CapLease Inc
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CapLease Inc is a mortgage real estate investment trust primarily for single tenant commercial real estate. They began in 1996, and trade on the New York Stock Exchange under the ticker symbol LSE. The company used to be named Capital Lease Funding. It's based in New York City, New York.
CapLease Single Tenant Commercial Real Estate
They look to offer financing to businesses occupying their own building under long term net leases with high credit quality. They have made deals on over 500 buildings with 100 tenants. They offer debt, equity and mezzanine. Their portfolio is around $2.1 billion.
The U.S. government is its largest single tenant, in 10% of their buildings. The Swiss Nestle Corporation is second at 9%. Other large tenants include: TJX Companies Inc, Lowe’s Companies Inc, The Kroger Co, Aon Corporation, Tiffany & Co, Koninklijke Ahold N.V., AMVESCAP PLC and CVS Corporation.
The weighted average credit rating of their top ten tenants is A+, and of all their tenants, it is A. Their occupancy rate is 99%. CapLease also invests in commercial mortgage-backed securities (CMBS) and certificated commercial mortgage loans.
They do offer investors the chance to invest in small amounts without going through a broker, using a Dividend ReInvestment Program (DRIP).
Since CapLease Inc also owns some of its own properties and rents them out only to high quality tenants, they are less risky than other mortgage REITs who provide only financing.
Next: Northstar Realty Finance Corp -- acquiring and originating real estate related debt
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