Stockholders Okay Merger of ARC Properties, ARCT III

NEW YORK CITY-Closing the loop on the $3-billion merger first announced in December, stockholders of American Realty Capital Properties Inc. and American Realty Capital Trust III Inc. voted Tuesday to approve the plan. The vote followed approval by both companies’ boards of directors.

In a statement, Nicholas Schorsch, chairman and CEO of ARCP, cites the “significant value” that led investors to approve the merger. “We look forward to leveraging the best aspects of both investment strategies to pay a durable, growing dividend to our stockholders while capitalizing on the compelling growth potential of the combined asset portfolio,” he says. “We are rapidly moving forward to satisfy all necessary closing conditions and look forward to completing the transaction promptly.” A Feb. 28 closing is projected.