Understanding Real Estate Alternatives
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- Hilary Rogers
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1 Understanding Real Estate Alternatives MODERATOR Bill Humphrey, New Direction IRA CEO New Direction IRA PANELISTS F. Fuller O Connor Jr. EJF Capital LLC Michael Weil American Realty Capital David Puchi Baceline Investments
2 Understanding Real Estate Alternatives Real estate markets have been improving. Our panel will provide an overview of asset class pros and cons and debate underlying fundamentals that can assist in determining which programs and sponsors are appropriately suited for various clients. These will include trends and poten<al in rental growth, absorp<on, tenancy, TIs and LCs, organic growth vs. value crea<on, intrinsic vs. market force driven stability, and more.
3 EJF Capital LLC
4 Housing Starts & New Home Median Price
5 Underwater Mortgages and Total Delinquent Mortgages
6 Case- Shiller Index & US Household Net Worth
7 Net Worth RE Assets & % change
8 American Realty Capital
9 Name AFRT ARC/ GF Capital American Realty Capital Management Team s Past Experience in Other Programs (As of June 30, 2013) Previously Acquired, Managed and Liquidated ARC Growth ARC Income Fund ProperCes ARC Income American Realty ProperCes, III Capital Trust Healthcare Trust of America* ARCT III NYSE Non- Non- REIT REIT REIT Type NYSE Private Private Private Private REIT SMA Placement Placement Placement ProperCes 1, ,330 States NA PR NA PR Square Feet 35.0 (millions) Total Cost (millions) $4,300.0 $407.5 $61.0 $101.6 $26.0 $2,950.0 $2,303.4 $1,754.7 $11,904.2 Total Name Type Properties Acquired ARC/GF Capital Portfolio Private SMA ARCT IV*** Non- REIT ARCT V Non- REIT ARC Global Non- REIT Previously Acquired, Managed and Liquidated ARC ARC HT ARC HT NYRR II Non- REIT Non- REIT ARC BDCA Retail Centers *ARC does not manage HTA, however ARC/RCS was instrumental in providing the necessary equity capital for HTA to assemble its pornolio of assets. **Grand total includes prior programs ***Pro Forma data incorporarng GE Capital and CapLease acquisirons Non- REIT Non- BDC 66 (loans) Non- REIT ARC Daily NAV Non- REIT ARCP*** NASDAQ REIT PE- ARC Non- REIT ARC Income Properties IV Private Placement Total Currently Managed 9 Grand Total** 2 8 1, ,754 5,084 States NA NA PR PR Square Feet (millions) Total Cost (millions) NA $230.9 $2,360.0 $331.4 $34.2 $574.7 $1,748.3 $12.0 $524.6 $54.2 $27.4 $4,160.1 $650.7 $21.2 $10,729.7 $22,633.9 INSTITUTIONAL COMMUNICATION NOT FOR FURTHER DISTRIBUTION
10 Total Cash + Stock Consideration American Realty Capital Shareholder Value Creation Net to the Investor ARCT ARCT III HTA ARCT IV $2,377,591,197 (178.0mm shares x $13.36/ $2,336,816,560 (176.9mm shares x $13.21/ share (1) ) share (2) ) $2,295,343,112 (211.4mm shares x $10.86/ $2,190,312,212 (71.5mm shares x $30.62/ share (3) ) share (4) ) - Return of Gross Equity (1,745,821,081) (1,736,021,996) (2,007,717,276) (1,763,018,472) Profit 631,770, ,794, ,625, ,293,739 + Distributions 228,650,283 (5) 86,092,000 (6) 539,537,000 (7) (8) 71,461,763 Total Value $860,420,399 $686,886,564 $827,162,836 (9) $498,755,502 Total Return (10) 149% 140% 141% 128% IRR 13% 27% 9% 31% RCS Distributed Products have Created Approximately $2,900,000,000 in Shareholder Value. (1) ARCT final stock price plus $0.35 special distribution paid to ARCT stockholders upon merger with Realty Income on 1/22/2013. (2) Final stock conversion price paid to ARCT III stockholders upon merger with ARCP on 2/28/13. (3) HTA stock price as of market close 7/5/2013. (4) Based on $30.62 guaranteed floor price paid to ARCT IV stockholders upon merger with ARCP. (5) Inception through 12/31/12. (6) Inception through 3/31/13. (7) Inception through 3/31/13. (8) Inception through Q3 13; anticipated close of merger. (9) Final tranches will be unlocked in (10) Including full return of principal, net of commissions. INSTITUTIONAL COMMUNICATION NOT FOR FURTHER DISTRIBUTION 10
11 American Realty Capital Press Federal Reserve decides to Trigger Third Easing to Help Economy Pledged to keep short-term rates near Moving to bolster the recovery, the Federal Reserve agreed to buy $40 billion a month in mortgage-backed securities to cut borrowing costs for home buyers and other borrowers, and pledged to keep short-term rates near zero until at least mid Markets reacted enthusiastically although an initial spike of nearly 1% in major indexes began to lose steam shortly after the Fed's announcement. In the afternoon, the rally regained power with major indexes showing gains of about 1.5% and trading close to levels not seen in nearly five years. It's the first time since the Fed's bond purchases began in 2008 that it has made an openended plan to buy government securities. SOURCE: USA TODAY, SEPTEMBER 13, 2012 zero until at least mid-2015 INSTITUTIONAL COMMUNICATION NOT FOR FURTHER DISTRIBUTION 11
12 American Realty Capital Best Practices Elimination of Internalization Fees Focus on Distribution Coverage Focus on Distribution Coverage Elimination of Asset Management Fees during the life of the offering Program Name Lower fees (acquisition, financing, asset management, property management) Waiver of Asset Management Fee in cash for the life of the offering paid and after liquidity event to be paid in class B restricted stock subject to performance (100% return of invested capital and 6% annual return) No Related Party or Affiliated Transactions American Realty Capital Trust III American Realty Capital Trust IV American Realty Capital Trust V ARC Global Trust ARC Healthcare Trust ARC Healthcare Trust II ARC New York Recovery REIT Phillips Edison-ARC Shopping Center INSTITUTIONAL COMMUNICATION NOT FOR FURTHER DISTRIBUTION 12
13 American Realty Capital BROKER DEALERS Realty Capital Securities, LLC Three Copley Place, Suite 3300, Boston, MA ALL OTHER INQUIRIES American Realty Capital Trust, Inc. 405 Park Avenue, 15th Floor, New York, NY American Realty Capital Advisors, LLC 106 York Road, Jenkintown, PA
14 Baceline Investments
15 American Realty Capital
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21 Thank You For Attending MODERATOR: Bill Humphrey, New Direc<on IRA PANELISTS: F. Fuller O Connor Jr., EJF Capital LLC foconnor@ejfcap.com Michael Weil, American Realty Capital mweil@arlcap.com David Puchi, Baceline Investments DPuchi@bacelineinvestments.com
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CBRE CLARION GLOBAL REAL ESTATE INCOME FUND (NYSE: IGR) DECLARES MONTHLY DISTRIBUTION FOR NOVEMBER
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