American Realty Capital Properties Announces Successful Completion of Previously Announced $900 Million Private Placement of

    American Realty Capital Properties Announces Successful Completion of
   Previously Announced $900 Million Private Placement of Common Stock and
                         Convertible Preferred Stock

Net Proceeds to Fully Fund Recently Announced Acquisitions of CapLease and GE
Capital Property Portfolio, Both of Which are Anticipated to be Immediately
Accretive to ARCP upon Closing

ARCP Continues to Focus on Organic Growth and Strategic Acquisitions for
Accretive External Growth

PR Newswire

NEW YORK, June 10, 2013

NEW YORK, June 10, 2013 /PRNewswire/ -- American Realty Capital Properties,
Inc. ("ARCP" or the "Company") (NASDAQ: ARCP) announced today the successful
completion on June 7, 2013, of two previously announced private placement
transactions, pursuant to which ARCP sold approximately 29.4 million shares of
its common stock at a price of $15.47 per share for gross proceeds of $455
million, and approximately 28.4 million shares of 5.81% Series C convertible
preferred stock with an aggregate liquidation preference of $445 million
(collectively, the "Placements"). Net proceeds from the Placements of
approximately $896 million fully fund ARCP's working capital needs and the
common equity component of recently announced strategic acquisitions,
including an $807million property portfolio being acquired from GE Capital
and the $2.2 billion acquisition of CapLease, Inc. ("CapLease") (NYSE: LSE).

The Placements, originally intended to be $800 million, were oversubscribed
and upsized to $900 million, and were led by existing institutional
stockholders in ARCP.

"This outstanding execution has allowed the Company to raise equity to fund
fully two important strategic and accretive transactions, namely CapLease and
the GE Capital portfolio," noted Nicholas S. Schorsch, Chairman and CEO of
ARCP. "With the Placements, we have satisfied our target equity raise for
these and our additional pipeline acquisitions,resulting in a leverage neutral
impact of these acquisitions on our balance sheet on a weighted average basis,
and eliminated any uncertainty regarding the sources of funding for these
announced and additional pipeline purchases. This recent capitalization
activity further positions the Company to continue to focus on our
four-pronged growth strategy: contractual rental growth, diversification of
our credit quality, organic and granular acquisitions, and strategic corporate
and portfolio combinations through M&A activities."

Added Brian S. Block, Chief Financial Officer of ARCP, "Due to the strong
institutional support for our Company and demand for our equity, we have been
able to place this equity at an exceedingly low cost when compared to market
norms. The demand for this equity placement, especially given its size,
demonstrates the attractiveness of ARCP's property portfolio and management
team, the positive market response to our growth strategy, built upon an
active and accretive acquisition program, and the strength of our balance
sheet and capital structure."

RCS Capital, the investment banking and capital markets division of Realty
Capital Securities, LLC and RCS Capital Corporation (NYSE: RCAP), and JMP
Securities LLC served as co-placement agents in connection with the
Placements.

Previously announced earnings estimates can be found in Annex A attached
hereto.

Important Notice

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy securities. The securities sold in these private placements
have not been registered under the Securities Act of 1933 and may not be
offered or sold in the United States in the absence of an effective
registration statement or exemption from registration requirements.

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 for 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 ARCP can be found on its website at www.arcpreit.com. The
Company may disseminate important information regarding the company and its
operations, including financial information, through social media platforms
such as Twitter, Facebook and LinkedIn.

Basis of Pro Forma Data and Funds from Operations and Adjusted Funds from
Operations

The rental revenue changes and statistics described above are based on the
companies' results for the three months ended March 31, 2013, and assume the
acquisition occurred at the beginning of the period. Other data, such as
occupancy and lease rollover figures, are based on data as of March 31, 2013.

ARCP considers FFO and AFFO, which is FFO as adjusted to exclude
acquisition-related fees and expenses, amortization of above-market lease
assets and liabilities, amortization of deferred financing costs,
straight-line rent, non-cash mark-to-market adjustments, amortization of
restricted stock, non-cash compensation and non-recurring gains and losses
useful indicators of the performance of a REIT. Because FFO calculations
exclude such factors as depreciation and amortization of real estate assets
and gains or losses from sales of operating real estate assets (which can vary
among owners of identical assets in similar conditions based on historical
cost accounting and useful-life estimates), they facilitate comparisons of
operating performance between periods and between other REITs in ARCP's peer
groups. Accounting for real estate assets in accordance with GAAP implicitly
assumes that the value of real estate assets diminishes predictably over time.
Since real estate values have historically risen or fallen with market
conditions, many industry investors and analysts have considered the
presentation of operating results for real estate companies that use
historical cost accounting to be insufficient by themselves.

Additionally, ARCP believes that AFFO, by excluding acquisition-related fees
and expenses, amortization of above-market lease assets and liabilities,
amortization of deferred financing costs, straight-line rent, non-cash
mark-to-market adjustments, amortization of restricted stock, non-cash
compensation and non-recurring gains and losses, provides information
consistent with management's analysis of the operating performance of the
properties. By providing AFFO, ARCP believes they are presenting useful
information that assists investors and analysts to better assess the
sustainability of their operating performance. Further, ARCP believes AFFO is
useful in comparing the sustainability of their operating performance with the
sustainability of the operating performance of other real estate companies,
including exchange-traded and non-traded REITs.

As a result, ARCP believes that the use of FFO and AFFO, together with the
required GAAP presentations, provide a more complete understanding of our
performance relative to our peers and a more informed and appropriate basis on
which to make decisions involving operating, financing, and investing
activities.

FFO and AFFO are not in accordance with, or a substitute for, measures
prepared in accordance with GAAP, and may be different from non-GAAP measures
used by other companies. In addition, FFO and AFFO are not based on any
comprehensive set of accounting rules or principles. Non-GAAP measures, such
as FFO and AFFO, have limitations in that they do not reflect all of the
amounts associated with ARCP's results of operations that would be reflected
in measures determined in accordance with GAAP. These measures should only be
used to evaluate ARCP's performance in conjunction with corresponding GAAP
measures.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval. In
connection with the proposed transaction, CapLease expects to prepare and file
with the Securities and Exchange Commission ("SEC") a proxy statement and
other documents regarding the proposed transaction. The proxy statement will
contain important information about the proposed transaction and related
matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL
AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED BY ARCP
OR CAPLEASE WITH THE SEC CAREFULLY IF AND WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARCP, CAPLEASE AND THE PROPOSED
TRANSACTION.

Investors and security holders of CapLease will be able to obtain free copies
of the proxy statement and other relevant documents filed by CapLease with the
SEC (if and when then become available) through the website maintained by the
SEC at www.sec.gov. Copies of the documents filed by CapLease with the SEC are
also available on CapLease's website at www.caplease.com, and copies of the
documents filed by ARCP with the SEC are available on ARCP's website at
www.arcpreit.com.

Participants in Solicitation

The directors, executive officers and employees of CapLease may be deemed
"participants" in the solicitation of proxies from stockholders of CapLease in
favor of the proposed merger. Information regarding the persons who may, under
the rules of the SEC, be considered participants in the solicitation of the
stockholders of CapLease in connection with the proposed merger will be set
forth in the proxy statement and the other relevant documents to be filed with
the SEC. You can find information about CapLease's executive officers and
directors in its Annual Report on Form 10-K for the fiscal year ended December
31, 2012, and in its definitive proxy statement filed with the SEC on Schedule
14A on April 19, 2013.

Forward-Looking Statements

Information set forth herein (including information included or incorporated
by reference herein) contains "forward-looking statements" (as defined in
Section 21E of the Securities Exchange Act of 1934, as amended), which reflect
ARCP's and CapLease's expectations regarding future events. The
forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
contained in the forward-looking statements. Such forward-looking statements
include, but are not limited to whether and when the transactions contemplated
by the merger agreement will be consummated, the new combined company's plans,
market and other expectations, objectives, intentions, as well as any
expectations or projections with respect to the combined company, including
regarding future dividends and market valuations, and estimates of growth,
including FFO and AFFO, and other statements that are not historical facts.

The following additional factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: (1) the
occurrence of any event, change or other circumstances that could give rise to
the termination of the merger agreement with CapLease; (2) the inability to
complete the proposed merger due to the failure to obtain CapLease stockholder
approval for the merger or the failure to satisfy other conditions to
completion of the merger, including that a governmental entity may prohibit,
delay or refuse to grant approval for the consummation of the merger; (3)
risks related to disruption of management's attention from the ongoing
business operations due to announced transactions with CapLease and GE
Capital; (4) the effect of the announcement of the proposed merger on
CapLease's or ARCP's relationships with its customers, tenants, lenders,
operating results and business generally; (5) the outcome of any legal
proceedings relating to the merger or the merger agreement; (6) risks to
consummation of the merger, including the risk that the merger will not be
consummated within the expected time period or at all; (7) the occurrence of
any event, change or other circumstances that could give rise to the
termination of the purchase agreement with GE Capital; and (8) risks to
consummation of the GE Capital portfolio acquisition, including the risk that
the portfolio will not be acquired within the expected time period or at all.
Additional factors that may affect future results are contained in ARCP's and
CapLease's(solely with respect to the CapLease transaction) filings with the
SEC, which are available at the SEC's website at www.sec.gov. ARCP and
CapLease (solely with respect to the CapLease transaction)disclaim any
obligation to update and revise statements contained in these materials based
on new information or otherwise.

Annex A

(Photo: http://photos.prnewswire.com/prnh/20130610/NY28905-INFO )

SOURCE American Realty Capital Properties, Inc.

Contact: From:Anthony J. DeFazio, DDCWorks, Ph: 484-342-3600,
tdefazio@ddcworks.com; or For: Brian S. Block, EVP & CFO, American Realty
Capital Properties, Inc., Ph: 212-415-6500, bblock@arlcap.com
 
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