{"id":1004075050,"date":"2013-05-28T10:28:15","date_gmt":"2013-05-28T18:28:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004075050"},"modified":"2022-12-04T13:02:33","modified_gmt":"2022-12-04T21:02:33","slug":"arcp-back-in-the-news-acquiring-caplease-for-2b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arcp-back-in-the-news-acquiring-caplease-for-2b\/","title":{"rendered":"ARCP Back in the News: Acquiring CapLease for $2B"},"content":{"rendered":"

Anna Spiewak, News Editor<\/em><\/p>\n

\"\"<\/a>

Nicholas Schorsch, ARCP chairman & CEO<\/p><\/div>\n

In his last interview with Commercial Property Executive<\/em>, American Realty Capital chairman & CEO Nicholas Schorsch vowed that his company would be going after other REITs, and he wasn\u2019t bluffing.<\/p>\n

ARCP and CapLease, Inc. just signed a definitive merger agreement under which ARCP will acquire all of the outstanding shares of CapLease in a transaction valued at approximately\u00a0$2.2 billion.<\/p>\n

Both companies’ boards of directors have approved the agreement. \u00a0Following a stockholder vote by CapLease, the transaction is expected to close during the third quarter of 2013. \u00a0As result of the merger, ARCP expects to be the third\u00a0largest net lease REIT in\u00a0the nation.<\/p>\n

\u201cWe are focused on continuing to increase value for ARCP\u2019s investors from our highly accretive property acquisition pipeline and other potential, significant strategic combinations,\u201d Schorsh told CPE<\/em> back in April, after a notoriously unfruitful attempt to buy Cole Credit III<\/a>.<\/p>\n

ARCP will pay an amount in cash equal to\u00a0$8.50\u00a0per share for each outstanding share of CapLease common stock, and each share of Series A, Series B and Series C preferred stock of CapLease will be converted into the right to receive the sum of $25\u00a0in cash plus an amount equal to any accrued and unpaid dividends up to but excluding the closing date of the merger. Also, with respect to CapLease’s\u00a0$1.2 billion\u00a0of outstanding debt, ARCP will assume approximately\u00a0$580 million and repay the balance.<\/p>\n

“The combination of ARCP with CapLease allows us to expand and further diversify our property portfolio, fortify our credit quality, reduce our tenant concentration, and enhance our management team,\u201d said Schorsh most recently in a prepared statement.\u00a0\u201cThis transaction is immediately accretive and is expected to generate approximately\u00a0$0.11per share in additional adjusted funds from operations (“AFFO”) annually and, upon closing, will allow us to increase our dividends to stockholders by\u00a0$0.03\u00a0per share to an annualized rate of\u00a0$0.94\u00a0per share.\u201d<\/p>\n

Proskauer Real Estate Capital Markets Group\u00a0co-head\/partner\u00a0Peter Fass\u00a0and\u00a0Proskauer Mergers & Acquisitions Group\u00a0<\/strong>partner Daniel Ganitsky, including partners\u00a0<\/strong>Andrew Bettwy (Corporate), Ira Bogner (Employee Benefits), Steven Lichtenfeld (also a co-head of the Real Estate Capital Markets Group),\u00a0<\/strong>Les Loffman\u00a0<\/strong>(Tax) and Associate\u00a0Michael E. Ellis (Corporate)\u00a0acted as legal counsel to ARCP.<\/p>\n

More to come on this breaking news story later.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

American Realty Capital Partners and CapLease Inc. just signed a definitive merger agreement under which ARCP will acquire all of the outstanding shares of CapLease in a transaction valued at approximately $2.2 billion.<\/p>\n","protected":false},"author":952,"featured_media":1004069231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004075050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nARCP Back in the News: Acquiring CapLease for $2B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arcp-back-in-the-news-acquiring-caplease-for-2b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARCP Back in the News: Acquiring CapLease for $2B\" \/>\n<meta property=\"og:description\" content=\"American Realty Capital Partners and CapLease Inc. just signed a definitive merger agreement under which ARCP will acquire all of the outstanding shares of CapLease in a transaction valued at approximately $2.2 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arcp-back-in-the-news-acquiring-caplease-for-2b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-28T18:28:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T21:02:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Nicholas-S.-Schorsch-chairman-and-CEO-of-ARCP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"ARCP Back in the News: Acquiring CapLease for $2B\",\"datePublished\":\"2013-05-28T18:28:15+00:00\",\"dateModified\":\"2022-12-04T21:02:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/\"},\"wordCount\":401,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/03\\\/Nicholas-S.-Schorsch-chairman-and-CEO-of-ARCP.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arcp-back-in-the-news-acquiring-caplease-for-2b\\\/\",\"name\":\"ARCP Back in the News: Acquiring CapLease for $2B - 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