CapLease preferreds to be purchased by American Realty due to merger

By Toni Weeks

San Luis Obispo, Calif., May 28 - CapLease, Inc.'s series A, series B and series C preferred stock will be purchased as a result of the planned $2.2 billion merger between CapLease and American Realty Capital Properties Inc., according to a press release.

Each share of preferred stock will be converted into the right to receive $25 in cash plus accrued dividends up to but excluding the closing date of the merger, which is expected to occur during the third quarter of 2013.

CapLease is a real estate investment trust that primarily owns and manages single-tenant commercial real estate properties. American Realty is a REIT focused on single-tenant freestanding commercial properties. Both are based in New York.

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