American Realty Capital Trust's Credit Rating Upgraded by National Credit Rating Agency; Company Added to the Russell Global Index and Russell 3000 Index
NEW YORK, June 11, 2012 /PRNewswire/ -- American Realty Capital Trust, Inc., ("ARCT" or the "Company") announced today that a major national credit rating agency has upgraded the Company's corporate credit rating from a "B+" to a "BB" with a stable outlook. This upgrade follows a ratings upgrade by another national rating agency from "Ba3" to "Ba2" on April 5, 2012.
"We are quite pleased that a national credit rating agency has upgraded the Company's corporate credit rating," said William M. Kahane, Chief Executive Officer of ARCT. "We believe this action affirms several important steps the Company has taken recently to improve its balance sheet, reduce its cost of capital, and lower its operating costs by internalizing its management. We will continue to work hard toward achieving an investment grade rating by creating greater balance sheet flexibility, reducing further our cost of capital, maintaining prudent leverage levels, enhancing our dividend coverage, and growing our asset base."
The Company also announced today its preliminary inclusion in the Russell Global Index and Russell 3000® Index by Russell Investments. The Russell Global Index measures the performance of the global equity market based on all investable equity securities and can be segmented into thousands of distinct benchmarks. The broad-market Russell 3000® Index, which is comprised of the top 3,000 U.S. stocks by market capitalization, covers 98% of the U.S. equity investable universe and includes two well-known subsets: the large cap Russell 1000® Index and the small cap Russell 2000® Index. According to Russell Investments, ARCT's inclusion in the Russell Global Index and Russell 3000® Index will become effective after the close of market trading on Friday, June 22, 2012.
About Russell U.S. Indexes
Russell U.S Indexes are the leading U.S. equity benchmarks for institutional investors. Its broad range of U.S. indexes allows investors to track current and historical market performance by specific size, investment style and other market characteristics.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of the Company.
American Realty Capital Trust, Inc., a publicly traded Maryland corporation listed on The NASDAQ Global Select Market, is a leading self-administered real estate company that owns and acquires single tenant free standing commercial real estate properties that are primarily net leased on a long-term basis to investment grade credit rated and other creditworthy tenants.
The statements in this press release that are not historical facts may be forward-looking statements. These forward looking statements involve risks and uncertainties that could cause the outcome to be materially different.
Additional information about the Company can be found on the Company's website at www.arctreit.com.
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