IPO Profile

Capital Lease Funding Inc.
110 Maiden LaneNew York, NY 10005
Tel: 212-217-6300
Web: www.caplease.com
Ticker: LSE
Stock Exchange: New York Stock Exchange
Shares Issued: 20,000,000.00
Price Offered: $10.50
Amount Raised: $210,000,000.00

Underwriters:
Friedman, Billings, Ramsey
Wachovia Securities
RBC Capital Markets



Company Description:
We are a specialty finance company that has focused since 1994 on financing and investing in commercial real estate that is net leased primarily to single tenants with investment grade credit ratings. We use the term �net lease� throughout this prospectus. Under a net lease, the tenant occupying the leased property (usually as a single tenant) does so in much the same manner as if the tenant were the owner of the property. In addition to being responsible for paying its rent to the property owner, the tenant is also responsible for the operation of the property, including payment of taxes and insurance, and routine maintenance. Accordingly, the owner receives the rent �net� of these expenses, rendering the cash flow associated with the lease predictable for the term of the lease. Under a net lease, the tenant generally agrees to lease the property for a significant term (typically ranging from 10 to 25 years) and agrees that it will have either no ability or only limited ability to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty or failure by the landlord to fulfill its obligations under the lease. Historically, our participation in net lease transactions has consisted primarily of originating and accumulating mortgage loans secured by first liens on commercial properties net leased to single tenants with investment grade credit ratings, and subsequently selling those loans in pools or individually at a gain.