Cole Capital® REITs Report Fourth Quarter and Audited Full Year 2014 Financial Statements

PHOENIX, April 1, 2015 /PRNewswire/ -- Cole Capital announced this week the financial results for the quarter and full year ended December 31, 2014 for its sponsored non-traded REIT programs, Cole Credit Property Trust V ("CCPT V"), Cole Office & Industrial REIT ("CCIT II"), Cole Real Estate Income Strategy ("Income NAV") and Cole Credit Property Trust IV ("CCPT IV") (collectively, the "Cole Capital REITs").

Additionally, Cole Capital announced that the individual Boards of Directors of each of the Cole Capital REITs have re-engaged Deloitte & Touche LLP ("Deloitte") to serve as the REIT's independent registered public accounting firm for the fiscal year ending December 31, 2015. Deloitte has served as the auditor of each of the Cole Capital REITs since the time of each company's formation, and has provided unqualified audit opinions for each of the Cole Capital REITs, including with respect to the 2014 results announced this week.

"We are delighted to report that the Cole Capital REITs have filed full-year financial statements on time and in the normal course of business.  Additionally, we continue to enjoy a long-term relationship with Deloitte as the auditor for each of the Cole Capital REITs." said Simon Misselbrook, Chief Financial Officer and Treasurer of Cole Capital.

Highlights and Accomplishments of the Fourth Quarter and Full Year 2014

CCPT V

• At the end of 2014, CCPT V's portfolio consisted of 79 assets, located in 26 states, encompassing approximately 1.9 million square feet of rentable space, which was 99.3% leased with a weighted average remaining lease term of 12.7 years.
• In the fourth quarter, CCPT V acquired 32 properties, located in 18 states, encompassing approximately 1.2 million square feet of rentable space, for a total purchase price of approximately $191.0 million.
• Additionally, during the fourth quarter, CCPT V received $250 million of additional commitments under its credit facility from three banks, increasing total commitments from $50 million to $300 million, and closed on a 10-year, $25 million loan secured by six single-tenant properties.

CCIT II

• At the end of 2014, CCIT II's portfolio consisted of 23 assets, located in 15 states, encompassing approximately 7.2 million square feet of rentable space, which was 100% leased with a weighted average remaining lease term of 11.2 years.
• In the fourth quarter, CCIT II acquired six properties, located in six states, encompassing approximately 3.4 million square feet of rentable space, for a total purchase price of approximately $339.8 million.
• Additionally, during the fourth quarter, CCIT II received $175 million of additional commitments under its credit facility from eight banks, increasing total commitments from $225 million to $400 million, and closed on a seven-year, $35.1 million loan secured by three properties.

Income NAV

• At the end of 2014, Income NAV's portfolio consisted of 75 assets, located in 26 states, encompassing approximately 1.8 million square feet of rentable space, which was 99.7% leased with a weighted average remaining lease term of 11.9 years.
• In the fourth quarter, Income NAV acquired four properties, located in four states, encompassing approximately 42,000 square feet of rentable space, for a total purchase price of approximately $5.0 million.

CCPT IV

• At the end of 2014, CCPT IV's portfolio consisted of 759 assets, located in 45 states, encompassing approximately 20.2 million square feet of rentable space, which was 98.6% leased with a weighted average remaining lease term of 11.6 years.
• In the fourth quarter, CCPT IV acquired 88 properties, located in 32 states, encompassing approximately 2.3 million square feet of rentable space, for a total purchase price of approximately $407.0 million.
• Additionally, during the fourth quarter, CCPT IV closed on a 10-year, $119 million loan secured by a large pool of single-tenant properties.

Additional 2014 Cole Capital Highlights

• On May 20, 2014, Cole Credit Property Trust, Inc. ("CCPT"), Cole Capital's first sponsored non-traded REIT, was acquired by American Realty Capital Properties, Inc. ("ARCP") following the successful completion of a cash tender offer by ARCP.
• On September 2, 2014, Cole Corporate Income Trust, Inc. ("CCIT"), Cole Capital's first office and industrial-focused managed REIT, announced an agreement to merge with Select Income REIT, a publicly traded REIT listed on the New York Stock Exchange, in a $3 billion cash and stock transaction. The merger was successfully closed on January 29, 2015.
• Collectively, REITs managed by Cole Capital acquired 577 properties for $3.3 billion in 2014, including 10 properties with an aggregate purchase price of $323.5 million acquired during the year by CCIT.
• As noted above, each of the Cole Capital REITs finished 2014 with a strong portfolio, with each REIT maintaining portfolio-wide occupancy levels of at least 99% and a weighted average remaining lease term in excess of 11 years.

About Cole Capital
Cole Capital is the private capital management business of American Realty Capital Properties, Inc. As an industry leading non-listed REIT sponsor, Cole Capital creates innovative net lease real estate products that serve individual investors and financial professionals. Built on 35 years of experience and real estate acquisitions of more than $14 billion, Cole Capital's net lease strategy seeks to collect rent from industry-leading corporations and provide a stream of income to investors through non-listed REITs.  Additional information about Cole Capital and its products can be found on its website at www.colecapital.com.  

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SOURCE Cole Capital

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