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CapLease Announces Fourth Quarter And Full Year 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 fourth quarter and full year ended December 31, 2012. Net loss to common stockholders for 2012 was $(11.7) million, and funds from operations, or FFO, as adjusted for items affecting comparability, was $42.0 million.

2012 Highlights:

  • FFO of $0.62 Per Share As Adjusted for Comparability Reaches High End of Guidance
  • Investment Activity for 2012 Approximates $190 Million
  • Extended 1.9 Million Square Feet of Maturing Leases
  • Repurchased or Extended $152 Million of Maturing Debt
  • Raised $110 Million of New Common and Preferred Equity
  • Common Dividend Increased 15%

Paul McDowell, Chairman and Chief Executive Officer, stated, “We made strong progress on our business plan during 2012. We continued to build acquisition momentum with the addition of about $190 million of new property acquisitions comprising 1.2 million square feet while aggressively managing our portfolio by extending lease maturities and maturing debt obligations. The progress we made allowed us to significantly increase the cash dividend on our common stock and positions us well for further growth in 2013 and beyond.”

Full Year 2012 Results:

For the Twelve Months

Ended December 31,

(Amounts in thousands, except per share amounts)   2012     2011
Funds from operations $ 52,341   $ 56,260
Per Share $ 0.78   $ 0.87
Items that affect comparability (income) expense:  
Gain on investments other than real property, net (1,009) (648)
(Gain) loss on extinguishment of debt, net (10,790) 3,698
Debt modification costs 916 –
(Gain) loss on extinguishment of debt on discontinued operations – (18,861)
Property acquisition costs   544     410
Funds from operations, as adjusted for comparability $ 42,002   $ 40,859
Per Share $ 0.62   $ 0.63

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