{"id":1004090391,"date":"2014-01-27T07:22:36","date_gmt":"2014-01-27T15:22:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090391"},"modified":"2022-12-07T22:29:07","modified_gmt":"2022-12-08T06:29:07","slug":"arcp-cole-merger-sign-of-net-lease-sectors-evolution","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\/","title":{"rendered":"ARCP, Cole Merger Sign of Net Lease Sector\u2019s Evolution"},"content":{"rendered":"

<\/em>By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Nicholas<\/a>

Nicholas Schorsch, ARCP chairman & CEO<\/p><\/div>\n

Last Thursday\u2019s announcement that the shareholders of American Realty Capital Properties and Cole Real Estate Investments had approved Cole\u2019s merger into a wholly owned subsidiary of ARCP was, naturally, big news, though perhaps not much of a surprise. The outsize deal, which reportedly will close \u201cpromptly\u201d and will create the world\u2019s largest net-lease REIT, with an enterprise value of $21.5 billion, is certainly newsworthy in and of itself.<\/p>\n

ARCP chairman and CEO Nicholas Schorsch pronounced himself \u201cthrilled that stockholders from both companies have voted overwhelmingly to approve the proposals related to the ARCP-Cole merger.\u201d<\/p>\n

From the initial announcement of the proposed merger last Oct. 23\u00a0<\/a>to the almost immediate questioning of the deal by attorneys from at least 10 firms that represent shareholders<\/a>, the transaction has had no lack of attention.<\/p>\n

\u201cARCP\u2019s empire-building has been exponential, and the merger with Cole catapults it into the top-20 largest REITs, globally,\u201d Britton Costa, associate director with Fitch Ratings, told Commercial Property Executive<\/i>. \u201cTo see a REIT grow 8-fold so quickly (since the end of 2012) is unprecedented.\u201d<\/p>\n

\"Britton<\/a>

Britton Costa, of Fitch Ratings<\/p><\/div>\n

But also worthy of coverage is what the deal, and the overall evolution of the net-lease business, say about that sector\u2019s growing visibility and maturity.<\/p>\n

\u201cNet-lease investments overall have become their own sector \u2026 an industry of its own,\u201d not merely an ancillary part of the CRE world, David Sobelman, executive vice president of net-lease specialists the Calkain Cos., told CPE<\/i>.<\/p>\n

He calls 2013, and potentially 2014, \u201cthe years of consolidation\u201d in the net-lease field,<\/p>\n

whether for REITs, brokers or small developers, and notes that Calkain has been approached several times in the past year by groups wanting to be part of a larger net-lease platform by affiliating with the company.<\/p>\n

\u201cThe merger, like that between Essex and BRE (pending), substantiates one of the key tenets of REIT M&A,\u201d said Costa. \u201cSocial issues are the gatekeeper, even if they are the least defensible and easiest to surmount in theory. Cole rebuffed ARCP\u2019s earlier offers, as did BRE to Essex\u2019s overtures. We don\u2019t think either deal would\u2019ve been announced without them being \u2018friendly\u2019 processes.\u201d<\/p>\n

Costa is doubtful that this deal be a catalyst for more REIT mergers: \u201cWe think mergers remain idiosyncratic; limited synergies and the generally tight band around NAV that REITs trade at usually reduce potential returns such that the structural considerations and social issues are enough to keep public peers on the sidelines.\u201d<\/p>\n

A report released earlier this month by Green Street Advisors notes that the net-lease REIT sector has grown enormously (to the point that it\u2019s about the same size as the industrial, lodging or self-storage REIT sectors) and that institutional investors have become more active with net-lease REITs.<\/p>\n

The Green Street report also highlights the \u201cbrisk pace of M&A activity\u201d involving public net-lease REITs, which totaled more than $32 billion of deals announced over the past two years. \u201cThe quest for scale, and the perceived operational and cost of capital advantages associated with it, have been prime motivations for M&A deals and will likely foster additional consolidation in the NL space,\u201d according to the report.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cARCP\u2019s empire-building has been exponential, and the merger with Cole catapults it into the top-20 largest REITs, globally,\u201d Britton Costa, associate director with Fitch Ratings, told Commercial Property Executive. <\/p>\n","protected":false},"author":882,"featured_media":1004069231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004090391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nARCP, Cole Merger Sign of Net Lease Sector\u2019s Evolution - 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\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARCP, Cole Merger Sign of Net Lease Sector\u2019s Evolution\" \/>\n<meta property=\"og:description\" content=\"\u201cARCP\u2019s empire-building has been exponential, and the merger with Cole catapults it into the top-20 largest REITs, globally,\u201d Britton Costa, associate director with Fitch Ratings, told Commercial Property Executive.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\/\" \/>\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=\"2014-01-27T15:22:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T06:29:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Nicholas-S.-Schorsch-chairman-and-CEO-of-ARCP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"ARCP, Cole Merger Sign of Net Lease Sector\u2019s Evolution\",\"datePublished\":\"2014-01-27T15:22:36+00:00\",\"dateModified\":\"2022-12-08T06:29:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/\"},\"wordCount\":562,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/03\\\/Nicholas-S.-Schorsch-chairman-and-CEO-of-ARCP.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-cole-merger-sign-of-net-lease-sectors-evolution\\\/\",\"name\":\"ARCP, Cole Merger Sign of Net Lease Sector\u2019s Evolution - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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