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 third quarter ended September 30, 2012. Net loss to common stockholders was $(1.3) million, and funds from operations, or FFO, as adjusted for items affecting comparability, was $11.5 million.
Third Quarter 2012 and Subsequent Event Highlights:
- FFO of $0.17 Per Share As Adjusted for Comparability
- Secures $20 Million Build-to-Suit Property
- Investment Activity for 2012 Exceeds $100 Million
- Common Dividend as Previously Announced Raised 8% from Second Quarter
Paul McDowell, Chairman and Chief Executive Officer, stated, “We continued to make steady progress on our business plan during the third quarter. We maintained acquisition momentum through a new $20 million build-to-suit project, increasing our total new investment activity for 2012 to over $100 million. We also extended the maturity of the $106 million Nestlé mortgage debt and more than half of the $35 million of convertible senior notes. The additional term on these debt obligations provide us with significant financial flexibility and further enhances our capacity to support our pipeline of new investment opportunities as we build on our growth for the remainder of the year and beyond.”
Third Quarter 2012 Results:
| For the Three Months
Ended September 30,
|(Amounts in thousands, except per share amounts)||2012||2011|
|Funds from operations||$||10,909||$||10,466|
|Items that affect comparability (income) expense:|
|Gain on investments other than real property, net||(300||)||(3,861||)|
|Loss on extinguishment of debt, net||–||3,698|
|Debt modification costs||916||–|
|Property acquisition costs||13||74|
|Funds from operations, as adjusted for comparability||$||11,538||$||10,377|
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