American Realty Capital Properties, Inc.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

		American Realty Capital Properties, Inc.
		Post-Merger		Pre-Merger				ARC Predecessor Companies
		Year Ended		Year Ended		September 6, 2011		January 1, 2011		Year Ended				June 5, 2008
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:		December 31, 2012		December 31, 2012		to December 31, 2011		to September 5, 2011		December 31, 2010		December 31, 2009		to December 31, 2008
Earnings:
Pre-tax loss from continuing operations		$      (38,700)		$       (6,579)		$             (1,759)		$       (5,302)		$       (7,421)		$       (8,614)		$      (1,182)
EARNINGS		$      (26,480)		$       (1,859)		$                 (835)		$         2,639		$         3,384		$       (1,651)		$            426
Fixed charges:
	Interest expensed and capitalized (1)	$         11,856		$         4,356		$                   924		$         7,941		$       10,805		$         6,963		$        1,608
	Preference security dividend requirements	364		364		-		-		-		-		-
FIXED CHARGES		$         12,220		$         4,720		$                   924		$         7,941		$       10,805		$         6,963		$        1,608
Ratio of Earnings to fixed charges and preferred stock dividends calculation		-2.17	x	-0.39	x	-0.90	x	0.33	x	0.31	x	-0.24	x	0.26	x
Deficiency		38,700		6,579		1,759		NA		NA		8,614		NA

(1) Interest expense includes amortization of premiums and discounts on borrowings and amortization of capitalized expenses related to indebtedness.