CapLease Updates Dividend Policy; Declares 8% Increase In Third Quarter Dividend
CapLease, Inc. (NYSE: LSE) today provided the following dividend updates.
The Company’s Board of Directors announced an increase in the Company’s quarterly dividend by 8% beginning with the third quarter of 2012 to $0.07 per share. That increase reflects the Company’s significant progress to date on its 2012 business plan including new investments added or committed of over $100 million and existing portfolio management activity highlighted by leasing progress at the three Nestlé properties and the extension and reduction of the related mortgage debt on those properties. The Board of Directors will continue to evaluate the Company’s dividend policy for the remainder of the year as the Company continues to implement its 2012 plan.
Mr. Paul McDowell, Chairman and Chief Executive Officer, stated, “We are pleased to announce the increase in our dividend which reflects the Company’s progress and achievements to date during 2012. Our dividend is well covered by existing operations and further by the recently announced investment transactions. We are optimistic that we will continue to grow the portfolio and generate strong cash flows for the remainder of 2012 and beyond.”Third Quarter 2012 Dividends Consistent with the foregoing dividend policy, the Company announced today that its Board of Directors has declared a cash dividend of $0.07 per share of common stock and per limited partnership unit for the third quarter of 2012. The Company’s Board of Directors also declared a cash dividend of $0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock (NYSE: LSEPrA), and a cash dividend of $0.5234375 per share of 8.375% Series B Cumulative Redeemable Preferred Stock (NYSE: LSEPrB) for the third quarter of 2012. The third quarter 2012 common and the preferred dividends are payable on October 15, 2012 to stockholders of record as of September 28, 2012.
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