American Realty Capital Trust, Inc. (ARCT) (Tables)

3 Months Ended

Mar. 31, 2013

American Realty Capital Trust, Inc. (ARCT)

Schedule of preliminary allocation of the purchase price allocation

The preliminary allocation of the purchase price allocation reflects aggregate consideration of approximately $2.1 billion, as calculated below (in thousands):

Consideration associated with equity issued(1)	$	2,027,753
Cash consideration paid to previous owners of ARCT	56,216
Total preliminary purchase consideration	$	2,083,969

(1) Includes the value associated with the issuance of the Tau Operating Partnership units discussed below.

Summary of preliminary purchase price allocation representing current best estimate of fair value

The following table summarizes our preliminary purchase price allocation, which represents our current best estimate of acquisition date fair values of the assets acquired and liabilities assumed (in thousands):

Assets:
Real estate	$	2,621,747
Acquired lease intangible assets	611,650
Cash and cash equivalents, accounts receivable, and other assets, net	42,570
Total Assets	3,275,967
Liabilities:
Lines of credit payable	317,207
Term loan	235,000
Mortgage notes payable	538,960
Acquired lease intangible liabilities	76,041
Accounts payable, accrued expenses, and other liabilities, net	24,790
Total Liabilities	1,191,998
Estimated fair value of net assets acquired	$	2,083,969

Schedule of change in the carrying value of common units classified as noncontrolling interest

The following table represents the change in the carrying value of these common units from January 22, 2013 through March 31, 2013 (dollars in thousands):

	Noncontrolling interests
Fair value of units issued on January 22, 2013	$ 13,962
Distributions	(173	)
Allocation of net income	9
Carrying value at March 31, 2013	$ 13,798