CapLease Inc. (LSE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Caplease Inc. has a market cap of $328.8 million; its shares were traded at around $5.75 with a P/E ratio of 5.5 and P/S ratio of 1.8. The dividend yield of Caplease Inc. stocks is 4.2%. Caplease Inc. had an annual average earning growth of 2.6% over the past 5 years.LSE is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC.
Interest expense decreased $1.3 million, or 6%, to $21.7 million, from $23.1 million. The decrease in the 2010 period resulted primarily from $0.6 million of lower interest expense on floating rate borrowings (resulting from lower borrowings in the 2010 period), $0.3 million of lower interest expense on convertible debt due to repurchases of the convertible debt, $0.2 million of lower interest expense on property mortgages and $0.2 million of lower interest expense on the secured term loan. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $125 million at 3.89% during the 2010 period (average 30-day LIBOR of 0.23%), compared with approximately $187 million at 3.86% during the 2009 period (average 30-day LIBOR of 0.45%).
Property expenses increased $1.0 million, or 18%, to $6.4 million, primarily reflecting carrying costs associated with the Johnston, Rhode Island property and expenses on the Omaha, Nebraska properties where the leases were converted to gross from net as part of the lease termination transaction we completed as December 31, 2009. The net amount of property expenses we incurred (net of expense recoveries) was $3.4 million in 2010, compared to $2.4 million in the 2009 period.
We had no losses on investments during the 2010 period, compared to losses on investments of $7.5 million in the 2009 period. The losses in the 2009 period include a $2.9 million loss on a property we sold in the second quarter of 2009 and a $4.4 million loss on a majority participation interest in a loan we sold in the second quarter of 2009. The 2009 losses are discussed in greater detail at Note 6 of the consolidated financial statements included in this Form 10-Q.
Depreciation and amortization expense on real property decreased $1.2 million, or 9%, from $13.3 million to $12.1 million, primarily due to the value of our in place lease on the property in Johnston, Rhode Island being fully amortized at the scheduled lease maturity in July 2009.
Net loss decreased $1.8 million, to $(2.1) million, from $(3.9) million, primarily as a result of the loss on investments in the 2009 period, offset in part by the gain on debt extinguishment in the 2009 period and lower revenue in the 2010 period. Net loss allocable to common stockholders was $(2.8) million in the first quarter of 2010, reflecting dividends to preferred stockholders of $0.7 million.
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Caplease Inc. has a market cap of $328.8 million; its shares were traded at around $5.75 with a P/E ratio of 5.5 and P/S ratio of 1.8. The dividend yield of Caplease Inc. stocks is 4.2%. Caplease Inc. had an annual average earning growth of 2.6% over the past 5 years.LSE is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC.
Highlight of Business Operations:
We have two complementary business lines: owning single tenant properties and making first mortgage loans and other debt investments on single tenant properties. As a result of lease non-renewals or lease terminations, we have classified three properties as “multi-tenant properties,” as each is no longer leased primarily by a single tenant. As of March 31, 2010, we had an approximately $2.0 billion investment portfolio, including $1.6 billion of owned properties and $0.4 billion of loans and other debt investments.Interest expense decreased $1.3 million, or 6%, to $21.7 million, from $23.1 million. The decrease in the 2010 period resulted primarily from $0.6 million of lower interest expense on floating rate borrowings (resulting from lower borrowings in the 2010 period), $0.3 million of lower interest expense on convertible debt due to repurchases of the convertible debt, $0.2 million of lower interest expense on property mortgages and $0.2 million of lower interest expense on the secured term loan. The Company s average balance outstanding and effective financing rate under its floating rate borrowings was approximately $125 million at 3.89% during the 2010 period (average 30-day LIBOR of 0.23%), compared with approximately $187 million at 3.86% during the 2009 period (average 30-day LIBOR of 0.45%).
Property expenses increased $1.0 million, or 18%, to $6.4 million, primarily reflecting carrying costs associated with the Johnston, Rhode Island property and expenses on the Omaha, Nebraska properties where the leases were converted to gross from net as part of the lease termination transaction we completed as December 31, 2009. The net amount of property expenses we incurred (net of expense recoveries) was $3.4 million in 2010, compared to $2.4 million in the 2009 period.
We had no losses on investments during the 2010 period, compared to losses on investments of $7.5 million in the 2009 period. The losses in the 2009 period include a $2.9 million loss on a property we sold in the second quarter of 2009 and a $4.4 million loss on a majority participation interest in a loan we sold in the second quarter of 2009. The 2009 losses are discussed in greater detail at Note 6 of the consolidated financial statements included in this Form 10-Q.
Depreciation and amortization expense on real property decreased $1.2 million, or 9%, from $13.3 million to $12.1 million, primarily due to the value of our in place lease on the property in Johnston, Rhode Island being fully amortized at the scheduled lease maturity in July 2009.
Net loss decreased $1.8 million, to $(2.1) million, from $(3.9) million, primarily as a result of the loss on investments in the 2009 period, offset in part by the gain on debt extinguishment in the 2009 period and lower revenue in the 2010 period. Net loss allocable to common stockholders was $(2.8) million in the first quarter of 2010, reflecting dividends to preferred stockholders of $0.7 million.
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