CapLease Inc. (LSE, Financial) filed Quarterly Report for the period ended 2009-06-30.
CapLease Inc. is a real estate investment trust or REIT that invests primarily in single tenant commercial real estate assets subject to long-term leases to high credit quality tenants. CapLease Inc. has a market cap of $153.3 million; its shares were traded at around $3.2 with a P/E ratio of 2.9 and P/S ratio of 0.8. The dividend yield of CapLease Inc. stocks is 6.2%.
Interest expense decreased $1.7 million, or 7%, to $22.7 million, from $24.4 million. The decrease in the 2009 period resulted primarily from $1.1 million of lower interest expense on floating rate borrowings (resulting from lower borrowings and interest rates in the 2009 period), $0.4 million of lower interest expense on convertible debt due to repurchases of the convertible debt and $0.2 million of lower interest expense on property mortgages. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $166 million at 3.74% during the 2009 period (average 30-day LIBOR of 0.44%), compared with approximately $214 million at 5.03% during the 2008 period (average 30-day LIBOR of 2.70%).
General and administrative expense-stock based compensation decreased $0.1 million, or 18%, to $0.5 million, as the grant date value of 2009 awards was lower than in prior years. As of June 30, 2009, $4.5 million of unvested shares (fair value at the grant dates) is expected to be charged to our Consolidated Statement of Operations ratably over the remaining vesting period (through March 2014). As of June 30, 2009, the grant date fair value for awards of 23,558 restricted shares made in 2006, 62,700 restricted shares made in 2007, 118,035 restricted shares made in 2008 and 418,852 restricted shares made in 2009, has not yet been determined because the grant date (as defined under SFAS 123R) has not yet occurred.
We had net income of $6.7 million, compared to net loss of $(0.5) million in the 2008 period, primarily as a result of the gain on extinguishment of debt and lower interest expense in the 2009 period. Net income allocable to common stockholders was $6.0 million in the second quarter of 2009, reflecting dividends to preferred stockholders of $0.7 million.
Interest expense decreased $3.2 million, or 7%, from $48.9 million to $45.7 million. The decrease in the 2009 period resulted primarily from $2.1 million of lower interest expense on floating rate borrowings (resulting from lower borrowings and interest rates in the 2009 period), $0.5 million of lower interest expense on convertible debt due to repurchases of the convertible debt and $0.5 million of lower interest expense on property mortgages. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $176 million at 3.76% during the 2009 period (average 30-day LIBOR of 0.44%), compared with approximately $222 million at 4.65% during the 2008 period (average 30-day LIBOR of 3.10%).
We had net income of $2.7 million, compared to net loss of $(2.4) million in the 2008 period, primarily as a result of the gain on extinguishment of debt and lower interest expense in the 2009 period, offset in part by the loss on investments in the 2009 period. Net income allocable to common stockholders was $1.3 million in the 2009 period, reflecting dividends to preferred stockholders of $1.4 million.
Read the The complete ReportLSE is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC.
CapLease Inc. is a real estate investment trust or REIT that invests primarily in single tenant commercial real estate assets subject to long-term leases to high credit quality tenants. CapLease Inc. has a market cap of $153.3 million; its shares were traded at around $3.2 with a P/E ratio of 2.9 and P/S ratio of 0.8. The dividend yield of CapLease Inc. stocks is 6.2%.
Highlight of Business Operations:
We rely primarily on equity and debt capital to fund our portfolio growth. Through June 30, 2009, our primary capital issuances have been our initial public offering of common stock in March 2004 (net proceeds of $221.8 million), a Series A preferred stock issuance in October 2005 (net proceeds of $33.7 million), trust preferred debt issued in December 2005 (net proceeds of $29.9 million), a follow-on common stock offering in each of May 2006 and May/June 2007 (net proceeds of $57.3 million and $104.8 million, respectively), and a $75.0 million 7.50% convertible senior note offering in October 2007 (net proceeds of $72.8 million).Interest expense decreased $1.7 million, or 7%, to $22.7 million, from $24.4 million. The decrease in the 2009 period resulted primarily from $1.1 million of lower interest expense on floating rate borrowings (resulting from lower borrowings and interest rates in the 2009 period), $0.4 million of lower interest expense on convertible debt due to repurchases of the convertible debt and $0.2 million of lower interest expense on property mortgages. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $166 million at 3.74% during the 2009 period (average 30-day LIBOR of 0.44%), compared with approximately $214 million at 5.03% during the 2008 period (average 30-day LIBOR of 2.70%).
General and administrative expense-stock based compensation decreased $0.1 million, or 18%, to $0.5 million, as the grant date value of 2009 awards was lower than in prior years. As of June 30, 2009, $4.5 million of unvested shares (fair value at the grant dates) is expected to be charged to our Consolidated Statement of Operations ratably over the remaining vesting period (through March 2014). As of June 30, 2009, the grant date fair value for awards of 23,558 restricted shares made in 2006, 62,700 restricted shares made in 2007, 118,035 restricted shares made in 2008 and 418,852 restricted shares made in 2009, has not yet been determined because the grant date (as defined under SFAS 123R) has not yet occurred.
We had net income of $6.7 million, compared to net loss of $(0.5) million in the 2008 period, primarily as a result of the gain on extinguishment of debt and lower interest expense in the 2009 period. Net income allocable to common stockholders was $6.0 million in the second quarter of 2009, reflecting dividends to preferred stockholders of $0.7 million.
Interest expense decreased $3.2 million, or 7%, from $48.9 million to $45.7 million. The decrease in the 2009 period resulted primarily from $2.1 million of lower interest expense on floating rate borrowings (resulting from lower borrowings and interest rates in the 2009 period), $0.5 million of lower interest expense on convertible debt due to repurchases of the convertible debt and $0.5 million of lower interest expense on property mortgages. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $176 million at 3.76% during the 2009 period (average 30-day LIBOR of 0.44%), compared with approximately $222 million at 4.65% during the 2008 period (average 30-day LIBOR of 3.10%).
We had net income of $2.7 million, compared to net loss of $(2.4) million in the 2008 period, primarily as a result of the gain on extinguishment of debt and lower interest expense in the 2009 period, offset in part by the loss on investments in the 2009 period. Net income allocable to common stockholders was $1.3 million in the 2009 period, reflecting dividends to preferred stockholders of $1.4 million.
Read the The complete ReportLSE is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC.
