Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of CapLease (UNKNOWN:LSE.DL), a REIT focused on investing in commercial real estate that is net-leased, soared as much as 23% after agreeing to be acquired by American Realty Capital (NYSE:VER) for $2.2 billion.

So what: The deal, which values CapLease at $8.50 a share, follows American Realty's unsuccessful attempt to purchase Cole Credit Property Trust earlier this year and would now make it the third largest company in the net-lease sector. According to American Realty, it expects the deal will add an additional $0.11 per year in funds from operations and plans to boost its dividend by $0.03 to an annualized rate of $0.94 once the deal closes.

Now what: On paper this looks like a great deal for both parties given that the ongoing low interest rate environment is only going to fuel investor interest in these high yielders, and the fact that net-leased properties (those which require the renter to pay additional expenses beyond rent) cost little to maintain. On the flipside, though, I have to admit I'm a bit worried about American Realty taking on $1.2 billion of CapLease's debt. Overall, this could be a net positive for shareholders in both companies, but I'd tread cautiously around American Realty, especially if the Federal Reserve begins to wind down its bond-buying program.

Craving more input? Start by adding CapLease to your free and personalized Watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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