ARC Daily NAV Trust Stockholders Approve Liquidity Event

American Realty Capital Daily Net Asset Value Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, held a special meeting of stockholders on September 1st to vote on a proposal to sell all or substantially all of the company’s assets, and to liquidate and dissolve the company. The stockholders approved the proposal with 1.6 million voting in favor of liquidation and 5,991 voting against it.

On August 6th, The DI Wire reported that the company intended to sell its 14 property portfolio acquired for $35 million and return the proceeds to its investors.

As part of the liquidity plan, the company suspended its distributions, its distribution reinvestment plan and its share repurchase plan. Investors received a final distribution payment for the month of July 2015 on August 3, 2015, in the amount of $0.05351 per share held.

American Realty Capital Daily Net Asset Value Trust, Inc. is a publicly registered non-traded real estate investment program that intends to acquire a diversified portfolio of properties net leased to high credit quality tenants. The company owns 14 properties that are 100 percent leased with an aggregate purchase price of $34.8 million, comprising 0.2 million rentable square feet.

On August 15, 2011, American Realty Capital Daily Net Asset Value Trust commenced its initial public offering of up to 156.6 million shares of common stock. The company purchased its first properties and commenced active operations in January 2012. As of June 30, 2015, the company had 2.5 million shares of common stock outstanding, including unvested restricted shares and shares issued under the DRIP and had received total gross proceeds, net of repurchases, of $25.1 million, including shares issued under the DRIP.