----

| 1.  | Section 1.11 will be replaced in its entirety with the following: |
|----------|-------------------------------------------------------------------|

| 2.  | Section 1.13 will be amended to add the following at the end thereof: |
|----------|-----------------------------------------------------------------------|

| 3.  | With respect to the 2010 Property alone, all references to Owner herein shall be deemed to include the 2010 Owners. |
|----------|---------------------------------------------------------------------------------------------------------------------|

----

|   | AMERICAN REALTY CAPITAL TRUST, INC. |
|--------|-------------------------------------|
|   |                                |
|   | By:                                 | /s/ William M. Kahane |
|   |                                | Name:  William M. Kahane |
|   |                                | Title:    President |

|   | AMERICAN REALTY CAPITAL     |
|--------|-----------------------------|
|   | OPERATING PARTNERSHIP, L.P. |
|   |                        |
|   | By:                         | /s/ William M. Kahane |
|   |                        | Name:  William M. Kahane |
|   |                        | Title:    President |

|   | AMERICAN REALTY CAPITAL PROPERTIES,LLC |
|--------|----------------------------------------|
|   |                                   |
|   | By:                                    | /s/ William M. Kahane |
|   |                                   | Name:  William M. Kahane |
|   |                                   | Title:   President |

|   | ARC JBHOUTX001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC FESACCA001, LLC                |
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC AAROKMI001, LLC                |
|   |                               |
|   | By:                                | American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |

----

|   | ARC FRAPVCA001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC FRSHLCA001, LLC                |
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC HDTPAKS001, LLC                |
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC RBSLCUT001, LLC                |
|   |                               |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFRKWTX001, LLC                |
|   |                               |
|   | By:                                | American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFWTFTX001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFLGCTX001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |

----

|   | ARC BFCRWTX001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFALLTX001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFABQNM001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFPRLTX001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFAUSTX001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |

----

|   | ARC BFBENAR001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFWCHKS001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFGRJCO001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFBRGLA001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |

----

|   | ARC BFYKNOK001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFTULOK001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFOWAOK001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |   |
|   | By:                                | /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFOKCOK001, LLC                |
|   |                               |
|   | By:                                | American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |
|   |                               |
|   | ARC BFMDBFL001, LLC                |
|   |                               |
|   | By:                                |   American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |

----

|   | ARC BFEDMOK001, LLC                |
|--------|------------------------------------|
|   |                               |
|   | By:                                | American Realty Capital Operating |
|   | Partnership, L.P., its Sole Member |
|   |                               |
|   | By:                                |  /s/ William M. Kahane |
|   | Name:  William M. Kahane |
|   | Title:  President        |

----

| ARC JBHOUTX001, LLC |
|---------------------|
| ARC FESACCA001, LLC |
| ARC AAROKMI001, LLC |
| ARC FRAPVCA001, LLC |
| ARC FRSHLCA001, LLC |
| ARC HDTPAKS001, LLC |
| ARC RBSLCUT001, LLC |
| ARC BFRKWTX001, LLC |
| ARC BFWTFTX001, LLC |
| ARC BFLGCTX001, LLC |
| ARC BFCRWTX001, LLC |
| ARC BFALLTX001, LLC |
| ARC BFABQNM001, LLC |
| ARC BFPRLTX001, LLC |
| ARC BFAUSTX001, LLC |
| ARC BFBENAR001, LLC |
| ARC BFWCHKS001, LLC |
| ARC BFGRJCO001, LLC |
| ARC BFBRGLA001, LLC |
| ARC BFYKNOK001, LLC |
| ARC BFTULOK001, LLC |
| ARC BFOWAOK001, LLC |
| ARC BFOKCOK001, LLC |
| ARC BFMDBFL001, LLC |
| ARC BFEDMOK001, LLC |

----

| PropertyNo. |   | Address |   | City   |   | State  |   | Owner  |
|-------------|--------|---------|--------|--------|--------|--------|--------|--------|
|        | 1.     |    |   |   |   |   |   |   |   | ARC JBHOUTX001, LLC |
|        | 2.     |    |   |   |   |   |   |   |   | ARC FESACCA001, LLC |
|        | 3.     |    |   |   |   |   |   |   |   | ARC AAROKMI001, LLC |
|        | 4.     |    |   |   |   |   |   |   |   | ARC FRAPVCA001, LLC |
|        | 5.     |    |   |   |   |   |   |   |   | ARC FRSHLCA001, LLC |
|        | 6.     |    |   |   |   |   |   |   |   | ARC HDTPAKS001, LLC |
|        | 7.     |    |   |   |   |   |   |   |   | ARC RBSLCUT001, LLC |
|        | 8.     |    |   |   |   |   |   |   |   | ARC BFRKWTX001, LLC |
|        | 9.     |    |   |   |   |   |   |   |   | ARC BFWTFTX001, LLC |
|        | 10.    |    |   |   |   |   |   |   |   | ARC BFLGCTX001, LLC |
|        | 11.    |    |   |   |   |   |   |   |   | ARC BFCRWTX001, LLC |
|        | 12.    |    |   |   |   |   |   |   |   | ARC BFALLTX001, LLC |
|        | 13.    |    |   |   |   |   |   |   |   | ARC BFABQNM001, LLC |
|        | 14.    |    |   |   |   |   |   |   |   | ARC BFPRLTX001, LLC |
|        | 15.    |    |   |   |   |   |   |   |   | ARC BFAUSTX001, LLC |
|        | 16.    |    |   |   |   |   |   |   |   | ARC BFBENAR001, LLC |
|        | 17.    |    |   |   |   |   |   |   |   | ARC BFWCHKS001, LLC |
|        | 18.    |    |   |   |   |   |   |   |   | ARC BFGRJCO001, LLC |
|        | 19.    |    |   |   |   |   |   |   |   | ARC BFBRGLA001, LLC |
|        | 20.    |    |   |   |   |   |   |   |   | ARC BFYKNOK001, LLC |
|        | 21.    |    |   |   |   |   |   |   |   | ARC BFTULOK001, LLC |
|        | 22.    |    |   |   |   |   |   |   |   | ARC BFOWAOK001, LLC |
|        | 23.    |    |   |   |   |   |   |   |   | ARC BFOKCOK001, LLC |
|        | 24.    |    |   |   |   |   |   |   |   | ARC BFMDBFL001, LLC |
|        | 25.    |    |   |   |   |   |   |   |   | ARC BFEDMOK001, LLC |

----