—
Total operating expenses	275,303			383,215			317,908			295,196			410,875
Operating income (loss)	91,171			(16,690		)	79,413			49,760			(143,978		)
Other (expense) income:
Interest expense, net	(95,699		)	(126,157		)	(101,643		)	(103,897		)	(120,951		)
Extinguishment of debt, net	429			(605		)	(5,396		)	(6,469		)	(9,399		)
Other income, net	7,742			63,837			8,508			4,332			3,959
Loss on derivative instruments, net	(1,028		)	(172		)	(17,484		)	14,207			(7,121		)
Loss on held for sale assets and disposition of real estate assets, net	(31,368		)	(1,263		)	(256,894		)	(1,269		)	(17,605		)
Gain on sale of investments	—			—			6,357			—			—
Total other expenses, net	(119,924		)	(64,360		)	(366,552		)	(93,096		)	(151,117		)
Loss before income and franchise taxes	(28,753		)	(81,050		)	(287,139		)	(43,336		)	(295,095		)
Provision for income and franchise taxes	(1,854		)	(1,408		)	(1,994		)	(2,788		)	(1,123		)
Net loss	$	(30,607	)	$	(82,458	)	$	(289,133	)	$	(46,124	)	$	(296,218	)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |15

Q1 2015 SUPPLEMENTAL INFORMATION

EBITDA and Normalized EBITDA - REI Segment

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Net loss	$	(30,607	)	$	(82,458	)	$	(289,133	)	$	(46,124	)	$	(296,218	)
Adjustments:
Interest expense	95,699			126,157			101,643			103,897			120,951
Depreciation and amortization	210,788			219,222			240,073			225,965			159,483
Provision for income and franchise taxes	1,854			1,408			1,994			2,788			1,123
Proportionate share of adjustments for unconsolidated entities	2,661			3,402			3,433			3,453			2,096
EBITDA	$	280,395		$	267,731		$	58,010		$	289,979		$	(12,565	)
Management adjustments:
Loss on held for sale assets and disposition of real estate, net	31,368			1,263			256,894			1,269			17,605
Impairments	—			96,692			2,299			1,556			—
Acquisition related	1,723			853			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,139			7,613			5,999			159,794
Equity-based compensation	402			(3,997		)	2,086			3,575			20,640
Gain on sale and unrealized gains of investment securities	(233		)	—			(6,357		)	—			—
Loss (gain) on derivative instruments, net	1,028			172			17,484			(14,207		)	7,121
Amortization of below-market lease liabilities, net of amortization of above-market lease assets	1,007			1,475			1,934			2,103			388
(Gain) loss on early extinguishment of debt and forgiveness of debt, net	(5,302		)	605			5,396			6,469			9,399
Net direct financing lease adjustments	495			448			620			137			390
Straight-line rent	(19,107		)	(25,367		)	(24,871		)	(17,413		)	(7,520		)
Legal settlement and insurance proceeds	(1,250		)	(60,720		)	(3,275		)	—			—
Proportionate share of adjustments for unconsolidated entities	(254		)	1,086			1,276			437			266
Normalized EBITDA	$	306,695		$	305,380		$	333,107		$	287,105		$	208,935

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |16

Q1 2015 SUPPLEMENTAL INFORMATION

Funds from Operations and Adjusted Funds from Operations - REI Segment

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Net loss	$	(30,607	)	$	(82,458	)	$	(289,133	)	$	(46,124	)	$	(296,218	)
Dividends on non-convertible preferred stock	(17,973		)	(17,973		)	(17,974		)	(17,773		)	(17,374		)
Loss on held for sale assets and disposition of real estate, net	31,368			1,263			256,894			1,269			17,605
Depreciation and amortization of real estate assets	210,770			219,080			240,046			225,940			159,461
Impairment of real estate	—			96,692			2,299			1,556			—
Proportionate share of adjustments for unconsolidated entities	1,558			2,540			2,580			2,573			1,344
FFO	$	195,116		$	219,144		$	194,712		$	167,441		$	(135,182	)
Acquisition related	1,723			853			13,998			7,201			13,417
Merger and other non-routine transactions	16,423			25,139			7,613			5,999			159,794
Legal settlement and insurance proceeds	(1,250		)	(60,720		)	(3,275		)	—			—
Gain on sale and unrealized gains of investment securities	(233		)	—			(6,357		)	—			—
Loss (gain) on derivative instruments, net	1,028			172			17,484			(14,207		)	7,121
Amortization of premiums and discounts on debt and investments	(3,858		)	11,461			(8,106		)	(4,606		)	(5,198		)
Amortization of below-market lease liabilities, net of amortization of above-market lease assets	1,007			1,475			1,934			2,103			388
Net direct financing lease adjustments	495			448			620			137			390
Amortization and write off of deferred financing costs	7,929			23,475			12,486			10,985			44,976
(Gain) loss on early extinguishment of debt and forgiveness of debt, net	(5,302		)	605			5,396			6,469			9,399
Straight-line rent	(19,107		)	(25,367		)	(24,871		)	(17,413		)	(7,520		)
Equity-based compensation expense, net of forfeitures(1)	402			(3,997		)	2,086			3,575			20,640
Other amortization and non-cash charges	18			156			3			40			121
Proportionate share of adjustments for unconsolidated entities	682			1,090			1,268			464			318
AFFO	$	195,073		$	193,934		$	214,991		$	168,188		$	108,664
Weighted-average shares outstanding - basic	902,996,270			902,528,136			902,096,102			815,406,408			547,470,457
Effect of dilutive securities	26,157,663			29,629,740			44,970,255			52,613,117			51,151,928
Weighted-average shares outstanding - diluted	929,153,933			932,157,876			947,066,357			868,019,525			598,622,385
FFO per diluted share	$	0.21		$	0.24		$	0.21		$	0.19		$	(0.23	)
AFFO per diluted share	$	0.21		$	0.21		$	0.23		$	0.19		$	0.18

_______________________________________________

(1) During the three months ended December 31, 2014, the Company reversed certain equity-based compensation amounts previously recorded due to the resignation of certain executives.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |17

Q1 2015 SUPPLEMENTAL INFORMATION

GAAP and Cash NOI

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015				December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Rental income - as reported(1)	$	342,759			$	346,928		$	365,712		$	314,519		$	244,415
Operating expense reimbursements - as reported	22,974				18,806			30,984			29,256			21,476
Property operating expense - as reported	(30,999		)		(27,723		)	(40,977		)	(39,286		)	(29,755		)
GAAP NOI	334,734				338,011			355,719			304,489			236,136
Adjustments:
Straight line rent	(19,107		)		(25,367		)	(24,871		)	(17,413		)	(7,520		)
Amortization of below-market lease liabilities, net of amortization of above-market lease assets	1,007				1,475			1,934			2,103			388
Cash NOI	$	316,634		(2)	$	314,119		$	332,782		$	289,179		$	229,004

_____________________________________

(1) Rental income includes percentage rent of $2.6 million, $1.6 million, $1.9 million, $2.7 million and $1.4 million for the three months ended March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, respectively.

(2) Estimated annualized normalized Cash NOI is $1.3 billion, calculated as shown in the table below. For properties acquired or build-to-suits completed during the three months ended March 31, 2015, the adjustments for intra-quarter acquisitions and dispositions replaces cash NOI for the partial period with an amount estimated to be equivalent to cash NOI for the full period. For properties disposed of during the three months ended March 31, 2015, the adjustment eliminates cash NOI for the period.

	March 31, 2015
Cash NOI	$	316,634
Adjustments for intra-quarter acquisitions and dispositions (2)	(2,228		)
Normalized Cash NOI	$	314,406
Annualized Normalized Cash NOI	$	1,257,624

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |18

Q1 2015 SUPPLEMENTAL INFORMATION

Debt and Preferred Equity Summary

(unaudited, dollars in thousands)

Principal Payments Due	Total		2015		2016		2017		2018		2019		Thereafter
Mortgage notes payable	$	3,559,175	$	56,042	$	251,816	$	457,903	$	220,153	$	295,956	$	2,277,305
Unsecured credit facility	3,184,000		—		—		—		3,184,000		—		—
Corporate bonds	2,550,000		—		—		1,300,000		—		750,000		500,000
Convertible debt	1,000,000		—		—		—		597,500		—		402,500
Other debt	39,998		6,535		12,516		7,680		13,267		—		—
Total	$	10,333,173	$	62,577	$	264,332	$	1,765,583	$	4,014,920	$	1,045,956	$	3,179,805

Debt Type	Percentage of Total Debt		Weighted-Average Effective Interest Rate		Weighted-Average Years to Maturity
Mortgage notes payable	34.4	%	4.96	%	7.0
Unsecured credit facility	30.8	%	2.39	%	3.2
Corporate bonds	24.7	%	2.80	%	3.8
Convertible debt	9.7	%	3.30	%	4.3
Other debt	0.4	%	5.81	%	2.8
Total	100.0	%	3.48	%	4.8

Debt Type	Percentage of Total Debt		Weighted-Average Effective Interest Rate		Weighted-Average Years to Maturity
Total unsecured debt	65.2	%	2.68	%	3.6
Total secured debt	34.8	%	4.97	%	7.0
Total	100.0	%	3.48	%	4.8
Total fixed rate debt	78.9	%	3.86	%	5.2
Total floating rate debt	21.1	%	2.03	%	3.2
Total	100.0	%	3.48	%	4.8

Preferred Equity	Amount Outstanding		Percent of Total Preferred Equity		Dividend Rate
Series F preferred stock	$	1,070,853	100.00	%	6.7	%

Represents balloon payments at maturity and excludes monthly scheduled principal amortization.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |19

Q1 2015 SUPPLEMENTAL INFORMATION

Mortgage Notes Payable

(unaudited, dollars in thousands)

Lender	Maturity	Outstanding Balance as of March 31, 2015		Coupon Rate			Effective Rate (1)		Payment Terms (2)
Cantor Commercial Real Estate Lending, L.P.	1/6/2024	$	465,000	4.97	%		4.97	%	I/O
Wells Fargo Bank, National Association	8/10/2036	279,437		4.16	%		4.16	%	P&I
Cantor Commercial Real Estate Lending, L.P.	1/6/2024	155,000		4.97	%		4.97	%	I/O
Wells Fargo Bank, National Association	1/1/2018	133,025		5.61	%		5.61	%	I/O through 02/01/2016, then P&I
The Royal Bank of Scotland Plc	5/1/2023	124,300		3.84	%		3.84	%	I/O
JPMorgan Chase Bank, N.A.	9/1/2020	103,642		5.55	%		5.55	%	P&I
Bank of America, N.A.	1/1/2017	94,884		6.30	%		6.30	%	I/O
Wells Fargo Bank, National Association	3/1/2023	74,250		4.23	%		4.23	%	I/O
Wells Fargo Bank, National Association	7/1/2022	68,110		4.54	%		4.54	%	I/O
Wells Fargo Bank, National Association	1/1/2023	66,000		4.24	%		4.24	%	I/O
Goldman Sachs Commercial Mortgage Capital, L.P.	6/6/2020	63,600		5.73	%		5.73	%	I/O through 07/06/2015, then P&I
Wells Fargo Bank, National Association	5/1/2021	60,450		5.54	%		5.54	%	I/O
PNC Bank, National Association	1/1/2019	59,500		4.10	%		4.10	%	I/O
New York State Teachers' Retirement System	3/1/2019	55,000		4.41	%		4.41	%	I/O
Citigroup Global Markets Realty Corp	5/6/2022	54,300		6.05	%		6.05	%	I/O
US Bank National Association	11/11/2029	51,997		7.23	%		7.23	%	I/O
Bank of America, N.A.	1/1/2017	51,836		5.90	%		5.90	%	I/O
Capital One, N.A.	11/20/2019	51,400		1mo. Libor + 1.95%		(3)	5.22	%	I/O through 11/01/2017, then P&I
American General Life Insurance Company	11/1/2021	51,250		5.25	%		5.25	%	I/O
Wells Fargo Bank, National Association	2/1/2017	48,500		1mo. Libor + 2.47%		(3)	3.75	%	I/O
JPMorgan Chase Bank, N.A.	5/1/2021	46,910		5.53	%		5.53	%	I/O
Goldman Sachs Commercial Mortgage Capital, L.P.	5/6/2021	46,670		5.92	%		5.92	%	I/O
US Bank National Association	7/11/2016	43,700		6.03	%		6.03	%	I/O
People's United Bank	4/1/2021	42,500		5.55	%		5.55	%	I/O through 05/01/2016, then P&I
JPMorgan Chase Bank, N.A.	6/1/2020	41,610		5.71	%		5.71	%	I/O through 07/01/2015, then P&I
Wells Fargo Bank, National Association	6/1/2022	41,000		4.73	%		4.73	%	I/O
Morgan Stanley Mortgage Capital Holdings LLC	1/1/2023	40,800		4.46	%		4.46	%	I/O
US Bank National Association	7/1/2015	39,147		5.10	%		5.10	%	P&I
JPMorgan Chase Bank, N.A.	11/1/2019	38,500		4.10	%		4.10	%	I/O
LaSalle Bank National Association	1/1/2016	38,051		10.68	%	(4)	10.68	%	P&I
JPMorgan Chase Bank, N.A.	11/1/2017	38,315		6.34	%		6.34	%	I/O
Wells Fargo Bank, National Association	3/1/2017	36,600		1mo. Libor + 2.50%		(3)	3.76	%	I/O
The Royal Bank of Scotland Plc	1/1/2021	34,000		5.48	%		5.48	%	I/O
Goldman Sachs Mortgage Company	12/6/2020	31,500		5.25	%		5.25	%	I/O
BOKF, NA dba Bank of Oklahoma	7/29/2018	29,764		1mo. Libor + 2.75%		(3)	4.10	%	I/O
Oritani Bank	5/1/2024	30,050		3.25	%		3.25	%	I/O through 05/01/2019, then P&I
Goldman Sachs Mortgage Company	12/6/2020	30,000		5.25	%		5.25	%	I/O
Jackson National Life Insurance Company	10/1/2021	29,450		4.25	%		4.25	%	I/O through 11/01/2018, then P&I

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |20

Q1 2015 SUPPLEMENTAL INFORMATION

Mortgage Notes Payable (cont.)

(dollars in thousands)

Lender	Maturity	Outstanding Balance as of March 31, 2015		Coupon Rate			Effective Rate (1)		Payment Terms (2)
German American Capital Corporation	10/6/2022	$	29,160	4.48	%		4.48	%	I/O
PNC Bank, National Association	9/1/2022	28,676		4.00	%		4.00	%	P&I
LaSalle Bank National Association	1/1/2016	28,654		5.69	%		5.69	%	I/O through 02/01/2015, then P&I
German American Capital Corporation	10/6/2022	28,440		4.48	%		4.48	%	I/O
BOKF, NA dba Bank of Texas	7/31/2017	28,350		1mo. Libor + 2.20%		(3)	3.28	%	I/O
PNC Bank, National Association	6/1/2022	27,750		4.22	%		4.22	%	I/O
GS Commercial Real Estate LP	8/6/2019	27,725		4.73	%		4.73	%	I/O
Jackson National Life Insurance Company	7/1/2019	27,200		3.10	%		3.10	%	I/O
LaSalle Bank National Association	1/1/2017	25,620		5.81	%		5.81	%	I/O
Bank of America, N.A.	9/1/2017	24,781		5.28	%		5.28	%	P&I
John Hancock Life Insurance Company	10/1/2022	22,500		4.04	%		4.04	%	I/O
BOKF, NA dba Bank of Texas	12/31/2018	21,766		1mo. Libor + 1.80%		(3)	3.57	%	I/O
German American Capital Corp	6/6/2022	19,796		4.60	%		4.60	%	P&I
Aviva Life and Annuity Company	7/1/2021	19,600		5.02	%		5.02	%	I/O through 08/01/2019, then P&I
The Variable Annuity Life Insurance Company	1/1/2023	19,525		4.00	%		4.00	%	I/O
Morgan Stanley Mortgage Capital Holdings LLC	5/10/2021	19,513		5.67	%		5.67	%	I/O
Oritani Bank	5/1/2024	18,889		3.25	%		3.25	%	I/O through 05/01/2019, then P&I
The Royal Bank of Scotland Plc	3/1/2021	18,100		5.88	%		5.88	%	I/O
US Bank National Association	12/11/2016	17,500		5.55	%		5.55	%	I/O
JPMorgan Chase Bank, National Association	5/1/2021	16,520		5.54	%		5.54	%	P&I
BOKF, NA dba Bank of Texas	7/31/2017	16,555		1mo. Libor + 2.20%		(3)	3.28	%	I/O
US Bank National Association	1/11/2017	16,200		5.48	%		5.48	%	I/O
Wachovia Bank, National Association	12/11/2016	16,043		5.63	%		5.63	%	I/O
Wells Fargo Bank, National Association	3/20/2023	15,106		3.23	%		3.23	%	I/O
Oritani Bank	1/1/2023	15,000		3.75	%		3.75	%	I/O through 01/01/2018, then P&I
US Bank National Association	5/1/2016	14,870		5.84	%		5.84	%	P&I
BOKF, NA dba Bank of Texas	12/31/2018	14,150		1mo. Libor + 1.80%		(3)	3.57	%	I/O
Wells Fargo Bank, National Association	3/1/2016	13,500		5.17	%		5.17	%	I/O
BOKF, NA dba Bank of Texas	12/31/2020	13,420		1mo. Libor + 1.85%		(3)	4.25	%	I/O
US Bank National Association	7/1/2016	13,005		6.05	%		6.05	%	P&I
BOKF, NA dba Bank of Texas	7/13/2017	12,725		1mo. Libor + 2.25%		(3)	3.43	%	I/O
Goldman Sachs Commercial Mortgage Capital, L.P.	9/6/2017	12,270		3.70	%		3.70	%	I/O
Customers Bank	12/1/2016	11,895		3.75	%		3.75	%	I/O
JPMorgan Chase Bank, N.A.	7/1/2020	11,375		5.50	%		5.50	%	I/O through 08/01/2015, then P&I
US Bank National Association	2/11/2017	10,332		5.68	%		5.68	%	I/O
US Bank National Association	11/11/2016	10,138		5.50	%		5.50	%	I/O
40/86 Mortgage Capital, Inc.	1/1/2019	10,050		5.00	%		5.00	%	I/O
Monumental Life Insurance Company	4/1/2023	9,838		3.95	%		3.95	%	I/O through 05/01/2014, then P&I

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |21

Q1 2015 SUPPLEMENTAL INFORMATION

Mortgage Notes Payable (cont.)

(dollars in thousands)

Lender	Maturity	Outstanding Balance as of March 31, 2015		Coupon Rate			Effective Rate (1)		Payment Terms (2)
Wachovia Bank, National Association	6/11/2016	$	8,625	6.56	%		6.56	%	I/O
Transamerica Life Insurance Company	8/1/2030	7,665		5.57	%		5.57	%	P&I
Transamerica Life Insurance Company	8/1/2030	6,845		5.32	%		5.32	%	P&I
US Bank National Association	5/11/2017	6,262		5.45	%		5.45	%	I/O
Customers Bank	8/16/2017	5,500		3.63	%		3.63	%	I/O
Amegy Bank, National Association	8/31/2016	7,951		1mo. Libor + 2.95%			3.12	%	I/O
BOKF, NA dba Bank of Texas	10/31/2016	5,060		1mo. Libor + 2.25%		(3)	3.70	%	I/O
Wells Fargo Bank, National Association	3/1/2017	4,800		1mo. Libor + 2.50%		(3)	3.76	%	I/O
US Bank National Association	4/15/2019	1,875		5.40	%		5.40	%	I/O
Capital Lease Funding, LLC	7/15/2018	1,863		7.20	%		7.20	%	P&I
Bear Stearns Commercial Mortgage, Inc.	9/1/2017	1,678		5.88	%		5.88	%	I/O
US Bank National Association	12/11/2016	1,447		6.18	%		6.18	%	I/O
BOKF, NA dba Bank of Texas	4/12/2018	1,562		1mo. Libor + 2.45%		(3)	3.39	%	I/O
US Bank National Association	12/11/2015	508		5.83	%		5.83	%	I/O
BOKF, NA dba Bank of Texas	4/12/2018	562		1mo. Libor + 2.45%		(3)	3.39	%	I/O
Transamerica Life Insurance Company	8/1/2030	387		5.93	%		5.93	%	P&I
		$	3,559,175				4.96	%

_______________________________________________

(1) Represents interest rate in effect at March 31, 2015. For loans subject to interest rate swaps, this represents the all-in fixed interest rate.

(2) I/O means interest only is due monthly with the principal due at maturity. P&I means both principal and interest are due monthly.

(3) Variable-rate loan fixed by way of interest rate swap agreement.

(4) On March 6, 2015, the Company received a notice of default from the lender of a loan with a principal balance of $38.1 million due to the Company

failing to pay a reserve payment required per the loan agreement. Due to the default, the Company is currently accruing interest at the default rate of interest

of 10.68% per annum.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |22

Q1 2015 SUPPLEMENTAL INFORMATION

Credit Facility and Corporate Bond Covenants

(unaudited)

The following is a summary of key financial covenants for the Company's unsecured credit facility and corporate bonds, as defined and calculated per the terms of the facility's credit agreement and the notes governing document, respectively. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that the Company is in compliance with the covenants and are not measures of our liquidity or performance. As of March 31, 2015, the Company believes it is in compliance with these covenants based on the covenant limits and calculations in place at that time.

Unsecured Credit Facility Key Covenants	Required	March 31, 2015
Maximum leverage ratio	≤ 60%	46.3%
Minimum fixed charge coverage ratio	≥ 1.5x	2.32x
Secured leverage ratio	≤ 45%	14.9%
Total unencumbered asset value ratio	≤ 60%	47.2%
Minimum tangible net worth covenant	≥ $5.50B	$8.59B
Minimum unencumbered interest coverage ratio	≥ 1.75x	4.34x

Senior Notes Key Covenants	Required	March 31, 2015
Limitation on incurrence of total debt	≤ 65%	53.8%
Limitation on incurrence of secured debt	≤ 40%	18.6%
Debt service coverage ratio	≥ 1.5x	2.32x
Maintenance of total unencumbered assets	≥ 150%	209.1%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |23

Q1 2015 SUPPLEMENTAL INFORMATION

Acquisitions

(unaudited, dollars in thousands)

Acquisitions

The following table shows properties that were purchased⁽¹⁾⁽²⁾ during the three months ended March 31, 2015

Property	Location	Square Feet	Purchase Price		Cash Cap Rate		Remaining Lease Term (Years) (3)
Family Dollar	Huntsville, AL	8,320	$	1,699	6.6	%	14.9
Family Dollar	Columbia, SC	8,000	1,579		6.7	%	15.0
Family Dollar	Wolcott, NY	8,320	1,417		6.4	%	15.0
Family Dollar	North, SC	8,320	1,294		6.7	%	15.0
Total / Weighted Average		32,960	$	5,989	6.6	%

_______________________________________________

(1) Also during the three months ended March 31, 2015, six land parcels were purchased for a total purchase price of $1.6 million. Budgeted total construction costs to complete these development projects is $8.0 million, of which the Company has paid $1.0 million. The expected average cash cap rate based on budgeted construction costs and preliminary lease terms is 7.3%.

(2) In addition, the Company completed six build-to-suit properties that were placed into service during the three months ended March 31, 2015, with an average cash cap rate of 7.3%.

(3) Remaining lease term from March 31, 2015.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |24

Q1 2015 SUPPLEMENTAL INFORMATION

Dispositions

(unaudited, dollars in thousands)

Dispositions

The following table shows the 11 properties that were disposed of during the three months ended March 31, 2015, of which two were vacant at the date of disposition:

Property	Location	Square Feet	Remaining Lease Term (Years)(1)	Cash Cap Rate		Sale Price			Real Estate Gain (Loss) (2)			Goodwill Allocation (3)			GAAP Gain (Loss) (4)
Apollo Group	Phoenix, AZ	599,664	16.2	7.1	%	$	183,000		$	(5,082	)	$	(16,360	)	$	(21,442	)
AT&T	Dallas, TX	206,040	6.9	8.0	%	33,500			(361		)	(2,911		)	(3,272		)
Long John Silver's / A&W	Clarksville, TN	3,039	3.2	7.3	%	850			150			(5)			81
Long John Silver's / A&W	Murfreesboro, TN	3,050	10.5	6.5	%	550			98			(5)			57
Portfolio Sale
Breakfast Pointe(6)	Panama City Beach, FL	97,938	8.2
Falcon Valley(6)	Lenexa, KS	76,784	11.7
Lakeshore Crossing(6)	Gainesville, GA	123,948	8.9
Kohl's(6)	Onalaska, WI	86,432	9.0
CVS(6)	Lake Wales, FL	11,220	9.3
Total Portfolio		396,322	9.4	6.7	%	52,335			(2,356		)	(4,257		)	(6,613		)
Vacant	Various	9,551	—	—		1,540			49			(152		)	(103		)
Total Dispositions		1,217,666	13.6	7.1	%	$	271,775	(7)	$	(7,502	)	$	(23,680	)	$	(31,292	)	(8)

_______________________________________________

(1) Represents the remaining lease term from the date of sale. For multi-tenant retail properties, total portfolio and total dispositions, represents the weighted-average remaining lease term from the date of disposition, based on annualized rental revenue.

(2) Equals sale price less GAAP net book value and selling costs.

(3) In accordance with GAAP, the Company allocated a portion of the Real Estate Investment segment goodwill to the sold property to calculate the GAAP gain(loss). See Note 2 - Summary of Significant Accounting Policies of our Quarterly Report on From 10-Q for the three months ended March 31, 2015 for allocation methodology.

(4) Equals sale price less GAAP net book value, goodwill allocation and selling costs.

(5) Properties classified as held for sale as of December 31, 2014. During the three months ended December 31, 2014, goodwill of $69,000 and $41,000, respectively, was allocated to the cost basis of each property.

(6) Sold as a portfolio to a single buyer.

(7) Excludes NIH building in Bethesda, MD, which foreclosed on January 13, 2015. The Company elected to stop making debt service payments on the related loan with an outstanding balance of $53.8 million as of December 31, 2014.

(8) Loss on dispositions of real estate, net in the consolidated financial statements includes $76,000 of real estate disposition costs that are either not related to a single property or are residual disposition costs related to prior year dispositions.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |25

Q1 2015 SUPPLEMENTAL INFORMATION

Same Store Rental Revenue

(unaudited, dollars in thousands)

The Company reviews the stabilized operating results from properties that were owned for the entirety of both the current and prior year reporting periods, referred to as "same store." The following tables show the Company's same store portfolio statistics, which included 2,524 properties acquired prior to January 1, 2014 and owned though March 31, 2015:

	Quarter Ended March 31,				Increase/(Decrease)
	2015		2014		$ Change		% Change
Base rental revenue	$	137,544	$	136,134	$	1,410	1.0	%

		Base Rental Revenue
	Number of	Quarter Ended March 31,				Increase/(Decrease)
	Properties	2015		2014		$ Change		% Change
Distribution	69	$	19,903	$	19,708	$	195	1.0	%
Industrial	5	464		464		—		—	%
Office	100	34,285		33,775		510		1.5	%
Restaurant	1,381	38,108		38,041		67		0.2	%
Retail	964	44,721		44,083		638		1.4	%
Other(1)	5	63		63		—		—	%
	2,524	$	137,544	$	136,134	$	1,410	1.0	%

_______________________________________________

(1) Other properties includes billboards and parking lots.

Total portfolio property type diversification percentages are calculated using annualized rental revenue and same store property type diversification percentages are calculated using base rental revenue.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |26

Q1 2015 SUPPLEMENTAL INFORMATION

Top 10 Concentrations

(unaudited, dollars in thousands)

Tenant Concentration	Number of Leases	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	31	3,888,996	3.81	%	$	159,624	11.80	%	B-
CVS	175	2,413,862	2.36	%	52,096		3.85	%	BBB+
Walgreens	123	1,785,789	1.75	%	44,732		3.31	%	BBB
Family Dollar	209	3,292,769	3.23	%	36,025		2.66	%	BBB-
Dollar General	406	3,755,764	3.68	%	34,319		2.54	%	BBB-
FedEx	55	3,346,465	3.28	%	32,622		2.41	%	BBB
General Service Administration	23	1,020,641	1.00	%	23,674		1.75	%	AA+
Albertson's	33	1,923,485	1.88	%	23,633		1.75	%	B
Citizens Bank	190	973,241	0.95	%	22,865		1.69	%	A-
AT&T	4	1,107,231	1.08	%	20,092		1.49	%	BBB+
	1,249	23,508,243	23.02	%	$	449,682	33.25	%

Tenant Industry Concentration	Number of Leases	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Restaurants - Other	412	6,798,810	6.66	%	$	253,787	18.75	%
Manufacturing	68	18,664,404	18.27	%	125,136		9.24	%
Restaurants - Quick Service	995	4,321,012	4.23	%	120,328		8.89	%
Retail - Pharmacy	338	4,907,108	4.80	%	110,581		8.17	%
Retail - Discount	643	10,363,958	10.15	%	94,578		6.99	%
Finance	310	3,107,508	3.04	%	66,330		4.90	%
Professional Services	72	4,241,658	4.15	%	59,858		4.42	%
Retail - Grocery & Supermarket	85	5,509,316	5.39	%	57,600		4.26	%
Retail - Home & Garden	102	7,745,291	7.58	%	57,070		4.22	%
Logistics	63	4,800,451	4.70	%	41,501		3.07	%
	3,088	70,459,516	68.97	%	$	986,769	72.91	%

Geographic Concentration	Number of Properties	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Texas	628	11,840,663	11.59	%	$	172,938	12.78	%
Illinois	193	6,136,866	6.01	%	81,768		6.04	%
Florida	301	5,121,254	5.01	%	80,058		5.91	%
California	102	5,028,083	4.92	%	75,710		5.59	%
Georgia	226	4,891,036	4.79	%	66,970		4.95	%
Pennsylvania	175	5,799,747	5.68	%	59,474		4.39	%
Ohio	301	5,828,240	5.71	%	56,737		4.19	%
Indiana	147	5,972,034	5.85	%	44,437		3.28	%
North Carolina	187	3,965,560	3.88	%	43,430		3.21	%
Michigan	194	2,495,960	2.44	%	39,771		2.94	%
	2,454	57,079,443	55.88	%	$	721,293	53.28	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |27

Q1 2015 SUPPLEMENTAL INFORMATION

Tenants Comprising Over 1% of Annualized Rental Revenue

(unaudited, dollars in thousands)

Tenant	Number of Leases	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio		Investment Rating
Red Lobster	31	3,888,996	3.81	%	$	159,624	11.80	%	B-
CVS	175	2,413,862	2.36	%	52,096		3.85	%	BBB+
Walgreens	123	1,785,789	1.75	%	44,732		3.31	%	BBB
Family Dollar	209	3,292,769	3.23	%	36,025		2.66	%	BBB-
Dollar General	406	3,755,764	3.68	%	34,319		2.54	%	BBB-
FedEx	55	3,346,465	3.28	%	32,622		2.41	%	BBB
General Service Administration	23	1,020,641	1.00	%	23,674		1.75	%	AA+
Albertson's	33	1,923,485	1.88	%	23,633		1.75	%	B
Citizens Bank	190	973,241	0.95	%	22,865		1.69	%	A-
AT&T	4	1,107,231	1.08	%	20,092		1.49	%	BBB+
BJ's Wholesale Club	4	2,223,069	2.18	%	19,254		1.42	%	B-
AON	8	1,203,066	1.18	%	18,154		1.34	%	A-
Petsmart	12	857,565	0.84	%	17,610		1.30	%	BB+
Goodyear	10	4,727,594	4.63	%	16,550		1.22	%	BB-
Tractor Supply	58	1,213,001	1.19	%	15,709		1.16	%	NR
Lowe's	15	2,012,864	1.97	%	15,526		1.15	%	A-
Wal-Mart	9	1,944,108	1.90	%	14,608		1.08	%	AA
Home Depot	12	2,161,832	2.12	%	14,252		1.05	%	A
Amazon	3	3,048,444	2.99	%	14,159		1.05	%	AA-
	1,380	42,899,786	42.02	%	$	595,504	44.02	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |28

Q1 2015 SUPPLEMENTAL INFORMATION

Diversification: Tenant Industry

(unaudited, dollars in thousands)

Industry	Number of Leases	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Accommodation & Food Services	1	9,513	—	%	$	228	—	%
Administrative & Support Services	5	430,227	0.4	%	4,054		0.3	%
Agricultural	2	137,520	0.1	%	1,245		0.1	%
Education	4	1,287,500	1.3	%	5,812		0.4	%
Entertainment & Recreation	22	849,581	0.8	%	15,807		1.2	%
Finance	310	3,107,508	3.0	%	66,330		4.9	%
Government & Public Services	31	1,280,339	1.3	%	30,996		2.3	%
Healthcare	81	1,661,291	1.6	%	30,229		2.2	%
Information & Communications	17	1,309,268	1.3	%	24,795		1.8	%
Insurance	21	2,169,556	2.1	%	40,876		3.0	%
Logistics	63	4,800,451	4.7	%	41,501		3.1	%
Manufacturing	68	18,664,404	18.3	%	125,136		9.2	%
Mining & Natural Resources	16	744,933	0.7	%	14,760		1.1	%
Other Services	33	5,227,292	5.1	%	19,242		1.4	%
Professional Services	72	4,241,658	4.2	%	59,858		4.4	%
Real Estate	4	59,059	0.1	%	936		0.1	%
Rental	9	712,860	0.7	%	6,734		0.5	%
Restaurants - Other	412	6,798,810	6.7	%	253,787		18.7	%
Restaurants - Quick Service	995	4,321,012	4.2	%	120,328		8.9	%
Retail - Apparel & Jewelry	15	1,402,799	1.4	%	15,311		1.1	%
Retail - Automotive	167	1,197,391	1.2	%	21,987		1.6	%
Retail - Department Stores	13	964,516	0.9	%	8,015		0.6	%
Retail - Discount	643	10,363,958	10.2	%	94,578		7.0	%
Retail - Electronics & Appliances	23	701,381	0.7	%	9,617		0.7	%
Retail - Gas & Convenience	127	526,556	0.5	%	27,186		2.0	%
Retail - Grocery & Supermarket	85	5,509,316	5.4	%	57,600		4.3	%
Retail - Hobby, Books & Music	10	364,971	0.4	%	3,615		0.3	%
Retail - Home & Garden	102	7,745,291	7.6	%	57,070		4.2	%
Retail - Home Furnishings	39	452,995	0.4	%	7,400		0.5	%
Retail - Internet	3	3,048,444	3.0	%	14,159		1.0	%
Retail - Office Supply	4	76,493	0.1	%	1,155		0.1	%
Retail - Pet Supply	15	902,817	0.9	%	18,444		1.4	%
Retail - Pharmacy	338	4,907,108	4.8	%	110,581		8.2	%
Retail - Specialty (Other)	23	561,273	0.6	%	6,163		0.5	%
Retail - Sporting Goods	21	1,229,446	1.2	%	14,401		1.1	%
Retail - Warehouse Clubs	8	2,630,903	2.6	%	22,368		1.7	%
Transportation	1	49,920	0.1	%	6		—	%
Utilities	2	37,356	—	%	812		0.1	%
Other(1)	82	1,647,386	1.6	%	445		—	%
	3,887	102,133,102	100	%	1,353,567		100	%

_______________________________________________

(1) Includes billboard, construction in progress, license agreements, parking and vacant assets.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |29

Q1 2015 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic

(unaudited, dollars in thousands)

Location	Number of Properties	Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
United States
Alabama	159	1,774,103	1.7	%	$	32,914	2.4	%
Alaska	3	25,070	—	%	774		0.1	%
Arizona	87	2,409,771	2.4	%	38,182		2.8	%
Arkansas	103	1,027,467	1.0	%	13,061		1.0	%
California	102	5,028,083	4.9	%	75,710		5.6	%
Colorado	59	1,935,612	1.9	%	29,233		2.2	%
Connecticut	20	99,818	0.1	%	2,840		0.2	%
Delaware	12	106,658	0.1	%	2,571		0.2	%
District of Columbia	1	3,210	—	%	44		—	%
Florida	301	5,121,254	5.0	%	80,058		5.9	%
Georgia	226	4,891,036	4.8	%	66,970		5.0	%
Idaho	20	147,597	0.1	%	4,444		0.3	%
Illinois	193	6,136,866	6.0	%	81,768		6.0	%
Indiana	147	5,972,034	5.8	%	44,437		3.3	%
Iowa	54	1,621,488	1.6	%	15,516		1.1	%
Kansas	52	2,324,023	2.3	%	16,013		1.2	%
Kentucky	95	2,246,618	2.2	%	27,325		2.0	%
Louisiana	103	1,685,842	1.7	%	23,909		1.8	%
Maine	25	648,410	0.6	%	8,547		0.6	%
Maryland	35	869,272	0.9	%	18,063		1.3	%
Massachusetts	41	2,650,803	2.6	%	31,111		2.3	%
Michigan	194	2,495,960	2.4	%	39,771		2.9	%
Minnesota	48	585,633	0.6	%	9,171		0.7	%
Mississippi	81	1,843,066	1.8	%	16,396		1.2	%
Missouri	173	1,954,947	1.9	%	27,931		2.1	%
Montana	10	101,697	0.1	%	1,785		0.1	%
Nebraska	25	779,258	0.8	%	13,566		1.0	%
Nevada	33	753,105	0.7	%	9,703		0.7	%
New Hampshire	20	254,147	0.2	%	4,398		0.3	%
New Jersey	39	1,693,388	1.7	%	37,347		2.8	%
New Mexico	60	942,518	0.9	%	14,578		1.1	%
New York	95	1,822,441	1.8	%	34,459		2.5	%
North Carolina	187	3,965,560	3.9	%	43,430		3.2	%
North Dakota	12	200,818	0.2	%	4,598		0.3	%
Ohio	301	5,828,240	5.7	%	56,737		4.2	%
Oklahoma	90	2,142,210	2.1	%	27,524		2.0	%
Oregon	17	319,773	0.3	%	4,430		0.3	%
Pennsylvania	175	5,799,747	5.7	%	59,474		4.4	%
Rhode Island	14	214,079	0.2	%	3,649		0.3	%
South Carolina	128	3,396,513	3.3	%	30,887		2.3	%
South Dakota	11	132,424	0.1	%	1,614		0.1	%
Tennessee	135	3,481,093	3.5	%	34,419		2.5	%
Texas	628	11,840,663	11.6	%	172,938		12.8	%
Utah	14	142,598	0.1	%	3,176		0.2	%
Vermont	8	36,749	—	%	734		0.1	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |30

Q1 2015 SUPPLEMENTAL INFORMATION

Diversification: Property Geographic (cont.)

(dollars in thousands)

Location	Number of Properties	Square Feet	Leased Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Virginia	120	2,134,301	2.1	%	$	38,218	2.9	%
Washington	27	492,078	0.5	%	11,835		0.9	%
West Virginia	44	271,806	0.3	%	6,911		0.5	%
Wisconsin	87	1,483,395	1.5	%	18,493		1.4	%
Wyoming	11	70,058	0.1	%	1,701		0.1	%
Territories
Puerto Rico	3	87,550	0.1	%	2,429		0.2	%
Canadian Providences
Alberta	4	31,667	—	%	1,912		0.1	%
Manitoba	2	15,900	—	%	827		0.1	%
Ontario	11	77,885	0.1	%	4,208		0.3	%
Saskatchewan	2	16,800	—	%	828		0.1	%
	4,647	102,133,102	100.0	%	$	1,353,567	100.0	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |31

Q1 2015 SUPPLEMENTAL INFORMATION

Diversification: Property Building Type

(unaudited, dollars in thousands)

Property Type	Number of Properties	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income		Annualized Rental Income as a % of Total Portfolio
Distribution	94	28,303,085	27.7	%	$	139,889	10.3	%
Industrial	79	11,766,597	11.5	%	67,231		5.0	%
Multi-tenant retail	17	1,581,901	1.6	%	22,951		1.7	%
Office	163	16,722,877	16.4	%	297,511		22.0	%
Restaurant	2,171	11,069,825	10.8	%	371,175		27.4	%
Retail	2,086	31,676,527	31.0	%	447,479		33.1	%
Other(1)	37	1,012,290	1.0	%	7,331		0.5	%
	4,647	102,133,102	100.0	%	$	1,353,567	100.0	%

_______________________________________________

(1) Includes billboard, construction in progress, land, parking and vacant assets.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |32

Q1 2015 SUPPLEMENTAL INFORMATION

Lease Expirations

(unaudited, dollars in thousands)

Year of Expiration	Number of Leases Expiring	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2015	208	3,139,378	3.1	%	$	20,372	1.5	%
2016	131	3,557,519	3.5	%	34,122		2.5	%
2017	257	5,072,303	5.0	%	59,155		4.4	%
2018	244	3,091,504	3.0	%	40,928		3.0	%
2019	190	3,376,090	3.3	%	57,509		4.3	%
2020	198	3,711,551	3.6	%	46,988		3.5	%
2021	163	11,060,347	10.9	%	84,531		6.3	%
2022	257	9,379,757	9.2	%	79,743		5.9	%
2023	231	6,553,566	6.4	%	87,234		6.4	%
2024	175	10,063,688	9.9	%	125,527		9.3	%
	2,054	59,005,703	57.9	%	$	636,109	47.1	%

Annualized Rental Income Expiring as a Percentage of Total Portfolio

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |33

Q1 2015 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, dollars in thousands)

Year of Expiration	Number of Leases Expiring	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2015
Retail	8	30,853	—	%	$	193	—	%
Office	51	1,057,314	1.0	%	10,467		0.8	%
Restaurant	127	494,594	0.5	%	6,715		0.5	%
Multi-Tenant Retail	18	93,264	0.1	%	342		—	%
Distribution	3	1,463,353	1.5	%	2,650		0.2	%
Industrial	—	—	—	%	—		—	%
Other(1)	1	—	—	%	5		—	%
Total 2015	208	3,139,378	3.1	%	$	20,372	1.5	%
2016
Retail	12	95,769	0.1	%	$	1,119	0.1	%
Office	14	741,182	0.7	%	12,792		1.0	%
Restaurant	78	364,638	0.4	%	8,751		0.6	%
Multi-Tenant Retail	19	111,794	0.1	%	1,556		0.1	%
Distribution	7	2,244,136	2.2	%	9,885		0.7	%
Industrial	—	—	—	%	—		—	%
Other(1)	1	—	—	%	19		—	%
Total 2016	131	3,557,519	3.5	%	$	34,122	2.5	%
2017
Retail	101	615,899	0.6	%	$	14,143	1.1	%
Office	28	1,407,093	1.4	%	21,428		1.6	%
Restaurant	86	605,535	0.6	%	11,128		0.8	%
Multi-Tenant Retail	32	152,947	0.1	%	2,609		0.2	%
Distribution	6	2,139,597	2.2	%	9,268		0.7	%
Industrial	3	151,232	0.1	%	564		—	%
Other(1)	1	—	—	%	15		—	%
Total 2017	257	5,072,303	5.0	%	$	59,155	4.4	%
2018
Retail	75	964,985	0.9	%	$	13,895	1.0	%
Office	12	341,746	0.3	%	7,525		0.6	%
Restaurant	114	418,260	0.5	%	10,061		0.7	%
Multi-Tenant Retail	29	303,159	0.3	%	4,192		0.3	%
Distribution	7	849,596	0.8	%	4,002		0.3	%
Industrial	6	213,758	0.2	%	1,241		0.1	%
Other(1)	1	—	—	%	12		—	%
Total 2018	244	3,091,504	3.0	%	$	40,928	3.0	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |34

Q1 2015 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, dollars in thousands)

Year of Expiration	Number of Leases Expiring	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2019
Retail	57	1,354,979	1.3	%	$	15,459	1.1	%
Office	17	1,050,459	1.0	%	25,557		1.9	%
Restaurant	89	473,664	0.5	%	10,473		0.9	%
Multi-Tenant Retail	23	207,914	0.2	%	3,322		0.2	%
Distribution	2	220,643	0.2	%	2,212		0.2	%
Industrial	2	68,431	0.1	%	486		—	%
Other(1)	—	—	—	%	—		—	%
Total 2019	190	3,376,090	3.3	%	$	57,509	4.3	%
2020
Retail	84	1,112,623	1.1	%	$	14,397	1.1	%
Office	19	1,679,306	1.6	%	20,269		1.5	%
Restaurant	77	300,155	0.3	%	7,521		0.6	%
Multi-Tenant Retail	12	132,146	0.1	%	1,595		0.1	%
Distribution	—	—	—	%	—		—	%
Industrial	5	478,921	0.5	%	3,205		0.2	%
Other(1)	1	8,400	—	%	1		—	%
Total 2020	198	3,711,551	3.6	%	$	46,988	3.5	%
2021
Retail	65	1,335,429	1.3	%	$	20,390	1.6	%
Office	17	1,692,582	1.7	%	28,917		2.1	%
Restaurant	54	199,650	0.2	%	5,727		0.4	%
Multi-Tenant Retail	9	118,230	0.1	%	1,874		0.1	%
Distribution	14	6,556,209	6.5	%	23,721		1.8	%
Industrial	4	1,158,247	1.1	%	3,902		0.3	%
Other(1)	—	—	—	%	—		—	%
Total 2021	163	11,060,347	10.9	%	$	84,531	6.3	%
2022
Retail	157	2,130,780	2.1	%	$	28,422	2.1	%
Office	9	665,954	0.7	%	13,433		1.0	%
Restaurant	55	370,553	0.4	%	8,070		0.6	%
Multi-Tenant Retail	5	66,053	0.1	%	1,333		0.1	%
Distribution	21	5,091,372	4.9	%	21,779		1.6	%
Industrial	10	1,055,045	1.0	%	6,706		0.5	%
Other(1)	—	—	—	%	—		—	%
Total 2022	257	9,379,757	9.2	%	$	79,743	5.9	%

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |35

Q1 2015 SUPPLEMENTAL INFORMATION

Lease Expirations (cont.)

(unaudited, dollars in thousands)

Year of Expiration	Number of Leases Expiring	Square Feet	Square Feet as a % of Total Portfolio		Annualized Rental Income Expiring		Annualized Rental Income Expiring as a % of Total Portfolio
2023
Retail	125	1,887,477	1.9	%	$	23,637	1.7	%
Office	26	1,685,099	1.6	%	36,382		2.7	%
Restaurant	57	325,483	0.3	%	7,194		0.5	%
Multi-Tenant Retail	7	129,367	0.1	%	2,615		0.2	%
Distribution	9	2,230,423	2.2	%	14,288		1.1	%
Industrial	7	295,717	0.3	%	3,118		0.2	%
Other(1)	—	—	—	%	—		—	%
Total 2023	231	6,553,566	6.4	%	$	87,234	6.4	%
2024
Retail	88	2,259,516	2.3	%	$	30,756	2.4	%
Office	27	4,102,960	4.0	%	73,636		5.4	%
Restaurant	45	181,566	0.2	%	5,449		0.4	%
Multi-Tenant Retail	3	10,364	—	%	205		—	%
Distribution	6	1,939,889	1.9	%	8,554		0.6	%
Industrial	6	1,569,393	1.5	%	6,927		0.5	%
Other(1)	—	—	—	%	—		—	%
Total 2024	175	10,063,688	9.9	%	$	125,527	9.3	%
Total 2015 - 2024	2,054	59,005,703	57.9	%	$	636,109	47.1	%

_______________________________________________

(1) Includes billboards and parking lots.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |36

Q1 2015 SUPPLEMENTAL INFORMATION

Unconsolidated Joint Venture Investment Summary

(unaudited, dollars in thousands)

The following table shows certain information regarding the Company's interests in unconsolidated joint ventures as of March 31, 2015:

Joint Venture	Partner	Ownership %	Pro rata Share of Purchase Price		Rentable Square Feet (1)	Annualized Rental Income (1)		Debt (1) (2)		Major Tenants
Cole/Mosaic JV South Elgin IL, LLC	Affiliate of Mosaic Properties and Development, LLC	50%	$	17,000	232,000	$	2,973	$	20,400	Home Depot, Best Buy
Chandler Festival SPE, LLC	Propstra Chandler Trust & RED Development, LLC	45%(3)	27,878		360,000	5,365		28,428		Nordstrom Rack, Buy Buy Baby, Ross, TJ Maxx
Chandler Village Center, LLC (AZ)	Propstra Chandler Trust & RED Development, LLC	45%(3)	13,316		130,000	2,445		20,370		Sports Authority, Bed Bath & Beyond, DSW
Cole/LBA JV OF Pleasanton CA	Affiliate of LBA Realty	90%	86,850		343,000	6,518		57,000		Clorox Companies
Chandler Gateway SPE, LLC	Propstra Chandler Trust & RED Development, LLC	45%(3)	12,884		260,000	2,348		18,091		Hobby Lobby, Wal-Mart
Cole/Faison JV Bethlehem GA, LLC	Faison-Winder Investors, LLC	90%	33,429		280,000	3,323		26,000		Publix, Belk
Total			$	191,357	1,605,000	$	22,972	$	170,289
Company's aggregate interest						$	14,915	$	115,000

_______________________________________________

(1) Rentable square feet, annualized rental income and debt represent information for the total unconsolidated joint venture.

(2) Debt represents secured fixed and variable rates ranging from 2.05% to 6.15% and maturities ranging from July 2015 to July 2021, with a weighted-average interest rate of 3.69% as of March 31, 2015 and a weighted-average years to maturity of 2.2 years as of March 31, 2015.

(3) Represents the Company's 90% interest in a consolidated joint venture, whose only assets are 50% interests in the respective unconsolidated joint ventures.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |37

Q1 2015 SUPPLEMENTAL INFORMATION

Red Lobster Portfolio Highlights

(unaudited, dollars in thousands)

Red Lobster portfolio highlights

• Purchased 522 properties in three transactions during 2014

• The Red Lobster portfolio is made up of:

◦ 502 properties under 11 master lease agreements

◦ 20 properties under 20 individual leases

The table below represents key statistics of the Red Lobster portfolio:

Cash Cap Rate(3)	7.9%
EBITDAR coverage ratio(1)(3)	2.22
Rent as a percentage of sales(2)(3)	7.2%
Total purchase price(3)(4)	$1,591,988
Weighted average lease term (years)(3)	23.54
Annual contract rent increases	2%
Percent of portfolio constructed in last 10 years or remodeled in last five years(3)	84.9%

_______________________________________________

(1) EBITDAR coverage ratio is calculated as the aggregate trailing twelve months EBITDAR, which is defined as earnings before interest, taxes, depreciation and amortization and rent costs, divided by aggregate year one contract rent. EBITDAR was provided by the seller during the Company's due diligence process.

(2) Rent as a percentage of sales is calculated as aggregate year one contract rent, including any ground lease rent payments, divided by the trailing 12-months sales at time of acquisition, which was provided by the seller during the Company's due diligence process.

(3) Data is as of acquisition date.

(4) Excludes 20 restaurant properties acquired for an additional $96.9 million that do not operate under a Red Lobster affiliation.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |38

Q1 2015 SUPPLEMENTAL INFORMATION

Statements of Operations - Cole Capital

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenues:
Dealer manager fees, selling commissions and offering reimbursements	$	3,117		$	13,152		$	21,535		$	9,969		$	42,453
Transaction service fees and reimbursements	10,260			20,550			24,423			15,116			4,867
Management fees and reimbursements	14,117			18,580			13,839			12,137			6,937
Total revenues	27,494			52,282			59,797			37,222			54,257
Expenses:
Reallowed fees and commissions	2,031			9,326			15,398			7,068			34,436
Acquisition related	459			3,362			—			—			—
Merger and other transaction related	—			23			19			1,423			504
General and administrative	17,736			31,036			17,265			22,035			20,831
Depreciation and amortization	8,353			7,050			25,077			24,774			14,359
Impairments	—			309,444			—			—			—
Total operating expenses	28,579			360,241			57,759			55,300			70,130
Total other income	1,219			2,011			179			110			16
Income (loss) before income and franchise taxes	134			(305,948		)	2,217			(17,968		)	(15,857		)
(Provision for) benefit from income and franchise taxes	(220		)	27,979			(1,131		)	7,494			6,235
Net (loss) income	$	(86	)	$	(277,969	)	$	1,086		$	(10,474	)	$	(9,622	)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |40

Q1 2015 SUPPLEMENTAL INFORMATION

EBITDA and Normalized EBITDA - Cole Capital

(unaudited, in thousands)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Revenue	$	27,494		$	52,282		$	59,797		$	37,222		$	54,257
Less: total operating expenses	28,579			360,241			57,759			55,300			70,130
Operating (loss) income	(1,085		)	(307,959		)	2,038			(18,078		)	(15,873		)
Total other income	1,219			2,011			179			110			16
Income (loss) before income and franchise taxes	134			(305,948		)	2,217			(17,968		)	(15,857		)
(Provision for) benefit from income and franchise taxes	(220		)	27,979			(1,131		)	7,494			6,235
Net (loss) income	(86		)	(277,969		)	1,086			(10,474		)	(9,622		)
Adjustments:
Depreciation and amortization	8,353			7,050			25,077			24,774			14,359
Provision for (benefit from) income taxes	220			(27,979		)	1,131			(7,494		)	(6,235		)
EBITDA	8,487			(298,898		)	27,294			6,806			(1,498		)
Management adjustments:
Impairments	—			309,444			—			—			—
Acquisition related	459			3,362			—			—			—
Merger and other non-routine transactions	—			23			19			1,423			504
Equity-based compensation	416			3,017			3,455			2,115			934
Normalized EBITDA	$	9,362		$	16,948		$	30,768		$	10,344		$	(60	)

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |41

Q1 2015 SUPPLEMENTAL INFORMATION

Funds from Operations and Adjusted Funds from Operations - Cole Capital

(unaudited, in thousands, except share and per share data)

	Three Months Ended
	March 31, 2015			December 31, 2014			September 30, 2014		June 30, 2014			March 31, 2014
Net (loss) income	$	(86	)	$	(277,969	)	$	1,086	$	(10,474	)	$	(9,622	)
FFO	(86		)	(277,969		)	1,086		(10,474		)	(9,622		)
Acquisition related	459			3,362			—		—			—
Merger and other non-routine transactions	—			23			19		1,423			504
Impairment of intangible assets	—			309,444			—		—			—
Amortization of management contracts	7,510			6,233			24,288		24,024			13,992
Deferred tax benefit	(3,972		)	(33,324		)	—		—			—
Equity-based compensation expense, net of forfeitures	416			3,017			3,455		2,115			934
Other amortization and non-cash charges	735			739			710		658			300
AFFO	$	5,062		$	11,525		$	29,558	$	17,746		$	6,108
Weighted-average shares outstanding - basic	902,996,270			902,528,136			902,096,102		815,406,408			547,470,457
Effect of dilutive securities	26,157,663			29,629,740			44,970,255		52,613,117			51,151,928
Weighted-average shares outstanding - diluted	929,153,933			932,157,876			947,066,357		868,019,525			598,622,385
FFO per diluted share	$	—		$	(0.30	)	$	—	$	(0.01	)	$	(0.02	)
AFFO per diluted share	$	0.01		$	0.01		$	0.03	$	0.02		$	0.01

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |42

Q1 2015 SUPPLEMENTAL INFORMATION

Net G&A

(unaudited, in thousands)

In its capacity as advisor to the Managed Programs, Cole Capital incurs certain costs on behalf of the Managed Programs, which are reimbursable. In accordance with GAAP, the Company records these costs as general and administrative expenses and the subsequent reimbursements as revenue. The following table presents the Cole Capital segment general administrative expenses, net of expense reimbursements from the Managed Programs:

	Three Months Ended
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Total consolidated general and administrative expenses	$	33,106	$	44,622	$	30,213	$	37,224	$	55,369
Less: REI segment general and administrative expenses	15,370		13,586		12,948		15,189		34,538
Cole Capital general and administrative expenses	17,736		31,036		17,265		22,035		20,831
Less: Expense reimbursements from Managed Programs	3,715		7,807		7,718		4,640		5,478
Net Cole Capital G&A expense	$	14,021	$	23,229	$	9,547	$	17,395	$	15,353

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |43

Q1 2015 SUPPLEMENTAL INFORMATION

Program Development Costs

(unaudited, in thousands)

Cole Capital pays for organization, registration and offering expenses associated with the sale of common stock of the Managed Programs. The reimbursement of these expenses by the Managed Programs is limited to a certain percentage of the proceeds raised from their offerings, in accordance with their respective advisory agreements and charters. Such expenses paid by the Company on behalf of the Managed Programs in excess of these limits that are expected to be collected are recorded as program development costs on the balance sheet. The Company assesses the collectability of the program development costs, considering the offering period and historical and forecasted sales of shares under the Managed Programs' respective offerings and reserves for any balances considered not collectible.

The following table presents a rollforward of the program development costs balance:

	Program Development Costs (1)
Balance, March 31, 2014	$	3,553
Expenses incurred in excess of limits	5,218
Offering-related reimbursement revenue	(1,787		)
Balance, June 30, 2014	6,984
Expenses incurred in excess of limits	15,191
Offering-related reimbursement revenue	(4,146		)
Balance, September 30, 2014	18,029
Expenses incurred in excess of limits	10,173
Offering-related reimbursement revenue	(2,222		)
Reserve for uncollectible amounts(2)	(13,109		)
Balance, December 31, 2014	12,871
Expenses incurred in excess of limits	6,732
Offering-related reimbursement revenue	(591		)
Reserve for uncollectible amounts(2)	(2,690		)
Balance, March 31, 2015	$	16,322

_______________________________________________

(1) Excludes INAV (as defined in the "Program Summary" of the Managed Programs section below), as expenses are recorded as incurred and revenue is recorded when reimbursement is received.

(2) Reserves for estimated uncollectible amounts are recorded as a general and administrative expense in the respective period.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |44

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs

(unaudited, dollars in thousands)

Program Summary

The following table shows the Managed Programs' cumulative activity summary information from the respective program's offering commencement date through or as of March 31, 2015:

Program	Capital Raised (1)		DRIP (2)		Number of Investments (3)	Assets Under Management		Total Debt Outstanding
Open Programs:
Cole Credit Property Trust V, Inc. ("CCPT V")	$	180,540	$	3,003	103	$	432,813	$	290,552
Cole Real Estate Income Strategy (Daily NAV), Inc. ("INAV")	138,110		3,701		75	230,148		121,754
Cole Office & Industrial REIT (CCIT II), Inc. ("CCIT II")	259,674		4,994		23	646,516		431,874
Total Open Programs	578,324		11,698		201	1,309,477		844,180
Closed Programs:
Cole Credit Property Trust IV, Inc. ("CCPT IV")	2,915,961		159,576		814	4,175,817		1,629,649
Other Programs(4)	372,617		—		66	599,685		357,307
Total Closed Programs(5)	3,288,578		159,576		880	4,775,502		1,986,956
Total	$	3,866,902	$	171,274	1,081	$	6,084,979	$	2,831,136

_______________________________________________

(1) New capital raised represents gross proceeds, excluding DRIP shares issued.

(2) DRIP represents the value of DRIP shares issued based on the respective program's distribution reinvestment plan.

(3) Number of investments includes properties owned through consolidated joint ventures.

(4) Other Programs include tenant-in-common programs ("TIC"), Delaware statutory trust programs ("DST") and Cole Growth Opportunity Fund I, L.P. ("GOP").

(5) Exclusive of Cole Corporate Income Trust, Inc. ("CCIT") which merged on January 29, 2015 with Select Income REIT. Prior to the sale, Cole Capital had raised gross proceeds of $2.0 billion including $82.0 million of DRIP, and managed $2.7 billion of assets on behalf of CCIT.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |45

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited)

Offering Summary

The following table shows offering summary information for the Managed Programs as of March 31, 2015:

Program	Primary Investment Strategy	Offering Commencement  Date	% of Outstanding Shares Owned by ARCP		Offering  Price/NAV		Annualized Distribution
CCPT V	Retail	3/17/2014	0.11	%	$	25.00	6.30	%
INAV	Diversified	12/6/2011(1)	0.18	%	(2) (3)		(3)
CCIT II	Office and industrial	9/17/2013	1.11	%	$	10.00	6.00	%
Closed Programs(4)	Various	Prior to 2012	less than 0.01%		Various		Various

_______________________________________________

(1) On August 26, 2013, INAV designated the existing shares of INAV's common stock that were sold prior to such date to be Wrap Class shares (“W Shares”) of common stock and registered two new classes of INAV common stock, Advisor Class shares (“A Shares”) and Institutional Class shares (“I Shares”). As the existing class of common stock, W Shares were first issued on December 6, 2011, A Shares were first issued on October 10, 2013 and I Shares were first issued on November 19, 2013.

(2) The Net Asset Value for each share class ("NAV per share") is calculated daily as of the close of business using a process that reflects (i) estimated values of each of INAV's commercial real estate assets, related liabilities and notes receivable secured by real estate provided periodically by INAV's independent valuation expert in individual appraisal reports, (ii) daily updates in the price of liquid assets for which third party market quotes are available, (iii) accruals of INAV's daily distributions and (iv) estimates of daily accruals, on a net basis, of operating revenues, expenses, debt service costs and fees.

(3) Calculated using a daily distribution rate per share and NAV per share, for each share class, as of the close of business on March 31, 2015:

Share Class	Date of Offering		NAV Per Share		Daily Distribution Rate		Annualized Distribution
W Shares	12/6/2011	(3)	$	18.08	$	0.002677842	5.41	%
A Shares	10/10/13	(3)	$	18.07	$	0.002676705	5.41	%
I Shares	11/19/13	(3)	$	18.15	$	0.002688506	5.41	%

(4) Includes CCPT IV, TIC programs, DST programs and GOP and excludes CCIT, as it merged with Select Income REIT on January 29, 2015.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |46

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited)

Fee Summary

The following table shows fee summary information for Cole Capital for certain of the Managed Programs as of March 31, 2015:

	Offering Fees				Transaction Fees				Management Fees
Program	Selling Commissions (1)		Dealer Manager and Distribution Fees (2)		Acquisition Transactional Fees (3)		Disposition Fees		Asset Management / Advisory Fees			Performance Fees
Open Programs
CCPT V	7	%	2	%	2	%	1	%	0.65% - 0.75%		(5)	15	%	(6)
INAV	(4)		(4)		—	%	—	%	0.90	%		25	%	(7)
CCIT II	7	%	2	%	2	%	1	%	0.65% - 0.75%		(5)	15	%	(6)
Closed Programs
CCPT IV	7	%	2	%	2	%	1	%	0.65% - 0.75%		(5)	15	%	(6)
Other Programs	N/A		N/A		Various		Various		Various			Various

_______________________________________________

(1) The Company reallows 100% of selling commissions earned to participating broker-dealers.

(2) The Company may reallow all or a portion of its dealer manager fee or applicable distribution fee to participating broker-dealers as a marketing and due diligence expense reimbursement.

(3) Percent taken on gross purchase price.

(4) In connection with the INAV offering, the Company will receive selling commissions, an asset-based dealer manager fee and/or an asset-based distribution fee, as summarized in the table below for each class of common stock:

Share Class	Selling Commission (1)	Dealer Manager Fee (2)		Distribution Fee (2)
W Shares	—	0.55	%	—
A Shares	up to 3.75%	0.55	%	0.50	%
I Shares	—	0.25	%	—

(5) Annualized fee based on the average monthly invested assets.

(6) Performance fee paid only under the following events: (i) if shares are listed on a national securities exchange; (ii) if the respective Managed Program is sold or the assets are liquidated; or (iii) upon termination of the advisory agreement. In connection with such events, the performance fee will only be earned upon the return to investors of their net capital invested and an 8% annual cumulative, non-compounded return (6% in the case of CCPT V).

(7) Performance fee paid for any year in which the total return on stockholders' capital exceeds 6% per annum on a calendar year basis.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |47

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited, dollars in thousands)

Program Activity Summary

The following table shows the Managed Programs' activity summary information for the three months ended March 31, 2015:

Program	Capital Raised (1)		DRIP(2)		Number of Investments Acquired (3)	Purchase Price of Acquisitions (4)		Number of Investments Sold	Sales Price of Dispositions
Open Programs:
CCPT V	$	8,268	$	1,531	24	$	47,968	—	$	—
INAV	3,886		742		—	—		—	—
CCIT II	17,601		2,161		—	—		—	—
Total Open Programs	29,770		4,434		24	47,968		—	—
Closed Programs:
CCPT IV	—		27,647		55	177,846		—	—
Other Programs(5)	—		—		—	—		8	37,026
Total Closed Programs	—		27,647		55	177,846		8	37,026
Total	$	29,770	$	32,081	79	$	225,814	8	$	37,026

_______________________________________________

(1) Capital raised represents gross proceeds, excluding DRIP shares issued.

(2) DRIP represents the value of DRIP shares issued based on the respective program's distribution reinvestment plan.

(3) Number of investments acquired includes properties owned through consolidated joint ventures.

(4) Purchase price of properties includes pro rata share for consolidated joint ventures.

(5) Includes TIC and DST programs and GOP and excludes CCIT which merged with Select Income REIT on January 29, 2015. Prior to the sale, Cole Capital had raised cumulative gross proceeds of $2.0 billion including $82.0 million of DRIP, and managed $2.7 billion of assets on behalf of CCIT.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |48

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited, dollars in thousands)

Revenue Summary

The following table shows revenue earned from the Managed Programs and CCIT for the three-month period ended March 31, 2015 by activity type (dollars in thousands):

Program	Offering Related Revenue and Reimbursements		Transaction Service Revenue and Reimbursements		Management Service Revenue and Reimbursements		Total Managed Programs Revenue and Reimbursements
Open Programs:
CCPT V	$	899	$	1,235	$	1,001	$	3,135
INAV	238		25		284		547
CCIT II	1,980		44		1,441		3,465
Gross revenue - Open Programs	3,117		1,304		2,726		7,147
Less:
Reallowed revenues	2,031		—		—		2,031
Reimbursements	626		309		489		1,424
Net Revenue - Open Programs	460		995		2,237		3,692
Closed Programs:
CCPT IV	—		3,734		9,074		12,808
Other Programs	—		851		421		1,272
Gross revenue - Closed Programs	—		4,585		9,495		14,080
Less:
Reimbursements	—		241		1,690		1,931
Net Revenue - Closed Programs	—		4,344		7,805		12,149
CCIT Net Revenue (1)	—		4,350		1,557		5,907
Total Net Revenue	$	460	$	9,689	$	11,599	$	21,748

_______________________________________________

(1) CCIT merged with Select Income REIT on January 29, 2015. Amounts represent fees earned prior to sale, including $4.4 million of disposition fees.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |49

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited, dollars in thousands)

The following tables present the primary revenue drivers and Net Revenue earned by activity type for the Managed Programs and CCIT:

	Three Months Ended								Period from the Cole Acquisition Date to March 31, 2014
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Offering-related revenue
Capital raised (excluding DRIP)	$	29,770	$	128,282	$	218,270	$	113,241	$	452,956
Securities commissions	$	1,775	$	8,030	$	13,369	$	6,108	$	29,517
Dealer manager fees	696		2,551		4,086		1,909		8,952
Distribution fees	20		18		13		3		—
Reimbursement revenue	626		2,553		4,067		1,949		3,984
Gross offering-related revenue	3,117		13,152		21,535		9,969		42,453
Less:
Reallowed securities commissions	1,775		8,030		13,369		6,108		29,517
Reallowed dealer manager and distribution fees	256		1,296		2,029		960		4,919
Reimbursement revenue	626		2,553		4,067		1,949		3,984
Net offering-related revenue	$	460	$	1,273	$	2,070	$	952	$	4,033

	Three Months Ended								Period from the Cole Acquisition Date to March 31, 2014
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Transaction service revenue
Purchase price of acquisitions(1)	$	225,319	$	942,818	$	1,111,900	$	754,612	$	235,275
Acquisition fees	$	4,488	$	18,558	$	22,897	$	14,396	$	4,559
Performance fees	—		—		—		—		—
Disposition fees	5,201		172		74		—		—
Reimbursement revenue	571		1,820		1,452		720		308
Gross transaction service revenue	10,260		20,550		24,423		15,116		4,867
Less:
Reimbursement revenue	571		1,820		1,452		720		308
Net transaction service revenue	$	9,689	$	18,730	$	22,971	$	14,396	$	4,559

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |50

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited, dollars in thousands)

	Three Months Ended								Period from the Cole Acquisition Date to March 31, 2014
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014
Management service revenue
Assets under management	$	6,084,979	$	8,563,540	$	7,705,703	$	6,565,984	$	5,976,257
Asset and property management and leasing fees	$	421	$	374	$	428	$	538	$	441
Advisory and performance fee revenue	11,178		14,772		11,212		9,628		5,293
Reimbursement revenue	2,518		3,434		2,199		1,971		1,203
Gross management service revenue	14,117		18,580		13,839		12,137		6,937
Less:
Reimbursement revenue	2,518		3,434		2,199		1,971		1,203
Net management service revenue	$	11,599	$	15,146	$	11,640	$	10,166	$	5,734

_______________________________________________

(1) Purchase price of properties includes pro rata share for consolidated joint ventures.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |51

Q1 2015 SUPPLEMENTAL INFORMATION

Managed Programs (cont.)

(unaudited, dollars in thousands)

The following tables show the activity performed on behalf of the Managed Programs since 2009:

Source: Robert A. Stanger & Co., Inc.; Represents aggregate capital raised, excluding DRIP, on behalf of the Managed Programs.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |52

Q1 2015 SUPPLEMENTAL INFORMATION

Definitions

Annualized Rental Income is  rental income under our leases reflecting straight-line rent adjustments associated with contractual rent increases in the leases as required by GAAP, which includes the effect of tenant concessions such as free rent, as applicable.

Assets under Management and Gross Real Estate and Related Assets represent total gross real estate and related assets, including net investments in unconsolidated entities, investment in direct financing leases, investment securities and loans held for investment, net of gross intangible lease liabilities.

Base Rental Revenue includes minimum rent, percentage rent and other contingent consideration, and rental revenue from parking and storage space and excludes GAAP adjustments, such as straight-line rent and amortization of above market lease assets and below market lease liabilities.

Cash Cap Rate equals the estimated future 12-month NOI at acquisition or disposition divided by the purchase or sale price. For properties acquired or disposed of as a portfolio, the amount presented represents the portfolio cash cap rate.

EBITDA and Normalized EBITDA

Normalized EBITDA as disclosed represents EBITDA, or earnings before interest, taxes, depreciation and amortization, modified to exclude one time items such as acquisition related costs, merger and other non-routine transactions costs, gains or losses on sale of investments, insurance and litigation settlements and extinguishment of debt cost. We also exclude certain non-cash items such as impairments of intangible, straight-line rental revenue, unrealized gains or losses on derivatives, amortization of intangibles, deferred financing costs, above and below market lease amortization as well as equity based compensation. Management believes that excluding these costs from EBITDA provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time. The Company believes that Normalized EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of the Company's business segments, although it does not represent net income that is computed in accordance with GAAP. Therefore, Normalized EBITDA should not be considered as an alternative to net income or as an indicator of the Company's financial performance. The Company uses Normalized EBITDA as one measure of its operating performance when formulating corporate goals and evaluating the effectiveness of the Company's strategies. Normalized EBITDA may not be comparable to similarly titled measures of other companies.

Enterprise Value equals the sum of the Implied Equity Market Capitalization, preferred stock and Net Debt.

Fixed Charge Coverage Ratio is the sum of (i)interest expense incurred on the outstanding principal balance of our debt, excluding certain GAAP adjustments reported as interest expense, such as amortization of of deferred financing costs, premiums and discounts, (ii) secured debt principal amortization and (iii) dividends attributable to preferred shares divided by Normalized EBITDA.

Funds from Operations and Adjusted Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. ("NAREIT"), an industry trade group, has promulgated a measure known as funds from operations ("FFO"), which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO, a non-GAAP supplemental financial performance measure, is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to our net income or loss as determined under U.S. GAAP.

NAREIT defines FFO as net income or loss computed in accordance with U.S. GAAP, excluding gains or losses from disposition of property, depreciation and amortization of real estate assets and impairment write-downs on real estate including pro rata share of adjustments for unconsolidated partnerships and joint ventures. Our FFO calculation complies with NAREIT's policy described above.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |53

Q1 2015 SUPPLEMENTAL INFORMATION

Definitions (cont.)

In addition to FFO, we use Adjusted Funds From Operations ("AFFO") as a non-GAAP supplemental financial performance measure to evaluate the operating performance of our company. AFFO, as defined by our Company, excludes from FFO one time items such as acquisition related costs, merger and other non-routine transactions costs, gains or losses on sale of investments, insurance and litigation settlements and extinguishment of debt cost. We also exclude certain non-cash items such as impairments of intangible, straight-line rental revenue, unrealized gains or losses on derivatives, amortization of intangibles, deferred financing costs, above and below market lease amortization as well as equity based compensation. Management believes that excluding these costs from FFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time, including after we cease to acquire properties on a frequent and regular basis. AFFO also allows for a comparison of the performance of our operations with other traded REITs that are not currently engaging in acquisitions and mergers, as well as a comparison of our performance with that of other traded REITs, as AFFO, or an equivalent measure, is routinely reported by traded REITs, and we believe often used by analysts and investors for comparison purposes.

For all of these reasons, we believe FFO and AFFO, in addition to net loss and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful in understanding the various ways in which our management evaluates the performance of our company over time. However, not all REITs calculate FFO and AFFO the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered as alternatives to net loss or to cash flows from operating activities, and are not intended to be used as a liquidity measure indicative of cash flow available to fund our cash needs.

AFFO may provide investors with a view of our future performance and future dividend policy. However, because AFFO excludes items that are an important component in an analysis of the historical performance of a property, AFFO should not be construed as a historic performance measure. Neither the SEC, NAREIT, nor any other regulatory body has evaluated the acceptability of the exclusions contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP financial performance measure.

Implied Equity Market Capitalization equals common shares of common stock outstanding, excluding restricted stock awards, multiplied by the closing sale price of the Company's stock as reported on the NASDAQ Global Select Market. 

Interest Coverage Ratio reflects interest expense incurred on the outstanding principal balance of our debt, excluding certain GAAP adjustments reported as interest expense, such as amortization of of deferred financing costs, premiums and discounts divided by Normalized EBITDA.

Investment Grade is a determination made by major credit rating agencies and, for these purposes, includes a parent of an entity with an investment-grade rating.

Net Debt is a calculation to show the Company's outstanding principal balance, excluding certain GAAP adjustments, such as premiums and discounts, less all cash and cash equivalents.

Net Debt Leverage Ratio equals Net Debt divided by Gross Real Estate Assets

Net Debt to Normalized EBITDA Annualized equals Net Debt divided by the current quarter Normalized EBITDA multiplied by four.

Net G&A Expense

Cole Capital incurs certain costs on behalf of the Managed Programs, which are reimbursable. In accordance with GAAP, the Company records these costs as general and administrative expenses and the subsequent reimbursements as revenue. We believe Net G&A Expense is a helpful supplemental measure in determining the effective cost to the Company, eliminating any gross up presentation required by GAAP.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |54

Q1 2015 SUPPLEMENTAL INFORMATION

Definitions (cont.)

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP performance measure used to evaluate the operating performance of a real estate company. NOI represents rental and other property income and tenant reimbursement income less property operating expenses. NOI excludes income from discontinued operations, interest expense, depreciation and amortization, general and administrative expenses, merger related compensation and merger and acquisition related expenses. Cash NOI excludes the impact of certain GAAP adjustments to rental revenue, such as straight-line rent adjustments and amortization of above-market intangible lease assets and below-market lease intangible liabilities. It is management's view that NOI and Cash NOI provide investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. NOI and Cash NOI should not be considered as an alternative to net income. Further, NOI and Cash NOI may not be comparable to similarly titled measures of other companies.

Net Revenues

Cole Capital incurs certain costs on behalf of the Managed Programs, which are reimbursable. In accordance with GAAP, Cole Capital records the reimbursement of these costs as fee and commission revenue and as reimbursement revenue and records the expense in reallowed fees and commissions and general and administrative expenses. We believe Net Revenues is a helpful supplemental measure in determining the effective revenue earned by the Company, eliminating any gross up presentation required by GAAP.

Non-Cash Rent is rent adjustments related to straight-line rent and above- and below- market lease amortization.

Normalized EBITDA includes full-year real estate activities adjusted for mid-period acquisitions, normalized full-year activity for Cole Capital, less cash general and administrative expenses and property operating expenses.

Property Operating Expense includes reimbursable and non-reimbursable costs to operate a property, including real estate taxes, utilities, insurance, repairs, maintenance, legal, property management fees, etc.

Weighted Average is an average in which each quantity to be averaged is assigned a weight.

Weighted Average Portfolio Credit Rating is the weighted average of all tenant credit ratings in the fund.

See the Definitions section for a description of the Company's non-GAAP and other financial measures.

American Realty Capital Properties, Inc. | WWW.ARCPREIT.COM |55