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CapLease, Inc., formerly Capital Lease Funding, Inc., is a diversified real estate investment trust (REIT) that invests primarily in single tenant commercial real estate assets. The Company focuses on properties that are subject to a net lease, or a lease that requires the tenant to pay all or substantially all expenses normally associated with the ownership of the property (such as utilities, taxes, insurance and routine maintenance) during the lease term. Its primary business objective is to generate long-term returns based on the spread between the yields generated by its assets and the cost of financing its portfolio. It invests at all levels of the capital structure of net lease or other single tenant properties, including equity investments in real estate (owned real properties), debt investments (mortgage loans and net lease mortgage backed securities) and mezzanine investments secured by net leased or other single tenant real estate collateral.