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