CapLease Declares Interim Fourth Quarter Dividends in Connection with Proposed Merger with ARCP

  CapLease Declares Interim Fourth Quarter Dividends in Connection with
  Proposed Merger with ARCP

Business Wire

NEW YORK -- October 23, 2013

CapLease, Inc. (NYSE:LSE)  (the “Company”) announced today that its Board of
Directors has authorized a prorated quarterly cash dividend for the Company’s
fourth fiscal quarter through the anticipated closing date of its previously
announced merger with an affiliate of American Realty Capital Properties, Inc.
The dividend on the Company’s common stock and limited partnership units will
be in an amount equal to a quarterly dividend of $0.0775 per share or unit
prorated to reflect the number of days in the fourth quarter through the
closing date of the merger.

The Company’s Board of Directors also authorized a quarterly cash dividend of
$0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock
(NYSE: LSEPrA), a quarterly cash dividend of $0.5234375 per share of 8.375%
Series B Cumulative Redeemable Preferred Stock (NYSE: LSEPrB), and a quarterly
cash dividend of $0.453125 per share of 7.25% Series C Cumulative Redeemable
Preferred Stock (NYSE: LSEPrC), in each case to be prorated to reflect the
number of days in the fourth fiscal quarter through the closing date of the
merger. The preferred dividends will represent all amounts accrued on the
Company’s preferred stock through the closing date of the merger.

The payment of these dividends is conditioned on, and will occur as promptly
as practicable after, the closing of the merger. The Company currently
anticipates a closing of the merger during the week of November 4. The record
date for determining stockholders entitled to payment of the dividends will be
the last business day prior to the date that the merger becomes effective. The
Company will issue a press release after the merger becomes effective
announcing the final per share amount of the dividends payable on its common
stock and preferred stock.

About the Company:

CapLease, Inc. is a real estate investment trust, or “REIT,” that primarily
owns and manages a diversified portfolio of single-tenant commercial real
estate properties subject to long-term leases to high-credit-quality tenants.

Forward-Looking Statements

Any statements in this press release about prospective performance and plans
for the Company, the expected timing of the completion of the proposed merger
and payment of the proposed dividends, the ability to complete the proposed
merger, and other statements containing the words “estimates,” “believes,”
“anticipates,” “plans,” “expects,” “will,” and similar expressions, other than
historical facts, constitute forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Factors or risks that could cause our actual results to differ
materially from the results we anticipate include, but are not limited to: (1)
the occurrence of any event, change or other circumstances that could give
rise to the termination of the previously announced Agreement and Plan of
Merger, dated May 28, 2013, between the Company, American Realty Capital
Properties, Inc., and certain affiliates of each (the “Merger Agreement”); (2)
the inability to complete the proposed merger due to the failure to satisfy
the conditions in the merger agreement to completion of the merger; (3) risks
related to disruption of management’s attention from the Company’s ongoing
business operations due to the merger; (4) the effect of the announcement of
the proposed merger on the Company’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; and (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. Actual results
may differ materially from those indicated by such forward-looking statements.
In addition, the forward-looking statements included in this press release
represent our views as of the date hereof. We anticipate that subsequent
events and developments will cause our views to change. However, while we may
elect to update these forward-looking statements at some point in the future,
we specifically disclaim any obligation to do so. These forward-looking
statements should not be relied upon as representing our views as of any date
subsequent to the date hereof. Additional factors that may cause results to
differ materially from those described in the forward-looking statements are
set forth in the Company’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2012, which was filed with the SEC on February 21, 2013,
under the heading “Item 1A—Risk Factors,” and in subsequent reports on Forms
10-Q and 8-K filed with the SEC by the Company.


Investor Relations
Brad Cohen, 212-217-6393
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