X0306 4 2015-04-01 1 0001507385 American Realty Capital Properties, Inc. ARCP 0001189691 MICHELSON LESLIE D C/O ARCP 2325 E. CAMELBACK ROAD, SUITE 1100 PHOENIX AZ 85016 0 0 0 1 Former Director Common Stock 2015-04-01 4 A 0 2817 9.765 A 67642 D Common Stock 2100 I Held by immediate family members Reflects 2,817 shares issued in respect of the annual equity retainer due to the Reporting Person for the pro rata portion of 2015 that the Reporting Person served as an independent director, from January 1 through March 31. Reflects the closing sale price as reported on the NASDAQ Global Select Market on April 1, 2015. Includes 40,883 restricted shares issued pursuant to the Issuer's Equity Plan that were previously unvested and were accelerated by the Issuer's Board of Directors in connection with the Reporting Person's resignation, effective as of such resignation. The Reporting Person stepped down from his position as an independent director of the Issuer effective April 1, 2015. As a result, this Form 4 serves as his exit filing. /s/ Leslie D. Michelson 2015-04-01