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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Caplease, | NYSE:LSE | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.53 | 0.00 | 00:00:00 |
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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x
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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Payment of filing fee (Check the appropriate box):
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No fee required
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11
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(1)
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Title of each class of securities to which transaction applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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(5)
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Total fee paid:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by Registration Statement number, or the Form or Schedule and the date of its filing.
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(1)
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Amount previously paid:
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(2)
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Form, Schedule, or Registration Statement No.:
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(3)
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Filing party:
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(4)
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Date filed:
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●
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Merger Agreement with American Realty Capital Properties, Inc.
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–
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CapLease Common Stockholders to Receive $8.50 per Share in Cash
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–
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CapLease Preferred Stockholders to Receive $25.00 per Share in Cash
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For the Three Months
Ended June 30,
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(Amounts in thousands, except per share amounts)
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2013
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2012
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Funds from operations
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$ | 9,815 | $ | 18,566 | ||||
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Per Share
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$ | 0.11 | $ | 0.28 | ||||
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Items that affect comparability (income) expense:
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Gain on derivatives
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(5 | ) | – | |||||
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Gain on extinguishment of debt, net
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– | (9,000 | ) | |||||
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Property acquisition costs
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208 | 300 | ||||||
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Merger related costs
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2,421 | – | ||||||
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Funds from operations, as adjusted for comparability
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$ | 12,439 | $ | 9,866 | ||||
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Per Share
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$ | 0.14 | $ | 0.15 | ||||
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For the Six Months
Ended June 30,
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(Amounts in thousands, except per share amounts)
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2013
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2012
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Funds from operations
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$ | 20,341 | $ | 31,140 | ||||
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Per Share
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$ | 0.25 | $ | 0.47 | ||||
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Items that affect comparability (income) expense:
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Gain on derivatives
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(5 | ) | – | |||||
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Gain on investments other than real property, net
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– | (709 | ) | |||||
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Gain on extinguishment of debt, net
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– | (11,012 | ) | |||||
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Property acquisition costs
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208 | 308 | ||||||
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Merger related costs
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2,421 | – | ||||||
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Funds from operations, as adjusted for comparability
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$ | 22,965 | $ | 19,727 | ||||
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Per Share
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$ | 0.28 | $ | 0.30 | ||||
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the possibility that various conditions precedent to the consummation of the pending merger transaction with ARCP will not be satisfied or waived;
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the occurrence of any effect, event, development, change or other circumstances that could result in the termination of the merger agreement;
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the inability to complete the proposed merger due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger;
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risks related to disruption of management’s attention from the Company’s ongoing business operations due to the pending merger;
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risks that the proposed transaction disrupts the Company’s current plans and operations, including potential difficulties in employee retention;
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the effect of the announcement of the merger on the Company’s relationships with its customers, developers, employees, tenants and lenders, and on the Company’s operating results and business generally;
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the outcome of any legal proceedings that have been, or may be, instituted against us and others relating to the merger, the merger agreement or the transactions contemplated by the merger agreement;
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risks to consummation of the merger, including the risk that the merger will not be consummated within the expected time period or at all;
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unanticipated difficulties and/or expenditures relating to the merger or the failure of the merger to close for any other reason; and
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restrictions on our ability to operate the business, including to add new assets and raise capital, imposed by the merger agreement.
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For the Three Months
Ended June 30,
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For the Six Months
Ended June 30,
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(Amounts in thousands, except per share amounts)
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2013
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2012
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2013
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2012
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Revenues:
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Rental revenue
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$ | 37,237 | $ | 33,697 | $ | 72,536 | $ | 66,678 | ||||||||
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Interest income from loans and securities
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1,481 | 2,091 | 3,392 | 4,106 | ||||||||||||
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Tenant reimbursements
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6,249 | 3,556 | 12,239 | 7,387 | ||||||||||||
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Other revenue
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159 | 352 | 311 | 511 | ||||||||||||
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Total revenues
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45,126 | 39,696 | 88,478 | 78,682 | ||||||||||||
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Expenses:
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Interest expense
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16,210 | 16,965 | 32,507 | 33,943 | ||||||||||||
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Property expenses
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9,266 | 6,615 | 18,340 | 13,032 | ||||||||||||
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Gain on derivatives
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(5 | ) | – | (5 | ) | – | ||||||||||
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General and administrative expenses
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3,170 | 2,863 | 6,313 | 5,851 | ||||||||||||
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General and administrative expenses-stock based compensation
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995 | 907 | 1,770 | 1,611 | ||||||||||||
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Merger-related costs
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2,421 | – | 2,421 | – | ||||||||||||
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Depreciation and amortization expense on real property
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12,607 | 11,898 | 24,633 | 23,712 | ||||||||||||
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Other expenses
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– | 16 | – | 32 | ||||||||||||
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Total expenses
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44,664 | 39,264 | 85,979 | 78,181 | ||||||||||||
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Other gains:
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Gain on investment
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– | – | – | 709 | ||||||||||||
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Gain on extinguishment of debt, net
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– | 9,000 | – | 11,012 | ||||||||||||
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Total other gains
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– | 9,000 | – | 11,721 | ||||||||||||
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Income from continuing operations
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462 | 9,432 | 2,499 | 12,222 | ||||||||||||
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Discontinued operations:
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Loss from discontinued operations
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– | (634 | ) | – | (1,366 | ) | ||||||||||
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Loss on investment
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– | (15,229 | ) | – | (15,229 | ) | ||||||||||
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Total discontinued operations
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– | (15,863 | ) | – | (16,595 | ) | ||||||||||
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Net income (loss) before non-controlling interest in consolidated subsidiaries
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462 | (6,431 | ) | 2,499 | (4,373 | ) | ||||||||||
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Non-controlling interest in consolidated subsidiaries
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5 | 18 | 8 | 17 | ||||||||||||
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Net income (loss)
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467 | (6,413 | ) | 2,507 | (4,356 | ) | ||||||||||
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Dividends allocable to preferred shares
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(3,254 | ) | (2,453 | ) | (6,791 | ) | (4,081 | ) | ||||||||
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Net loss allocable to common stockholders
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$ | (2,787 | ) | $ | (8,866 | ) | $ | (4,284 | ) | $ | (8,437 | ) | ||||
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Income (loss) per common share, basic:
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Income (loss) from continuing operations
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$ | (0.03 | ) | $ | 0.11 | $ | (0.05 | ) | $ | 0.12 | ||||||
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Loss from discontinued operations
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– | (0.24 | ) | – | (0.25 | ) | ||||||||||
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Net loss per common share, basic
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$ | (0.03 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.13 | ) | ||||
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Weighted average common shares outstanding, basic
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87,975 | 66,767 | 82,111 | 66,540 | ||||||||||||
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Income (loss) per common share, diluted:
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Income (loss) from continuing operations
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$ | (0.03 | ) | $ | 0.11 | $ | (0.05 | ) | $ | 0.12 | ||||||
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Loss from discontinued operations
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– | (0.24 | ) | – | (0.25 | ) | ||||||||||
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Net loss per common share, diluted
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$ | (0.03 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.13 | ) | ||||
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Weighted average common shares outstanding, diluted
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88,104 | 66,767 | 82,240 | 66,540 | ||||||||||||
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Dividends declared per common share
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$ | 0.0775 | $ | 0.065 | $ | 0.155 | $ | 0.130 | ||||||||
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Dividends declared per preferred A share
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$ | 0.50781 | $ | 0.50781 | $ | 1.01563 | $ | 1.01563 | ||||||||
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Dividends declared per preferred B share
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$ | 0.52344 | $ | 0.50017 | $ | 1.04688 | $ | 0.50017 | ||||||||
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Dividends declared per preferred C share
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$ | 0.45313 | $ | – | $ | 0.85590 | $ | – | ||||||||
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(Amounts in thousands, except share and per share amounts)
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As Of
June 30,
2013
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As Of
December 31,
2012
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Assets
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Real estate investments, net
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$ | 1,628,482 | $ | 1,541,416 | ||||
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Loans held for investment, net
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24,061 | 26,972 | ||||||
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Commercial mortgage-backed securities
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58,859 | 62,318 | ||||||
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Cash and cash equivalents
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24,618 | 30,177 | ||||||
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Other assets
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86,000 | 89,560 | ||||||
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Total Assets
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$ | 1,822,020 | $ | 1,750,443 | ||||
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Liabilities and Equity
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Mortgages on real estate investments
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$ | 991,483 | $ | 1,012,075 | ||||
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Credit agreements
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99,457 | 67,655 | ||||||
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Secured term loan
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63,045 | 72,417 | ||||||
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Convertible senior notes
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19,210 | 19,210 | ||||||
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Other long-term debt
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30,930 | 30,930 | ||||||
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Total Debt Obligations
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1,204,125 | 1,202,287 | ||||||
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Intangible liabilities on real estate investments
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32,887 | 33,032 | ||||||
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Accounts payable and other liabilities
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27,113 | 27,926 | ||||||
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Dividends and distributions payable
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10,138 | 8,826 | ||||||
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Total Liabilities
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1,274,263 | 1,272,071 | ||||||
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Commitments and contingencies
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Stockholders' equity:
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Preferred stock, $0.01 par value, 100,000,000 shares authorized:
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Series A cumulative redeemable preferred, liquidation preference $25.00 per share, 1,832,000 and 3,447,182 shares issued and outstanding, respectively
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39,363 | 79,776 | ||||||
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Series B cumulative redeemable preferred, liquidation preference $25.00 per share, 2,941,073 shares issued and outstanding
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71,665 | 71,665 | ||||||
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Series C cumulative redeemable preferred, liquidation preference $25.00 per share, 1,700,000 and 0 shares issued and outstanding, respectively
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39,689 | – | ||||||
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Common stock, $0.01 par value, 500,000,000 shares authorized, 88,845,604 and 73,658,045 shares issued and outstanding, respectively
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888 | 737 | ||||||
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Additional paid in capital
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395,445 | 325,824 | ||||||
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Accumulated other comprehensive loss
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(297 | ) | (666 | ) | ||||
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Total Stockholders' Equity
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546,753 | 477,336 | ||||||
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Non-controlling interest in consolidated subsidiaries
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1,004 | 1,036 | ||||||
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Total Equity
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547,757 | 478,372 | ||||||
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Total Liabilities and Equity
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$ | 1,822,020 | $ | 1,750,443 | ||||
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For the Three Months
Ended June 30,
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For the Six Months
Ended June 30,
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(Amounts in thousands, except per share amounts)
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2013
|
2012
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2013
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2012
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Net income (loss) allocable to common stockholders
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$ | (2,787 | ) | $ | (8,866 | ) | $ | (4,284 | ) | $ | (8,437 | ) | ||||
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Add (deduct):
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Non-controlling interest in consolidated subsidiaries
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(5 | ) | (18 | ) | (8 | ) | (17 | ) | ||||||||
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Depreciation and amortization expense on real property
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12,607 | 11,898 | 24,633 | 23,712 | ||||||||||||
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Depreciation and amortization expense on discontinued operations
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– | 323 | – | 653 | ||||||||||||
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Loss on property sale on discontinued operations
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– | 15,229 | – | 15,229 | ||||||||||||
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Funds from operations
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9,815 | 18,566 | 20,341 | 31,140 | ||||||||||||
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Add (deduct):
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Straight-lining of rents
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(1,383 | ) | (5,046 | ) | 1,738 | 8,051 | ||||||||||
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General and administrative expenses-stock based compensation
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995 | 907 | 1,770 | 1,611 | ||||||||||||
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Amortization of above and below market leases
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(434 | ) | (199 | ) | (903 | ) | (385 | ) | ||||||||
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Non-cash interest income and expenses
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298 | 419 | 253 | 721 | ||||||||||||
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Routine capital expenditures on real estate investments
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(296 | ) | (109 | ) | (567 | ) | (530 | ) | ||||||||
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Gain on investments other than real property
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– | – | – | (709 | ) | |||||||||||
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Gain on extinguishment of debt, net
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– | (9,000 | ) | – | (11,012 | ) | ||||||||||
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Cash available for distribution
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$ | 8,995 | $ | 5,538 | $ | 22,632 | $ | 28,887 | ||||||||
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Weighted average number of common shares outstanding, diluted
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88,104 | 66,767 | 82,240 | 66,540 | ||||||||||||
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Weighted average number of OP units outstanding
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156 | 156 | 156 | 156 | ||||||||||||
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Weighted average number of common shares and OP units outstanding, diluted
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88,260 | 66,923 | 82,396 | 66,696 | ||||||||||||
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Net loss per common share, basic and diluted
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$ | (0.03 | ) | $ | (0.13 | ) | $ | (0.05 | ) | $ | (0.13 | ) | ||||
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Funds from operations per share
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$ | 0.11 | $ | 0.28 | $ | 0.25 | $ | 0.47 | ||||||||
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Cash available for distribution per share
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$ | 0.10 | $ | 0.08 | $ | 0.27 | $ | 0.43 | ||||||||
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Jun 30, 2013
|
Dec 31, 2012
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Debt
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Unaudited
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Mortgages on real estate investments
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$ | 991,483 | $ | 1,012,075 | ||||
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Credit agreements
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99,457 | 67,655 | ||||||
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Secured term loan
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63,045 | 72,417 | ||||||
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Convertible senior notes
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19,210 | 19,210 | ||||||
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Other long-term debt
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30,930 | 30,930 | ||||||
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Total Debt
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$ | 1,204,125 | $ | 1,202,287 | ||||
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Assets
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Total assets
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$ | 1,822,020 | $ | 1,750,443 | ||||
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Accumulated depreciation and amortization on owned properties
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322,983 | 297,675 | ||||||
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Intangible liabilities on real estate investments
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(32,887 | ) | (33,032 | ) | ||||
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Prepaid expenses and deposits
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(1,418 | ) | (1,798 | ) | ||||
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Accrued rental income
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(33,405 | ) | (35,144 | ) | ||||
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Debt issuance costs, net
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(5,474 | ) | (5,775 | ) | ||||
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Other
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(787 | ) | (398 | ) | ||||
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Total Assets, as adjusted
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$ | 2,071,033 | $ | 1,971,971 | ||||
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Leverage (Total Debt/Total Assets, as adjusted)
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58 | % | 61 | % | ||||
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(in thousands)
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Mortgage Debt
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Secured Term
Loan Debt
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Credit Agreement Debt
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Total Debt
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Investment (1)
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Leverage
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Owned Properties
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$ | 991,483 | $ | 12,899 | $ | 96,277 | $ | 1,100,659 | $ | 1,965,462 | 56 | % | ||||||||||||
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Debt Investments
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– | 50,146 | 3,180 | 53,326 | 83,477 | 64 | % | |||||||||||||||||
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(1)
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Represents our carry value for financial reporting purposes before depreciation and amortization on owned properties. The carry value of our debt investments has been adjusted to exclude a $500 general loss reserve.
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1 Year Capital Lease Fnding Chart |
1 Month Capital Lease Fnding Chart |
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