Nov. 5, 2013, 5:57 PM
- Caplease, Inc. (LSE) declares $0.031/share quarterly dividend.
- Forward yield 1.45%
- Payable Nov. 18; for shareholders of record Nov. 4; ex-div Oct. 31.
Oct. 14, 2013, 2:59 PM
- "The Baa3 issuer rating reflects ARCP's portfolio of good quality, well-occupied, freestanding, single-tenant, triple-net leased properties throughout the United States and Puerto Rico," says Moody's, whose analysis incorporates the CapLease (LSE) and ARCT IV mergers and other planned acquisitions.
- The strengths are offset by the company's high effective leverage, short track record as a publicly traded company, and aggressive growth strategy. ARCP's plan to become internally managed by no later than the end of the year is a "key consideration" in the rating.
Sep. 23, 2013, 3:34 PM
- Total property losses are expected at nearly $2B, with about half housing and the rest from commercial and government sectors.
- Franklin Street Properties (FSP -0.2%) is the most exposed, with 14.3% of its current portfolio in the affected area, according to SNL Financial. Next is CoreSite Realty (COR), whose two data center assets in the area account for 13.3% of the company's property count. Next is newly public Independence Realty Trust (IRT +2.2%) - which only owns one property there, but it accounts for 12.5% of its portfolio.
- Others (in order of percentage of portfolio in affected area): RLJ, OFC, DRH, INN, FR, GOV, REG, CHSP, EQR, LSE, LTC, GEO, TCO, AIV, CPT, CWH, EPR, ELS, WRI, MPW, MNR, PSA.
Sep. 16, 2013, 10:44 AM
- Notably lower today is American Realty Capital Properties (ARCP -1.7%) after agreeing to issue via private placement about 21.7M shares of Series D preferred stock with a 5.81% coupon to institutional holders of Series C convertible preferred stock upon the closing of the merger with CapLease (LSE). Other Series C holders will be issued approximately 15.1M shares of common stock. ARCP expects net proceeds to the company from these transactions of about $481M.
- ARCP also agrees to purchase about 28.4M Series C preferred CVRs for about $25.6M or $0.90 per share - a $1.10 discount to face value.
- The conversion of the Series C preferred frees up about $445M on the balance sheet for more acquisitions.
Sep. 11, 2013, 12:44 PM
- Caplease, Inc. (LSE) declares $0.0775/share quarterly dividend, in line with previous.
- Forward yield 3.65%
- Payable Oct. 15; for shareholders of record Sept. 23; ex-div Sept. 19.
Sep. 3, 2013, 7:22 AM
- The company expects to close on the acquisition of about 150 net lease properties for around $550M in Q3, putting ARCP ahead of its targeted acquisition volume for the period. The properties are 100% occupied with 65% leased to investment grade tenants (bears on ARCP point to the recent increase in lower-credit tenants). The average weighted cap rate is 7.8%.
- The company continues to expect $1.1B in acquisitions for H2.
- The CapLease (LSE) acquisition is expected to close ASAP following a shareholder vote on September 10. The previously announced $0.03 dividend hike (to $0.94) will take effect upon the closing.
Aug. 6, 2013, 8:55 AM
- CapLease (LSE): Q2 FFO of $0.14 beats by $0.01.
- Revenue of $45.12M (+14% Y/Y) beats by $7.22M. (PR)
Jul. 8, 2013, 7:45 AM
Jun. 12, 2013, 5:17 PMCapLease (LSE) declares $0.0775/share quarterly dividend, in line with previous. Forward yield 3.64 %. For shareholders of record June 28. Payable July 15.Ex-div date June 26(PR) | Jun. 12, 2013, 5:17 PM
Jun. 4, 2013, 7:02 AM
American Capital Realty Properties (ARCP) announces a private sale of about 29.4M shares at $15.47 each (where stock closed last night) and about 28.4M shares of 5.81% convertible preferred. Net proceeds of about $898M will be used mostly to fund recent acquisitions, including the $807M portfolio purchased from GE Capital and the $2.2B buy of CapLease (LSE). (PR)| Jun. 4, 2013, 7:02 AM
May 29, 2013, 9:23 AM
SA Pro's Dane Bowler - who penned well-timed bullish calls (I, II) on American Realty Capital Properties (ARCP) and CapLease (LSE) - gives a thumbs up on yesterday's deal, calling it beneficial for owners of both firms. There exists a non-negligible chance of LSE finding a higher bidder, he says, noting yesterday's $8.55 close vs. the $8.50 buyout price. Look for a more detailed analysis from Bowler soon on SA Pro.| May 29, 2013, 9:23 AM | 5 Comments
May 28, 2013, 3:38 PM
More on the American Realty Capital (ARCP +0.7%) purchase of CapLease (LSE +20.8%): The deal continues the trend of consolidation in the net lease sector, says Stifel's Josh Barber, noting ARCP itself is the product of recent merger. ARCP raised its FY13 guidance $0.11 to $1.19/share and will up its dividend $0.03 to $0.94/share after the deal closes. ARCP was recently rebuffed in its effort to purchase Cole Credit Properties Trust III.| May 28, 2013, 3:38 PM
May 28, 2013, 12:45 PM
May 28, 2013, 9:38 AM
May 8, 2013, 7:07 AMCapital Lease Funding (LSE): Q1 FFO of $0.14 in-line. Revenue of $43M (+11% Y/Y) beats by $6.23M. (PR) | May 8, 2013, 7:07 AM
May 8, 2013, 12:05 AM