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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 second quarter ended June 30, 2013. Net loss to common stockholders for the second quarter 2013 was $(2.8) million, and funds from operations, or FFO, as adjusted for comparability was $12.4 million.
Second Quarter 2013 Highlights:
Merger Agreement with American Realty Capital Properties, Inc.
CapLease Common Stockholders to Receive $8.50 per Share in Cash
CapLease Preferred Stockholders to Receive $25.00 per Share in Cash
Paul McDowell, Chairman and Chief Executive Officer, stated, “The clear highlight for the second quarter is the announced merger transaction with American Realty Capital Properties, Inc. (“
ARCP”). The transaction provides immediate, certain and compelling value for our common stockholders. The combination of CapLease’s primarily investment grade portfolio and team of experienced net lease experts with ARCP will create a stronger and more diversified company that will be well positioned to grow even further in the years ahead. As we move to complete this transaction, the CapLease team continues to be focused on pursuing acquisition opportunities in its deal pipeline.”
Second Quarter 2013 Results:
For the Three MonthsEnded June 30,
(Amounts in thousands, except per share amounts)
Funds from operations
Items that affect comparability (income) expense:
Gain on derivatives
Gain on extinguishment of debt, net
Property acquisition costs
Merger related costs
Funds from operations, as adjusted for comparability
For the quarter ended June 30, 2013, the Company grew total revenues 14% to $45.1 million. The increase in total revenues reflects growth in the owned property portfolio. Rental revenue was up 11% for the 2013 period, reflecting the new properties acquired.