December 25, 2014 9:02 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of CapLease, Inc.

Company Overview

CapLease, Inc. operates as a real estate investment trust (REIT), focused on financing and investing in commercial real estate that is net leased primarily to single tenants with investment grade or near investment grade credit ratings. It provides private and corporate owners of net lease real estate with equity, debt, and mezzanine financing options. The company is organized to qualify as a REIT for federal income tax purposes and accordingly it distributes at least 90% of its taxable income to its stockholders. CapLease, Inc. is based in New York City. As of November 5, 2013, CapLease, Inc. operates as a subsidiary of American Realty Capital Properties, Inc.

1065 Avenue of the Americas

New York, NY 10018

United States

17 Employees

Phone:

212-217-6300

Fax:

212-217-6301

Key Executives for CapLease, Inc.

CapLease, Inc. does not have any Key Executives recorded.

CapLease, Inc. Key Developments

CapLease, Inc. Announces Board Resignations; Declares Dividends on its Common and Preferred Stock

CapLease, Inc. announced the successful completion of its previously announced merger with an affiliate of American Realty Capital Properties, Inc. On November 5, 2013, in connection with the merger, the company terminated the employment of each of the executive officers of the company without cause effective immediately prior to the effective time of the merger. In connection with the merger, each of Paul H. McDowell, William R. Pollert, Michael E. Gagliardi, Catherine F. Long, Jeffrey F. Rogatz and Howard A. Silver, the directors of the company, resigned from the board of directors of the company and all committees thereof effective immediately prior to the effective time of the merger. As a result of the merger, the company merged with and into Merger Sub, and the company’s separate corporate existence ceased. Merger Sub is a limited liability company that is wholly owned and managed by ARCP. On November 5, 2013, the company announced the completion of the merger and the payment of the special cash dividend on its common stock, limited partnership units, 8.125% Series A Cumulative Redeemable Preferred Stock, 8.375% Series B Cumulative Redeemable Preferred Stock and 7.25% Series C Cumulative Redeemable Preferred Stock made in connection with the completion of the merger. The company will pay pro-rated cash dividends for the fourth quarter. The dividends are payable to holders of record on November 4, 2013, of the company’s common stock, limited partnership units, 8.125% Series A Cumulative Redeemable Preferred Stock, 8.375% Series B Cumulative Redeemable Preferred Stock, and 7.25% Series C Cumulative Redeemable Preferred Stock. The pro-rated cash dividends equate to $0.031 per share or unit of the company’s common stock and limited partnership units, $0.197483 per share of the company’s 8.125% Series A Cumulative Redeemable Preferred Stock, $0.203559 per share of the company’s 8.375% Series B Cumulative Redeemable Preferred Stock, and $0.176215 per share of the company’s 7.25% Series C Cumulative Redeemable Preferred Stock. The preferred dividends represent all amounts accrued on the company’s preferred stock through, but excluding, the closing date of the merger. The pro-rated dividends on the company’s preferred stock will be paid as promptly as practicable in connection with the payment of the merger consideration. The pro-rated dividends on the company’s common stock will be paid on or about November 18, 2013.

CapLease, Inc. Declares Interim Fourth Quarter Dividends on Common Stock and Preferred Stock

CapLease, Inc. announced 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, a quarterly cash dividend of $0.5234375 per share of 8.375% Series B Cumulative Redeemable Preferred Stock, and a quarterly cash dividend of $0.453125 per share of 7.25% Series C Cumulative Redeemable Preferred Stock, 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, 2013. 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.

CapLease, Inc. Declares Third Quarter Cash Dividends on Common Stock and Preferred Stock, payable on October 15, 2013

CapLease, Inc. announced that its Board of Directors has declared a cash dividend of $0.0775 per share of common stock and per limited partnership unit for the third quarter of 2013. The Company's Board of Directors also declared a cash dividend of $0.4231771 per share of 8.125% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4361979 per share of 8.375% Series B Cumulative Redeemable Preferred Stock, and a cash dividend of $0.3776042 per share of 7.25% Series C Cumulative Redeemable Preferred Stock, all for the third quarter of 2013. The preferred dividends represent amounts accrued on such stock through September 30, 2013. In the event the Company's previously announced merger with American Realty Capital Properties, Inc. closes after September 30, 2013, the Company intends to pay a subsequent dividend on the preferred stock representing accrued but unpaid dividends on such stock up to the closing date of the merger. Both the common and the preferred dividends are payable on October 15, 2013 to stockholders of record as of September 23, 2013.

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