American Realty Capital Trust III, Inc.

CIK:0001503828|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Rental income	$ 13,638,000	$ 8,000	$ 24,948,000	$ 8,000
Operating expense reimbursement	426,000	0	598,000	0
Total revenues	14,064,000	8,000	25,546,000	8,000
Operating expenses:
Property operating	762,000	2,000	1,102,000	2,000
Operating fees to affiliate	0	0	212,000	0
Acquisition and transaction related	13,817,000	420,000	24,087,000	420,000
General and administrative	360,000	82,000	797,000	180,000
Depreciation and amortization	8,900,000	0	16,213,000	0
Total operating expenses	23,839,000	504,000	42,411,000	602,000
Operating loss	(9,775,000)	(496,000)	(16,865,000)	(594,000)
Other income (expenses):
Interest expense	(2,318,000)	0	(4,723,000)	0
Other income, net	206,000	0	273,000	0
Total other expenses	(2,112,000)	0	(4,450,000)	0
Net loss	(11,887,000)	(496,000)	(21,315,000)	(594,000)
Net loss attributable to non-controlling interest	0	0	0	0
Net loss attributable to stockholders	(11,887,000)	(496,000)	(21,315,000)	(594,000)
Other comprehensive loss:
Designated derivatives, fair value adjustment	(1,198,000)	0	(4,024,000)	0
Unrealized gain on investment securities, net	34,000	0	34,000	0
Comprehensive loss	$ (13,051,000)	$ (496,000)	$ (25,305,000)	$ (594,000)
Basic and diluted weighted average common shares outstanding	134,186,453	685,340	72,007,149	244,217
Basic and diluted net loss per share attributable to stockholders	$ (0.09)	$ (0.72)	$ (0.30)	$ (2.43)

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net loss	$ (21,315)	$ (594)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	13,171	0
Amortization of intangibles	3,042	0
Amortization of deferred financing costs	696	0
Share based compensation	45	6
Changes in assets and liabilities:
Prepaid expenses and other assets	(2,197)	(35)
Accounts payable and accrued expenses	1,418	59
Deferred rent	1,835	79
Net cash used in operating activities	(3,305)	(485)
Cash Flows from investing activities:
Investment in real estate and other assets	(872,885)	(12,083)
Deposits for real estate investments	4,914	0
Purchase of investment securities	(8,055)	0
Net cash used in investing activities	(885,854)	(12,083)
Cash flows from financing activities:
Proceeds from mortgage notes payable	151,670	0
Payments of financing costs	(11,701)	(150)
Proceeds from issuances of common stock	1,619,053	25,337
Payments of offering costs and fees related to stock issuances	(180,365)	(6,267)
Proceeds from affiliates, net	(459)	(16)
Contributions from non-controlling interest holder	3,000	0
Distributions paid	(14,440)	0
Repurchases of common stock	(896)	0
Restricted cash	(1,212)	0
Net cash provided by financing activities	1,564,650	18,904
Net change in cash and cash equivalents	675,491	6,336
Cash and cash equivalents, beginning of period	16,183	6,336
Cash and cash equivalents, end of period	691,674	0
Supplemental Disclosures:
Cash paid for interest	3,448	0
Cash paid for income taxes	24	0
Non-Cash Investing and Financing Activities:
Common stock issued through distribution reinvestment plan	12,613	0
Accrued offering costs	$ 900	$ 795

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Real estate investments, at cost:
Land	$ 143,346	$ 7,135
Buildings, fixtures and improvements	686,724	54,585
Acquired intangible lease assets	115,268	10,733
Total real estate investments, at cost	945,338	72,453
Less: accumulated depreciation and amortization	(16,712)	(499)
Total real estate investments, net	928,626	71,954
Cash and cash equivalents	691,674	16,183
Investment securities, at fair value	8,089	0
Restricted cash	1,212	0
Prepaid expenses and other assets	7,822	252
Receivable for issuance of common stock	4,320	969
Deferred costs, net	11,644	639
Total assets	1,653,387	89,997
LIABILITIES AND EQUITY
Mortgage notes payable	156,730	5,060
Derivatives, at fair value	4,122	98
Accounts payable and accrued expenses	3,163	716
Deferred rent	1,998	163
Distributions payable	9,251	504
Total liabilities	175,264	6,541
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value per share, 300,000,000 shares authorized, 175,350,883 and 10,356,402 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively	1,753	104
Additional paid-in capital	1,537,766	86,643
Accumulated other comprehensive loss	(4,088)	(98)
Accumulated deficit	(60,308)	(3,193)
Total stockholders' equity	1,475,123	83,456
Non-controlling interest	3,000	0
Total equity	1,478,123	83,456
Total liabilities and equity	$ 1,653,387	$ 89,997