American Realty Capital Trust, a REIT focused on single tenant commercial properties, registered with the SEC on Wednesday for an $87 million US IPO. As of 1/31/2012, it held 485 properties in 43 states and Puerto Rico and leased to 61 commercial enterprises, including FedEx, Walgreens and CVS. Formed by American Realty Capital in 2007, the company had a continuous public offering of common stock from 2008 to 2011, but no public market was created. The new offering will involve 6.6 million shares and will establish trading on the NASDAQ under the symbol ARCT. Revenue for 2011 was $129 million, up from $48 million in 2010, and operating income doubled, from $15 million to $31 million. Net income, however, remained negative because of interest expenses ($39 million in 2011). Ladenburg Thalman & Co. is the lead underwriter on the deal.
