NEW YORK, Nov. 5, 2013 /PRNewswire/ -- American Realty
Capital Properties, Inc. (NASDAQ: ARCP) ("ARCP") today announced
the closing of the previously announced acquisition of CapLease,
Inc. (NYSE: LSE) ("CapLease"). The transaction was previously
approved by CapLease's stockholders, whose shares were converted
into the right to receive $8.50 in
cash per common share of CapLease they owned. Each share of
Series A, Series B and Series C preferred stock of CapLease was
converted into the right to receive $25.00 in cash.
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In connection with the closing, ARCP adds a portfolio, as of
September 30, 2013, consisting of 68
primarily single tenant net lease office and distribution
properties with more than 13 million square feet. The
CapLease portfolio is approximately 97% occupied by 80% investment
grade tenants.
As a result of the acquisition, as previously announced ARCP
will increase its annualized dividend by $0.03, or 3.3%, to $0.94 per common share to be paid monthly to
stockholders of record at the close of business on the 8th day of
each month, payable on the 15th day of such month. The
$0.94 annualized dividend will be
paid commencing with ARCP's December
2013 dividend.
As previously announced, Paul H.
McDowell, Chief Executive Officer of CapLease, will join ARC
Advisory Services, LLC, a subsidiary of AR Capital, LLC ("AR
Capital"), as President of AR Capital's office and industrial
division, including build-to-suit activities. Several other
senior CapLease executives will also join AR Capital's advisory
platform in senior finance and operating roles.
ARCP Chairman and Chief Executive Officer Nicholas S. Schorsch noted, "We are pleased to
close this significant acquisition, which expands and diversifies
our rental revenue base and adds to our growth opportunities
through build-to-suit capabilities. In addition, the
acquisition increases our adjusted funds from operations per share,
resulting in a $0.03 increase in our
annualized distribution."
Michael Weil, ARCP's President,
noted, "We continue to be focused on the deliberate and consistent
execution of our investment strategy. This includes our
successful closing of the CapLease acquisition, as well as our
other announced acquisitions which remain on track to close."
Mr. Schorsch added, "We are extremely pleased to welcome
Paul McDowell and the entire
CapLease team to AR Capital. Recruiting and retaining
world-class talent to support our platform's growth is one of my
highest priorities and the addition of Paul and his executive,
operating and administrative team is yet another example of our
ability to do so."
About ARCP
ARCP is a publicly traded Maryland corporation listed on The NASDAQ
Global Select Market that qualified as a real estate investment
trust for U.S. federal income tax purposes beginning in the taxable
year ended December 31, 2011, focused
on acquiring and owning single tenant freestanding commercial
properties subject to net leases with high credit quality tenants.
Additional information about the ARCP can be found on its website
at www.arcpreit.com. ARCP may disseminate important information
regarding ARCP and its operations, including financial information,
through social media platforms such as Twitter, Facebook and
LinkedIn.
Important Notice
The statements in this press release that are not historical
facts may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the
outcome to be materially different. In addition, words such as
"anticipate," "believe," "expect" and "intend" indicate a
forward-looking statement, although not all forward-looking
statements include these words.
SOURCE American Realty Capital Properties, Inc.