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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
January 23, 2012 (January 19, 2012)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMERICAN REALTY CAPITAL PROPERTIES, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Registrant as specified in its
charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 32%; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 4pt; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="width: 36%; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 4pt; text-align: center"><B>333-172205</B></TD>
    <TD STYLE="width: 32%; font: bold 11pt/115% Times New Roman, Times, Serif; padding-right: 4pt; text-align: center"><B>45-2482685</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4pt 0 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 4pt 0 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif; padding-right: 4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font: 11pt/115% Times New Roman, Times, Serif; padding-right: 4pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center"><B>405 Park Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center"><B>New York, New York 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center">(Address, including zip code, of principal
executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: center"><B>(212) 415-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.4pt 0 0; text-align: center">Registrant&rsquo;s telephone number,
including area code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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    <TD STYLE="width: 3%; font: 10pt/115% Wingdings; padding-right: 0.8pt; text-align: right">o</TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Wingdings; padding-right: 0.8pt; text-align: right">o</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Wingdings; padding-right: 0.8pt; text-align: right">&nbsp;o</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Wingdings; padding-right: 0.8pt; text-align: right">&nbsp;o</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.01. &nbsp;&nbsp; Completion of Acquisition or Disposition
of Assets.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 19, 2012, American Realty Capital
Properties, Inc. (the &ldquo;Company&rdquo;) closed its acquisition of a fee simple interest in a Walgreens drug store located
at 25016 Gratiot Avenue in Eastpointe, Michigan, at a contract purchase price of $3.8 million, excluding closing costs. The Company
acquired the property through an indirect wholly-owned subsidiary of its operating partnership. The seller of the fee simple interest
is F.W.G.D., LLC. The seller does not have a material relationship with the Company and the acquisition was not an affiliated transaction.
The acquisition of this property pursuant to a pursuant and sale agreement between the seller and AR Capital, LLC, the Company&rsquo;s
sponsor (which assigned the purchase and sale agreement to the Company), was ratified by the Company&rsquo; board of directors
on November 7, 2011. The Company&rsquo;s obligation to close upon the acquisition was subject to the satisfactory completion of
a due diligence review of the property, the execution of tenant estoppels and other customary conditions to closing, which were
completed on January 19, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The property consists of a freestanding one-story
building totaling 15,120 rentable square feet that was built in 1999. The property is 100% leased to Walgreen Co. (NYSE: WAG),
which carries an investment grade credit rating as determined by major credit rating agencies. The annualized straight line rental
income is approximately $0.3 million, or $22.88 per rentable square foot. The property has been 100% leased to the tenant since
March 1999. The initial term of the lease is 20 years, with 7.1 years remaining. This lease expires in January&nbsp;2019.
The lease does not contain rental increases over time. The lease provides for eight five-year renewal options at the same rate
as the initial lease. The lease is triple net whereby the tenant is obligated to pay substantially all operating expenses, including
all costs to maintain and repair the roof and structure of the building, and the cost of all capital expenditures, in addition
to base rent.</P>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company funded the acquisition of the property
with (a) net proceeds from the sale of its common stock and (b) a $2.8 million draw on its senior secured revolving credit facility
with RBS Citizens, N.A., as described below in Item 2.03&mdash;Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A copy of the press release announcing the acquisition
of the property is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.03. &nbsp;&nbsp; Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 19, 2012, the Company drew an additional
$2.8 million on its existing $150 million senior secured revolving credit facility with RBS Citizens, N.A. This funding was collateralized
by the Walgreens property described in this Current Report on Form 8-K. The terms of the revolving credit facility are set forth
in the Company&rsquo;s Registration Statement on Form S-11 filed on September 22, 2011 and the credit agreement was filed as Exhibit
10.21 to such filing. The description of the revolving credit facility in this Current Report on Form 8-K is a summary and is qualified
in its entirety by the terms of the credit agreement, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01. &nbsp;&nbsp; Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 19, 2012, the Company announced the
tax treatment for distributions taxable in 2011 on its common stock. A copy of the press release announcing such tax treatment
is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="line-height: 115%"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. &nbsp;&nbsp; Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements of Business Acquired (Lessees)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Walgreen Co. currently files its financial statements
in reports filed with the U.S. Securities and Exchange Commission, and the following summary financial data regarding Walgreen
Co. are taken from such filings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Amounts in Millions)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> November 30, 2011<BR> (Unaudited)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2011 <BR>(Audited)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2010 <BR>(Audited)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2009 <BR>(Audited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Consolidated Condensed Statements of Earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 11pt">Net sales</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">18,157</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">72,184</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">67,420</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">63,335</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">Operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,365</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">3,458</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">3,247</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">Net earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,714</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,091</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,006</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Halvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">November 30, 2011<BR> (Unaudited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2011 <BR>(Audited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2010 <BR>(Audited)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2009 <BR>(Audited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Consolidated Condensed Balance Sheets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%">Total assets</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">27,429</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">27,454</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">26,275</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">25,142</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Long-term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,390</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,336</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,755</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,766</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Total stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,847</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</B></P>

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    <TD STYLE="width: 3%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 77%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; line-height: 115%; font-weight: bold"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">99.1</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">Press Release dated January 19, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-size: 10pt">99.2</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%; font-size: 10pt">Press Release dated January 19, 2012</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 9pt; line-height: 115%; font-weight: bold"><B>AMERICAN REALTY CAPITAL PROPERTIES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 4pt; line-height: 115%">January 23, 2012</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 4pt; line-height: 115%">/s/ Nicholas S. Schorsch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">Name:</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">Nicholas S. Schorsch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">Title:</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">Chief Executive Officer and</TD></TR>
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    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; line-height: 115%">Chairman of the Board of Directors</TD></TR>
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{"company-data": {"conformed-name": "American Realty Capital Properties, Inc.", "cik": "0001507385", "assigned-sic": "6798", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35263", "film-number": "12539884"}, "business-address": {"street1": "405 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "212-415-6500"}, "mail-address": {"street1": "405 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 23, 2012 (January 19, 2012)
AMERICAN REALTY CAPITAL PROPERTIES, INC.
(Exact name of Registrant as specified in its
charter)
Maryland
333-172205
45-2482685
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
405 Park Avenue
New York, New York 10022
(Address, including zip code, of principal
executive offices)
(212) 415-6500
Registrant's telephone number,
including area code:
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o
Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.01.    Completion of Acquisition or Disposition
of Assets.
On January 19, 2012, American Realty Capital
Properties, Inc. (the "Company") closed its acquisition of a fee simple interest in a Walgreens drug store located
at 25016 Gratiot Avenue in Eastpointe, Michigan, at a contract purchase price of $3.8 million, excluding closing costs. The Company
acquired the property through an indirect wholly-owned subsidiary of its operating partnership. The seller of the fee simple interest
is F.W.G.D., LLC. The seller does not have a material relationship with the Company and the acquisition was not an affiliated transaction.
The acquisition of this property pursuant to a pursuant and sale agreement between the seller and AR Capital, LLC, the Company's
sponsor (which assigned the purchase and sale agreement to the Company), was ratified by the Company' board of directors
on November 7, 2011. The Company's obligation to close upon the acquisition was subject to the satisfactory completion of
a due diligence review of the property, the execution of tenant estoppels and other customary conditions to closing, which were
completed on January 19, 2012.
The property consists of a freestanding one-story
building totaling 15,120 rentable square feet that was built in 1999. The property is 100% leased to Walgreen Co. (NYSE: WAG),
which carries an investment grade credit rating as determined by major credit rating agencies. The annualized straight line rental
income is approximately $0.3 million, or $22.88 per rentable square foot. The property has been 100% leased to the tenant since
March 1999. The initial term of the lease is 20 years, with 7.1 years remaining. This lease expires in January 2019.
The lease does not contain rental increases over time. The lease provides for eight five-year renewal options at the same rate
as the initial lease. The lease is triple net whereby the tenant is obligated to pay substantially all operating expenses, including
all costs to maintain and repair the roof and structure of the building, and the cost of all capital expenditures, in addition
to base rent.
The Company funded the acquisition of the property
with (a) net proceeds from the sale of its common stock and (b) a $2.8 million draw on its senior secured revolving credit facility
with RBS Citizens, N.A., as described below in Item 2.03—Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.
A copy of the press release announcing the acquisition
of the property is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03.    Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On January 19, 2012, the Company drew an additional
$2.8 million on its existing $150 million senior secured revolving credit facility with RBS Citizens, N.A. This funding was collateralized
by the Walgreens property described in this Current Report on Form 8-K. The terms of the revolving credit facility are set forth
in the Company's Registration Statement on Form S-11 filed on September 22, 2011 and the credit agreement was filed as Exhibit
10.21 to such filing. The description of the revolving credit facility in this Current Report on Form 8-K is a summary and is qualified
in its entirety by the terms of the credit agreement, which is incorporated herein by reference.
Item 8.01.    Other Events.
On January 19, 2012, the Company announced the
tax treatment for distributions taxable in 2011 on its common stock. A copy of the press release announcing such tax treatment
is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01.    Financial Statements and Exhibits.
(a)           Financial
Statements of Business Acquired (Lessees)
Walgreen Co. currently files its financial statements
in reports filed with the U.S. Securities and Exchange Commission, and the following summary financial data regarding Walgreen
Co. are taken from such filings:
(Amounts in Millions)
Three Months Ended
November 30, 2011
(Unaudited)
August 31, 2011
(Audited)
August 31, 2010
(Audited)
August 31, 2009
(Audited)
Consolidated Condensed Statements of Earnings
Net sales
$
18,157
$
72,184
$
67,420
$
63,335
Operating income
900
4,365
3,458
3,247
Net earnings
554
2,714
2,091
2,006
November 30, 2011
(Unaudited)
August 31, 2011
(Audited)
August 31, 2010
(Audited)
August 31, 2009
(Audited)
Consolidated Condensed Balance Sheets
Total assets
$
27,429
$
27,454
$
26,275
$
25,142
Long-term debt
2,390
2,396
2,389
2,336
Total liabilities
12,755
12,607
11,875
10,766
Total stockholders' equity
14,847
14,847
14,400
14,376
(d)           Exhibits
Exhibit No.
Description
99.1
Press Release dated January 19, 2012
99.2
Press Release dated January 19, 2012
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMERICAN REALTY CAPITAL PROPERTIES, INC.
January 23, 2012
By:
/s/ Nicholas S. Schorsch
Name:
Nicholas S. Schorsch
Title:
Chief Executive Officer and
Chairman of the Board of Directors