CapLease Announces Fourth Quarter and Full
Year 2009 Results
February 26, 2010 07:03 AM Eastern Time
NEW YORK--(EON: Enhanced Online News)--CapLease, Inc. (NYSE: LSE), a real estate investment trust
(REIT) focused on single-tenant commercial real estate investments, today announced its results for the fourth
quarter and full year ended December 31, 2009. Net (loss) to common stockholders for 2009 was $(16.8) million,
and funds from operations, or FFO, was $34.8 million.
2009 Highlights:
l FFO of $1.05 Per Share Before Items Affecting Comparability, or $0.70 Per Share Including Such Items
l Continued Strong Portfolio Performance Reflecting High Credit Quality of Our $2 Billion Portfolio
l Retired $125 Million of Debt, Including $63 Million to Credit Facility Lender
l Increased Quarterly Dividend by 20% to $0.06 Per Share During the Fourth Quarter
l Improved Financial Flexibility and Liquidity, with Cash of $39 Million at Year-End
Full Year 2009 Results:
For the year ended December 31, 2009, the Company reported total revenues of $178.2 million, compared to total
revenues of $182.3 million in 2008. FFO adjusted for items that affect comparability was $51.9 million, or $1.05
per share, compared to $49.3 million, or $1.08 per share, in 2008. Our 2009 adjusted FFO results well exceeded
the high-end of our guidance of $1.01 per share. Net (loss) to common stockholders for the year ended December
31, 2009 was $(16.8) million, or $(0.34) per share, compared to net (loss) of $(26.0) million, or $(0.57) per share,
in 2008.
Included in the 2009 unadjusted results is $26.9 million of loss on investments partially offset by $9.8 million of gain
on debt extinguishment. The loss on investments is comprised primarily of $11.9 million impairment during the fourth
quarter on our property in Johnston, Rhode Island and $13.2 million of previously announced loss on sale of
selected assets in connection with recourse debt reduction. The gain on debt extinguishment resulted from
repurchases of our