FOURTH AMENDMENT TO THE MANAGEMENT AGREEMENT

FOURTH

AMENDMENT

TO THE

MANAGEMENT AGREEMENT

This fourth amendment (this "Amendment") to that certain Management Agreement dated January 25, 2008 as amended by the Amendment to the Management Agreement, dated April 30, 2008, as further amended by the Second Amendment to the Management Agreement, dated May 30, 2008, and as further amended by the Third Amendment to the Management Agreement, dated as of September 16, 2008 (collectively, the "Agreement") is made and entered into as of the __ day of October, 2008, by and among AMERICAN REALTY CAPITAL TRUST, INC., a Maryland corporation (the "Company"), AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the "OP", and together with the Company, the "Owner"), ARC ROCK17MA LLC, a Delaware limited liability company (the "Rockland Owner"), ARC WBPCFL0001, LLC, a Delaware limited liability company (the "National City Owner"), and ARC WBPBFL0001, LLC, a Delaware limited liability company (the "Pompano Owner") and AMERICAN REALTY CAPITAL PROPERTIES, LLC, a Delaware limited liability company (the "Manager").

WHEREAS, the OP was organized to acquire, own, operate, lease and manage real estate properties on behalf of the Company;

WHEREAS, the Pompano Owner is a subsidiary of the OP and was organized to acquire, own, operate, lease and manage a National City branch real estate property, identified in Exhibit A hereto, on behalf of the Company (the "Pompano Property");

WHEREAS, the Company intends to continue to raise money from the sale of its common stock to be used, net of payment of certain offering costs and expenses, for investment in the acquisition or rehabilitation of income-producing real estate to be acquired and held by the Company, by the OP or by the Rockland Owner, the National City Owner, or the Pompano Owner on behalf of the Company; and

WHEREAS, Owner, the Rockland Owner, the National City Owner, and the Pompano Owner wish to retain Manager to manage and coordinate the leasing of the real estate properties acquired by Owner, Rockland Owner, the National City Owner and the Pompano Owner, and the Manager wishes to be so retained, all under the terms and conditions set forth in this Management Agreement.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby agree as follows:

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

"Properties means all real estate properties owned by Owner and all tracts as yet unspecified but to be acquired by Owner containing income-producing Improvements or on which Owner will rehabilitate income-producing Improvements, the Rockland Properties, the National City Property and the Pompano Property. Properties shall be classified under four categories, residential, retail, industrial and office properties."

2. With respect to the Pompano Property alone, all references to Owner herein shall be deemed to include the Pompano Owner.

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

	AMERICAN REALTY CAPITAL TRUST, INC.
	By:	/s/ Xxxxxxx X. Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P.
	By:	American Realty Capital Trust, Inc., its General Partner
	By:	/s/ Xxxxxxx X. Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

	AMERICAN REALTY CAPITAL PROPERTIES, LLC
	By:	/s/ Xxxxxxx X. Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

	ARC ROCK17MA LLC
	By:	/s/ Xxxxxxx X. Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

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	ARC WBPCFL0001, LLC, a Delaware limited liability Company
	By:	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., its sole member
	By:	American Realty Capital Trust, Inc., its General Partner
	By:	/s/ Xxxxxxx X.Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

	ARC WBPBFL000L, LLC, a Delaware limited liability company
	By:	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P., its sole member
	By:	American Realty Capital Trust, Inc., its General Partner
	By:	/s/ Xxxxxxx X.Xxxxxx
		Name: Xxxxxxx X. Xxxxxx
		Title:

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EXHIBIT A

REAL PROPERTY OWNED BY ARC WBPBFL0001, LLC

000 Xxxxx Xxxxxxx Xxxxxxx, Xxxxxxx Xxxxx, XX

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