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CapLease Declares Interim Fourth Quarter Dividends In Connection With Proposed Merger With ARCP

CapLease, Inc. (NYSE:LSE) (the “Company”) announced today that its Board of Directors has authorized a prorated quarterly cash dividend for the Company’s fourth fiscal quarter through the anticipated closing date of its previously announced merger with an affiliate of American Realty Capital Properties, Inc. The dividend on the Company’s common stock and limited partnership units will be in an amount equal to a quarterly dividend of $0.0775 per share or unit prorated to reflect the number of days in the fourth quarter through the closing date of the merger.

The Company’s Board of Directors also authorized a quarterly cash dividend of $0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock (NYSE: LSEPrA), a quarterly cash dividend of $0.5234375 per share of 8.375% Series B Cumulative Redeemable Preferred Stock (NYSE: LSEPrB), and a quarterly cash dividend of $0.453125 per share of 7.25% Series C Cumulative Redeemable Preferred Stock (NYSE: LSEPrC), in each case to be prorated to reflect the number of days in the fourth fiscal quarter through the closing date of the merger. The preferred dividends will represent all amounts accrued on the Company’s preferred stock through the closing date of the merger.

The payment of these dividends is conditioned on, and will occur as promptly as practicable after, the closing of the merger. The Company currently anticipates a closing of the merger during the week of November 4. The record date for determining stockholders entitled to payment of the dividends will be the last business day prior to the date that the merger becomes effective. The Company will issue a press release after the merger becomes effective announcing the final per share amount of the dividends payable on its common stock and preferred stock.

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.

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