How to end a situationship?

Context:
I've been close with this girl in my class for about half a year now, and it's gotten to the point where she's gotten accustomed to calling me almost every night, texting each other, going for walks at night together, and getting dinners. In addition to that, she's been physically flirtatious (hitting my arm, rubbing my hand, playing with my hair) on different occasions, so I've viewed this as flirty behavior.

I had asked her out early on when I met her (as in the 2nd week), and at the time she turned it down, but has since gotten even flirtier. I decided to ask her once more today, and I've started to prepare for the rejection by planning out how to end this "situationship".

The Situation Today
If I'm rejected, I want to tell her that I genuinely enjoyed her company over the last few months, but that I just can't keep acting like this with somebody who isn't into me (and would much prefer that I just don't see her anymore, as it's really difficult for me to explain to other girls who may actually be into me what my relationship is with her).

Is this a good way of ending things? I mean no malice, but I just can't sit here while she acts this way, and one day have to see her with another man. If there's an even better way, please let me know!

How to end a situationship?
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