Shares of ARCP are down .46 to 12.43 today. ?ARCP is in the bottom of the 52 week range.

Today paper traded 17770 ARCP Jul 12.5 calls for .55. ?The ADV is 2306 contracts.? The OI is 585 contracts.

The volume went up in 1 block.? At the time the calls were a straight buy lifting the offer.? There was size trading on the Jun 17.5 puts as well with a steady bid .16 over parity early as the stock later dropped a bit more.? The flow of paper is two ways with the in the money puts looking for lower prices and the calls looking for a big jump from the lows.? The calls are .10 losers as of right now.

30-day implied volatility is 20%.?? 10-day implied volatility is 18%.? 30 day implied volatility is trading above 10 Day Historical volatility.

American Realty Capital Properties, Inc. is a real estate investment trust (REIT). The Company owns and acquires single-tenant, freestanding commercial real estate primarily subject to medium-term net leases with credit quality tenants.