424B3 1 v376915_424b3.htm 424B3

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-177563

AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.
SUPPLEMENT NO. 4, DATED MAY 5, 2014,
TO THE PROSPECTUS, DATED OCTOBER 16, 2013

This prospectus supplement, or this Supplement No. 4, is part of the prospectus of American Realty Capital Global Trust, Inc., or the Company, dated October 16, 2013, or the Prospectus, as supplemented by Supplement No. 1, dated December 11, 2013, or Supplement No. 1, Supplement No. 2, dated January 2, 2014, or Supplement No. 2, and Supplement No. 3, dated March 5, 2014, or Supplement No. 3. This Supplement No. 4 supplements, modifies, supersedes and replaces certain information contained in the Prospectus, Supplement No. 1, Supplement No. 2 and Supplement No. 3 and should be read in conjunction with the Prospectus. This Supplement No. 4 will be delivered with the Prospectus. Unless the context suggests otherwise, the terms “we,” “us” and “our” used herein refer to the Company, together with its consolidated subsidiaries.

The purposes of this Supplement No. 4 are to:

disclose operating information including the status of the offering, management updates, the shares currently available for sale, the status of distributions, the status of our share repurchase program, the status of fees paid and deferred, our real estate investment summary and selected financial data;
disclose changes to investor suitability standards for Iowa investors;
update our risk factors;
update the address of our dealer manager;
update disclosure relating to management in light of recent changes;
update our disclosure relating to conflicts of interest;
update disclosure relating to the management of our dealer manager;
update disclosure relating to our electronic voting policy for our Board of Directors;
update disclosure relating to our real estate investments;
update disclosure relating to our financial obligations;
update our prior performance information;
incorporate certain information by reference;
replace Appendix A — Prior Performance Tables;
replace Appendix C-1 — Subscription Agreement and Appendix C-2 — Multi-Offering Subscription Agreement; and
replace Appendix G — Privacy Policy Notice.


 
 

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TABLE OF CONTENTS

   
  Supplement No. 4 Page No.   Prospectus Page No.
Operating Information
                 
Status of the Offering     S-1       N/A  
Management Updates     S-1       N/A  
Shares Currently Available for Sale     S-2       N/A  
Status of Distributions     S-2       N/A  
Status of our Share Repurchase Program     S-4       N/A  
Status of Fees Paid and Deferred     S-5       N/A  
Real Estate Investment Summary     S-5       N/A  
Selected Financial Data     S-7       N/A  
Prospectus Updates
                 
Investor Suitability Standards     S-8       ii  
Prospectus Summary     S-8       1, 4-5  
Risk Factors     S-9       33, 35, 61  
Estimated Use of Proceeds     S-10       73-74  
Management     S-11       78, 81, 90,
94, 96,
97 – 98
 
Principal Stockholders     S-15       118  
Conflicts of Interest     S-16       119 – 120,
122
 
Investment Strategy, Objectives and Policies     S-17       130  
Description of Real Estate Investments     S-17       164, 166,
174, 175
 
Prior Performance Summary     S-31       180 – 184,
185
 
Incorporation by Reference     S-41       259  
Subscription Agreement     S-42       C-2-1  
Privacy Policy Notice     S-42       G-1  
Appendix A — Prior Performance Tables     A-1       A-1  
Appendix C-2 — Multi-Offering Subscription Agreement     C-2-1       C-2-1  
Appendix G — Privacy Policy Notice     G-1       G-1  

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OPERATING INFORMATION

Status of the Offering

We commenced our reasonable best efforts initial public offering of up to 156.6 million shares of common stock, including 101.0 million retail shares and 55.6 million institutional shares, on April 20, 2012 (excluding shares to be issued under the distribution reinvestment plan, or DRIP). On August 23, 2012, we filed a new prospectus, offering up to 150.0 million shares of common stock. On October 24, 2012, we satisfied the general escrow conditions of our initial public offering of common stock. On such date, we received and accepted aggregate subscriptions equal to the minimum of $2.0 million in shares of common stock, broke escrow and issued shares to each of AR Capital Global Holdings, LLC, our sponsor, and Moor Park Global Advisers Limited, a subsidiary of our European service provider, in the amount of $1.0 million at a purchase price of $9.00 per share. Additionally, on August 29, 2013, we raised in excess of $75.0 million in aggregate gross proceeds from all investors for shares of our common stock. Accordingly, we began accepting subscriptions from all states, including from residents of Pennsylvania.

As of March 15, 2014, we had acquired 43 properties which were 100% leased as of such date. As of March 15, 2014, we had total real estate investments, at cost, of $413.7 million. As of December 31, 2013, we had incurred, cumulatively to that date, $20.5 million in offering costs related to the sale of our common stock.

Extension of the Offering

On March 19, 2014, our board of directors approved the extension of our initial public offering to April 20, 2015, provided that the offering will be terminated if all 150.0 million shares of our common stock are sold before such date (subject to our right to reallocate shares offered pursuant to our distribution reinvestment plan for sale in our primary offering). Accordingly, all references in the Prospectus to the termination of this offering are revised to state that this offering will terminate on April 20, 2015, unless further extended.

Management Updates

On December 17, 2013, in light of the previously announced plans by American Realty Capital Properties, Inc., or ARCP, to become self-managed, in connection with which Brian S. Block now serves in the capacity as chief financial officer for ARCP on a full-time, dedicated basis, Mr. Block resigned from his roles as our chief financial officer and executive vice president, effective as of December 17, 2013. Mr. Block did not resign pursuant to any disagreement with us. Simultaneously with Mr. Block’s resignation, our board of directors appointed Amy B. Boyle to serve as our chief financial officer. Similarly, Ms. Boyle also replaced Mr. Block as chief financial officer of our advisor and property manager. There are no related party transactions involving Ms. Boyle that are reportable under Item 404(a) of Regulation S-K.

Amy B. Boyle, 36, has served as chief financial officer of American Realty Capital — Retail Centers of America, Inc. and American Realty Capital Retail Advisor, LLC since December 2013 and as chief financial officer, treasurer and secretary of American Realty Capital Hospitality Trust, Inc., American Realty Capital Hospitality Advisors, LLC and American Realty Capital Hospitality Properties, LLC since September 2013. Ms. Boyle has served as senior vice president for ARC Advisory Services, LLC since July 2013. Ms. Boyle has approximately 14 years of real estate finance and accounting experience. Ms. Boyle served as the chief financial officer for the Clarion Lion Properties Fund, a private real estate fund managed by Clarion Partners with a portfolio having a value of approximately $7.0 billion, from July 2009 through June 2013. Ms. Boyle's responsibilities in that role included overseeing financial reporting, cash management and the legal, tax and capital structure issues related to the fund. Ms. Boyle also served as chief financial officer, senior vice president and treasurer of Clarion Partners Property Trust from its formation in November 2009 through June 2013. From August 2006 through July 2009, Ms. Boyle held the position of vice president and controller of GoldenTree InSite Partners, a New York-based real estate investment firm, where her responsibilities included managing all aspects of client reporting and accounting, regulatory compliance, valuation of investments and structuring private equity investment vehicles. From March 2003 to August 2006, Ms. Boyle held various positions with Clarion Partners, including (from July 2005 to August 2006) senior associate in Portfolio Management for Clarion Lion Properties Fund, (from April 2005 to July 2005) assistant controller

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for Clarion Lion Properties Fund and (from March 2003 to April 2005) portfolio accountant for Clarion Lion Properties Fund. Ms. Boyle also served as a senior auditor for a Boston-based public accounting firm, Feeley & Driscoll, PC, from January 2000 to November 2002. Ms. Boyle holds a bachelor of science in Accounting and Management from Plattsburgh State University of New York, a master of science in Real Estate Finance from New York University and is a certified public accountant in the state of New York.

Shares Currently Available for Sale

As of March 15, 2014, we had received aggregate gross proceeds of $578.0 million, consisting of the sale of 58.0 million shares of common stock in our public offering and the receipt of $3.3 million from the DRIP.

As of March 15, 2014, there were 58.4 million shares of our common stock outstanding, including unvested restricted stock. As of March 15, 2014, there were 92.0 million shares of our common stock available for sale, excluding shares available under our DRIP.

Status of Distributions

On October 5, 2012, our board of directors authorized, and we declared, a distribution, which is calculated based on stockholders of record each day during the applicable period at a rate of $0.00194520548 per day, based on a price of $10.00 per share of common stock.

The distributions began to accrue on November 28, 2012, 30 days following our initial property acquisition. Our distributions are payable by the 5th day following each month end to stockholders of record at the close of business each day during the prior month.

The first distribution was paid in December 2012 to stockholders of record at the close of business each day during the period November 28, 2012 (30 days following our initial property acquisition) through November 30, 2012. We have continued to pay distributions to our stockholders each month since our initial distribution payment in December 2012.

The amount of distributions payable to our stockholders is determined by our board of directors and is dependent on a number of factors, including funds available for distribution, financial condition, capital expenditure requirements, as applicable, requirements of Maryland law and annual distribution requirements needed to qualify and maintain our status as a REIT under the Internal Revenue Code of 1986, as amended. Our board of directors may reduce the amount of distributions paid or suspend distribution payments at any time and therefore distribution payments are not assured.

During the year ended December 31, 2013, distributions paid to common stockholders were $3.1 million, inclusive of $1.3 million of distributions reinvested under the DRIP. During the year ended December 31, 2013, cash used to pay our distributions was generated from cash flows from proceeds from common stock and common stock issued under the DRIP.

During the three months ended December 31, 2012, distributions paid to common stockholders totaled $1,000. During the three months ended December 31, 2012, cash used to pay our distributions was generated from proceeds from our offering.

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The following table shows the sources for the payment of distributions to common stockholders for the periods indicated:

       
  Year Ended
December 31, 2013
  Three Months Ended December 31, 2012
(In thousands)     Percentage of
Distributions
    Percentage of
Distributions
Distributions:
                                   
Distributions paid in cash   $ 1,762              $ 1           
Distributions reinvested     1,320                    
Total distributions   $ 3,082           $ 1        
Source of distribution coverage:
                                   
Cash flows provided by operations   $       %    $       % 
Proceeds from issuance of common stock     1,762       57.2 %      1       100.0 % 
Common stock issued under the DRIP/offering proceeds     1,320       42.8 %            % 
Proceeds from financings           %            % 
Total sources of distribution coverage   $ 3,082       100.0 %    $ 1       100.0 % 
Cash flows used in operations (GAAP(1) basis)(2)   $ (2,702 )          $ (193 )       
Net loss (in accordance with GAAP)   $ (6,989 )          $ (256 )       

(1) Accounting principles generally accepted in the United States of America, or GAAP.
(2) Cash flows used in operations for the year ended December 31, 2013 and for the three months ended December 31, 2012 include acquisition and transaction related expenses of $7.7 million and $0.2 million, respectively.

The following table compares cumulative distributions paid to cumulative net loss (in accordance with GAAP) for the period from July 13, 2011 (date of inception) through December 31, 2013:

 
(In thousands)   For the Period from
July 13, 2011
(date of inception) to
December 31, 2013
Distributions paid:
        
Common stockholders in cash   $ 1,763  
Common stockholders pursuant to DRIP/offering proceeds     1,320  
Total distributions paid   $ 3,083  
Reconciliation of net loss:
        
Revenues   $ 3,981  
Acquisition and transaction-related expenses     (7,973 ) 
Depreciation and amortization     (2,133 ) 
Other operating expenses     (350 ) 
Other non-operating expense     (943 ) 
Net loss (in accordance with GAAP)(1)   $ (7,418 ) 

(1) Net loss as defined by GAAP includes the non-cash impact of depreciation and amortization expense as well as costs incurred relating to acquisitions and related transactions.

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Status of our Share Repurchase Program

Under our share repurchase program, or SRP, stockholders may request that we repurchase all or any portion, subject to certain minimum amounts described below, of their shares, if such repurchase does not impair our capital or operations.

Beginning with the filing of our second Quarterly Report on Form 10-Q (or our Annual Report on Form 10-K should such filing constitute the second quarterly financial filing) with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, following our acquisition of $1.2 billion in total portfolio assets, calculated on the basis of cost, including our pro rata share of debt attributable to such assets, or the NAV pricing date, the repurchase price for shares under the SRP will be based on our net asset value, or NAV. Only those stockholders who purchased their shares from us or received their shares from us (directly or indirectly) through one or more non-cash transactions may be able to participate in the SRP. The repurchase of shares will occur on the last business day prior to the filing of each quarterly financial filing (and in all events on a date other than a dividend payment date). Purchases under the SRP will be limited in any calendar year to 5.0% of the weighted average number of shares of our common stock outstanding during the prior calendar year.

Prior to the commencement of the calculation of NAV, the number of shares repurchased may not exceed 5.0% of the weighted average number of shares of common stock outstanding at the end of the previous calendar year and the price per share for repurchases of shares of common stock will be as follows:

the lower of $9.25 and 92.5% of the price paid to acquire the shares, for stockholders who have continuously held their shares for at least one year;
the lower of $9.50 and 95.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least two years;
the lower of $9.75 and 97.5% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least three years; and
the lower of $10.00 and 100.0% of the price paid to acquire the shares for stockholders who have continuously held their shares for at least four years (in each case, as adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to our common stock).

Subject to limited exceptions, stockholders who request the repurchase of shares of our common stock within the first four months from the date of purchase will be subject to a short-term trading fee of 2.0%.

When a stockholder requests a repurchase and the repurchase is approved, we reclassify such obligation from equity to a liability based on the settlement value of the obligation. Shares purchased under the SRP have the status of authorized but unissued shares. As of December 31, 2013, we have not received any repurchase requests, and no shares of common stock have been repurchased.

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Status of Fees Paid and Deferred

The following table reflects the fees incurred, forgiven and unpaid to our dealer manager, advisor and property manager as of and for the periods presented:

           
(In thousands)   Incurred
Year Ended December 31, 2013
  Forgiven
Year Ended December 31, 2013
  Unpaid As of December 31, 2013   Incurred Year Ended December 31, 2012   Forgiven Year Ended December 31, 2012   Unpaid As of December 31, 2012
Selling commissions and dealer manager fees   $ 14,024     $  —     $ 176     $ 3     $  —     $  —  
Offering costs     2,615             293       930             930  
Acquisition fees and related cost reimbursements     2,447                   41              
Transaction Fee     165                                
Financing coordination fees     926                   9              
Asset management fees                             3        
Property management and leasing fees     50       25       1       1             1  
Strategic advisory fees     359                                
Distributions on Class B Units     4                                

Real Estate Investment Summary

Real Estate Portfolio

We acquire and operate commercial properties. As of March 15, 2014, the properties we owned were 100.0% leased and comprised of the following properties:

           
Portfolio   Acquisition Date   Location   Number of Properties   Square Feet   Remaining Lease
Term(1)
  Base Purchase Price(2)
(In thousands)
McDonald's     Oct. 2012       UK       1       9,094       10.0     $ 2,566  
Wickes Building Supplies     May 2013       UK       1       29,679       10.6       6,058  
Everything Everywhere     Jun. 2013       UK       1       64,832       13.3       12,365  
Thames Water Utilities     Jul. 2013       UK       1       78,650       8.5       18,233  
Wickes Building Supplies II     Jul. 2013       UK       1       28,758       12.8       5,054  
PPD Global Labs     Aug. 2013
      US       1       73,220       10.8       9,283  
Northern Rock     Sept. 2013       UK       2       86,290       9.5       16,322  
Kulicke & Soffa Industries     Sept. 2013
      US       1       88,000       9.6       13,415  
Wickes Building Supplies III     Nov. 2013
      UK       1       28,465       14.7       6,067  
Con-way Freight     Nov. 2013
      US       7       105,090       9.7       12,196  
Wolverine     Dec. 2013       US       1       468,635       8.9       17,201  
Western Digital     Dec. 2013       US       1       286,330       6.7       28,574  
Encanto     Dec. 2013       PR       18       65,262       11.3       37,556  
GE Aviation     Jan. 2014       US       1       369,000       11.8       38,857  
Rheinmetall     Feb. 2014       GER       1       320,102       9.8       28,924  
Provident Financial     Feb. 2014       UK       1       117,003       11.7       41,812  
Crown Crest     Feb. 2014       UK       1       805,530       24.9       63,587  
Trane     Feb. 2014       US       1       25,000       9.7       3,072  
Aviva     Mar. 2014       UK       1       131,614       15.3       52,517  
Portfolio, March 15, 2014                 43       3,180,554       11.2     $ 413,659  

(1) Remaining lease term in years as of March 15, 2014.
(2) Contract purchase price, excluding acquisition-related costs, based on the exchange rate at the time of purchase.

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Future Lease Expirations

The following table provides a summary of lease expirations for the next ten years at the properties we own as of March 15, 2014:

         
Year of Expiration   Number of Leases Expiring   Annualized Rental
Income(1)
(in thousands)
  Annualized Rental
Income as a Percentage of the Total Portfolio
  Leased Rentable
Sq. Ft.
  Percent of Portfolio Rentable
Sq. Ft. Expiring
March 16, 2014 – 
December 31, 2014
        $       %            % 
2015                 %            % 
2016                 %            % 
2017                 %            % 
2018                 %            % 
2019                 %            % 
2020     1       2,412       6.4 %      286,330       9.0 % 
2021                 %            % 
2022     1       1,942       5.2 %      78,650       2.5 % 
2023     13       7,944       21.1 %      1,093,117       34.4 % 
Total     15     $ 12,298       32.7 %      1,458,097       45.9 % 

(1) Annualized rental income, based on the exchange rate at the time of acquisition, as of March 15, 2014 on a straight-line basis, which includes tenant concessions such as free rent, as applicable.

Tenant Concentration

The following table lists tenants whose square footage is greater than 10% of our total portfolio square footage as of March 15, 2014:

             
Tenant   Number of Properties Occupied
by Tenant
  Square
Feet
  Square
Feet as a
% of Total Portfolio
  Lease Expiration   Remaining Lease Term(1)   Renewal Options   Annualized Rental
Income(2)
(in thousands)
Crown Crest     1       805,530       25.3 %      Feb. 2039       24.9       None     $ 6,570  
Wolverine     1       468,635       14.7 %      Jan. 2023       8.9       One, five-year
option
    $ 1,355  
GE Aviation     1       369,000       11.6 %      Dec. 2025       11.8       Two, five-year
options
    $ 2,785  
Rheinmetall     1       320,102       10.1 %      Dec. 2023       9.8       Three, five-year
options and one,
three-year option
    $ 2,564  

(1) Remaining lease term in years as of March 15, 2014.
(2) Annualized rental income, based on the exchange rate at the time of acquisition, as of March 15, 2014 for the tenant on a straight-line basis.

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Selected Financial Data

The following selected financial data as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012:

   
  December 31,
Balance sheet data (In thousands)   2013   2012
Total real estate investments, at cost   $ 196,908     $ 2,585  
Total assets     214,927       2,933  
Mortgage notes payable     76,904       1,228  
Total liabilities     92,207       3,729  
Total stockholders’ equity (deficit)     122,720       (796 ) 

   
  Year Ended December 31,
Operating data (In thousands, except share and per share data)   2013   2012
Total revenues   $ 3,951     $ 30  
Operating expenses:
                 
Property operating     42        
Operating fees to affiliate     50       1  
Acquisition and transaction related     7,745       228  
General and administrative     58       183  
Depreciation and amortization     2,112       21  
Total expenses     10,007       433  
Operating loss     (6,056 )      (403 ) 
Interest expense     (969 )      (10 ) 
Unrealized gain on foreign currency     35        
Other income     1        
Total other income (expense)     (933 )      (10 ) 
Net loss   $ (6,989 )    $ (413 ) 
Other data:
                 
Cash flows used in operations   $ (2,702 )    $ (418 ) 
Cash flows used in investing activities     (112,445 )      (1,357 ) 
Cash flows provided by financing activities     124,209       2,027  
Per share data:
                 
Basic and diluted net loss per share   $ (1.28 )    $ (6.43 ) 
Basic and diluted weighted average shares outstanding     5,453,404       64,252  

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PROSPECTUS UPDATES

Investor Suitability Standards

The paragraph “Iowa” on page ii of the Prospectus is hereby replaced with the following disclosure.

“The maximum investment allowable in us and our affiliates is 10% of an Iowa investor’s liquid net worth. “Liquid net worth” is defined as that portion of net worth (total assets minus total liabilities) that is comprised of cash, cash equivalents and readily marketable securities.”

Prospectus Summary

The second sentence under the question “What is American Realty Capital Global Trust, Inc.?” on page 1 of the Prospectus is hereby replaced with the following disclosure.

“We expect to use the net proceeds of this offering to acquire a diversified portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant net leased commercial properties.”

The first bullet point under the question “What are your investment objectives?” on page 2 of the Prospectus is hereby is hereby replaced in its entirety with the following disclosure.

“•    to acquire a diversified portfolio of commercial properties, many of which are leased back to the seller-occupants pursuant to triple net leases with a focus, with respect to investments in the United States, on acquisitions of net lease properties with tenants in the office, industrial and special purpose sectors;”

The question “What is the experience of your principal executive officers?” on pages 4 – 5 of the Prospectus is hereby replaced in its entirety with the following disclosure.

What is the experience of your principal executive officers?

Our investments are identified, evaluated, negotiated, consummated and managed by our investment team employed by our advisor and service provider(s), including the five principal officers of our advisor, Nicholas S. Schorsch, Peter M. Budko, Andrew Winer, Edward M. Weil, Jr. and Amy B. Boyle. Nicholas S. Schorsch is the chairman of the board and chief executive officer of our company and Edward M. Weil, Jr. has served as the president, chief operating officer, treasurer and secretary of our company since our formation in July 2011 and as a director of our company since May 2012. Mr. Schorsch also has been the chief executive officer of our advisor since its formation in July 2011. Messrs. Schorsch and Weil have been active in the structuring and financial management of commercial real estate investments for over 24 years and 10 years, respectively. Mr. Budko has 27 years of institutional real estate experience. Mr. Winer has 12 years of real estate experience. Ms. Boyle has approximately 14 years of real estate finance and accounting experience. Please also see the section entitled “Management” in this prospectus.”

The question “Who can help answer questions about the offering” on page 31 of the Prospectus is hereby replaced with the following disclosure.

Who can help answer my questions about the offering?

If you have more questions about the offering or if you would like additional copies of this prospectus, you should contact your registered representative or contact:

Realty Capital Securities, LLC
One Beacon Street
14th Floor
Boston, MA 02108
1-877-373-2522
www.rcsecurities.com

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Risk Factors

The risk factor “Because this is a blind pool offering, you will not have the opportunity to evaluate our investments before we make them, which makes an investment in us more speculative” on page 33 of the Prospectus is hereby replaced with the following disclosure.

“Because we have not identified all of the properties we may acquire, you will not have the opportunity to evaluate our investments before we make them, which makes an investment in us more speculative.

We have acquired a limited number of properties or other investments and have identified a limited number of investments that we may make. Additionally, we will not provide you with information to evaluate our investments prior to our acquisition of the investments and you must instead rely on our board of directors and our advisor to implement our investment strategy. We will seek to invest the offering proceeds available for investment, after the payment of fees and expenses, in a diversified portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant net leased commercial properties. We also may, in the discretion of our advisor, invest in other types of real estate or in entities that invest in real estate. In addition, we may make or invest in mortgage, bridge or mezzanine loans or participations therein on our behalf if our board of directors determines, due to the state of the real estate market or in order to diversify our investment portfolio or otherwise, that those investments are advantageous to us.”

The risk factor “If our advisor or any service provider loses or is unable to obtain key personnel, our ability to implement our investment strategies could be delayed or hindered, which could adversely affect our ability to make distributions and the value of your investment” on page 35 of the Prospectus is hereby replaced with the following disclosure.

“If our advisor or any service provider loses or is unable to obtain key personnel, our ability to implement our investment strategies could be delayed or hindered, which could adversely affect our ability to make distributions and the value of your investment.

Our success depends to a significant degree upon the contributions of certain of our executive officers, including Nicholas S. Schorsch and Edward M. Weil, Jr., and other key personnel of our advisor and any service provider, each of whom would be difficult to replace. None of we, our advisor or any service provider has an employment agreement with any of these key personnel and we cannot guarantee that all, or any particular one, will remain affiliated with us and/or advisor. If any of our key personnel were to cease their affiliation with our advisor or any service provider, our operating results could suffer. Further, we do not intend to separately maintain key person life insurance on Messrs. Schorsch or Weil or any other person. We believe that our future success depends, in large part, upon the ability of our advisor or any service provider to hire and retain highly skilled managerial, operational and marketing personnel. Competition for such personnel is intense, and we cannot assure you that our advisor or any service provider will be successful in attracting and retaining such skilled personnel. If our advisor or any service provider loses or is unable to obtain the services of key personnel, our ability to implement our investment strategies could be delayed or hindered, and the value of your investment may decline.”

The risk factor “Potential changes in U.S. accounting standards regarding operating leases may make the leasing of our properties less attractive to our potential tenants, which could reduce overall demand for our leasing services” on page 61 of the Prospectus is hereby replaced with the following disclosure.

“Potential changes in U.S. accounting standards regarding operating leases may make the leasing of our properties less attractive to our potential tenants, which could reduce overall demand for our leasing services.

Under current authoritative accounting guidance for leases, a lease is classified by a tenant as a capital lease if the significant risks and rewards of ownership are considered to reside with the tenant. Under capital lease accounting for a tenant, both the leased asset and liability are reflected on their balance sheet. If the lease does not meet any of the criteria for a capital lease, the lease is considered an operating lease by the tenant, and the obligation does not appear on the tenant’s balance sheet; rather, the contractual future minimum payment obligations are only disclosed in the footnotes thereto. Thus, entering into an operating lease can appear to enhance a tenant’s balance sheet in comparison to direct ownership. The Financial Accounting Standards Board, or the FASB, and the International Accounting Standards Board, or the IASB,

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conducted a joint project to re-evaluate lease accounting. In June 2013, the FASB and the IASB jointly finalized exposure drafts of a proposed accounting model that would significantly change lease accounting. The final standards are expected to be issued in 2014. Changes to the accounting guidance could affect both our accounting for leases as well as that of our current and potential tenants. These changes may affect how the real estate leasing business is conducted. For example, if the accounting standards regarding the financial statement classification of operating leases are revised, then companies may be less willing to enter into leases in general or desire to enter into leases with shorter terms because the apparent benefits to their balance sheets could be reduced or eliminated. This in turn could cause a delay in investing our offering proceeds and make it more difficult for us to enter into leases on terms we find favorable.”

Estimated Use of Proceeds

Footnote 6 on pages 73-74 of the Prospectus is hereby replaced with the following disclosure.

“(6) Acquisition expenses include both third party acquisition expenses and insourced acquisition expenses. Aggregate acquisition expenses include legal fees and expenses, travel and communications expenses, costs of appraisals, accounting fees and expenses, title insurance premiums and other closing costs and miscellaneous expenses relating to the selection, evaluation and acquisition of real estate properties, whether or not acquired. We may directly pay third parties for third party acquisition expenses, and our advisor, our European service provider or their affiliates may incur expenses for third party services, in each case from time to time. We will reimburse our advisor or our European service provider for any such third party acquisition expenses that they incur. Additionally, for certain services provided directly by our advisor or its affiliates, we will pay insourced acquisition expenses incurred related to selecting, evaluating and acquiring assets on our behalf, including legal advisory expenses, due diligence expenses, personnel expenses, acquisition-related administrative and advisory expenses, survey, property, contract review expenses, travel and communications expenses and other closing costs, as applicable, regardless of whether we acquire the investment. We will fix our insourced acquisition expenses on an annual basis to 0.5% of the purchase price of our acquisitions (including our pro rata share of debt attributable to such acquisitions) and 0.5% of the amount advanced for loans or other investments (including our pro rata share of debt attributable to such investments), subject to a reduction in such expenses for the following year in light of our annual market check. Furthermore, we believe that our third party acquisition expenses (including both those third party acquisition expenses that we pay directly and those third party acquisition expenses for which we reimburse our advisor) on an annual basis will be approximately 0.5% of the purchase price of our acquisitions (including our pro rata share of debt attributable to such acquisitions) and 0.5% of the amount advanced for loans or other investments (including our pro rata share of debt attributable to such investments). With respect to international acquisitions, our experience has been that third party acquisition expenses are more than 0.5% of the purchase price of such acquisitions or such amounts advanced for loans or other investments. Given the target geographic allocation, acquisition expenses on the fully deployed portfolio is expected to be 1.5% of contract purchase price. Total acquisition fees and expenses (including any financing coordination fee) for our portfolio will not exceed 4.5% of the contract purchase price of our portfolio (including our pro rata share of debt attributable to our portfolio) or 4.5% of the amount advanced for all loans or other investments (including our pro rata share of debt attributable to such investments). Assuming that we incur leverage up to 45% of the aggregate fair market value of our assets, as set forth in our investment guidelines, the maximum acquisition fees would be $24,090,909. Assuming we incur leverage up to 300% of our total “net assets” (as defined in our charter and in accordance with the NASAA REIT Guidelines) as of the date of any borrowing, which is generally expected to be approximately 75% of the cost of our investments, the maximum acquisition fees would be $53,000,000.”

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Management

The following disclosure replaces in its entirety the table under the section entitled “Management — Executive Officers and Directors” on page 78 of the Prospectus.

   
“Name   Age   Position(s)
Nicholas S. Schorsch   53   Chairman of the Board of Directors and Chief Executive Officer
Edward M. Weil, Jr.   47   President, Chief Operating Officer, Treasurer, Secretary and Director
Peter M. Budko   54   Executive Vice President
Amy B. Boyle   36   Chief Financial Officer
Andrew Winer   46   Chief Investment Officer
Scott J. Bowman   57   Independent Director
Edward G. Rendell   70   Independent Director
Abby M. Wenzel   53   Independent Director”

The following disclosure replaces in its entirety the tenth sentence of Mr. Budko’s biography on page 80 of the Prospectus under the heading “Management — Executive Officers and Directors.”

“Mr. Budko also served as executive vice president and chief investment officer of ARCP from its formation in December 2010 until completion of ARCP’s previously announced transition to self-management in January 2014. Mr. Budko has also served as executive vice president and chief investment officer of ARCP’s advisor since its formation in November 2010.”

The following disclosure replaces in its entirety Scott J. Bowman’s biography on page 80 of the Prospectus under the heading “Management — Executive Officers and Directors.”

Scott J. Bowman was appointed as an independent director of the company in May 2012. Mr. Bowman was also appointed as an independent director of NYRT in August 2011. Mr. Bowman was appointed as an independent director of ARCP in February 2013, following the close of ARCP’s acquisition of ARCT III. Mr. Bowman served as an independent director of ARCT III from February 2012 until February 2013. Mr. Bowman has over 20 years of experience in global brand and retail management in addition to retail store development. Mr. Bowman has served as the Group President of Global Retail and International Development at The Jones Group Inc. (NYSE: JNY) from June 2012 until March 2014. Mr. Bowman founded Scott Bowman Associates in May 2009 and has served as its chief executive officer since such time. Scott Bowman Associates provides global management, business development, retail market and network strategies, licensing, strategic planning and international strategy and operations support to leading retailers and consumer brands. From May 2005 until September 2008, Mr. Bowman served as president of Polo Ralph Lauren International Business Development where he was also a member of the executive committee and capital committee. From June 2007 until September 2008, Mr. Bowman served as chairman of Polo Ralph Lauren Japan. During his time with Polo Ralph Lauren, Mr. Bowman led the effort to transform the company’s business in Asia from a licensed structure to a direct, integrated subsidiary of Polo Ralph Lauren. The transformation included upgraded merchandising, marketing, store development processes, restructuring remaining partnership agreements as well as leading the effort to buy back control of key operating territories in Asia. From 2003 to 2005, Mr. Bowman served as founder and chief executive officer of Scott Bowman Associates International Retail Consultancy. From May 1998 until January 2003, Mr. Bowman served as an executive officer of two subsidiaries of LVMH Moet Hennessy Louis Vuitton. From February 2001 until January 2003, Mr. Bowman served as the chief executive officer of Marc Jacobs Int’l. From May 1998 until January 2001, he was the region president of Duty Free Shoppers. Mr. Bowman served as the Chairman of the Board of Colin Cowie Enterprises, a multi-platform digital events and lifestyle company, from its formation in March 2011 until July 2013. He was also a member of the boards of directors of Stuart Weitzman from February 2009 until April 2010 and The Health Back, a specialty and e-commerce retailer, from May 2004 until September 2007. Mr. Bowman received his B.A. from the State University of New York at Albany. We believe that Mr. Bowman’s extensive experience in global brand and retail management and retail store development make him well qualified to serve as a member of the Board.”

The following disclosure replaces in its entirety Brian S. Block’s biography on page 81 of the Prospectus under the heading “Management — Executive Officers and Directors.”

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Amy B. Boyle has served as chief financial officer of our company, our advisor and our property manager since December 2013. Ms. Boyle has also served as chief financial officer of ARC RCA and the ARC RCA advisor since December 2013 and as chief financial officer, treasurer and secretary of ARC HOST, the ARC HOST advisor and the ARC HOST property manager since September 2013. Ms. Boyle has served as senior vice president for ARC Advisory Services, LLC since July 2013. Ms. Boyle has approximately 14 years of real estate finance and accounting experience. She served as the chief financial officer for the Clarion Lion Properties Fund, a private real estate fund managed by Clarion Partners with a portfolio having a value of approximately $7.0 billion, from July 2009 through June 2013. Ms. Boyle's responsibilities in that role included overseeing financial reporting, cash management, and the legal, tax and capital structure issues related to the fund. Ms. Boyle also served as chief financial officer, senior vice president and treasurer of Clarion Partners Property Trust from its formation in November 2009 through June 2013. From August 2006 through July 2009, she held the position of vice president and controller of GoldenTree InSite Partners, a New York-based real estate investment firm, where her responsibilities included managing all aspects of client reporting and accounting, regulatory compliance, valuation of investments and structuring private equity investment vehicles. From March 2003 to August 2006, Ms. Boyle held various positions with Clarion Partners, including (from July 2005 to August 2006) senior associate in Portfolio Management for Clarion Lion Properties Fund, (from April 2005 to July 2005) assistant controller for Clarion Lion Properties Fund, and (from March 2003 to April 2005) portfolio accountant for Clarion Lion Properties Fund. Ms. Boyle also served as a senior auditor for a Boston-based public accounting firm, Feeley & Driscoll, PC, from January 2000 to November 2002. She holds a bachelor of science in Accounting and Management from Plattsburgh State University of New York, a master of science in Real Estate Finance from New York University and is a certified public accountant in the state of New York.”

Compensation of Directors

The following disclosure replaces in its entirety the third sentence of the section entitled “Compensation of Directors” on page 83 of the Prospectus.

“Our board of directors may also approve the acquisition of real property and other related investments valued at $40,000,000 or less, and in which any portfolio of properties is valued in the aggregate at $100,000,000 or less, via electronic board meetings whereby the directors cast their votes in favor or against a proposed acquisition via email.”

The following disclosure replaces in its entirety the table, and the paragraph immediately following such table, under the section entitled “Management — Our Advisor” on page 90 of the Prospectus.

   
“Name   Age   Position(s)
Nicholas S. Schorsch   53   Chief Executive Officer
Edward M. Weil, Jr.   47   President, Chief Operating Officer, Treasurer and Secretary
Peter M. Budko   54   Executive Vice President
Amy B. Boyle   36   Chief Financial Officer

The backgrounds of Messrs. Schorsch, Weil and Budko and Ms. Boyle are described in the “Management — Executive Officers and Directors” section of this prospectus.”

The following disclosure hereby replaces the seventh paragraph under the section “The Advisor” on page 90 of the Prospectus.

“We reimburse our advisor for personnel costs. The anticipated amount of reimbursement to our advisor for personnel costs is evaluated on an ongoing basis. Such reimbursement is based on a number of factors, including profitability, funds available and our ability to pay distributions from cash flow generated from operations. We do not, and will not, reimburse the advisor for salaries and benefits paid by our advisor to our executive officers.”

The following disclosure hereby replaces in its entirety the third to last sentence of the first paragraph under the section “Affiliated Companies — Property Manager” on page 94 of the Prospectus.

“Amy B. Boyle serves as chief financial officer of our property manager.”

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The fourth and fifth paragraphs under the section “Dealer Manager” on page 94 of the Prospectus are hereby replaced in their entirety with the following disclosure.

“The current officers of our dealer manager are:

   
Name   Age   Position(s)
Edward M. Weil, Jr.   47   Chairman
R. Lawrence Roth   56   Chief Executive Officer
Louisa Quarto   46   President
John H. Grady   52   Chief Operating Officer
Joseph D. Neary, Jr.   46   Chief Compliance Officer
Alex MacGillivray   52   Executive Vice President and National Sales Manager
Steve Rokoszewski   37   Executive Vice President

The background of Mr. Weil is described in the “Management — Executive Officers and Directors” section of this prospectus and the backgrounds of Ms. Quarto and Messrs. Roth, Grady, Neary, MacGillivray and Rokoszewski are described below:”

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The following disclosure is added as a new paragraph immediately following the biography of John H. Grady on page 95 of the Prospectus.

Joseph D. Neary, Jr. was appointed as chief compliance officer of our dealer manager in January 2014. Prior to joining our dealer manager, Mr. Neary served as the chief compliance officer of Park Avenue Securities, a wholly owned subsidiary of The Guardian Life Insurance Company, from March 2013 until December 2013. Mr. Neary served as the chief compliance officer of Advisor Group’s investment advisory retail firms in February 2010 and served in that capacity until March 2013. Mr. Neary has also been a compliance officer of AIG SunAmerica Asset Management Corp. and served as the chief compliance officer for AIG SunAmerica Capital Services, Inc., the principal underwriter (i.e., wholesaling broker-dealer) for certain mutual funds advised by AIG SAAMCo and variable annuities issued by AIG SunAmerica Life Assurance Company. In addition to his time with AIG and Guardian, Mr. Neary served as a compliance officer at both Prudential Financial and Marsh & McLennan, where part of his overall responsibilities included focusing on the oversight of wholesaling broker-dealer activities, capital raising and retirement services compliance. Mr. Neary has been licensed to practice law in New York and New Jersey since 1997 after obtaining an L.L.M. in international business transactions from McGeorge School of Law and his JD from Widener University Law School, while also holding FINRA 7, 24, 53 and 66 Registrations.”

The reference to “Brian Block” in the first paragraph under the section “Investment Decisions” on page 96 of the Prospectus is hereby replaced with “Amy B. Boyle.”

The following disclosure hereby replaces in its entirety the second to last sentence of the second paragraph under the section “Certain Relationships and Related Transactions” on page 97 of the Prospectus.

“Amy B. Boyle, our chief financial officer, also is the chief financial officer of our advisor.”

The following disclosure hereby replaces in its entirety the second to last sentence of the fourth paragraph under the section “Certain Relationships and Related Transactions” beginning on page 97 and continuing onto page 98 of the Prospectus.

“Amy B. Boyle, our chief financial officer, also is the chief financial officer of our property manager.”

Management Compensation

Footnote (7) under the Management Compensation table on page 114 of the Prospectus is replaced in its entirety with the following disclosure.

“(7) Operating expenses will include reimbursement of our advisor for personnel costs. See the section entitled “Management” in this prospectus. We will not reimburse the advisor for salaries and benefits paid to our executive officers.”

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Principal Stockholders

The section entitled “Principal Stockholders is hereby replaced in its entirety with the following disclosure.

“PRINCIPAL STOCKHOLDERS

The following table provides, as of the date of this prospectus, information regarding the number and percentage of shares of our common stock beneficially owned by each director, each executive officer, all directors and executive officers as a group and any person known to us to be the beneficial owner of more than 5% of our outstanding shares. As of April 15, 2014, we had 16,037 stockholders of record and 78,226,068 shares of common stock outstanding. Beneficial ownership includes outstanding shares and shares which are not outstanding, but that any person has the right to acquire within 60 days after the date of this prospectus (such as shares of restricted common stock which are scheduled to vest within 60 days). However, any such shares which are not outstanding are not deemed to be outstanding for the purpose of computing the percentage of outstanding shares beneficially owned by any other person. Except as otherwise provided, the person named in the table has sole voting and investing power with respect to all shares beneficially owned by him.

   
Name of Beneficial Owner(1)   Number of Shares   Percentage
American Realty Capital Global Trust Special Limited Partnership, LLC(2)     22,222       *  
AR Capital, LLC(3)     111,111       *  
Nicholas S. Schorsch            
Edward M Weil, Jr.            
Andrew Winer            
Peter M. Budko            
Amy B. Boyle            
Scott J. Bowman     6,044 (4)      *  
Abby M. Wenzel     6,000 (5)      *  
Edward G. Rendell     6,044 (6)      *  
All directors and executive officers as a group (8 persons)     151,421 (7)      *  

* Less than 1%
(1) The business address of each individual or entity listed in the table is 405 Park Avenue, New York, New York 10022.
(2) American Realty Capital Global Trust Special Limited Partnership, LLC is controlled by AR Capital, LLC, which is directly or indirectly owned by Nicholas S. Schorsch, William M. Kahane, Peter M. Budko, Brian S. Block and Edward M. Weil, Jr. and controlled by Nicholas S. Schorsch and William M. Kahane.
(3) AR Capital, LLC is directly or indirectly owned by Nicholas S. Schorsch, William M. Kahane, Peter M. Budko, Brian S. Block, and Edward M. Weil, Jr. and controlled by Nicholas S. Schorsch and William M. Kahane.
(4) Includes 6,000 restricted shares held by Mr. Bowman which vest annually over a five-year period in equal installments beginning with the date of grant.
(5) Includes 6,000 restricted shares held by Ms. Wenzel which vest annually over a five-year period in equal installments beginning with the date of grant.
(6) Includes 6,000 restricted shares held by Mr. Rendell which vest annually over a five-year period in equal installments beginning with the date of grant.
(7) Includes 22,222 shares held by American Realty Capital Global Trust Special Limited Partnership, LLC and 111,111 shares held by AR Capital, LLC. See footnote 2 and 3.”

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Conflicts of Interest

The following disclosure hereby replaces in its entirety the last paragraph under the Section “Our Sponsor and its Affiliates” beginning on page 119 and continuing onto page 120 of the Prospectus.

“AR Capital, LLC, the parent of our sponsor, recently entered into a series of reorganization transactions, or the reorganization, in which certain lines of business were reorganized under two parent companies, RCAP Holdings, LLC, which was formerly AR Capital, LLC, and a new AR Capital, LLC. Following the reorganization, RCAP Holdings, LLC became the parent of our dealer manager, our transfer agent and RCS Advisory Services, LLC. The new AR Capital, LLC was formed to continue to sponsor the remaining programs previously sponsored by RCAP Holdings, LLC (formerly, AR Capital, LLC), including us. The new AR Capital, LLC has assumed the role of RCAP Holdings, LLC as the parent of our sponsor and the direct or indirect sponsor of the remaining investment programs previously sponsored by RCAP Holdings, LLC. Our dealer manager and transfer agent are subsidiaries of RCAP Holdings, LLC, which is under common ownership with the new AR Capital, LLC. Each of the new AR Capital, LLC and RCAP Holdings, LLC is controlled directly or indirectly by Nicholas S. Schorsch and William M. Kahane.

Concurrently with the reorganization, each of our dealer manager, our transfer agent and RCS Advisory Services, LLC became a subsidiary of RCS Capital Corporation, a publicly traded holding company listed on the New York Stock Exchange under the symbol “RCAP.” RCAP Holdings, LLC maintains a majority economic interest in each of our dealer manager, our transfer agent and RCS Advisory Services, LLC. RCS Capital Corporation maintains voting control of each of these three entities. RCS Capital Corporation is a controlled company because the substantial majority of the voting power is held by RCAP Holdings, LLC. Because it is a controlled company, RCS Capital Corporation is not required to maintain a board with a majority of its board of directors being independent. Thus, the members of RCAP Holdings, LLC maintain control over the management of each of our dealer manager, our transfer agent and RCS Advisory Services, LLC.

Additionally, in connection with the reorganization, the new AR Capital, LLC entered into a services agreement with RCS Advisory Services, LLC. Pursuant to the services agreement, RCS Advisory Services, LLC provides us and other programs sponsored directly or indirectly by the new AR Capital, LLC with transaction management (including, without limitation, transaction management, due diligence, event coordination and marketing services) and other services. The services agreement is a related party transaction which was not negotiated at arms-length. The agreement provides for an initial ten-year term, which commenced on June 10, 2013, with automatic renewals for successive five-year periods, in each case, unless either party provides written notice of non-renewal to the other party at least 90 days prior the expiration of the term. In addition, the agreement will terminate upon the earlier to occur of: (i) AR Capital, LLC’s delivery to RCS Advisory Services, LLC of a notice of non-compliance with its obligations under the agreement and the failure of the parties to resolve the matters referred to in the non-compliance notice; and (ii) the impact of a force majeure-related delay upon either party, if the force majeure results in performance being delayed by greater than 60 days.

RCAP Holdings, LLC recently acquired First Allied Holdings Inc., or First Allied, and its retail broker- dealer business. First Allied’s broker-dealer may become a soliciting dealer for this offering and acts as a soliciting dealer for other offerings sponsored directly or indirectly by our sponsor. First Allied will maintain the management of all of its business and strategic decisions and RCAP Holdings, LLC will not require First Allied to sell the securities of any offering sponsored directly or indirectly by our sponsor, including this offering. The individual broker-dealers and financial advisors employed by First Allied will, consistent with their obligations under FINRA rules and the policies and procedures of First Allied, determine the suitability of each investment for each client independently based upon the facts and circumstances of each proposed sale.”

The following disclosure is hereby inserted as the third paragraph under the section “Receipt of Fees and Other Compensation by our Advisor and Its Affiliates” on page 122 of the Prospectus.

“From time to time, subject to the approval of a majority of our independent directors, we may engage one or more entities under common ownership with our sponsor or our advisor to provide services not provided under existing agreements described in this prospectus. Such engagements will be at terms no less

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favorable to us than could be obtained from an unaffiliated third party for comparable services, and may result in the payment of fees or reimbursement of expenses by us to such entities not described in “Management Compensation.” Services provided by such entities to prior programs of the parent of our sponsor have included strategic advisory services from the investment banking division of our dealer manager related to certain portfolio acquisitions and liquidity events, and included payment of a transaction fee based upon a certain percentage of the value of such transaction upon the consummation of the respective transaction.”

Investment Strategy, Objectives and Policies

The first bullet point under the heading “Overview” on page 130 of the Prospectus is hereby replaced with the following disclosure.

“•      to acquire a diversified portfolio of commercial properties, many of which are leased back to the seller-occupants pursuant to triple net leases with a focus, with respect to investments in the United States, on acquisitions of net lease properties with tenants in the office, industrial and special purpose sectors;”

The first sentence under the heading “Real Estate Properties – Net Leased Commercial Properties” on page 130 of the Prospectus is hereby replaced with the following disclosure.

“We currently expect that we will acquire a diversified portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant net leased commercial properties.”

Description of Real Estate Investments

The following disclosure hereby replaces the introductory paragraph and bullet points under the section “Description of Real Estate Investments” on page 164 of the Prospectus.

“We have acquired the following real estate investments through March 15, 2014:

Restaurants — Quick Service

1 McDonald’s restaurant located in Carlisle, United Kingdom purchased on October 30, 2012, or McDonald’s; and
15 Encanto restaurants located in the Commonwealth of Puerto Rico purchased on December 30, 2013, or the Quick Service Encanto Restaurants.

Restaurants — Casual Dining

3 Encanto restaurants located in the Commonwealth of Puerto Rico purchased on December 30, 2013, or the Casual Dining Encanto Restaurants.

Home Maintenance

1 freestanding Wickes Building Supplies retail warehouse located in Blackpool, United Kingdom purchased on May 3, 2013, or Wickes Building Supplies I;
1 freestanding Wickes Building Supplies retail warehouse located in Stoke-on-Trent, United Kingdom purchased on July 26, 2013, or Wickes Buildings Supplies II; and
1 freestanding Wickes Building Supplies retail warehouse located in Clifton, United Kingdom purchased on November 5, 2013, or Wickes Buildings Supplies III.

Telecommunications

1 Everything Everywhere office building located in Merthyr Tydfil, United Kingdom purchased on June 7, 2013, or Everything Everywhere.

Utilities

1 Thames Water Utilities office building located in Swindon, United Kingdom purchased on July 19, 2013, or Thames Water Utilities.

Contract Research

1 PPD Global Labs office building and lab facility located in Highland Heights, Kentucky purchased on August 30, 2013, or PPD Global Labs.

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Financial Services

2 Northern Rock office buildings located in Sunderland, United Kingdom purchased on September 4, 2013, or Northern Rock;
1 Provident Financial office building located in Bradford, United Kingdom purchased on February 11, 2014, or the Provident Financial Office Building; and
1 Aviva Life & Pensions office building located in Shefflied, United Kingdom purchased on March 7, 2014, or the Aviva Office Building.

Technology

1 Kulicke & Soffa Industries office building located in Fort Washington, Pennsylvania purchased on September 11, 2013, or Kulicke & Soffa Industries; and
1 Western Digital property comprising two office buildings located in San Jose, California purchased on December 23, 2013, or the Western Digital Office Buildings.

Freight

7 Con-way Freight distribution facilities located in Salina, Kansas, Uhrichsville, Ohio, Vincennes, Indiana, Riverton, Illinois, Grand Rapids, Michigan, Aurora, Nebraska and Waite Park, Minnesota purchased on November 25, 2013, or Con-way Freight.

Foot Apparel

1 Wolverine World Wide distribution facility located in Howard City, Michigan purchased on December 19, 2013, or the Wolverine World Wide Distribution Facility.

Aerospace

1 GE Aviation office and warehouse facility located in Grand Rapids, Michigan purchased on January 15, 2014, or the GE Aviation Facility.

Automotive Parts Supplier

1 Rheinmetall office and research and development facility located in Neuss, Germany purchased on February 5, 2014, or the Rheinmetall Property.

Retail Food Distribution

1 Crown Crest Group Limited property comprising two warehouses, a workshop and an office facility located in Leicester, United Kingdom purchased on February 13, 2014, or the Crown Crest Property.

Consumer Goods

1 Trane industrial facility located in Davenport, Iowa purchased on February 20, 2014, or the Trane Industrial Facility.”

The first paragraph, table and footnotes appearing on page 166 of the Prospectus are hereby replaced in their entirety by the following disclosure.

“The following table provides, for the properties, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(4)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight line Income
Wickes Building Supplies I     1       Aviva
Investors
Pensions
Limited
      $6.1 million(1)       8.5 %      11.4       Increase to
market rent
every five
years
      None       29,679       $0.5 million(1)  

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Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(4)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight line Income
Wickes Building Supplies II     1       St. James’s
Place UK
plc
      $5.1 million(2)       8.5 %      13.4       Increase to
market rent
every five
years
      None       28,758       $0.4 million(2)  
Wickes Building Supplies III     1       K/S
Swinton,
UK
      $6.1 million(3)       10.1 %      15.1       Increase to
market rent
every five
years
      None       28,465       $0.6 million(3)  

(1) Converted from local currency to U.S. Dollars as of the acquisition date using an exchange rate of $1.56 to £1.00.
(2) Converted from local currency to U.S. Dollars as of the acquisition date using an exchange rate of $1.53 to £1.00.
(3) Converted from local currency to U.S. Dollars as of the acquisition date using an exchange rate of $1.60 to £1.00.
(4) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.”

The following disclosure is hereby added immediately prior to the section “Financial Obligations” on page 174 of the Prospectus.

“Con-way Freight

The properties are 100% leased to Con-way Freight Inc., a subsidiary of Con-way Inc., a leader in freight transportation and logistics. The leases expire in November 2023 and are net whereby the tenant is required to pay substantially all operating expenses, excluding all costs to maintain and repair the roof and structure of the building, in addition to base rent. We funded the acquisition of the properties with $12.2 million from this offering.

The following table provides, for the properties, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(1)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income
Con-way Freight     7       Setzer
Properties
XCW, LLC
      $12.2 million       7.7 %      10       None       Four,
five-year
options
      105,090       $0.9 million  

(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the properties are suitable and adequate for their uses.

We do not have any scheduled capital improvements.

We believe the properties are adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2013 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

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Wolverine World Wide Distribution Facility

The property is 100% leased to Wolverine World Wide, Inc., a global marketer of branded footwear, as well as apparel and accessories. The lease is net whereby the tenant is required to pay substantially all operating expenses, excluding all costs to maintain and repair the roof, in addition to base rent. We received a credit of $0.7 million from the seller to make required roof repairs to the property. We funded the acquisition of the property using proceeds from this offering totaling $5.2 million and a drawdown of $12.0 million on our unsecured revolving $50.0 million credit facility with JPMorgan Chase Bank, N.A. or JPMorgan, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(1)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income
Wolverine World Wide Distribution Facility     1       3W
Development II,
L.L.C.
      $17.2 million       7.9 %      9.1       None       One,
five-year
option
      468,635       $1.4 million  

(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2013 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

Western Digital Office Buildings

The property is 100% leased to Western Digital Corporation. The lease is net whereby the tenant is required to pay substantially all operating expenses, including all costs to maintain and repair the roof and structure of the building, and the cost of all capital expenditures, in addition to base rent. We funded the purchase of the property using proceeds from this offering totaling $10.1 million and assumed debt of $18.5 million, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(1)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income
Western Digital Office
Buildings
    1       Fortress
Investment
Group LLC
      $28.6 million       8.4 %      7.0       3.5%
annually
commencing
October 2014
      Two,
five-year
options
      286,330       $2.4 million  

(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

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Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2013 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

Encanto Restaurants

The properties are 100% leased to Encanto Restaurants Inc. The master lease is net whereby the tenant is required to pay substantially all operating expenses, including all costs to maintain and repair the roof and structure of the building, and the cost of all capital expenditures, in addition to base rent. We funded the purchase of the properties using proceeds from this offering totaling $14.7 million and assumed debt of $22.9 million, as described in “Financial Obligations” below.

The following table provides, for the properties, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(1)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income
Encanto Restaurants – Casual
Dining
    3       Fortress
Investment
Group LLC
      $4.1 million       8.55 %      11.5       1.0%
annually
commencing July 2014
      Six,
five-year
options
      8,300       $0.3 million  
Encanto Restaurants – Quick
Service
    15       Fortress
Investment
Group LLC
      $33.5 million       8.55 %      11.5       1.0%
annually
commencing
July 2014
      Six,
five-year
options
      56,962       $2.9 million  

(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the properties are suitable and adequate for their uses.

We do not have any scheduled capital improvements.

We believe the properties are adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2013 Federal tax return.

The annual real estate taxes payable on the properties are to be paid directly by the tenant.

GE Aviation Facility

The property is 100% leased to GE Aviation Systems, LLC, a world-leading provider of commercial and military jet engines and components as well as avionics, electric power and mechanical systems for aircraft. GE Aviation Systems, LLC is a subsidiary of General Electric Company (NYSE: GE), which is the guarantor of the lease and carries an investment grade credit rating as determined by major credit rating agencies. The lease is net, whereby the tenant is required to pay substantially all operating expenses, excluding costs to maintain and repair the roof and structure, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totaling $20.4 million and a drawdown of $18.5 million on our unsecured revolving $50.0 million credit facility with JPMorgan, as described in “Financial Obligations” below.

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The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price   Capitalization Rate(1)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income
GE Aviation Facility     1       Tower
Partners,
LLC
      $38.9 million       7.2 %      12.0       5.5% every
three years
commencing
January 2017
      Two,
five-year
options
      369,000       $2.8 million  

(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

Set forth below are summary financial statements of the parent of the tenant as described above.

General Electric Company currently files its financial statements in reports filed with the SEC and the following summary financial data regarding General Electric Company are taken from such filings:

       
  Fiscal Year Ended December 31,
(Amounts in Millions)   2013
(Audited)
  2012
(Audited)
  2011
(Audited)
  2010
(Audited)
Statements of Earnings
                                   
Total revenues and other income   $ 146,045     $ 147,359     $ 147,288     $ 149,567  
Earnings from continuing operations before income taxes     16,151       17,406       20,257       14,187  
Net earnings (loss) attributable to GE common shareowners     13,057       13,641       13,120       11,344  

       
  December 31,
(Amounts in Millions)   2013
(Audited)
  2012
(Audited)
  2011
(Audited)
  2010
(Audited)
Statements of Financial Position
                                   
Total assets   $ 656,860     $ 685,328     $ 718,189     $ 747,793  
Short-term borrowings     77,890       101,392       137,611       117,959  
Total liabilities     519,777       556,858       600,055       623,595  
Total equity     136,783       128,470       118,134       124,198  

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Rheinmetall Property

The property is 100% leased to Rheinmetall Immobilien GmbH, a leading supplier of automotive technology for emission control systems, valves, actuators and pumps. Rheinmetall Immobilien GmbH is a subsidiary of Rheinmetall AG (FSE: RHM), which is the guarantor of the lease. The lease is net whereby the tenant is required to pay substantially all operating expenses, including costs to maintain and repair the roof and structure, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totaling $14.6 million and a loan of $14.3 million from Deutsche Pfandbriefbank AG, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price(1)   Capitalization Rate(2)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income(1)
Rheinmetall Property     1       Axiom
Asset 1
GmbH &
Co. KG
      $28.9 million       8.9 %      10.0       85% of the
change in the
German
consumer
price index
when this
index is
changed by
more than
5%
      Three
five-year
options and
one
three-year
option
      320,102       $2.6 million  

(1) Converted from local currency to US Dollars as of the acquisition date using an exchange rate of $1.35 to €1.00.
(2) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

Provident Financial Office Building

The property is 100% leased to Provident Financial plc (LSE: PFG), a financial services group specializing in the provision of personal credit products for consumers in the United Kingdom non-standard lending market. The lease is net whereby the tenant is required to pay substantially all operating expenses, including costs to maintain and repair the roof and structure, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totaling $20.9 million and a loan of $20.9 million from Santander UK Plc, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

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Property   Number of Properties   Seller   Purchase Price(1)   Capitalization Rate(2)   Lease Term Remaining At Acquisition (Years)(3)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income(1)
Provident Financial Office Building     1       Coolatinney Developments Limited       $41.8 million       10.3 %      11.7       16% in 2015
30% in 2020
and upwards
reviews
every 5 years
thereafter.
      None       117,003       $4.3 million  

(1) Converted from local currency to US Dollars as of the acquisition date using an exchange rate of $1.64 to £1.00.
(2) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.
(3) Based on termination option in November 2025. Without election, initial term ends in November 2035.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenant.

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Crown Crest Property

The property is 100% leased under one lease to Crown Crest (Leicester) Plc and Crown Crest Group Limited, which are both affiliated food distribution companies that specialize in the supply of branded goods to value retailers. Crown Crest Group Limited is the parent of Crown Crest (Leicester) Plc and owns 97% of Poundstretcher Limited, the guarantor of the lease. The lease is net whereby the tenant is required to pay substantially all operating expenses, including costs to maintain and repair the roof and structure, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totalling $31.8 million and a loan of $31.8 million from Santander UK Plc, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of Properties   Seller   Purchase Price(1)   Capitalization Rate(2)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income(1)
Crown Crest Property     1       Crown Crest
Property
Developments
Limited
      $63.6 million       10.3 %      25.0       Every five
years based
on the
greater of
rental rates
under the
lease or the
Index of
Retail Prices
with a floor
of 2.5% and
a maximum
of 4.5%
      None       805,530       $6.6 million  

(1) Converted from local currency to US Dollars as of the acquisition date using an exchange rate of $1.65 to £1.00.
(2) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenants.

The financial statements of Crown Crest Group Limited can be obtained from Companies House and the following audited summary financial data regarding Crown Crest Group Limited are taken from such filings:

     
  Fiscal Year Ended March 31,
     2013
(Audited)
  2012
(Audited)
  2011
(Audited)
Consolidated Profit and Loss Account
                          
Turnover   £ 430,179,490     £ 444,621,993     £ 410,225,321  
Profit on ordinary activities before taxation     9,564,590       15,507,809       17,807,364  
Profit for the financial year     8,942,831       13,167,820       13,974,355  

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  March 31,
2013
(Audited)
  March 31,
2012
(Audited)
  March 31,
2011
(Audited)
Consolidated Balance Sheet
                          
Creditors: amounts falling due within one year   £ 86,237,477     £ 96,859,444     £ 64,408,988  
Total assets less current liabilities     138,778,102       137,223,612       124,097,655  
Creditors: amounts falling due after more than one year and other liabilities     40,862,512       47,263,295       47,547,448  
Total capital and reserves     97,915,590       89,960,317       76,550,207  

Aviva Office Facility

The property is 100% leased to Aviva Life & Pensions UK Limited. Aviva Life & Pensions UK Limited is a subsidiary of Aviva International Insurance Limited, a leading provider of life and general insurance in Europe that also guarantees the lease. The lease is net whereby the tenant is required to pay substantially all operating expenses, including costs to maintain and repair the roof and structure, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totaling $26.3 million and a loan of $26.2 million from the Royal Bank of Scotland International Limited, as described in “Financial Obligations” below.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
Property   Number of Properties   Seller   Purchase Price(1)   Capitalization Rate(2)   Lease Term Remaining At Acquisition (Years)   Rental Escalations   Renewal Options   Rentable Square
Feet
  Annualized Straight Line Income(1)
Aviva Office Facility     1       Holaw (472)
Limited
      $52.5 million       8.7 %      15.3       Every five
years to
extent
market rates
are higher
than existing
base rent
      None       131,614       $4.6 million  

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(1) Converted from local currency to US Dollars as of the acquisition date using an exchange rate of $1.67 to £1.00.
(2) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenants.

The financial statements of Aviva International Insurance Limited can be obtained from Companies House and the following audited summary financial data regarding Aviva International Insurance Ltd are taken from such filings:

     
  Fiscal Year Ended December 31,
(Amounts in Millions)   2012
(Audited)
  2011
(Audited)
  2010
(Audited)
Income Statements
                          
Income   £ 997     £ 1,941     £ 1,944  
Expenses     (46 )      (1,598 )      (1,740 ) 
Profit for the year after tax     952       364       239  

     
(Amounts in Millions)   December 31, 2012
(Audited)
  December 31, 2011
(Audited)
  December 31, 2010
(Audited)
Statements of Financial Position
                          
Total assets   £ 16,203     £ 14,808     £ 21,278  
Total liabilities     103       71       3,894  
Total equity     16,100       14,737       17,384  

Trane Industrial Facility

The property is 100% leased to Trane U.S., Inc., a manufacturer of heating, ventilation, and air conditioning systems. The lease is net whereby the tenant is required to pay substantially all operating expenses, excluding all costs to maintain and repair the roof, structure and utility lines, in addition to base rent. We funded the acquisition of the property using proceeds from this offering totaling $3.1 million.

The following table provides, for the property, information relating to the seller, purchase price, capitalization rate, remaining lease term at the time of acquisition, rental escalations and renewal options, rentable square feet and annualized straight line income.

                 
                 
Property   Number of
Properties
  Seller   Purchase
Price
  Capitalization
Rate(1)
  Lease Term
Remaining At
Acquisition
(Years)
  Rental
Escalations
  Renewal
Options
  Rentable
Square
Feet
  Annualized
Straight
Line Income
Trane Industrial Facility     1       S.J. Russell,
L.C.
      $3.1 million       8.4 %      9.8       1.5%
increase
annually
      Three,
three-year
options
      25,000       $0.3 million  

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(1) Calculated by dividing annualized net operating income by base purchase price. Annualized net operating income is annualized rental income on a straight-line basis, which includes tenant concessions such as free rent, as applicable, plus operating expense reimbursement revenue less property operating expenses. Reflects adjustments for lease terminations and lease amendments with tenants, as applicable.

Other

We believe the property is suitable and adequate for its uses.

We do not have any scheduled capital improvements.

We believe the property is adequately insured.

The Federal tax basis and the rate of depreciation will be determined based upon the completion of cost allocation studies in connection with finalizing our 2014 Federal tax return.

The annual real estate taxes payable on the property are to be paid directly by the tenants.”

Financial Obligations

The following disclosure is hereby added immediately following the section “Wickes Building Supplies II Santander Loan” on page 175 of the Prospectus.

JPMorgan Credit Facility

On July 25, 2013, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a credit agreement relating to a credit facility with JPMorgan. The credit facility allows for total borrowings of up to $50.0 million. The credit facility contains an “accordion feature” to allow us, under certain circumstances and in the sole and absolute discretion of JPMorgan, to increase the aggregate borrowings under the credit facility to up to $750.0 million through additional commitments. Availability of borrowings is based on our operating partnership maintaining a pool of eligible unencumbered real estate assets.

The initial maturity date of the credit facility is July 25, 2016. The credit facility also contains two one-year extension options, subject to certain conditions. We will have the option, based upon our corporate leverage, to have the credit facility priced at either the Alternate Base Rate plus 0.60% to 1.20% or at adjusted LIBOR plus 1.60% to 2.20%. The Alternate Base Rate is defined in the credit agreement as a rate per annum equal to the greatest of (a) the fluctuating annual rate of interest announced from time to time by JPMorgan as its “prime rate” in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.5% and (c) the Adjusted LIBOR for a month period on such day plus 1%. Adjusted LIBOR refers to LIBOR multiplied by the statutory reserve rate, as determined by the Federal Reserve System of the United States. We may incur unused fees on a quarterly basis and in other circumstances to the extent it has not used commitments under the credit facility.

The credit facility provides for quarterly interest payments for each Alternate Base Rate loan and periodic payments for each adjusted LIBOR loan, based upon the applicable LIBOR loan period, with all principal outstanding being due on the maturity date. The credit facility may be prepaid at any time, in whole or in part, without premium or penalty, subject to prior notice to the applicable lender. In the event of a default, lenders under the credit facility have the right to terminate their obligations under the credit facility and to accelerate the payment on any unpaid principal amount of all outstanding loans. As defined in the credit agreement, events of default include, but are not limited to: failure by us to pay any amount due under the credit facility when due; failure by us to satisfy any financial covenant required under the credit facility; and any representation or warranty made in connection with the credit facility being shown to be materially false.

We, certain of our subsidiaries and certain subsidiaries of our operating partnership, have guaranteed or may guarantee the obligations under the credit facility on an unsecured basis.

On December 19, 2013, we, through an indirect wholly owned subsidiary of our operating partnership, drew down $12.0 million from the existing credit facility in connection with the acquisition of the Wolverine World Wide Distribution Facility, which was subsequently repaid in full on December 30, 2013.

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On January 15, 2014, we, through an indirect wholly owned subsidiary of our operating partnership, drew down $18.5 million from the existing credit facility in connection with the acquisition of the GE Aviation Facility, which was subsequently repaid in full on January 31, 2014.

As of March 15, 2014, we had no advances outstanding under the existing credit facility.”

The following disclosure is hereby added immediately following the section “Northern Rock Santander Loan” on page 175 of the Prospectus.

Wickes Building Supplies III Santander Loan

On November 5, 2013, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a loan agreement with Santander, as lender, in the amount of $3.0 million (based upon an exchange rate of $1.60 to £1.00, as of the date of the acquisition) secured by the Wickes Building Supplies III property. The loan agreement provides for quarterly interest payments with all principal outstanding being due on the maturity date in November 2018. The loan with Santander bears interest at 4.30%, fixed by an interest rate swap.

The loan may be prepaid at any time, in whole or in part, with breakage costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Wells Fargo Western Digital Loan

On December 23, 2013, we, through an indirect wholly owned subsidiary of our operating partnership, assumed a loan agreement with an outstanding principal amount of $18.5 million secured by the Western Digital Property. The loan provides for monthly principal and interest payments with full maturity in July 2021. The loan bears interest at a stated rate of 5.2%. The master servicer of the loan is Wells Fargo Bank, NA.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Wells Fargo Encanto Properties Loan

On December 30, 2013, we, through an indirect wholly owned subsidiary of our operating partnership, assumed a loan agreement with an outstanding principal amount of $22.9 million secured by the Encanto Properties. The loan provides for monthly principal and interest payments with full maturity in June 2017. The loan bears interest at a stated rate of 6.3%. The master servicer of the loan is Wells Fargo Bank, NA.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Deutsche Pfandbriefbank AG Loan

On February 5, 2014, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a loan agreement with Deutsche Pfandbriefbank AG in the amount of $14.3 million (based upon an exchange rate of $1.35 to €1.00, as of the date of the acquisition of the Rheinmetall Property) secured by the Rheinmetall Property. The loan provides for quarterly interest payments with all principal outstanding being due on the maturity date in January 2019. The loan bears interest at a stated rate of 2.5%, fixed by an interest rate swap entered into with JPMorgan.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Santander Provident Financial Office Building Loan

On February 11, 2014, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a loan agreement with Santander UK Plc. in the amount of $20.9 million (based upon an exchange rate of $1.64 to £1.00, as of the date of the acquisition of the Provident Financial Office Building)

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secured by the Provident Financial Office Building. The loan provides for quarterly interest payments with all principal outstanding being due on the maturity date in February 2019. The loan bears interest at a stated rate of 4.1%, fixed by an interest rate swap entered into with JPMorgan.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Santander Crown Crest Loan

On February 13, 2014, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a loan agreement with Santander UK Plc in the amount of $31.8 million (based upon an exchange rate of $1.65 to £1.00, as of the date of the acquisition of the Crown Crest Property) secured by the Crown Crest Property. The loan provides for quarterly interest payments with all principal outstanding being due on the maturity date in February 2019. The loan bears interest at a stated rate of 4.2%, fixed by an interest rate swap entered into with JPMorgan.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.

Royal Bank of Scotland Aviva Loan

On March 7, 2014, we, through an indirect wholly owned subsidiary of our operating partnership, entered into a loan agreement with the Royal Bank of Scotland International Limited in the amount of $26.2 million (based upon an exchange rate of $1.67 to £1.00, as of the date of the acquisition of the Aviva Office Facility) secured by the Aviva Office Facility. The loan provides for quarterly interest payments with all principal outstanding being due on the maturity date in March 2019. The loan bears interest at a stated rate of 3.8%, fixed by an interest rate swap entered into with JPMorgan.

The loan may be prepaid at any time, in whole or in part, with break costs, if applicable. In the event of a default, the lender has the right to terminate its obligations under the loan and to accelerate the payment on any unpaid principal amount of the loan.”

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Prior Performance Summary

The following disclosure hereby replaces in its entirety the section Prior Performance Summary” contained on pages 176-187 of the Prospectus.

PRIOR PERFORMANCE SUMMARY

Prior Investment Programs

The information presented in this section represents the historical experience of the real estate programs managed or sponsored over the last ten years by Messrs. Schorsch and Kahane, the principals of our sponsor. While our targeted investment focus will primarily be on freestanding, commercial real estate properties, these prior real estate programs have a targeted investment focus primarily on commercial real estate, specifically net lease properties. Investors should not assume that they will experience returns, if any, comparable to those experienced by investors in such prior real estate programs. The prior performance of real estate investment programs sponsored by affiliates of Messrs. Schorsch and Kahane and our advisor may not be indicative of our future results. For an additional description of this risk, see “Risk Factors — Risks Related to an Investment in American Realty Capital Global Trust, Inc. — “We are a company with a limited operating history, which makes our future performance difficult to predict.” The information summarized below is current as of December 31, 2013 (unless specifically stated otherwise) and is set forth in greater detail through the year ended December 31, 2012, in the Prior Performance Tables included in this prospectus. In addition, we will provide upon request and without charge, a copy of the most recent Annual Report on Form 10-K filed with the SEC by any public program within the last 24 months, and for a reasonable fee, a copy of the exhibits filed with such report. In addition, we will provide upon request to us and without charge, the more detailed information in Part II. We intend to conduct this offering in conjunction with future offerings by one or more public and private real estate entities sponsored by American Realty Capital and its affiliates. To the extent that such entities have the same or similar investment strategies or objectives as ours, such entities may be in competition with us for the investments we make. See the section entitled “Conflicts of Interest” in this prospectus for additional information.

Summary Information

During the period from August 2007 (inception of the first program) to December 31, 2013, affiliates of our advisor have sponsored 15 public programs, all of which had raised funds as of December 31, 2013. From August 2007 (inception of the first public program) to December 31, 2013, our public programs, which include our company, ARCT, ARCT III, ARCT IV, PE-ARC, ARCHT, ARCT V, NYRT, DNAV, ARC RCA, ARCP, ARCHT II, RFT, PE-ARC II and HOST had raised $14.0 billion from 238,250 investors in public offerings. The public programs purchased 4,121 properties with an aggregate purchase price of $17.7 billion in 49 states, Washington D.C. and the Commonwealth of Puerto Rico and the United Kingdom. The investment objectives of each of these public programs are substantially identical to our investment objectives of (1) paying attractive and stable cash distributions, (2) preserving and returning stockholders’ capital contributions and (3) realizing appreciation in the value of our investments.

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The following table details the percentage of properties located in the following states and U.S. territories as well as the United Kingdom based on purchase price:

 
State/Possession/Country   Purchase
Price %
Alabama     2.1 % 
Alaska     0.0 % 
Arizona     1.4 % 
Arkansas     1.0 % 
California     5.1 % 
Colorado     1.8 % 
Connecticut     0.5 % 
Delaware     0.0 % 
District of Columbia     0.0 % 
Florida     4.5 % 
Georgia     5.3 % 
Idaho     0.3 % 
Illinois     6.0 % 
Indiana     3.4 % 
Iowa     0.9 % 
Kansas     1.4 % 
Kentucky     1.5 % 
Louisiana     1.1 % 
Maine     0.3 % 
Maryland     1.5 % 
Massachusetts     1.2 % 
Michigan     2.7 % 
Minnesota     1.1 % 
Mississippi     1.4 % 
Missouri     2.6 % 
Montana     0.1 % 
Nebraska     0.6 % 
Nevada     0.7 % 
New Hampshire     0.3 % 
New Jersey     2.2 % 
New Mexico     0.5 % 
New York     15.1 % 
North Carolina     3.1 % 
North Dakota     0.3 % 
Ohio     4.0 % 
Oklahoma     0.9 % 
Oregon     0.9 % 
Pennsylvania     4.5 % 
Commonwealth of Puerto Rico     0.4 % 
Rhode Island     0.3 % 
South Carolina     2.3 % 
South Dakota     0.1 % 
Tennessee     1.7 % 
Texas     8.6 % 
United Kingdom     0.4%  

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State/Possession/Country   Purchase
Price %
Utah     0.5 % 
Vermont     0.1 % 
Virginia     1.9 % 
Washington     0.8 % 
West Virginia     0.4 % 
Wisconsin     2.0 % 
Wyoming     0.1 % 
       100 % 

The properties are used by our tenants in the following industries based on purchase price.

 
Industry   Purchase
Price %
Advertising     0.0 % 
Aerospace     1.0 % 
Agricultural Products & Services     0.1 % 
Auto Manufacturer     0.2 % 
Auto Retail     1.2 % 
Auto Services     0.6 % 
Casual Dining     4.1 % 
Consulting     0.1 % 
Consumer Goods     0.2 % 
Consumer Products     5.6 % 
Contract Research     0.1 % 
Discount Retail     5.0 % 
Distribution     0.3 % 
Diversified Industrial     0.7 % 
Education     0.0 % 
Family Dining     2.3 % 
Financial Services     2.4 % 
Fitness     0.1 % 
Food Storage     0.0 % 
Foot Apparel     0.1 % 
Freight     5.1 % 
Gas/Convenience     1.4 % 
Government Services     1.7 % 
Haircare Services     0.0 % 
Healthcare     13.1 % 
Heavy Equipment     0.1 % 
Home Maintenance     1.8 % 
Hotel     0.8 % 
Information and communications     0.1 % 
Insurance     3.1 % 
Jewelry     0.4 % 
Manufacturing     0.7 % 
Marine Products     0.0 % 
Media     0.2 % 
Medical Office     0.1 % 
Motor Cycle     0.1%  

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Industry   Purchase
Price %
Office     10.0 % 
Oil/Gas     0.3 % 
Packaging     0.1 % 
Parking     0.0 % 
Pharmacy     6.7 % 
Printing Services     0.0 % 
Professional Services     0.4 % 
Publishing     0.1 % 
Quick Service Restaurant     7.1 % 
Refrigerated Warehousing     1.0 % 
Residential     0.2 % 
Restaurant     1.0 % 
Restaurant — Casual Dining     0.0 % 
Restaurant — Quick Service     0.2 % 
Retail     8.7 % 
Retail — Department Stores     1.0 % 
Retail — Discount     0.0 % 
Retail — Hobby/books/music     0.0 % 
Retail — Home furnishings     0.1 % 
Retail — Sporting Goods     0.2 % 
Retail — Wholesale     0.1 % 
Retail Banking     4.9 % 
Specialty Retail     2.0 % 
Storage Facility     0.0 % 
Supermarket     1.7 % 
Technology     0.8 % 
Telecommunications     0.4 % 
Transportation     0.0 % 
Travel Centers     0.1 % 
Utilities     0.1 % 
       100.0 % 

The purchased properties were 24.3% new and 75.7% used, based on purchase price. As of December 31, 2013, two of the purchased properties are under construction. As of December 31, 2013, three properties had been sold. The acquired properties were purchased with a combination of proceeds from the issuance of common stock, the issuance of convertible preferred stock, mortgage notes payable, short-term notes payable, revolving lines of credit, long-term notes payable issued in private placements and joint venture arrangements.

Programs of Our Sponsor

American Realty Capital Trust, Inc.

American Realty Capital Trust, Inc., or ARCT, incorporated on August 17, 2007, was a Maryland corporation that qualified as a REIT for federal income tax purposes. ARCT was formed to acquire a diversified portfolio of commercial real estate, primarily freestanding single-tenant properties net leased to credit worthy tenants on a long-term basis. In January 2008, ARCT commenced an initial public offering on a “best efforts” basis to sell up to 150.0 million shares of common stock, excluding 25.0 million shares issuable pursuant to a distribution reinvestment plan, offered at a price of $10.00 per share, subject to certain volume and other discounts. In March 2008, ARCT commenced real estate operations. ARCT’s initial public offering closed in July 2011 having raised $1.7 billion in gross proceeds from the sale of 179.4 million shares of common stock and incurred, cumulatively to that date, $198.0 million in offering costs, commissions and dealer manager fees for the sale of its common stock. ARCT operated as a non-traded REIT through

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February 29, 2012. Effective as of March 1, 2012, ARCT internalized the management services previously provided by American Realty Capital Advisors, LLC and its affiliates, as a result of which ARCT became a self-administered REIT managed full-time by its own management team, or the Internalization. Concurrent with the Internalization, ARCT listed its common stock on The NASDAQ Global Select Market under the symbol “ARCT,” or the Listing. In connection with the Listing, ARCT offered to purchase up to $220.0 million in shares of common stock from its stockholders, pursuant to a modified “Dutch Auction” cash tender offer, or the Tender Offer. As a result of the Tender Offer, in April 2012, ARCT had purchased 21.0 million shares of its common stock at a purchase price of $10.50 per share, for an aggregate cost of $220.0 million, excluding fees and expenses relating to the Tender Offer. On September 6, 2012, ARCT entered into an Agreement and Plan of Merger with Realty Income Corporation, a Maryland corporation and its subsidiary, which was subsequently amended on January 6, 2013. The merger was approved by both companies’ boards of directors and was subsequently approved by both companies’ stockholders on January 16, 2013. The merger closed on January 22, 2013, pursuant to which ARCT merged with and into a subsidiary of Realty Income Corporation and trading of ARCT’s shares was suspended at market close on that date. As of December 31, 2012, ARCT had total real estate investments, at cost, of $2.2 billion, comprised of 515 properties.

New York REIT, Inc.

New York REIT, Inc. (formerly American Realty Capital New York Recovery REIT, Inc.), or NYRT, a Maryland corporation, is the second publicly offered REIT sponsored by American Realty Capital. NYRT was incorporated on October 6, 2009 and qualified as a REIT beginning with the taxable year ended December 31, 2010. NYRT filed its initial registration statement with the SEC on November 12, 2009 and became effective on September 2, 2010. NYRT had received aggregate gross offering proceeds of $17.0 million from the sale of 2.0 million shares from a private offering to “accredited investors” (as defined in Regulation D as promulgated under the Securities Act). On December 15, 2011, NYRT exercised its option to convert all its outstanding preferred shares into 2.0 million shares of common stock on a one-to-one basis. As of February 28, 2014, NYRT had received aggregate gross proceeds of $1.7 billion which includes the sale of 169.7 million shares in its public offering, $17.0 million from its private offering and $32.2 million from its distribution reinvestment plan. As of February 28, 2014, there were 175.1 million shares of NYRT common stock outstanding, including restricted stock, converted preferred shares, and shares issued under its distribution reinvestment plan. As of February 28, 2014, NYRT had total real estate-related assets of $2.1 billion, comprised of 23 properties and one preferred equity investment. As of December 31, 2013, NYRT had incurred, cumulatively to that date, $174.9 million in selling commissions, dealer manager fees and offering costs for the sale of its common stock and $26.5 million for acquisition costs related to its portfolio of properties. On April 15, 2014, NYRT listed its common stock on the New York Stock Exchange under the symbol “NYRT,” or the NYRT Listing. In connection with the NYRT Listing, NYRT commenced a tender offer to purchase up to 23,255,814 shares of its common stock at a purchase price of $10.75 per share for an aggregate cost of approximately $250.0 million, excluding fees and expenses relating to the tender offer. On May 2, 2014, the closing price per share of common stock of NYRT was $10.735.

Phillips Edison — ARC Shopping Center REIT, Inc.

Phillips Edison — ARC Shopping Center REIT Inc., or PE-ARC, a Maryland corporation, is the third publicly offered REIT co-sponsored by American Realty Capital. PE-ARC was incorporated on October 13, 2009 and qualified as a REIT beginning with the taxable year ended December 31, 2010. PE-ARC filed its registration statement with the SEC on January 13, 2010 and became effective on August 12, 2010. PE-ARC invests primarily in necessity-based neighborhood and community shopping centers throughout the United States with a focus on well-located grocery-anchored shopping centers that are well occupied at the time of purchase and typically cost less than $20.0 million per property. As of February 28, 2014, PE-ARC had received aggregate gross offering proceeds of $1.8 billion, which includes the sale of 176.9 million shares of common stock in its public offering and $30.6 million from its distribution reinvestment program. As of February 28, 2014, PE-ARC had acquired 87 properties and had total real estate investments at cost of $1.3 billion. As of December 31, 2013, PE-ARC had incurred, cumulatively to that date, $185.1 million in offering costs for the sale of its common stock and $25.0 million for acquisition costs related to its portfolio of properties.

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American Realty Capital Healthcare Trust, Inc.

American Realty Capital Healthcare Trust, Inc., or ARC HT, a Maryland corporation, is the fourth publicly offered REIT sponsored by American Realty Capital. ARC HT was organized on August 23, 2010 and qualified as a REIT beginning with the taxable year ended December 31, 2011. ARC HT filed its registration statement with the SEC on August 27, 2010 and became effective on February 18, 2011. As of February 28, 2014, ARC HT had received aggregate gross offering proceeds of $1.8 billion, which includes the sale of 174.4 million shares in its public offering and $69.1 million from its distribution reinvestment plan. As of February 28, 2014, ARC HT had acquired 120 healthcare-related properties, for a purchase price of $1.8 billion. As of December 31, 2013, ARC HT had incurred, cumulatively to that date, $197.5 million in offering costs for the sale of its common stock and $26.5 million for acquisition costs related to its portfolio of properties. On April 7, 2014, ARC HT listed its common stock on The NASDAQ Global Select Market under the symbol “HCT,” or the HCT Listing. In connection with the HCT Listing, ARC HT commenced an offer to purchase up to 13,636,364 shares of its common stock at a price equal to $11.00 per share or an aggregate of $150.0 million in shares of common stock from its stockholders. On May 2, 2014, the closing price per share of ARC HT was $10.92.

American Realty Capital — Retail Centers of America, Inc.

American Realty Capital — Retail Centers of America, Inc., or ARC RCA, a Maryland corporation, is the fifth publicly offered REIT sponsored by American Realty Capital. ARC RCA was organized on July 29, 2010 and qualified as a REIT beginning with the taxable year ended December 31, 2012. ARC RCA filed its registration statement with the SEC on September 14, 2010 and became effective on March 17, 2011. As of February 28, 2014, ARC RCA had received aggregate gross proceeds of $153.2 million which includes the sale of 15.3 million shares in its public offering and $1.0 million from its distribution reinvestment plan. As of February 28, 2014, ARC RCA had acquired three properties for a purchase price of $107.6 million. As of December 31, 2013, ARC RCA has incurred, cumulatively to that date, $14.9 million in offering costs for the sale of its common stock and $2.0 million for acquisition costs related to its portfolio of properties.

American Realty Capital Daily Net Asset Value Trust, Inc.

American Realty Capital Daily Net Asset Value Trust, Inc. (formerly known as American Realty Capital Trust II, Inc.), or ARC DNAV, a Maryland corporation, is the sixth publicly offered REIT sponsored by American Realty Capital. ARC DNAV was incorporated on September 10, 2010 and qualified as a REIT beginning with the taxable year ending December 31, 2013, ARC DNAV filed its registration statement with the SEC on October 8, 2010 and became effective on August 15, 2011. As of February 28, 2014, ARC DNAV had received aggregate gross proceeds of $21.1 million, which includes the sale of 2.1 million shares in its public offering and $0.5 million from its distribution reinvestment plan. As of February 28, 2014, ARC DNAV had acquired 13 properties with total real estate investments, at cost, of $32.8 million. As of December 31, 2013, ARC DNAV had incurred, cumulatively to that date, $6.1 million in offering costs from the sale of its common stock and $0.9 million for acquisition costs related to its portfolio of properties.

American Realty Capital Trust III, Inc.

American Realty Capital Trust III, Inc., or ARCT III, a Maryland corporation, was the seventh publicly offered REIT sponsored by American Realty Capital. ARCT III was incorporated on October 15, 2010 and qualified as a REIT beginning with the taxable year ended December 31, 2011. ARCT III filed its registration statement with the SEC on November 2, 2010 and became effective on March 31, 2011. As of February 28, 2013, ARCT III had received aggregate gross proceeds of $1.8 billion, which included the sale of 174.0 million shares in its public offering and $31.9 million from its distribution reinvestment plan. As of February 28, 2013, ARCT III owned 533 single-tenant, freestanding properties and had total real estate investments, at cost, of $1.7 billion. As of December 31, 2012, ARCT III had incurred, cumulatively to that date, $196.5 million in offering costs for the sale of its common stock and $40.8 million for acquisition costs related to its portfolio of properties. On December 17, 2012, ARCT III and ARCP entered into an Agreement and Plan of Merger under which ARCP acquired all of the outstanding shares of ARCT III. The merger was approved by the independent members of both companies’ boards of directors and was subsequently approved by both companies’ stockholders on February 26, 2013. On February 26, 2013, ARCP stockholders approved the issuance of common stock in connection with the merger and ARCT III stockholders approved the merger.

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The merger closed on February 28, 2013, pursuant to which ARCT III merged with and into a subsidiary of ARCP. On March 1, 2013, in connection with the merger, ARCT III stockholders received their respective cash or stock consideration from ARCP, as elected, pursuant to terms of the Agreement and Plan of Merger.

American Realty Capital Properties, Inc.

American Realty Capital Properties, Inc., or ARCP, a Maryland corporation, is the eighth publicly offered REIT sponsored by American Realty Capital. ARCP was incorporated on December 2, 2010 and qualified as a REIT beginning with the taxable year ended December 31, 2011. On September 6, 2011, ARCP completed its initial public offering of 5.6 million shares of common stock. ARCP’s common stock is traded on The NASDAQ Global Select Market under the symbol “ARCP.” On November 2, 2011, ARCP completed an underwritten follow-on offering of 1.5 million shares of common stock. In addition, on November 7, 2011, ARCP closed on the underwriters’ overallotment option of an additional 0.1 million shares of common stock. On June 18, 2012, ARCP closed its secondary offering of 3.3 million shares of common stock. In addition, on July 9, 2012, ARCP closed on the underwriters’ overallotment option of an additional 0.5 million shares of common stock. On January 29, 2013, ARCP completed an underwritten public follow-on offering of 1.8 million shares of common stock and an additional 270,000 shares of common stock for the overallotment option of the underwriters. In January 2013, ARCP commenced its “at the market” equity offering under which ARCP has issued 553,300 shares of common stock. On February 28, 2013, ARCT III merged with and into a subsidiary of ARCP, pursuant to the Agreement and Plan of Merger entered into on December 17, 2012, under which ARCP acquired all of the outstanding shares of ARCT III. On March 1, 2013, in connection with the merger, ARCT III stockholders received, pursuant to terms of the Agreement and Plan of Merger, their respective cash or stock consideration from ARCP, as elected. On June 7, 2013, ARCP completed two private placement transactions through which it issued approximately 29.4 million shares of common stock and approximately 28.4 million shares of Series C convertible preferred stock. On November 12, 2013, ARCP closed on the two previously announced private placement transactions for the sale and issuance of approximately 15.1 million shares of common stock and approximately 21.7 million shares of a new Series D Cumulative Convertible Preferred Stock. Following the closing of ARCP’s merger with CapLease, Inc., ARCP converted all outstanding Series C Shares into shares of common stock. Pursuant to the limit in the Series C Articles Supplementary on the number of shares of common stock that could be issued upon conversion of Series C Shares, on November 12, 2013, ARCP converted 1.1 million Series C Shares into 1.4 million shares of common stock.

In aggregate, through February 28, 2014, ARCP has received $1.5 billion of proceeds from the sale of common and convertible preferred stock. As of February 28, 2014, ARCP owned 3,771 buildings, including properties purchased by ARCT III, freestanding properties and real estate investments, at a purchase price of $8.2 billion. On May 28, 2013, ARCP and CapLease, Inc., or CapLease, entered into an Agreement and Plan of Merger under which ARCP subsequently acquired all of the outstanding shares of CapLease. The merger was approved by both companies’ boards of directors and CapLease’s stockholders and closed on November 5, 2013. On July 1, 2013, ARCT IV and ARCP entered into an Agreement and Plan of Merger under which ARCP subsequently acquired all of the outstanding shares of ARCT IV. The merger was approved by both companies’ boards of directors and ARCT IV's stockholders and closed on January 3, 2014. Effective as of January 8, 2014, ARCP internalized the management services previously provided by American Realty Capital Advisors, LLC and its affiliates, as a result of which ARCP became a self-administered REIT managed full-time by its own management team. On October 22, 2013, ARCP entered into an Agreement and Plan of Merger with Cole Real Estate Investments, Inc., or Cole, under which ARCP subsequently acquired all of the outstanding shares of Cole. The merger was approved by both companies’ boards of directors and stockholders and closed on February 7, 2014. On May 2, 2014, the closing price per share of common stock of ARCP was $13.08.

American Realty Capital Trust IV, Inc.

American Realty Capital Trust IV, Inc., or ARCT IV, a Maryland corporation, was the tenth publicly offered REIT sponsored by American Realty Capital. ARCT IV was incorporated on February 14, 2012 and qualified as a REIT beginning with the taxable year ended December 31, 2012. ARCT IV filed its registration statement with the SEC on March 22, 2012, which was declared effective by the SEC on June 8, 2012. As of December 31, 2013, ARCT IV had received aggregate gross proceeds of $1.8 billion, which included the sale

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of 70.2 million shares in its public offering and $21.0 million under its distribution reinvestment plan. As of December 31, 2013, ARCT IV owned 1,231 freestanding properties at an aggregate purchase price of $2.2 billion. As of December 31, 2013, ARCT IV had incurred, cumulatively to that date, $197.1 million in offering costs for the sale of its common stock and $55.7 million for acquisition costs related to its portfolio of properties. On July 1, 2013, ARCT IV and ARCP entered into an Agreement and Plan of Merger under which ARCP subsequently acquired all of the outstanding shares of ARCT IV. The merger was approved by both companies’ boards of directors and was subsequently approved by ARCT IV's stockholders on January 3, 2014. The merger closed on January 3, 2014, pursuant to which ARCT IV merged with and into a subsidiary of ARCP.

American Realty Capital Healthcare Trust II, Inc.

American Realty Capital Healthcare Trust II, Inc., or ARC HT II, a Maryland corporation, is the eleventh publicly offered REIT sponsored by American Realty Capital. ARC HT II was incorporated on October 15, 2012 and qualified as a REIT beginning with the taxable year ending December 31, 2013. ARC HT II filed its registration statement with the SEC on October 31, 2012, which was declared effective by the SEC on February 14, 2013. As of February 28, 2014, ARC HT II received aggregate gross proceeds of $402.5 million, which includes the sale of 16.1 million shares in its public offering and $2.5 million from its distribution reinvestment plan. As of February 28, 2014, ARC HT II had acquired ten properties with a purchase price of $64.6 million. As of December 31, 2013, ARC HT II had incurred, cumulatively to that date, $24.8 million in offering costs for the sale of its common stock and $0.7 million for acquisition costs related to its portfolio of properties.

ARC Realty Finance Trust, Inc.

ARC Realty Finance Trust, Inc., or ARC RFT, a Maryland corporation, is the twelfth publicly offered REIT sponsored by American Realty Capital. ARC RFT was incorporated on November 15, 2012 and qualified as a REIT beginning with the taxable year ending December 31, 2013. ARC RFT filed its registration statement publicly with the SEC on January 22, 2013, which was declared effective by the SEC on February 12, 2013. As of February 28, 2014, ARC RFT received aggregate gross proceeds of $57.5 million from the sale of 2.3 million shares in its public offering and $0.3 million from its distribution reinvestment plan. As of February 28, 2014, ARC RFT’s investments, at amortized cost, were $35.9 million. As of December 31, 2013, ARC RFT had incurred, cumulatively to that date, $5.9 million in offering costs for the sale of its common stock.

American Realty Capital Trust V, Inc.

American Realty Capital Trust V, Inc., or ARCT V, a Maryland corporation, is the thirteenth publicly offered REIT sponsored by American Realty Capital. ARCT V was incorporated on January 22, 2013 and qualified as a REIT beginning with the taxable year ending December 31, 2013. ARCT V filed its registration statement publicly with the SEC on March 6, 2013, which was declared effective by the SEC on April 4, 2013. As of February 28, 2014, ARCT V received aggregate gross proceeds of $1.6 billion from the sale of 62.1 million shares in its public offering and $30.6 million from its distribution reinvestment plan. As of February 28, 2014, ARCT V owned 284 freestanding properties at an aggregate purchase price of $1.4 billion. As of December 31, 2013, ARCT V had incurred, cumulatively to that date, $174.0 million in offering costs for the sale of its common stock and $26.9 million for acquisition costs related to its portfolio of properties.

Phillips Edison — ARC Grocery Center REIT II, Inc.

Phillips Edison — ARC Grocery Center REIT II, Inc., or PE-ARC II, a Maryland corporation, is the fourteenth publicly offered REIT sponsored by American Realty Capital. PE-ARC II was incorporated on June 5, 2013 and qualified as a REIT beginning with the taxable year ending December 31, 2013. PE-ARC II filed its registration statement with the SEC on August 13, 2013, which was declared effective by the SEC on November 25, 2013. As of February 28, 2014, PE-ARC II received aggregate gross proceeds of $45.4 million from the sale of 1.8 million shares in a private placement. As of February 28, 2014, PE-ARC II had not acquired any properties. As of December 31, 2013, PE-ARC II had incurred, cumulatively to that date, $1.9 million in offering costs for the sale of its common stock.

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American Realty Capital Hospitality Trust, Inc.

American Realty Capital Hospitality Trust, Inc., or ARC HOST, a Maryland corporation, is the fifteenth publicly offered REIT sponsored by American Realty Capital. ARC HOST was incorporated on July 25, 2013 and intends to qualify as a REIT beginning with the taxable year ending December 31, 2014. ARC HOST filed its registration statement with the SEC on August 16, 2013, which was declared effective by the SEC on January 7, 2014. As of February 28, 2014, ARC HOST received aggregate gross proceeds of $0.2 million from the sale of 8,888 shares in a private placement. As of February 28, 2014, ARC HOST had not acquired any properties. As of December 31, 2013, ARC HOST had incurred, cumulatively to that date, $1.5 million in offering costs for the sale of its common stock.

Business Development Corporation of America

The American Realty Capital group of companies also has sponsored Business Development Corporation of America, or BDCA, a Maryland corporation. BDCA was organized on May 5, 2010 and is a publicly offered specialty finance company which has elected to be treated as a business development company under the Investment Company Act. As of February 28, 2014, BDCA had raised gross proceeds of $883.2 million, which includes the sale of 80.3 million shares in its public offering and $17.5 million from its distribution reinvestment plan. As of February 28, 2014, BDCA’s investments, at amortized cost, were $1.1 billion. As of December 31, 2013, BDCA had incurred, cumulatively to that date, $67.2 million in offering costs for the sale of its common stock.

American Energy Capital Partners, LP

The American Realty Capital group of companies also has sponsored American Energy Capital Partners, LP, or AEP, a Delaware limited partnership. AEP is American Realty Capital’s first oil and gas limited partnership and was organized on October 30, 2013. AEP was formed to acquire, develop, operate, produce and sell working and other interests in producing and non-producing oil and natural gas properties located onshore in the United States. AEP filed a registration statement with the SEC on December 13, 2013, which has yet to be declared effective. As of February 28, 2014, AEP had received an initial capital contribution of $1,000 and had raised no gross proceeds from its initial public offering. As of February 28, 2014, AEP had made no investments. As of February 28, 2014, AEP had yet to incur any offering costs for the sale of its limited partner interests.

American Realty Capital New York City REIT, Inc.

American Realty Capital New York City REIT, Inc., or ARC NYCR, a Maryland corporation, is the sixteenth publicly offered REIT sponsored by American Realty Capital. ARC NYCR was incorporated on December 19, 2013 and intends to qualify as a REIT beginning with the taxable year ending December 31, 2014. ARC NYCR filed its registration statement with the SEC on February 26, 2014, which has not yet been declared effective by the SEC. As of January 2, 2014, ARC NYCR received aggregate gross proceeds of $0.2 million from the sale of 8,888 shares in a private placement. As of January 2, 2014, ARC NYCR had not acquired any properties. As of January 2, 2014, ARC NYCR had incurred, cumulatively to that date, $0.2 million in offering costs for the sale of its common stock.

United Development Funding Income Fund V

United Development Funding Income Fund V, or UDF V, a Maryland corporation, is the seventeenth publicly offered REIT co-sponsored by American Realty Capital and UDF Holdings L.P. UDF V was incorporated on October 1, 2013 and intends to qualify as a REIT beginning with the taxable year ending December 31, 2014 or the first year during which UDF V commences real estate operations. UDF V filed its registration statement with the SEC on February 26, 2014, which has not yet been declared effective by the SEC. UDF V was formed to generate current interest income by investing in secured loans and producing profits from investments in residential real estate.

Liquidity of Public Programs

In order to assist FINRA members in complying with FINRA Rule 2310(b)(3)(D), in this section we disclose the liquidity of prior public programs sponsored by American Realty Capital, our sponsor, which for this purpose excludes ARCP, a REIT that is and always has been listed on a national securities exchange

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(initially on with the NASDAQ Capital Market and, subsequently on the NASDAQ Global Select Market). Through December 31, 2013, American Realty Capital has sponsored the following other public programs (excluding ARCP): ARCT, NYRT, PE-ARC, ARC HT, ARC RCA, ARC DNAV, ARCT III, ARC Global, ARCT IV, ARC HT II, ARCT V, ARC RFT, BDCA, PE-ARC II and ARC HOST.

ARCT was a non-traded REIT until March 1, 2012, when it listed its shares of common stock on The NASDAQ Global Select Market. ARCT’s prospectus for its initial public offering provided that it would seek to consummate a listing of shares of its common stock on a national securities exchange by the tenth anniversary of the commencement of its initial public offering. By listing its common stock on The NASDAQ Global Select Market, ARCT achieved a listing on a national securities exchange within the time it contemplated to do so. Additionally, ARCT III was a non-traded REIT until February 28, 2013, when it merged with and into ARCP. ARCT III’s prospectus for its initial public offering provided that ARCT III would seek to consummate a sale or merger by the fifth anniversary of the termination of its initial public offering. By merging with and into ARCP, ARCT III achieved a sale or merger within the time it contemplated to do so. Further, ARCT IV was a non-traded REIT until January 3, 2014, when it merged with and into ARCP. ARCT IV’s prospectus for its initial public offering provided that ARCT IV would seek to consummate a sale or merger by the sixth anniversary of the termination of its initial public offering. By merging with and into ARCP, ARCT IV achieved a sale or merger within the time it contemplated to do so. PE-ARC’s prospectus for its initial public offering provided that PE-ARC would seek to consummate a sale or merger by the fifth anniversary of the termination of its initial public offering. PE-ARC completed its offering on February 7, 2014.

As discussed in further detail above, On April 7, 2014, ARC HT listed its common stock on the NASDAQ Global Select Market under the symbol “HCT.” In addition, on April 15, 2014, NYRT listed its common stock on the New York Stock Exchange under the symbol “NYRT.”

The prospectus for each of these other public programs states a date or time period by which it may be liquidated or engage in another liquidity event. Further, PE-ARC, ARC HT, ARCT V and NYRT have completed their respective primary offering stage. ARC RCA, ARC DNAV, ARC RFT, ARC HT II, ARCT V, BDCA and PE-ARC II and ARC HOST are in their respective offering and acquisition stages. Other than ARCT, ARCT III and ARCT IV, none of these public programs have reached the stated date or time period by which they may be liquidated or engage in another liquidity event.

Adverse Business Developments and Conditions

The net losses incurred by the public and non-public programs are primarily attributable to non-cash items and acquisition expenses incurred for the purchases of properties which are not ongoing expenses for the operation of the properties and does not impair of the programs’ real estate assets. With respect to ARCT for the years ended December 31, 2012, 2011, 2010 and 2009, the entire net loss was attributable to depreciation and amortization expenses incurred on the properties during the ownership period; and for the year ended December 31, 2008, 71% of the net losses were attributable to depreciation and amortization, and the remaining 29% of the net losses was attributable to the fair market valuation of certain derivative investments held. With respect to ARCT III for the year ended December 31, 2012, 98% of the net losses were attributable to depreciation and amortization expenses; and for the year ended December 31, 2011, 95% of the net losses were attributable to acquisition and transaction related expenses. With respect to ARCT IV for the year ended December 31, 2013, the net losses were primarily attributable to depreciation and amortization and acquisition and transaction related expenses; and for the year ended December 31, 2012, 91% of the net losses were attributable to acquisition and transaction related expenses. With respect to PE-ARC for the years ended December 31, 2013 and 2012, the entire net loss was attributable to depreciation and amortization expenses; for the year ended December 31, 2011, the net losses were primarily attributable to depreciation and amortization and acquisition and transaction related expenses; and for the year ended December 31, 2010, the net losses were primarily attributable to acquisition and transaction related expenses and general and administrative expenses. With respect to ARC HT for the years ended December 31, 2013 and 2012, the entire net loss was attributable to depreciation and amortization expenses and for the year ended December 31, 2011, the net losses were primarily attributable to depreciation and amortization and acquisition and transaction related expenses. With respect to ARCT V for the year ended December 31, 2013, the entire net loss was attributable to acquisition and transaction related expenses. With respect to NYRT for the years

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ended December 31, 2013, 2012 and 2011, the net loss was attributable to depreciation and amortization expenses; and for the year ended December 31, 2010, the net losses were primarily attributable to depreciation and amortization and acquisition and transaction related expenses.

As of December 31, 2013, our sponsor’s public programs have purchased 4,121 properties. From 2008 to 2013, our sponsor’s programs referenced above have experienced a non-renewal of 91 leases, 81 of which have been leased to new tenants. Additionally, during this time our sponsor’s programs have experienced a renewal of 141 leases. Further, none of these programs have been subject to mortgage foreclosure or significant losses on the sales of properties during the same period of time.

Other than as disclosed above, there have been no major adverse business developments or conditions experienced by any program or non-program property that would be material to investors, including as a result of recent general economic conditions.”

Incorporation by Reference

The following disclosure hereby replaces in their entirety the section “Incorporation by Reference” on page 259 of the Prospectus.

“We have elected to “incorporate by reference” certain information into this prospectus. By incorporating by reference, we are disclosing important information to you by referring you to documents we have filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus. Any statement in a document incorporated by reference into this prospectus will be deemed to be modified or superseded to the extent a statement contained in this prospectus, any prospectus supplement or any other subsequently filed prospectus modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus, as supplemented, or the registration statement of which this prospectus, as supplemented, is a part.

You may read and copy any document we have electronically filed with the SEC at the SEC’s public reference room in Washington, D.C. at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the operation of the public reference room. In addition, any document we have electronically filed with the SEC is available at no cost to the public over the Internet at the SEC’s website at www.sec.gov. You can also access documents that are incorporated by reference into this prospectus at the website maintained by or on behalf of our sponsor, http://www.americanrealtycap.com.

The following documents filed with the SEC are incorporated by reference in this prospectus, except for any document or portion thereof deemed to be “furnished” and not filed in accordance with SEC rules:

Annual Report on Form 10-K for the fiscal year ended December 31, 2013 filed with the SEC on March 7, 2014;
Current Reports on Form 8-K and Form 8-K/A, as applicable, filed with the SEC on January 3, 2014; January 6, 2014; January 17, 2014; February 11, 2014; February 20, 2014; March 7, 2014 and March 12, 2014; and
Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 29, 2014; and
The description of our common stock contained in our Registration Statement on Form 8-A, filed with the SEC on April 30, 2014, including any subsequently filed amendments and reports filed for the purpose of updating such description.”

We will provide to each person, including any beneficial owner, to whom this prospectus is delivered a copy of any or all of the information that we have incorporated by reference into this prospectus but not delivered with this prospectus. To receive a free copy of any of the reports or documents incorporated by reference in this prospectus, other than exhibits, unless they are specifically incorporated by reference in those documents, write or call us at One Beacon Street, 14th Floor, Boston, MA 02108, 1-877-373-2522, Attn: Investor Services. The information relating to us contained in this prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated or deemed to be incorporated by reference in this prospectus.”

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Prior Performance Tables

The prior performance tables contained in Appendix A of the Prospectus are hereby replaced with the prior performance tables attached to this Supplement No. 4 as Appendix A. The revised prior performance tables supersede and replace the prior performance tables contained in the Prospectus.

Subscription Agreements

The form of subscription agreement contained in Appendix C-1 of the Prospectus is hereby replaced with the revised form of subscription agreement attached to this Supplement No. 4 as Appendix C-1. The revised form of subscription agreement supersedes and replaces the form of subscription agreement contained in the Prospectus.

The form of multi-offering subscription agreement contained in Appendix C-2 of the Prospectus is hereby replaced with the revised form of multi-offering subscription agreement attached to this Supplement No. 4 as Appendix C-2. The revised form of multi-offering subscription agreement supersedes and replaces the prior form of multi-offering subscription agreement contained in the Prospectus.

Privacy Policy Notice

The privacy policy notice included in this Supplement No. 4 as Appendix G hereby replaces Appendix G to the Prospectus.

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APPENDIX A

PRIOR PERFORMANCE TABLES

The tables below provide summarized information concerning programs sponsored directly or indirectly by the parent of our sponsor. The information contained herein is included solely to provide prospective investors with background to be used to evaluate the real estate experience of the parent of our sponsor and its affiliates. The parent of our sponsor’s prior public programs described in the following tables have investment objectives similar to ours. The parent of our sponsor considers programs that aim to preserve and protect investors' capital, provide stable cash distributions and generate capital appreciation to have investment objectives similar to those of our company. For additional information see the section entitled “Prior Performance Summary.”

Certain of the tables below provide information with respect to ARCT. ARCT was a public program sponsored by the parent of our sponsor. On January 22, 2013, ARCT merged with and into a subsidiary of Realty Income Corporation.

THE INFORMATION IN THIS SECTION AND THE TABLES REFERENCED HEREIN SHOULD NOT BE CONSIDERED AS INDICATIVE OF HOW WE WILL PERFORM. THIS DISCUSSION REFERS TO THE PERFORMANCE OF PRIOR PROGRAMS AND PROPERTIES SPONSORED BY THE PARENT OF OUR SPONSOR OR ITS AFFILIATES OVER THE PERIODS LISTED THEREIN. IN ADDITION, THE TABLES INCLUDED WITH THIS PROSPECTUS (WHICH REFLECT RESULTS OVER THE PERIODS SPECIFIED IN EACH TABLE) DO NOT MEAN THAT WE WILL MAKE INVESTMENTS COMPARABLE TO THOSE REFLECTED IN SUCH TABLES. IF YOU PURCHASE SHARES IN AMERICAN REALTY CAPITAL GLOBAL TRUST, INC., YOU WILL NOT HAVE ANY OWNERSHIP INTEREST IN ANY OF THE REAL ESTATE PROGRAMS DESCRIBED IN THE TABLES (UNLESS YOU ARE ALSO AN INVESTOR IN THOSE REAL ESTATE PROGRAMS).

YOU SHOULD NOT CONSTRUE INCLUSION OF THE FOLLOWING INFORMATION AS IMPLYING IN ANY MANNER THAT WE WILL HAVE RESULTS COMPARABLE TO THOSE REFLECTED IN THE INFORMATION BELOW BECAUSE THE YIELD AND CASH AVAILABLE AND OTHER FACTORS COULD BE SUBSTANTIALLY DIFFERENT IN OUR PROPERTIES.

The following tables are included herein:

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TABLE 1
  
EXPERIENCE IN RAISING AND INVESTING FUNDS

Table I provides a summary of the experience of the parent of our sponsor and its affiliates in raising and investing funds for ARCT from its inception on August 17, 2007 to December 31, 2011, its last year before termination, ARCT III from its inception on October 15, 2010 to December 31, 2012, its last year before termination, ARCT IV from its inception on February 14, 2012 to December 31, 2013, PE-ARC from its inception on October 13, 2009 to December 31, 2013, HCT from its inception on August 23, 2010 to December 31, 2013, ARCT V from its inception on January 22, 2013 to December 31, 2013, and NYRT from its inception on October 6, 2009 to December 31, 2013. Information includes the dollar amount offered and raised, the length of the offering and the number of months to invest 90% of the amount available for investment.

             
             
(dollars in thousands)   ARCT(1)   ARCT III(2)   ARCT IV   PE-ARC   HCT   ARCT V   NYRT
Dollar amount offered   $ 1,500,000     $ 1,500,000     $ 1,500,000     $ 1,785,000     $ 1,500,000     $ 1,700,000     $ 1,500,000  
Dollar amount raised(3)     1,695,813       1,750,291       1,753,560       1,741,472       1,791,198       1,557,640       1,697,677 (4) 
Length of offerings
(in months)
    39       23       19       N/A (5)      N/A (5)      N/A (5)      N/A (5) 
Months to invest 90% of amount available for investment (from beginning of the offering)     39       18       14       N/A (6)      32       N/A (6)      40  

(1) ARCT completed its offering in July 2011. The data above includes uses of offering proceeds through December 31, 2011 and excludes proceeds received through private programs.
(2) ARCT III completed its offering in September 2012. The data above includes uses of offering proceeds through December 31, 2012.
(3) As of December 31, 2013. Includes share proceeds received through distribution reinvestment plans and shares reallocated from distribution reinvestment plans to the primary offerings.
(4) Excludes gross proceeds of $17.0 million received in a private placement during the year ended December 31, 2010.
(5) These offerings are closed, but a liquidity event has not occurred as of December 31, 2013.
(6) As of December 31, 2013 these offerings are still in the investment period and have not invested 90% of the amount offered. Assets are acquired as equity becomes available.

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TABLE III
  
OPERATING RESULTS OF PRIOR PROGRAMS

Table III summarizes the operating results of ARCT from its inception on August 17, 2007 to December 31, 2011, its last year before termination, ARCT III from its inception on October 15, 2010 to December 31, 2012, its last year before termination, ARCT IV from its inception on February 14, 2012 to December 31, 2013, PE-ARC from its inception on October 13, 2009 to December 31, 2013, HCT from its inception on August 23, 2010 to December 31, 2013, ARCT V from its inception on January 22, 2013 to December 31, 2013, and NYRT from its inception on October 6, 2009 to December 31, 2013.

                   
  ARCT(2)   ARCT III(3)   ARCT IV
(dollars in thousands, except per share data)   Year Ended December 31, 2011   Year Ended December 31, 2010   Year Ended December 31, 2009   Year Ended December 31, 2008   Period From August 17, 2007 (Date of Inception) to December 31, 2007   Year Ended December 31, 2012   Year Ended December 31, 2011   Period From October 15, 2010 (Date of Inception) to December 31, 2010   Year Ended December 31, 2013   Period From February 14, 2012 (Date of Inception) to December 31, 2012
Summary Operating Results
                                                                                         
Gross revenues   $ 129,120     $ 44,773     $ 14,964     $ 5,546     $     $ 49,971     $ 795     $     $ 89,382     $ 414  
Operating expenses   $ 113,981     $ 36,919     $ 9,473     $ 3,441     $ 1     $ 75,580     $ 2,884     $     $ 139,559     $ 2,970  
Operating income (loss)   $ 15,139     $ 7,854     $ 5,491     $ 2,106     $ (1 )    $ (25,609 )    $ (2,089 )    $     $ (50,177 )    $ (2,556 ) 
Interest expense   $ (37,373 )    $ (18,109 )    $ (10,352 )    $ (4,774 )    $     $ (7,500 )    $ (36 )    $     $ (21,505 )    $  
Net income (loss)-GAAP basis   $ (23,955 )    $ (9,652 )    $ (4,315 )    $ (4,283 )    $ (1 )    $ (32,151 )    $ (2,124 )    $     $ (71,659 )    $ (2,537 ) 
Summary Statement of Cash Flows
                                                                                         
Net cash flows provided by (used in) operating activities   $ 49,525     $ 9,864     $ (2,526 )    $ 4,013     $ (200 )    $ 5,542     $ (1,177 )    $     $ 19,314     $ (2,170 ) 
Net cash flows provided by (used in) investing activities   $ (1,203,365 )    $ (555,136 )    $ (173,786 )    $ (97,456 )    $     $ (1,499,605 )    $ (72,453 )    $     $ (2,156,838 )    $ (76,916 ) 
Net cash flows provided by (used in) financing activities   $ 1,155,184     $ 572,247     $ 180,435     $ 94,330     $     $ 1,632,005     $ 89,813     $     $ 2,024,247     $ 214,788  
Amount and Source of Distributions
                                                                                         
Total distributions paid to common stockholders(1)   $ 86,597     $ 20,729     $ 3,176     $ 445     $     $ 55,611     $ 565     $     $ 90,520     $ 801  
Distribution data per $1,000 invested:
                                                                                         
Total distributions paid to common stockholders   $ 51.07     $ 34.32     $ 21.96     $ 37.97     $     $ 31.78     $ 5.50     $     $ 51.62     $ 3.14  
From operations and sales of properties   $ 26.38     $ 16.33     $     $ 25.26     $     $ 3.17     $     $     $ 11.01     $  
From all other sources (financing or offering proceeds)   $ 24.69     $ 17.99     $ 21.96     $ 12.71     $     $ 28.61     $ 5.50     $     $ 40.61     $ 3.14  
Summary Balance Sheet
                                                                                         
Total assets (before depreciation)   $ 2,232,151     $ 946,831     $ 350,569     $ 167,999     $ 938     $ 1,741,260     $ 90,496     $ 402     $ 2,274,944     $ 217,048  
Total assets (after depreciation)   $ 2,130,575     $ 914,054     $ 339,277     $ 164,942     $ 938     $ 1,709,383     $ 89,997     $ 402     $ 2,218,446     $ 216,743  
Total liabilities   $ 730,371     $ 411,390     $ 228,721     $ 163,183     $ 739     $ 252,386     $ 6,541     $ 202     $ 809,400     $ 2,733  
Estimated per share value     N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A  

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  PE-ARC   HCT
(dollars in thousands, except per share data)   Year Ended December 31, 2013   Year Ended December 31, 2012   Year Ended December 31, 2011   Year Ended December 31, 2010   Period From October 13, 2009 (Date of Inception) to December 31, 2009   Year Ended December 31, 2013   Year Ended December 31, 2012   Year Ended December 31, 2011   Period From August 23, 2010 (Date of Inception) to December 31, 2010
Summary Operating Results
                                                                                
Gross revenues   $ 73,165     $ 17,550     $ 3,529     $ 98     $     $ 125,353     $ 35,738     $ 3,314     $  
Operating expenses   $ 75,184     $ 18,804     $ 5,234     $ 808     $     $ 132,340     $ 37,209     $ 6,242     $ 1  
Operating income (loss)   $ (2,019 )    $ (1,254 )    $ (1,705 )    $ (710 )    $     $ (6,987 )    $ (1,471 )    $ (2,928 )    $ (1 ) 
Interest expense   $ (10,511 )    $ (3,020 )    $ (811 )    $ (38 )    $     $ (15,843 )    $ (9,184 )    $ (1,191 )    $  
Net income (loss)-GAAP basis   $ (12,350 )    $ (4,273 )    $ (2,516 )    $ (747 )    $     $ (22,172 )    $ (10,637 )    $ (4,117 )    $ (1 ) 
Summary Statement of Cash Flows
                                                                                
Net cash flows provided by (used in) operating activities   $ 18,540     $ 4,033     $ 593     $ 201     $     $ 53,011     $ 7,793     $ (2,161 )    $ (1 ) 
Net cash flows provided by (used in) investing activities   $ (776,219 )    $ (198,478 )    $ (56,149 )    $ (21,249 )    $     $ (942,718 )    $ (452,546 )    $ (53,348 )    $  
Net cash flows provided by (used in) financing activities   $ 1,210,275     $ 195,130     $ 61,818     $ 21,555     $ 200     $ 979,285     $ 453,584     $ 60,547     $ 1  
Amount and Source of Distributions
                                                                                
Total distributions paid to common stockholders(1)   $ 38,007     $ 3,673     $ 873     $     $     $ 95,839     $ 14,474     $ 675     $  
Distribution data per $1,000 invested:
                                                                                
Total distributions paid to common stockholders   $ 54.12     $ 56.43     $ 58.07     $     $     $ 53.50     $ 29.48     $ 91.49     $  
From operations and sales of properties   $ 26.40     $ 56.43     $ 39.44     $     $     $ 25.11     $ 15.87     $     $  
From all other sources (financing or offering proceeds)   $ 27.72     $     $ 18.62     $     $     $ 28.39     $ 13.61     $ 91.49     $  
Summary Balance Sheet
                                                                                
Total assets (before depreciation)   $ 1,767,110     $ 337,167     $ 87,463     $ 22,831     $ 1,143     $ 1,821,923     $ 711,930     $ 173,923     $ 844  
Total assets (after depreciation)   $ 1,721,527     $ 325,410     $ 85,192     $ 22,713     $ 1,143     $ 1,734,573     $ 690,668     $ 172,315     $ 844  
Total liabilities   $ 251,995     $ 173,139     $ 58,007     $ 21,556     $ 943     $ 298,829     $ 243,381     $ 118,490     $ 645  
Estimated per share value     N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A       N/A  

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  ARCT V   NYRT
(dollars in thousands, except per share data)   Period From
January 22,
2013 (Date of
Inception) to
December 31,
2013
  Year Ended December 31, 2013   Year Ended December 31, 2012   Year Ended December 31, 2011   Year Ended December 31, 2010   Period From October 6, 2009 (Date of Inception) to December 31, 2009
Summary Operating Results
                                                     
Gross revenues   $ 24,289     $ 55,887     $ 15,422     $ 7,535     $ 2,377     $  
Operating expenses   $ 47,105     $ 67,266     $ 16,787     $ 6,888     $ 3,179     $ 1  
Operating income (loss)   $ (22,816 )    $ (11,379 )    $ (1,365 )    $ 647     $ (802 )    $ (1 ) 
Interest expense   $ (485 )    $ (10,673 )    $ (4,994 )    $ (3,910 )    $ (1,070 )    $  
Net income (loss)-GAAP basis   $ (20,797 )    $ (19,311 )    $ (6,372 )    $ (3,265 )    $ (1,871 )    $ (1 ) 
Summary Statement of Cash Flows
                                                     
Net cash flows provided by (used in) operating activities   $ (13,617 )    $ 9,428     $ 3,030     $ 263     $ (1,234 )    $ 1  
Net cash flows provided by (used in) investing activities   $ (1,225,532 )    $ (1,309,508 )    $ (145,753 )    $ (25,736 )    $ (30,729 )    $  
Net cash flows provided by (used in) financing activities   $ 1,340,325     $ 1,528,103     $ 137,855     $ 35,346     $ 32,312     $ 1  
Amount and Source of Distributions
                                                     
Total distributions paid to common stockholders(1)   $ 35,277     $ 36,642     $ 6,703     $ 970 (4)    $ (4)    $  
Distribution data per $1,000 invested:
                                                     
Total distributions paid to common stockholders   $ 22.65     $ 21.58     $ 38.28     $ 22.27     $     $  
From operations and sales of properties   $     $ 5.55     $ 17.30     $ 6.04     $     $  
From all other sources (financing or offering proceeds)   $ 22.65     $ 16.03     $ 20.98     $ 16.23     $     $  
Summary Balance Sheet
                                                     
Total assets (before depreciation)   $ 1,362,322     $ 2,089,488     $ 380,113     $ 141,139     $ 70,948     $ 954  
Total assets (after depreciation)   $ 1,347,375     $ 2,048,305     $ 367,850     $ 136,964     $ 69,906     $ 954  
Total liabilities   $ 35,561     $ 599,046     $ 225,419     $ 85,773     $ 45,781     $ 755  
Estimated per share value     N/A       N/A       N/A       N/A       N/A       N/A  

N/A — not applicable.

(1) Distributions paid from proceeds from the sale of common stock and through distribution reinvestment plans.
(2) ARCT completed its offering in July 2011. The data above includes uses of offering proceeds through December 31, 2011. In March 2012, ARCT became a self-administered REIT and listed its common stock on The NASDAQ Global Select Market. On January 22, 2013, ARCT merged with and into a subsidiary of Realty Income Corporation and trading of ARCT's shares was suspended at market close on that date.
(3) ARCT III completed its offering in September 2012. The data above includes uses of offering proceeds through December 31, 2012. On February 28, 2013, ARCT III merged with and into a subsidiary of ARCP.
(4) Excludes distributions related to private placement programs.

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TABLE IV
  
RESULTS OF COMPLETED PROGRAMS

Table IV includes the operations of ARCT from its inception on August 17, 2007 to December 31, 2011, its last year before termination, ARCT III from its inception on October 15, 2010 to December 31, 2012, its last year before termination, ARCT IV from its inception on February 14, 2012 to December 31, 2013, PE-ARC from its inception on October 13, 2009 to December 31, 2013, HCT from its inception on August 23, 2010 to December 31, 2013, ARCT V from its inception on January 22, 2013 to December 31, 2013, and NYRT from its inception on October 6, 2009 to December 31, 2013.

             
Program name (dollars in thousands)   ARCT(1)   ARCT III(2)   ARCT IV(3)   PE-ARC   HCT   ARCT V   NYRT
Date of program closing or occurrence of liquidity event     3/1/2012       2/26/2013       1/3/2014       N/A (5)      N/A (5)      N/A (5)      N/A (5) 
Duration of program (months)     50       23       19       N/A (5)      N/A (5)      N/A (5)      N/A (5) 
Dollar amount raised   $ 1,695,813     $ 1,750,291     $ 1,753,560     $ 1,741,472     $ 1,791,198     $ 1,557,640     $ 1,697,677 (4) 
Annualized Return on Investment     8.7 %(6)      22.0 %(7)      17.4 %(7)      N/A (5)      N/A (5)      N/A (5)      N/A (5) 
Median Annual Leverage     31.9 %      15.0 %      0.0 %      50.1 %      15.8 %      0.8 %      28.2 % 
Aggregate compensation paid or reimbursed to the sponsor or its affiliates   $ 184,213     $ 190,897     $ 193,486     $ 158,925     $ 190,285     $ 173,491     $ 161,696  

(1) ARCT completed its offering in July 2011. The data above includes uses of offering proceeds through December 31, 2011 and excludes proceeds received through private programs. On March 1, 2012, ARCT became a self-administered REIT and listed it common stock on the NASDAQ Global Select Market. ARCT's closing price per share on March 1, 2012 was $10.49. On January 22, 2013, ARCT merged with and into a subsidiary of Realty Income Corporation. Pursuant to the terms of the merger agreement, each share of ARCT common stock was converted into (i) $0.35 in cash, (ii) 0.2874 of a share of common stock of Realty Income Corporation and (iii) cash payable in lieu of any fractional shares of common stock of Realty Income Corporation. This liquidity event resulted in proceeds to ARCT stockholders of $2.2 billion.
(2) ARCT III completed its offering in September 2012. The data above includes uses of offering proceeds through December 31, 2012. On February 26, 2013, ARCT III merged with and into a subsidiary of ARCP. Pursuant to the terms of the merger agreement, each share of ARCT III's common stock was converted into the right to receive (i) 0.95 of a share of common stock of ARCP for those stockholders of ARCT III or (ii) $12.00 in cash. This liquidity event resulted in proceeds to ARCT III stockholders of $2.4 billion.
(3) On January 3, 2014, ARCT IV merged with and into a subsidiary of ARCP. Pursuant to the terms of the merger agreement, each share of ARCT IV's common stock was converted into the right to receive: (i) $9.00 in cash; (ii) 0.5190 of a share of common stock of ARCP's common stock; and (iii) 0.5937 of a share of ARCP's 6.70% Series F Cumulative Redeemable Preferred Stock. This liquidity event resulted in proceeds to ARCT IV stockholders of $2.1 billion.
(4) Excludes gross proceeds of $17.0 million received in a private placement during the year ended December 31, 2010.
(5) These programs have closed, but a liquidity event has not occurred as of December 31, 2013.
(6) Annualized return on investment was calculated as (a) the difference between the aggregate amounts distributed to investors and invested by investors, divided by (b) the aggregate amount invested by investors, divided by (c) the months of the offering. The aggregate amount distributed to investors includes distributions paid during the offering plus the shares outstanding multiplied by the volume weighted daily average price for the 30 day measurement period as defined in the incentive listing fee agreement.
(7) Annualized return on investment was calculated as (a) the difference between the aggregate amounts distributed to investors and invested by investors, divided by (b) the aggregate amount invested by investors, divided by (c) the months of the offering. The aggregate amount distributed to investors includes distributions paid during the offering and the shares outstanding at the time of the sale multiplied by the price paid per share.

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TABLE V
  
SALES OR DISPOSALS OF PROGRAM

Table V summarizes the sales or disposals of properties by ARCT from its inception on August 17, 2007 to December 31, 2011, its last year before termination, ARCT III from its inception on October 15, 2010 to December 31, 2012, its last year before termination, ARCT IV from its inception on February 14, 2012 to December 31, 2013, PE-ARC from its inception on October 13, 2009 to December 31, 2013, HCT from its inception on August 23, 2010 to December 31, 2013, ARCT V from its inception on January 22, 2013 to December 31, 2013, and NYRT from its inception on October 6, 2009 to December 31, 2013.

                     
      Selling Price, Net of Closing costs and GAAP Adjustments   Cost of Properties Including
Closiing and Soft Costs
  Excess
(deficiency) of
Property
Operating Cash
Receipts Over
Cash
Expenditures(5)
Property (dollars in thousands)   Date Acquired   Date of Sale   Cash
received
net of
closing
costs
  Mortgage
balance at
time of
sale
  Purchase
money
mortgage
taken
back by
program(1)
  Adjustments
resulting from
application of
GAAP(2)
  Total(3)   Original
Mortgage
Financing
  Total
acquisition
cost, capital
improvement,
closing and
soft costs(4)
  Total
ARCT(6):
PNC Bank Branch — New Jersey     November – 08       September 2010     $ 388     $ 512     $     $     $ 900     $ 512     $ 187     $ 699     $ 1,035  
PNC Bank Branch — New Jersey     November – 08       January 2011     $ 79     $ 502     $     $     $ 581     $ 502     $ 178     $ 680     $ 1,305  

ARCT III(7)
ARCT IV:(8)
PE-ARC: Not applicable
HCT: Not applicable
ARCT V: Not applicable
NYRT: Not applicable

(1) No purchase money mortgages were taken back by program.
(2) Financial information for programs was prepared in accordance with GAAP, therefore GAAP adjustments are not applicable.
(3) All taxable gains were categorized as capital gains. None of these sales were reported on the installment basis.
(4) Amounts shown do not include a prorata share of the offering costs. There were no carried interests received in Lieu of commissions on connection with the acquisition of property.
(5) Amounts exclude the amounts included under “Selling Price Net of Closing Costs and GAAP Adjustments” or “Costs of Properties Including Closing Costs and Soft Costs” and exclude costs incurred in administration of the program not related to the operations of the property.
(6) On March 1, 2012, ARCT became a self-administered REIT and listed it common stock on the NASDAQ Global Select Market. ARCT's closing price per share on March 1, 2012 was $10.49. On January 22, 2013, ARCT merged with and into a subsidiary of Realty Income Corporation and all of ARCT's properties were acquired pursuant to the merger agreement. This liquidity event resulted in proceeds to ARCT stockholders of $2.2 billion.
(7) On February 26, 2013, ARCT III merged with and into a subsidiary of ARCP and all of ARCT III's properties were acquired pursuant to the merger agreement. This liquidity event resulted in proceeds to ARCT III stockholders of $2.4 billion.
(8) On January 3, 2014, ARCT IV merged with and into a subsidiary of ARCP and all of ARCT IV's properties were acquired pursuant to the merger agreement. This liquidity event resulted in proceeds to ARCT IV stockholders of $2.1 billion.

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APPENDIX G
  
Privacy Policy Notice

AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.
PRIVACY POLICY NOTICE

OUR COMMITMENT TO PROTECTING YOUR PRIVACY. We consider customer privacy to be fundamental to our relationship with our stockholders. In the course of servicing your account, we collect personal information about you (“Non-Public Personal Information”). We collect this information to know who you are so that we can provide you with products and services that meet your particular financial and investing needs, and to meet our obligations under the laws and regulations that govern us.

We are committed to maintaining the confidentiality, integrity and security of our stockholders’ personal information. It is our policy to respect the privacy of our current and former stockholders and to protect the personal information entrusted to us. This Privacy Policy Notice (the “Policy”) describes the standards we follow for handling your personal information and how we use the information we collect about you.

Information We May Collect.  We may collect Non-Public Personal Information about you from the following sources:

Information on applications, subscription agreements or other forms. This category may include your name, address, e-mail address, telephone number, tax identification number, date of birth, marital status, driver’s license, citizenship, number of dependents, assets, income, employment history, beneficiary information and personal bank account information.
Information about your transactions with us, our affiliates and others, such as the types of products you purchase, your account balances, transactional history and payment history.
Information obtained from others, such as from consumer credit reporting agencies. This may include information about your creditworthiness, debts, financial circumstances and credit history, including any bankruptcies and foreclosures.

Why We Collect Non-Public Personal Information.  We collect information from and about you:

in order to identify you as a customer;
in order to establish and maintain your customer accounts;
in order to complete your customer transactions;
in order to market investment products or services that may meet your particular financial and investing circumstances;
in order to communicate and share information with your broker/dealer, financial advisor, IRA custodian, joint owners and other similar parties acting at your request and on your behalf; and
in order to meet our obligations under the laws and regulations that govern us.

Persons to Whom We May Disclose Information.  We may disclose all types of Non-Public Personal Information about you to the following third parties and in the circumstances described below, as permitted by applicable laws and regulations.

Our Affiliated Companies.  We may offer investment products and services through certain of our affiliated companies, and we may share all of the Non-Public Personal Information we collect on you with such affiliates. We believe that by sharing information about you and your accounts among our companies, we are better able to serve your investment needs and to suggest services or educational materials that may be of interest to you. You may limit the information we share with our affiliate companies as described at the end of this notice below.
Nonaffiliated Financial Service Providers and Joint Marketing Partners.  From time to time, we use outside companies to perform services for us or functions on our behalf, including marketing of our own investment products and services or marketing products or services that we may offer jointly

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with other financial institutions. We may disclose all of the Non-Public Personal Information we collect as described above to such companies. However, before we disclose Non-Public Personal Information to any of our service providers or joint marketing partners, we require them to agree to keep your Non-Public Personal Information confidential and secure and to use it only as authorized by us.
Other Nonaffiliated Third Parties.  We do not sell or share your Non-Public Personal Information with nonaffiliated outside marketers, for example, retail department stores, grocery stores or discount merchandise chains, who may want to offer you their own products and services. However, we also may use and disclose all of the Non-Public Personal Information we collect about you to the extent permitted by law. For example, to:
correct technical problems and malfunctions in how we provide our products and services to you and to technically process your information;
protect the security and integrity of our records, website and customer service center;
protect our rights and property and the rights and property of others;
take precautions against liability;
respond to claims that your information violates the rights and interests of third parties;
take actions required by law or to respond to judicial process;
assist with detection, investigation or reporting of actual or potential fraud, misrepresentation or criminal activity; and
provide personal information to law enforcement agencies or for an investigation on a matter related to public safety to the extent permitted under other provisions of law.

Protecting Your Information.  Our employees are required to follow the procedures we have developed to protect the integrity of your information. These procedures include:

Restricting physical and other access to your Non-Public Personal Information to persons with a legitimate business need to know the information in order to service your account.
Contractually obligating third parties doing business with us to comply with all applicable privacy and security laws.
Providing information to you only after we have used reasonable efforts to assure ourselves of your identity by asking for and receiving from you information only you should know.
Maintaining reasonably adequate physical, electronic and procedural safeguards to protect your information.

Former Customers.   We treat information concerning our former customers the same way we treat information about our current customers.

Keeping You Informed.  We will send you a copy of this Policy annually. We also will send you all changes to this Policy as they occur. You have the right to “opt out” of this Policy by notifying us in writing.

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QUESTIONS?
If you have any questions about this Policy,
please do not hesitate to call Amy B. Boyle at (212) 415-6500.

Your Right to Limit our Information Sharing with Affiliates

This Privacy Policy applies to American Realty Capital Global Trust, Inc. Federal law gives you the right to limit some but not all marketing from our affiliates. Federal law also requires us to give you this notice to tell you about your choice to limit marketing from our affiliates. You may tell us not to share information about your creditworthiness with our affiliated companies, except where such affiliate is performing services for us. We may still share with them other information about your experiences with us. You may limit our affiliates in the American Realty Capital group of companies, such as our securities affiliates, from marketing their products or services to you based on your personal information that we collect and share with them. This information includes your account and investment history with us and your credit score.

If you want to limit our sharing of your information with our affiliates, you may contact us:

By telephone at:
By mail: Mark your choices below, fill in and send to:
AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.
405 Park Avenue
New York, New York 10022

o Do not share information about my creditworthiness with your affiliates for their everyday business purposes.
o Do not allow your affiliates to use my personal information to market to me.

Name: ______________________________________________________________________________________

Signature: ___________________________________________________________________________________

Your choice to limit marketing offers from our affiliates will apply for at least 5 years from when you tell us your choice. Once that period expires, you will receive a renewal notice that will allow you to continue to limit marketing offers from our affiliates for at least another 5 years. If you have already made a choice to limit marketing offers from our affiliates, you do not need to act again until you receive a renewal notice. If you have not already made a choice, unless we hear from you, we can begin sharing your information 30 days from the date we sent you this notice. However, you can contact us at any time to limit our sharing as set forth above.

Residents of some states may have additional privacy rights. We adhere to all applicable state laws.

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