{"id":1004085746,"date":"2013-10-24T06:33:03","date_gmt":"2013-10-24T14:33:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004085746"},"modified":"2022-12-09T00:50:37","modified_gmt":"2022-12-09T08:50:37","slug":"how-arcpcole-deal-will-change-net-lease-biz","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/how-arcpcole-deal-will-change-net-lease-biz\/","title":{"rendered":"In-Depth Look into ARCP\/Cole Merger"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/i><\/p>\n

\"Marc<\/a>

Marc Nemer, Cole CEO<\/p><\/div>\n

Two former competitors will now become the world\u2019s largest net- lease REIT worth about $21.5 billion as American Realty Capital Properties Inc. acquires Cole Real Estate Investments, Inc., in an \u201cepic transaction\u201d for $11.2 billion, the two companies announced today.<\/p>\n

\u201cIt does create a juggernaut. It does create a category killer,\u201d\u00a0 ARCP chairman & CEO Nicholas Schorsch said during a morning conference call that also included Cole CEO Marc Nemer, who will be stepping down along with Christopher Cole, founder & executive chairman of the Phoenix-based company, once the merger is completed.<\/p>\n

Christopher Cole, who was not on the conference call, said in a joint news release that the decision by Cole and its board to merge the companies under Schorsch\u2019s leadership \u201cis entirely forward-thinking.\u201d<\/p>\n

\u201cOur two companies are far better and more powerful together than apart,\u201d he said. \u201cOur union provides immediate and obvious benefits of size, scale and diversification. This transaction represents a major step in achieving our goal of creating the premier real estate company that delivers best-in-class long-term results to our clients.\u201d<\/p>\n

He said the deal \u201cprovides compelling value and significant equity upside potential for Cole stockholders at a time when we believe the industry is consolidating.\u201d<\/p>\n

The merger of the New York-based ARCP and Cole will create a company with 3,732 properties leased to more than 600 tenants occupying more than 100 million square feet in 49 states and Puerto Rico. Nearly half of its annual rents will be coming from investment-grade tenants like Walgreens, CVS, FedEx and AT&T. The portfolio will be 99 percent occupied with an average remaining lease term of 11 years. ARCP said its combined enterprise value would total more than $21.5 billion, 64 percent more than its largest competitor in the net lease sector \u2013 Realty Income Corp.<\/p>\n

The deal also includes Cole\u2019s Private Capital Management business, a net lease REIT sponsor, described by Jeff Holland, Cole\u2019s current president & COO, as \u201can attractive profitable business.\u201d Holland will remain on as president of the capital markets group, Schorsch said.<\/p>\n

\u201cThere appears to be a lot of upside with that piece and how they\u2019re going to integrate the advisory business,\u201d Brad Thomas, editor of The Intelligent REIT Investor, told Commercial Property Executive.<\/i><\/p>\n

Other Cole executives staying on with the merged company will be Stephan Keller, currently executive vice president, CFO and treasurer, and Kirk McAllaster, executive vice president and CFO of non-listed REITs, he added. Schorsch said he would be acting CEO and chairman for the time being but searches were on for C-suite level executives. Cole and Nemer will retain significant ownership stakes in the company, according to Nemer. Cole has more than 100 employees, most of whom are also expected to stay with the merged company.<\/p>\n

The boards of both companies have approved the merger but approval of stockholders of the two companies is needed to move forward. ARCP said it has secured $2.75 billion in financing from Barclays in connection with the transaction, which is expected to close in the first half of 2014. Meanwhile, Schorsch said ARCP\u2019s $2.2 billion merger with CapLease Inc. is expected to close within the next 10 days and the $3.1 billion acquisition of American Realty Capital Trust IV, Inc. is also expected to be completed shortly.<\/p>\n

The deal calls for ARCP top pay 1.0929 common shares valued at $14.59 for each Cole share or $13.82 in cash, 14 percent higher than Cole\u2019s closing price on Tuesday.<\/p>\n

Benefits would include $70 million in savings on expenses in the first year and ARCP increasing its dividend upon closing from 6 cents to $1 per share. ARCP also notes that the merged company would be well-positioned for possible inclusion in the S&P 500 Index, enhancing its investor base and visibility and adding liquidity.<\/p>\n

The planned merger comes six months after Cole Credit Property Trust III, a non-listed REIT, fended off a nearly $10 billion hostile takeover bid by ARCP and chose instead to be acquired by its sponsor and asset manager, Cole Holdings Corp. The new entity, Cole Real Estate Investments, Inc. went public June 20, when it became listed on the NYSE.<\/p>\n

The battle between Schorsch and Cole\u2019s executives grew heated over a five-week period during March and early April, when CCPT III rejected several offers from ARCP and Schorsch finally backed down. Both Schorsch and Nemer addressed their previous stormy relationship and admitted that the companies are stronger now than they were back in the spring.<\/p>\n

\u201cThis merger makes sense. The companies are better together than apart and that\u2019s what makes a good marriage,\u201d Schorsch said during the conference call.<\/p>\n

Compared to the spring when he accused the Cole executives of not cooperating with his company\u2019s attempts to negotiate, Schorsch said Wednesday, \u201cWe have a lot more clarity. This was a quote unquote friendly process. We were able to go through the numbers.\u201d<\/p>\n

Schorsch said he couldn\u2019t go into too many details about how the two sides came together but he credited Nemer, Christopher Cole and the rest of the company\u2019s leadership and admitted they all put aside their personal feelings and focused on business.<\/p>\n

\u201cMen got together. We sat down. We had a clear understanding of what both companies wanted. We did it in a much more amicable situation,\u201d Schorsch said, adding that they spent time socializing and getting to know each other.<\/p>\n

\u201cWe found there was a meeting of the minds,\u201d he said.<\/p>\n

Nemer said ARCP, which went on an aggressive acquisition spree after Cole rejected it, spending about $12 billion in mergers and acquisitions, was a \u201cmuch more compelling strategic partner\u201d now than in the past. ARCP is now investment graded, worth more than $10 billion before the merger and in the process of becoming self-managed by the end of this year.<\/p>\n

\u201cIt makes all the sense in the world,\u201d Nemer said. \u201cOne plus one equals five in this.\u201d<\/p>\n

Calling Schorsch \u201cone of the best negotiators in the world,\u201d Thomas said he wasn\u2019t all that surprised that Schorsch went after Cole again.<\/p>\n

\u201cHe made an offer. They turned it down. He made another offer. They turned it down,\u201d Thomas recalled. \u201cHe came back and got the deal. When I look at this event, I give Nick a lot of credit for his patience and his gift for negotiating deals.\u201d<\/p>\n

ARCP has grown from a value of $250 million in September, 2011, when it began trading on the Nasdaq to an expected $21.5 billion value once the Cole merger is completed.<\/p>\n

\u201cNick and his team have demonstrated the ability to grow their net lease business rapidly, yet deliberately, realizing value for their stockholders with every carefully mapped step,\u201d said Christopher Cole.<\/p>\n

Thomas said once this deal is concluded it may be harder for ARCP to have such substantial growth in the net-lease sector.<\/p>\n

\u201cThe question is how will a company that size generate external growth,\u201d Thomas added. \u201cTo grow 10 percent you have to go find some big whales out there and there just aren\u2019t. Once this deal closes, it\u2019s harder to move the needle. You\u2019re really just bringing dividends at that point, not buying a lot of growth. When you have a merger like this, you start thinking who else is out there?\u201d<\/p>\n

Barclays and RCS Capital, the investment banking division of Realty Capital Securities, L.LC., are acting as financial advisors to ARCP. Proskauer Rose L.L.P., led by Peter Fass, is legal counsel to ARCP for the transaction. Goldman, Sachs & Co. is acting as exclusive financial advisor to Cole. Wachtell, Lipton, Rosen & Katz, Venable L.L.P., led by Robin Panovka, Ronald Chen and Donald Casey, \u00a0and Morris, Manning and Martin, L.L.P., are acting as legal counsel to Cole. Sullivan & Cromwell, L.L.P. is acting as special counsel to Christopher Cole and several other Cole executives for the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two former competitors will become the world\u2019s largest net-lease REIT, worth about $21 billion, as American Realty Capital Properties acquires Cole Real Estate Investments in an \u201cepic transaction\u201d for $11 billion.<\/p>\n","protected":false},"author":1068,"featured_media":1004085748,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742],"tags":[],"class_list":["post-1004085746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest"],"acf":[],"yoast_head":"\nIn-Depth Look into ARCP\/Cole Merger - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/how-arcpcole-deal-will-change-net-lease-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In-Depth Look into ARCP\/Cole Merger\" \/>\n<meta property=\"og:description\" content=\"Two former competitors will become the world\u2019s largest net-lease REIT, worth about $21 billion, as American Realty Capital Properties acquires Cole Real Estate Investments in an \u201cepic transaction\u201d for $11 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/how-arcpcole-deal-will-change-net-lease-biz\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-24T14:33:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:50:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/10\/Marc_Nemer_Updated_Shot.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"448\" \/>\n\t<meta property=\"og:image:height\" content=\"321\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"In-Depth Look into ARCP\\\/Cole Merger\",\"datePublished\":\"2013-10-24T14:33:03+00:00\",\"dateModified\":\"2022-12-09T08:50:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/\"},\"wordCount\":1317,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/10\\\/Marc_Nemer_Updated_Shot.jpg\",\"articleSection\":[\"Featured\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/how-arcpcole-deal-will-change-net-lease-biz\\\/\",\"name\":\"In-Depth Look into ARCP\\\/Cole Merger - 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