Missing <p> when excerpt is shown above custom message on posts

[fpcorso]

When setting up a rule that restricts a post to logged in users and shows a custom message, it appears as expected:

However, if you select to show the excerpt above message, it appears incorrect:

Upon inspection, the first example has the message inside a <p> element while the second does not.

[danieliser]

Can't duplicate, text is rendered with

tags currently in all modes I tested.