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CapLease Announces Third Quarter 2012 Results

Stocks in this article: LSE

FFO adjusted for items that affect comparability was $31.3 million, or $0.47 per share, compared to $30.5 million, or $0.47 per share, in the comparable period in 2011. The Company has grown the owned property portfolio by about $150 million since September 30, 2011. Bolstered by that strong portfolio growth, per share FFO as adjusted was unchanged year over year, even after including the impact of 2011 asset sales and lower leverage. During 2011, we significantly reduced our investments in mortgage assets and overall leverage level through the strategic sale of the Company’s collateralized debt obligation at a gain.

Net loss to common stockholders for the nine months ended September 30, 2012 was $(9.7) million, or $(0.15) per share, compared to net loss of $(22.8) million, or $(0.35) per share, in the comparable period in 2011. Net loss to common stockholders for the 2012 period includes the net impact of other gains and losses and losses from discontinued operations, or a net loss of $4.6 million. Net loss to common stockholders for the 2011 period includes the net impact of other gains and losses and losses from discontinued operations, or a net loss of $17.9 million.

Portfolio:

Over 95% of the Company’s portfolio is invested in owned properties, representing approximately $1.8 billion before depreciation and amortization at September 30, 2012. The weighted average tenant credit rating on the Company’s single tenant owned property portfolio is A- from Standard & Poor’s.

Approximately 90% of the Company’s single tenant owned property portfolio is leased to investment grade tenants.

The weighted average remaining lease term on the Company’s single tenant owned property portfolio is approximately six years, exclusive of the 15 year lease on the Vitamin Shoppe build-to-suit property and the 12 year lease on the Cimarex build-to-suit property. The Company includes leases on development properties in its remaining lease term statistics upon rent commencement.

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