American Realty Capital Properties Announces Intention to Close CapLease Merger Earlier Than Expected in Third Quarter of 2013

   American Realty Capital Properties Announces Intention to Close CapLease
 Merger Earlier Than Expected in Third Quarter of 2013 in Light of Expiration
                    of CapLease's 40-Day "Go Shop" Period

CapLease Merger Expected to Include Addition of CapLease's Experienced
Management Team and Solidify ARCP's Position as Best Credit Quality, Most
Diverse, Fastest Growing Single Tenant Net Lease REIT

Close of CapLease and ARCT IV Transactions Marks a Transformative 2013 for
ARCP

PR Newswire

NEW YORK, July 8, 2013

NEW YORK, July 8, 2013 /PRNewswire/ --American Realty Capital Properties,
Inc. ("ARCP" or the "Company") (NASDAQ: ARCP) reaffirmed today its intention
to close its previously announced merger with CapLease, Inc. ("CapLease")
(NYSE: LSE). Following CapLease's announcement of the expiration of its
40-day "go shop" period without receipt of any alternative proposals, the
Company expects to close the transaction in the third quarter of 2013.
CapLease's recent filing of its preliminary proxy statement in connection with
its special meeting, at which CapLease stockholders will vote whether to
approve the merger, and the expiration of the "go shop" period, provide ARCP
with a clear timetable for the closing of the CapLease acquisition.

(Logo: http://photos.prnewswire.com/prnh/20120529/NY15147LOGO)

ARCP's acquisition of CapLease is expected to include the addition of
CapLease's highly experienced management team. CapLease's professionals would
bring in-depth experience and knowledge related to the office and industrial
sectors as well as "build-to-suit" opportunities. These skill sets would
greatly assist ARCP in continuing to broaden and further diversify its single
tenant net lease real estate portfolio. The addition of CapLease's management
team would also help accelerate the Company's implementation of its previously
announced intent to internalize its own management in order to further reduce
operating costs and potentially improve the Company's AFFO multiple.

The expiration of CapLease's "go shop" period and the recent filing of its
preliminary proxy statement pave the way for another significant step toward
ARCP's deliberate yet rapid transformation into the leading net lease REIT
with an expected enterprise value in excess of $10 billion by the end of 2013.
The Company's growth has been fueled by organic acquisitions and accretive
strategic additions, both corporate and in portfolio. In light of this
growth, on July 1, 2013, in connection with its entry into a merger agreement
with American Realty Capital Trust IV, Inc. ("ARCT IV"), the Company's board
of directors authorized, and the Company declared, that its previously
announced seventh consecutive quarterly increase of its annualized dividend
from $0.91 to $0.94 per share would become effective on the earlier to occur
of the closing of the Company's merger with ARCT IV and its merger with
CapLease.

Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARCP commented,
"In light of the expiration of the 'go shop' period and recent filing of
CapLease's preliminary proxy statement, we are reaffirming our intention to
close the CapLease merger in the third quarter of 2013, representing another
significant milestone in this transformative year for ARCP. With the recent
success demonstrated by our $774 million acquisition of a high-quality
portfolio from GE Capital, we have closed over $1.14 billion of portfolio
acquisitions year to date. Moreover, we are confident that we can efficiently
close both the ARCT IV and CapLease transactions before the end of the third
quarter. With CapLease and ARCT IV, both of which acquisitions will prove
accretive to our earnings, we will grow our enterprise value to over $10
billion. This substantial growth in assets will prompt us and our board of
directors to review closely the previously announced internalization of
management."

About ARCP

ARCP is a publicly traded Maryland corporation listed on The NASDAQ Global
Select Market that qualified as a real estate investment trust ("REIT") for
U.S. federal income tax purposes beginning in 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 the ARCP can be found on its website at
www.arcpreit.com. ARCP may disseminate important information regarding the
Company and its operations, including financial information, through social
media platforms such as Twitter, Facebook and LinkedIn.

Funds from Operations and Adjusted Funds from Operations

ARCP considers funds from operations ("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 about the CapLease Merger 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 merger with CapLease (the "CapLease Merger"),
CapLease filed a preliminary proxy statement on Schedule 14A with the
Securities and Exchange Commission ("SEC") on July 2, 2013. When completed, a
definitive proxy statement and a form of proxy will be mailed to CapLease's
common stockholders. The proxy statement will contain important information
about the proposed CapLease Merger 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 CAPLEASE MERGER.

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. 

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 CapLease 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
CapLease 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.

Additional Information about the ARCT IV Merger 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 merger with ARCT IV (the "ARCT IV Merger"), ARCP
and ARCT IV expect to prepare and file with the SEC a joint proxy statement
and ARCP expects to prepare and file with the SEC a registration statement on
Form S-4 containing a joint proxy statement/prospectus and other documents
with respect to ARCP's proposed acquisition of ARCT IV. INVESTORS ARE URGED TO
READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED ARCT IV MERGER.

Investors may obtain free copies of the registration statement, the joint
proxy statement/prospectus and other relevant documents filed by ARCP and ARCT
IV with the SEC (if and when they become available) through the website
maintained by the SEC at www.sec.gov. Copies of the documents filed by ARCP
with the SEC are also available free of charge on ARCP's website at
http://www.arcpreit.com, and copies of the documents filed by ARCT IV with the
SEC are available free of charge on ARCT IV's website at
http://www.arct-4.com.

ARCP, ARCT IV, AR Capital, LLC and their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from
ARCP's and ARCT IV's stockholders in respect of the proposed ARCT IV Merger.
Information regarding ARCP's directors and executive officers can be found in
ARCP's definitive proxy statement filed with the SEC on April 30, 2013.
Information regarding ARCT IV's directors and executive officers can be found
in ARCT IV's definitive proxy statement filed with the SEC on April 30, 2013.
Additional information regarding the interests of such potential participants
will be included in the joint proxy statement/prospectus and other relevant
documents filed with the SEC in connection with the proposed ARCT IV Merger if
and when they become available. These documents are available free of charge
on the SEC's website and from ARCP or ARCT IV, as applicable, using the
sources indicated above.

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, CapLease's and ARCT IV'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 either of the merger agreements will be consummated, the 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 funds from operations and adjusted funds from operations, 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 either of the merger agreements; (2) the inability to
complete either of the CapLease Merger and the ARCT IV Merger (and the
CapLease Merger and the ARCT IV Merger together, the "Mergers") due to the
failure to obtain CapLease stockholder approval for the CapLease Merger, ARCP
stockholder approval to issue shares to ARCT IV stockholders in the ARCT IV
Merger, ARCT IV stockholder approval of the ARCT IV Merger or the failure to
satisfy other conditions to completion of either of the Mergers, including
that a governmental entity may prohibit, delay or refuse to grant approval for
the consummation of one or both of the Mergers; (3) risks related to
disruption of management's attention from the ongoing business operations due
to the proposed Mergers; (4) the effect of the announcement of the proposed
Mergers on CapLease's, ARCT IV's or ARCP's relationships with its customers,
tenants, lenders, operating results and businesses generally; (5) the outcome
of any legal proceedings relating to the Mergers or the merger agreements; and
(6) risks to consummation of the Mergers, including the risk that the Mergers
will not be consummated within the expected time period or at all. Additional
factors that may affect future results are contained in ARCP's, ARCT IV's and
CapLease's filings with the SEC, which are available at the SEC's website at
www.sec.gov. ARCP, ARCT IV and CapLease disclaim any obligation to update and
revise statements contained in these materials based on new information or
otherwise.

SOURCE American Realty Capital Properties, Inc.

Website: http://www.arcpreit.com
Contact: Anthony J. DeFazio, DDCWorks, tdefazio@ddcworks.com, Ph:
(484-342-3600); Brian S. Block, EVP & CFO, American Realty Capital Properties,
Inc., bblock@arlcap.com, Ph: (212-415-6500)
 
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