This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

CapLease Announces Third Quarter 2012 Results

FFO adjusted for items that affect comparability was $11.5 million, or $0.17 per share, compared to $10.4 million, or $0.15 per share, in the comparable period in 2011. The approximate 13% FFO per share increase was driven primarily by the improvement in revenue due to property portfolio growth and the benefit from a reduction in interest expense.

Net loss to common stockholders for the third quarter of 2012 was $(1.3) million, or $(0.02) per share, compared to net loss of $(14.8) million, or $(0.22) per share, in the comparable period in 2011. 2011 results included $13.4 million of net losses from discontinued operations, reflecting properties that have been disposed of.

New Property Investment:

During the third quarter, the Company entered into a new build-to-suit arrangement to construct a state-of-the-art 311,730 square foot distribution warehouse in Ashland, Virginia outside of Richmond for Vitamin Shoppe Industries, Inc. (NYSE: VSI).

The Company entered into a net lease with Vitamin Shoppe for a 15 year term which will commence upon completion of construction. Acquisition of the approximately 43 acre land site along with the commencement of construction occurred during the third quarter. The project is expected to be completed during the second quarter of 2013. When complete, the Company’s total investment is expected to be about $20 million and its average capitalization rate will be approximately 8% over the lease term.

The Company also continued to fund construction of a Tulsa, Oklahoma build-to-suit project for Cimarex Energy Co. during the third quarter of 2012. Construction of the 324,000 square foot Class A office building remains on budget and on schedule with delivery of floors to the tenant scheduled to begin later this year, and completion of construction scheduled for the first quarter of 2013. The Company has funded its entire $24 million commitment to the total $55 million project, and the remaining project costs are being funded through a non-recourse construction loan obtained from the Bank of Oklahoma. When complete, the Company’s average capitalization rate will be in excess of 10% over a 12 year lease term.

2 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs