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CapLease Announces Third Quarter 2012 Results

Stocks in this article: LSE

References to the Company’s single tenant owned property portfolio exclude the two Omaha, Nebraska properties which are no longer leased primarily by a single tenant.

Balance Sheet:

At September 30, 2012, the Company’s assets included $1.8 billion in owned real property investments before depreciation and amortization, $29 million in loan investments, and $60 million in commercial mortgage-backed securities. The Company continues to have strong liquidity with about $24 million of cash on hand currently, and $46 million of additional borrowing capacity under its revolving credit agreement.

The Company’s leverage on its owned property portfolio was approximately 60% as of September 30, 2012. CapLease expects its leverage to continue to decrease over time, primarily as a result of scheduled principal amortization on our debt which, net of principal collected on our debt investments, averages about $30 million annually through 2014, and expected lower or no leverage on new asset acquisitions.


During the third quarter of 2012, the Company declared a cash dividend on its common stock in the amount of $0.07 per share, representing an 8% increase from the second quarter of 2012. The level of CapLease’s common dividend is determined by the operating results of each quarter, economic conditions, capital requirements, and other operating trends. The Board of Directors will consider the dividend at its next scheduled Board meeting in December.

The Company also declared a cash dividend of $0.5078125 on its 8.125% Series A Cumulative Redeemable Preferred Stock, and a cash dividend of $0.5234375 on its 8.375% Series B Cumulative Redeemable Preferred Stock.

2012 Guidance:

CapLease is affirming its previously disclosed full year 2012 guidance range of $0.59 to $0.62 per share of FFO as adjusted for comparability, and $(0.12) to $(0.09) of earnings per share (EPS).

CapLease is also affirming its full year 2012 guidance range of $0.68 to $0.71 per share of cash available for distribution (CAD). The difference between CAD and FFO guidance is driven primarily by cash rents exceeding straight-line rents during 2012.

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