EXECUTION
VERSION


NOTE






	$40,000,000.00	New
    York, New York
	 	February
    28, 2012


FOR
VALUE RECEIVED, the undersigned (“Borrower”), hereby promises to pay to the order of RAYMOND JAMES BANK,
N.A. or registered assigns (“Lender”), in accordance with the provisions of the Agreement (as hereinafter
defined), the principal amount of 40 MILLION ($40,000,000.00) DOLLARS or, if less than such amount, the unpaid principal amount
of each Loan from time to time made by the Lender to Borrower under that certain Credit Agreement, dated as of August 17, 2011
(as amended, restated, extended, supplemented, or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (“Borrower”), AMERICAN REALTY CAPITAL TRUST, INC., a Maryland corporation
and the sole member of the sole general partner of Borrower (“Parent”), the Lenders from time to time
party thereto, and RBS Citizens, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.


Borrower
promises to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is
paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall
be made to Administrative Agent for the account of Lender in Dollars in immediately available funds at Administrative Agent’s
Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand,
from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate
set forth in the Agreement.


This
Note is one of the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part
subject to the terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranties and is secured
by the Collateral. Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all
amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided
in the Agreement. Loans made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the
ordinary course of business. Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of
its Loans and payments with respect thereto.


Borrower,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Note.


[Signature
Page Follows]


 



    	 



    	 	



    



 


THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.





 





	 	BORROWER:

         

	 	 
	 	AMERICAN
    REALTY CAPITAL OPERATING PARTNERSHIP, L.P., 

    a Delaware limited partnership
	 	 
		By: 	/s/
    Brian S. Block
	Name:
        Brian S. Block

        Title:
        Secretary & Treasurer



 





[Signature
Page to Raymond James Note]


 






    	 



    	 	



    
 


 


LOANS
AND PAYMENTS WITH RESPECT THERETO


 





	Date	 	Type
    of 

    Loan Made	 	Amount
    of 

    Loan Made	 	End
    of 

    Interest 

    Period	 	Amount
    of 

    Principal or 

    Interest Paid 

    This Date	 	Outstanding

        Principal
        

        Balance This Date
	 	Notation

        Made
        By