NEW YORK CITY-American Realty Capital Properties on Wednesday said it had completed its transition to self-management on its previously announced schedule. The transition was finalized within three business days of ARCP completing its acquisition of American Realty Capital Trust IV Inc., in accordance with a timeline announced last month.

“Today, we believe we have completed another significant step in our plan to deliberately grow ARCP into a leading net lease REIT,” says executive chairman Nicholas Schorsch. It follows ARCP’s acquisitions of American Realty Capital Trust III, ARCT IV and CapLease Inc., all three of which have now closed; the pending acquisition of Cole Real Estate Investments Inc.; and “the purchase of large property portfolios from GE Capital, Inland and Fortress. With the completion of self-management and the imminent close of our acquisition of Cole, we have built a best-in-class company with a leading portfolio and management team.”

When all is said and done, ARCP will also be the largest REIT in the net lease space. The completion of its pending merger with Cole will result in a net lease REIT with an enterprise value of $21 billion, 64% larger than its next nearest competitor and the 14th largest publicly traded REIT. At present, its portfolio consists of 2,560 freestanding commercial properties totaling about 43.7 million square feet across 49 states, the District of Columbia and Puerto Rico, net-leased to 452 primarily investment grade rated and other credit tenants.

In accordance with the switch to self-management, ARCP has terminated its management agreement with its external manager, ARC Properties Advisors LLC, effective Wednesday. ARCP plans to use only certain remaining services of ARC Properties Advisors through the close of its merger with Cole, which is expected to occur later this month.

Two of ARCP’s founders, Schorsch and CFO Brian S. Block, continue as members of the REIT’s executive team. Rounding out the team are president David S. Kay, who joined last month; COO Lisa Beeson; and chief accounting officer Lisa Pavelka McAlister.