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||$||7,552|
|Items that affect comparability (income) expense:|
|Loss on investments other than real property, net||–||2,723|
|Gain on extinguishment of debt, net||(9,000||)||–|
|Property acquisition costs||299||125|
|Funds from operations, as adjusted for comparability||$||9,865||$||10,400|
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