NEW YORK CITY-CapLease Inc. reports a second quarter loss of $2.8 million, but recorded a 14% increase in total revenues to $45.1 million.
The company says the increase in total revenues was due to the growth in its owned property portfolio. Rental revenue was up 11% for the 2013 period.
The REIT, which is focused on single-tenant commercial real estate properties, announced in the second quarter that it had reached a merger agreement with American Realty Capital Properties. A special meeting of the company’s common stockholders is scheduled on Tuesday, September 10, 2013, to consider and vote upon the merger.
Paul McDowell, chairman and CEO of CapLease stated, “The clear highlight for the second quarter is the announced merger transaction with American Realty Capital Properties, Inc. The transaction provides immediate, certain and compelling value for our common stockholders. The combination of CapLease’s primarily investment grade portfolio and team of experienced net lease experts with ARCP will create a stronger and more diversified company that will be well positioned to grow even further in the years ahead.”