Preferred Stock Channel
CapLease Inc | 8.375% Series B Cumulative Redeemable Preferred Stock (LSE.PRB)

Prospectus excerpt:  We are offering 2,000,000 shares of our 8.375% Series B cumulative redeemable preferred stock, par value $0.01 per share. This is the original issuance of our Series B preferred stock.

Dividends on the Series B preferred stock will be payable quarterly on or about the 15th day of January, April, July and October of each year, commencing July 16, 2012. The dividend rate is 8.375% per annum of the $25.00 liquidation preference, which is equivalent to $2.09375 per annum per share of Series B preferred stock.

Except in instances relating to preservation of our qualification as a real estate investment trust (ÙREITˆ) or in connection with a change of control of our company, the Series B preferred stock is not redeemable prior to April 19, 2017. At any time on and after April 19, 2017, we may, at our option, redeem the Series B preferred stock, in whole or from time to time in part, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. In addition, upon the occurrence of a Change of Control (as defined herein) the result of which our common stock, par value $0.01 per share (the Ùcommon stockˆ), and the common securities of the acquiring or surviving entity (or American Depositary Receipts (ÙADRsˆ) representing such securities) are not listed on the New York Stock Exchange (the ÙNYSEˆ), the NYSE Amex Equities (the ÙNYSE Amexˆ), or the NASDAQ Stock Market (ÙNASDAQˆ), or listed or quoted on a successor exchange or quotation system, we may, at our option, redeem the Series B preferred stock, in whole or in part and within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series B preferred stock, the holders of Series B preferred stock will not be permitted to exercise the conversion right described below in respect of their shares called for redemption. The Series B preferred stock has no maturity date and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by the holders of Series B preferred stock.

Upon the occurrence of a Change of Control the result of which our common stock and the common securities of the acquiring or surviving entity (or ADRs representing such securities) are not listed on the NYSE, the NYSE Amex or NASDAQ or listed or quoted on a successor exchange or quotation system, each holder of Series B preferred stock will have the right (unless, prior to the Change of Control Conversion Date (as defined herein), we have provided or provide notice of our election to redeem the Series B preferred stock) to convert some or all of the Series B preferred stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series B preferred stock to be converted equal to the lesser of: the quotient obtained by dividing (1) the sum of the $25.00 liquidation preference plus the amount of any accumulated and unpaid dividends to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series B preferred stock dividend payment and prior to the corresponding Series B preferred stock dividend payment date, in which case no additional amount for such accumulated and unpaid dividends will be included in this sum) by (2) the Common Stock Price (as defined herein); and 11.9904 (the ÙShare Capˆ), subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in this prospectus supplement.

Investors in the Series B preferred stock generally will have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters (whether or not consecutive) and under certain other circumstances. The shares of Series B preferred stock are subject to certain restrictions on ownership and transfer designed to preserve our qualification as a real estate investment trust for federal income tax purposes.

Full Prospectus PDF », Secondary Prospectus PDF », LSE Page »

Series:B
Alternate symbology:LSE-B, LSE-PB, LSEprB
Redeemable?:Yes
Call Date:4/19/2017 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:2,000,000
Overallotment:300,000
Liquidation Preference:$25.00
Original Coupon:8.38%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn LSE.PRB's Rating
CapLease is a real estate investment trust that primarily owns and manages a portfolio of single tenant commercial real estate properties subject to long-term leases to tenants. Many of the properties Co. owns are subject to a net lease, or a lease that requires the tenant to pay all or substantially all property operating expenses, such as utilities, real estate taxes, insurance and routine maintenance. Co. conducts its business through two operating segments: operating real estate (including its investments in owned real properties); and debt investments (including its loan investments as well as its investments in securities). As of Dec 31 2012, Co. had 71 properties in 25 states.

Preferreds: LSE.PRA, LSE.PRB, LSE.PRC


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Name:  CapLease Inc
Website:  www.caplease.com
Sector:  REITs

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