CapLease Updates Dividend Policy; Declares 8% Increase in Third Quarter Dividend
NEW YORK--(BUSINESS WIRE)-- CapLease, Inc. (LSE) today provided the following dividend updates.
The Companys Board of Directors announced an increase in the Companys quarterly dividend by 8% beginning with the third quarter of 2012 to $0.07 per share. That increase reflects the Companys significant progress to date on its 2012 business plan including new investments added or committed of over $100 million and existing portfolio management activity highlighted by leasing progress at the three Nestlé properties and the extension and reduction of the related mortgage debt on those properties. The Board of Directors will continue to evaluate the Companys dividend policy for the remainder of the year as the Company continues to implement its 2012 plan.
Mr. Paul McDowell, Chairman and Chief Executive Officer, stated, We are pleased to announce the increase in our dividend which reflects the Companys progress and achievements to date during 2012. Our dividend is well covered by existing operations and further by the recently announced investment transactions. We are optimistic that we will continue to grow the portfolio and generate strong cash flows for the remainder of 2012 and beyond.
Third Quarter 2012 Dividends
Consistent with the foregoing dividend policy, the Company announced today that its Board of Directors has declared a cash dividend of $0.07 per share of common stock and per limited partnership unit for the third quarter of 2012.
The Companys 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 third quarter of 2012.
The third quarter 2012 common and the preferred dividends are payable on October 15, 2012 to stockholders of record as of September 28, 2012.
Stockholders interested in learning how to participate in CapLeases 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.
Forward-Looking and Cautionary Statements:
The Companys future dividend expectations are subject to the forward-looking and cautionary statements included in this press release. Forward-looking statements in this press release involve a number of risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results to differ materially from those projected in such forward-looking statements.
- our ability to implement our 2012 business plan, including to add new assets;
- deterioration in general economic or market conditions or in the commercial real estate markets in particular;
- payment defaults on one or more of our asset investments;
- increases in our financing costs (including as a result of LIBOR rate increases), our general and administrative costs and/or our property expenses; and
- our failure to comply with our debt obligations.
Developments in any of those areas could cause actual results to differ materially from results that have been or may be projected. For a more detailed discussion of the trends, risks and uncertainties that may affect our operating and financial results and our ability to achieve the financial objectives discussed in this press release, readers should review the Companys most recent Annual Report on Form 10-K, including the section entitled Risk Factors, and the Companys other periodic filings with the SEC. Copies of these documents are available on our web site at www.caplease.com and on the SECs website at www.sec.gov. We caution that the foregoing list of important factors is not complete and we do not undertake to update any forward-looking statement.
About the Company:
CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns and manages single tenant commercial real estate properties subject to long-term leases to high credit quality tenants.
For CapLease, Inc.
Brad Cohen, 212-217-6393
Source: CapLease, Inc.Copyright Business Wire 2012