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CapLease Announces Third Quarter 2012 Results

Stocks in this article: LSE

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  
Per Share   $ 0.16     $ 0.15  
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  
Per Share   $ 0.17     $ 0.15  

For the quarter ended September 30, 2012, the Company grew total revenues two percent to $41.8 million. The increase in total revenues reflects growth in the owned property portfolio, offset in part by the impact of the collateralized debt obligation and other mortgage asset sales during 2011. Rental revenue was up nine percent for the 2012 period, reflecting the new properties acquired.

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