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CapLease Announces Second Quarter 2012 Results

CapLease, Inc. (NYSE: LSE), a real estate investment trust (REIT) focused on owning and managing single-tenant commercial real estate properties, today announced its results for the second quarter ended June 30, 2012. Net loss to common stockholders was $(8.9) million, and funds from operations, or FFO, as adjusted for items affecting comparability, was $9.9 million.

Second Quarter 2012 and Subsequent Event Highlights:
  • FFO of $0.15 Per Share As Adjusted for Comparability
  • Acquired and Obtained Financing for Approximately $90 Million of New Properties
  • Entered Into New $100 Million Revolving Financing Facility
  • Reduced Nestlé Mortgage Debt

Paul McDowell, Chairman and Chief Executive Officer, stated, “We had a very active and productive second quarter, with significant progress on each component of our 2012 business plan. We raised about $50 million of preferred equity capital, and quickly put it all to work into further growth by investing in new high quality properties with strong returns and attractive long-term financing. We also continued to execute on upcoming lease and debt maturities, highlighted by the Nestlé properties where we have now extended leases on two of the three warehouses for five years until December 2017, and the mortgage debt was reduced and we expect to finalize an extension shortly. Our new three-year revolver provides a source of substantial additional liquidity and offers us significant financing and refinancing flexibility. We are very pleased with these transactions and our progress in 2012, and are evaluating additional ways to deliver further value to our stockholders. We have a good pipeline of new investment opportunities, and expect to continue to build on our growth for the remainder of the year and beyond.”

Second Quarter 2012 Results:
          For the Three Months

Ended June 30,
   
(Amounts in thousands, except per share amounts)           2012       2011  
Funds from operations           $   18,566         $   7,552  
Per Share           $   0.28         $   0.11  
Items that affect comparability (income) expense:          
Loss on investments other than real property, net     2,723
Gain on extinguishment of debt, net (9,000 )
Property acquisition costs               299             125  
Funds from operations, as adjusted for comparability           $   9,865         $   10,400  
Per Share           $   0.15         $   0.15  
 

For the quarter ended June 30, 2012, the Company reported total revenues of $39.7 million, compared to total revenues of $41.3 million in the comparable period in 2011. The decline in total revenues reflects the impact of the collateralized debt obligation and other mortgage asset sales during 2011. Rental revenue was up 6% for the 2012 period, reflecting the new properties acquired.

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