CapLease, Inc. (NYSE:LSE) today provided the following dividend updates.
The Company’s Board of Directors announced an increase in the Company’s quarterly dividend by 7% beginning with the fourth quarter of 2012 to $0.075 per share. Including last quarter’s 8% dividend increase, the Company’s Board of Directors has increased the quarterly dividend by 15% during 2012. That increase reflects the Company’s significant progress on its 2012 business plan including new investments added or committed of over $165 million.
Mr. Paul McDowell, Chairman and Chief Executive Officer, stated, “We are pleased with the progress we made on growing the dividend this year, which is a direct result of the growth and strengthening of the portfolio we have executed on during the past two years. Our dividend is well covered by existing operations and further by the recently announced investment transactions. We continue to expect to add at least one more high quality accretive transaction to the portfolio prior to year-end, and are optimistic that we will continue to grow the portfolio and generate strong cash flows during 2013 and beyond.”Fourth Quarter 2012 Dividends Consistent with the foregoing dividend policy, the Company announced today that its Board of Directors has declared a cash dividend of $0.075 per share of common stock and per limited partnership unit for the fourth quarter of 2012. The Company’s Board of Directors also declared a cash dividend of $0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock (NYSE: LSEPrA), and a cash dividend of $0.5234375 per share of 8.375% Series B Cumulative Redeemable Preferred Stock (NYSE: LSEPrB) for the fourth quarter of 2012. The fourth quarter 2012 common and preferred dividends are payable on January 15, 2013 to stockholders of record as of December 31, 2012. Stockholders interested in learning how to participate in CapLease’s dividend reinvestment and direct stock purchase plan or receiving a plan prospectus may do so by contacting American Stock Transfer & Trust Company, the plan administrator, through its Web site at www.amstock.com or by calling (866) 706-0513. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of CapLease. About the Company: CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns and manages a diversified portfolio of single tenant commercial real estate properties subject to long-term leases to high credit quality tenants.