CapLease Inc. (LSE) reported that its second-quarter funds from operations rose to $18.57 million from $7.55 million in the year ago quarter. Funds from operations per share increased to $0.28 from $0.11 last year.
Funds from operations adjusted for items that affect comparability was $9.9 million, or $0.15 per share, compared to $10.4 million, or $0.15 per share, in the comparable period in 2011.
Net loss to common stockholders for the second quarter of 2012 was $8.9 million, or $0.13 per share, compared to net loss of $4.9 million, or $0.07 per share, in the comparable period in 2011. Second quarter 2012 net loss to common stockholders includes net non-recurring losses of $6.2 million, including the loss of $15.2 million on the sale of the Rhode Island property offset in part by $9.0 million of gain related to the repurchase of the junior first mortgage note on the Nestlé properties.
Total revenues for the quarter were $39.7 million, compared to total revenues of $41.3 million in the comparable period in 2011. The decline in total revenues reflects the impact of the collateralized debt obligation and other mortgage asset sales during 2011. Rental revenue was up 6% for the 2012 period, reflecting the new properties acquired.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share on revenues of $40.08 million for the quarter. Analysts' estimates typically exclude special items.
CapLease affirmed its previously disclosed full year 2012 guidance range of $0.59 to $0.62 per share of funds from operations as adjusted for comparability, and $0.12 to $0.09 of loss per share. Analysts expect the company to report earnings of $0.62 per share for fiscal 2012.
CapLease also affirmed its full year 2012 guidance range of $0.68 to $0.71 per share of cash available for distribution.
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