NEW YORK CITY-It has been a busy first quarter forpublicly-traded REIT American Realty CapitalTrust. After listing on the NASDAQ Capital Markets in Marchand filing an $87 million initial publicoffering earlier in the year, the company’sreinvention has led to a boost in revenues, net operating incomeand funds from operations—and the upward momentum is expect tocontinue.

“Our first quarter was all about execution, as you can seefrom the concrete progress we have been able to achieve,” saidWilliam M. Kahane, CEO of ARCT, in a companyfiling. “Our focus, since listing the company on the NASDAQ andinternalizing our management team, has been on reducing our cost ofcapital so as to improve our earnings. We believe, based on ourcurrent results, that we have accomplished this.”

ARCT, which focuses on net-leased pharmacies, banks, restaurantsand convenience stores in high-traffic locations to high creditquality tenants, saw its annualized FFO hit $123.6 million, or$0.78 per share, excluding acquisition activities, which waspreviously forecasted to be approximately $100 million in the next12 months. The company has also reaffirmed its previously provided2012 FFO and AFFO guidance of $0.79 to $0.82 per share, Kahanesays.