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8-K - 8-K - W. P. Carey Inc.c12940e8vk.htm
EXHIBIT 99.1
(W. P. CAREY LOGO)
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
As of December 31, 2010
(WPC LOGO)

 

 


 

Important Disclosures About this Supplemental Package
As used in this supplemental package, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated.
Important Note Regarding Non-GAAP Financial Measures
This supplemental package includes non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations — as adjusted (“AFFO”), adjusted cash flow from operating activities and revenue stability analysis. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided in this supplemental package.
Forward-Looking Statements
This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and forward-looking statements contained herein is included in our filings with the SEC, including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2010. We do not undertake to revise or update any forward-looking statements.

 

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W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
As of December 31, 2010
         
Contents        
Company Overview
    4  
Financial Highlights
    5  
Reconciliation of Net Income to EBITDA
    6  
Reconciliation of Net Income to Funds From Operations — as adjusted (AFFO)
    7  
Adjusted Cash Flow from Operating Activities
    8  
Revenue Stability Analysis
    9  
Portfolio Debt Overview
    10  
Detailed Debt Summary
    11  
2010 Investment Activity
    13  
Portfolio Analysis — Rent Contribution and Historical Occupancy
    15  
Portfolio Diversification Analysis by Property Type
    16  
Portfolio Diversification Analysis by Tenant Industry
    17  
Portfolio Diversification Analysis by Geography
    18  
Portfolio Lease Maturity Analysis
    19  
Consolidated Balance Sheets
    20  
Consolidated Statements of Income
    21  
Consolidated Statements of Cash Flows
    22  
Detailed Property Summary
    23  

 

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W. P. CAREY & CO. LLC
Company Overview
December 31, 2010
         
Key Company Contacts
      Executive Offices
Wm. Polk Carey
  Chairman of the Board and Director   50 Rockefeller Plaza
Trevor P. Bond
  President, Chief Executive Officer and Director   New York, NY 10020
Thomas E. Zacharias
  Managing Director, Chief Operating Officer   Tel: 1-800-WPCAREY or (212) 492-1100
Mark J. DeCesaris
  Managing Director, Chief Financial Officer   Fax: (212) 492-8922
Susan C. Hyde
  Managing Director, Director of Investor Relations   Web Site Address: www.wpcarey.com
 
       
Banks
       
Bank of America, N.A.
  Administrative and Documentation Agent    
The Bank of New York
  Syndication Agent    
JPMorgan Chase Bank, N.A.
  Syndication Agent    
PNC Bank, N.A.
  Syndication Agent    
 
       
Analyst Coverage
       
David M. West
  Davenport & Company, LLC    
Andrew T. DiZio
  Janney Montgomery Scott LLC    
                                         
    Fourth Quarter     Third Quarter     Second Quarter     First Quarter     Fourth Quarter  
Stock Data (NYSE: WPC)   2010     2010     2010     2010     2009  
High Price
  $ 33.97     $ 30.86     $ 31.00     $ 30.32     $ 29.80  
Low Price
  $ 28.83     $ 26.49     $ 26.61     $ 24.69     $ 25.50  
Closing Price
  $ 31.29     $ 28.95     $ 27.64     $ 29.38     $ 27.68  
 
                                       
Distributions declared per share — annualized (1)
  $ 2.04     $ 2.03     $ 2.02     $ 2.02     $ 2.01  
 
                                       
Distribution yield (annualized distribution / closing stock price)
    6.52 %     7.01 %     7.31 %     6.86 %     7.26 %
 
                                       
Shares outstanding at quarter end
    39,454,847       39,481,027       39,323,929       39,220,182       39,204,605  
 
                                       
Market value of outstanding shares at quarter end (in thousands)
  $ 1,234,542     $ 1,142,976     $ 1,086,913     $ 1,152,289     $ 1,085,183  
(1)   Annualized distribution declared per share for the fourth quarter of 2009 excludes a special distribution of $0.30 per share paid in January 2010 to shareholders of record at December 31, 2009.

 

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W. P. CAREY & CO. LLC
Financial Highlights

(in thousands, except per share amounts)
These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations — as adjusted (“AFFO”) and adjusted cash flow from operating activities. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.
                                                                 
    Three months ended     Years ended December 31,  
    December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010     December 31, 2009     2010     2009     2008  
EBITDA
                                                               
Investment management
  $ 31,055     $ 12,139     $ 22,273     $ 14,899     $ 18,892     $ 80,366     $ 54,179     $ 61,805  
Real estate ownership
    10,679       17,994       17,637       13,813       20,883       60,123       77,674       84,408  
 
                                               
Total
  $ 41,734     $ 30,133     $ 39,910     $ 28,712     $ 39,775     $ 140,489     $ 131,853     $ 146,213  
 
                                               
 
                                                               
AFFO
                                                               
Investment management
  $ 23,511     $ 10,393     $ 22,670     $ 12,089     $ 16,802     $ 68,663     $ 55,550     $ 49,119  
Real estate ownership
    12,766       17,214       16,250       15,977       16,871       62,207       67,326       75,331  
 
                                               
Total
  $ 36,277     $ 27,607     $ 38,920     $ 28,066     $ 33,673     $ 130,870     $ 122,876     $ 124,450  
 
                                               
 
                                                               
EBITDA Per Share (Diluted)
                                                               
Investment management
  $ 0.77     $ 0.31     $ 0.56     $ 0.38     $ 0.47     $ 2.01     $ 1.36     $ 1.54  
Real estate ownership
    0.27       0.45       0.45       0.35       0.52       1.50       1.96       2.10  
 
                                               
Total
  $ 1.04     $ 0.76     $ 1.01     $ 0.73     $ 0.99     $ 3.51     $ 3.32     $ 3.64  
 
                                               
 
                                                               
AFFO Per Share (Diluted)
                                                               
Investment management
  $ 0.58     $ 0.26     $ 0.57     $ 0.31     $ 0.41     $ 1.72     $ 1.39     $ 1.22  
Real estate ownership
    0.32       0.43       0.41       0.40       0.42       1.55       1.70       1.87  
 
                                               
Total
  $ 0.90     $ 0.69     $ 0.98     $ 0.71     $ 0.83     $ 3.27     $ 3.09     $ 3.09  
 
                                               
                                                                 
                                            Years ended December 31,  
                                            2010     2009     2008  
Adjusted Cash Flow From Operating Activities
                                                               
Adjusted cash flow
                                          $ 88,634     $ 93,880     $ 89,385  
 
                                                         
Adjusted cash flow per share (diluted)
                                          $ 2.22     $ 2.36     $ 2.22  
 
                                                         
 
                                                               
Distributions declared per share
                                          $ 2.028     $ 1.996     $ 1.955  
 
                                                         
Payout ratio (distributions per share/adjusted cash flow per share)
                                                               
 
                                            91 %     85 %     88 %
 
                                                         

 

5


 

W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA

(in thousands, except share and per share amounts)
                                                                 
    Three months ended     Years ended December 31,  
    December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010     December 31, 2009     2010     2009     2008  
Investment Management
                                                               
Net income from investment management attributable to W. P. Carey members
  $ 18,751     $ 7,730     $ 14,331     $ 9,850     $ 11,616     $ 50,662     $ 29,334     $ 34,858  
Adjustments:
                                                               
Provision for income taxes
    11,141       3,253       6,780       3,878       6,227       25,052       21,038       22,432  
Depreciation and amortization
    1,163       1,156       1,162       1,171       1,049       4,652       3,807       4,515  
 
                                               
EBITDA — investment management
  $ 31,055     $ 12,139     $ 22,273     $ 14,899     $ 18,892     $ 80,366     $ 54,179     $ 61,805  
 
                                               
EBITDA per share (diluted)
  $ 0.77     $ 0.31     $ 0.56     $ 0.38     $ 0.47     $ 2.01     $ 1.36     $ 1.54  
 
                                               
 
                                                               
Real Estate Ownership
                                                               
Net income from real estate ownership attributable to W. P. Carey members
  $ 1,030     $ 8,616     $ 9,101     $ 4,563     $ 11,370     $ 23,310     $ 39,689     $ 43,189  
Adjustments:
                                                             
Interest expense
    4,460       4,298       3,765       3,711       3,734       16,234       14,979       18,598  
Provision for income taxes
    441       124       (29 )     234       628       770       1,755       1,089  
Depreciation and amortization
    4,748       4,911       4,653       5,198       4,594       19,317       18,631       18,567  
Reconciling items attributable to discontinued operations
          45       147       107       557       492       2,620       2,965  
 
                                               
EBITDA — real estate ownership
  $ 10,679     $ 17,994     $ 17,637     $ 13,813     $ 20,883     $ 60,123     $ 77,674     $ 84,408  
 
                                               
EBITDA per share (diluted)
  $ 0.27     $ 0.45     $ 0.45     $ 0.35     $ 0.52     $ 1.50     $ 1.96     $ 2.10  
 
                                               
 
                                                               
Total Company
                                                               
EBITDA
  $ 41,734     $ 30,133     $ 39,910     $ 28,712     $ 39,775     $ 140,489     $ 131,853     $ 146,213  
 
                                               
EBITDA per share (diluted)
  $ 1.04     $ 0.76     $ 1.01     $ 0.73     $ 0.99     $ 3.51     $ 3.32     $ 3.64  
 
                                               
Diluted weighted average shares outstanding
    40,104,715       39,717,931       39,510,231       39,495,845       40,390,393       40,007,894       39,712,735       40,221,112  
 
                                               
Non-GAAP Financial Disclosure
EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP, because it removes the impact of our capital structure and asset base from our operating results and because it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Accordingly, EBITDA should not be considered as an alternative to net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies. Therefore, we use EBITDA as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.

 

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W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations — as adjusted (AFFO)

(in thousands, except share and per share amounts)
                                                                 
    Three months ended     Years ended December 31,  
    December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010     December 31, 2009     2010     2009     2008  
Investment Management
                                                               
Net income from investment management attributable to W. P. Carey members
  $ 18,751     $ 7,730     $ 14,331     $ 9,850     $ 11,616     $ 50,662     $ 29,334     $ 34,858  
Amortization, deferred taxes and other non-cash charges
    2,275       657       3,095       1,278       (3,370 )     7,305       1,796       2,494  
AFFO from equity investments
    2,485       2,006       5,244       961       8,556       10,696       24,420       11,767  
 
                                               
AFFO — investment management
  $ 23,511     $ 10,393     $ 22,670     $ 12,089     $ 16,802     $ 68,663     $ 55,550     $ 49,119  
 
                                               
AFFO per share (diluted)
  $ 0.58     $ 0.26     $ 0.57     $ 0.31     $ 0.41     $ 1.72     $ 1.39     $ 1.22  
 
                                               
 
                                                               
Real Estate Ownership
                                                               
Net income from real estate ownership attributable to W. P. Carey members
  $ 1,030     $ 8,616     $ 9,101     $ 4,563     $ 11,370     $ 23,310     $ 39,689     $ 43,189  
Gain on sale of direct financing lease
                                              (1,103 )
Gain on sale of real estate, net
                (56 )     (404 )     (7,358 )     (460 )     (7,701 )      
Gain on extinguishment of debt, net (a)
                                        (2,796 )      
Other gains (losses), net
    (755 )                             (755 )            
Depreciation, amortization and other non-cash charges
    4,739       4,005       4,887       5,818       4,976       19,449       19,513       23,308  
Straight-line and other rent adjustments
    128       148       99       (80 )     465       295       1,273       887  
Impairment charges
    6,763       481       985       7,152       5,754       15,381       10,424       1,011  
AFFO from equity investments
    1,018       4,036       1,448       (904 )     1,818       5,598       7,505       8,718  
Noncontrolling interests’ share of AFFO
    (157 )     (72 )     (214 )     (168 )     (154 )     (611 )     (581 )     (679 )
 
                                               
AFFO — real estate ownership
  $ 12,766     $ 17,214     $ 16,250     $ 15,977     $ 16,871     $ 62,207     $ 67,326     $ 75,331  
 
                                               
AFFO per share (diluted)
  $ 0.32     $ 0.43     $ 0.41     $ 0.40     $ 0.42     $ 1.55     $ 1.70     $ 1.87  
 
                                               
 
                                                               
Total Company
                                                               
AFFO
  $ 36,277     $ 27,607     $ 38,920     $ 28,066     $ 33,673     $ 130,870     $ 122,876     $ 124,450  
 
                                               
AFFO per share (diluted)
  $ 0.90     $ 0.69     $ 0.98     $ 0.71     $ 0.83     $ 3.27     $ 3.09     $ 3.09  
 
                                               
Diluted weighted average shares outstanding
    40,104,715       39,717,931       39,510,231       39,495,845       40,390,393       40,007,894       39,712,735       40,221,112  
 
                                               
(a)   In January 2009, Carey Storage repaid, in full, the $35.0 million outstanding balance on its secured credit facility for $28.0 million and recognized a gain of $7.0 million on the repayment of this debt at a discount, inclusive of the profit sharing interest of $4.2 million.
Non-GAAP Financial Disclosure
Funds from operations (FFO) is a non-GAAP financial measure that is commonly used by investors and analysts in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO or funds from operations — as adjusted (AFFO) should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity but should be used in conjunction with GAAP net income. FFO or AFFO disclosed by other REITs may not be comparable to our AFFO calculation.
NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate AFFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but that have no impact on cash flows, and we therefore use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation. As a result, we believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better understand and measure the performance of our business over time without the potentially distorting impact of these short-term fluctuations.

 

7


 

W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities

(in thousands, except share and per share amounts)
                         
    Years ended December 31,  
    2010     2009     2008  
Cash flow from operating activities
  $ 86,417     $ 74,544     $ 63,247  
Adjustments:
                       
Distributions received from equity investments in real estate in excess of equity income (a)
    9,253       18,503       10,868  
Distributions paid to noncontrolling interests, net (b)
    (614 )     (568 )     (3,025 )
Changes in working capital (c)
    (6,422 )     1,401       9,574  
Settlement payment (d)
                21,012  
CPA®:16 — Global performance adjustment, net (e)
                (12,291 )
 
                 
Adjusted cash flow from operating activities
  $ 88,634     $ 93,880     $ 89,385  
 
                 
Adjusted cash flow per share (diluted)
  $ 2.22     $ 2.36     $ 2.22  
 
                 
 
                       
Distributions declared per share
  $ 2.028     $ 1.996     $ 1.955  
 
                 
Payout ratio (distributions per share/adjusted cash flow per share)
    91 %     85 %     88 %
 
                 
Diluted weighted average shares outstanding
    40,007,894       39,712,735       40,221,112  
 
                 
(a)   We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations.
 
(b)   Represents noncontrolling interests’ share of distributions made by ventures that we consolidate in our financial statements.
 
(c)   Timing differences arising from the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operating activities to record such amounts in the period in which the item was actually incurred.
 
(d)   In March 2008, we entered into a settlement with the SEC with respect to all matters relating to a previously disclosed investigation. In connection with this settlement, we paid $30.0 million in the first quarter of 2008 and recognized an offsetting $9.0 million tax benefit in the same period.
 
(e)   Amounts deferred in lieu of CPA®:16 — Global achieving its performance criterion, net of a 45% tax provision. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of CPA®:16 — Global achieving its performance criterion, rather than recognizing the entire deferred amount in the quarter in which the performance criterion was met (second quarter of 2007), as this revenue was actually earned over a three-year period.
Non-GAAP Financial Disclosure
Adjusted cash flow from operating activities refers to our cash provided by operating activities, as determined in accordance with GAAP, adjusted primarily to reflect timing differences between the period an expense is incurred and paid, to add cash distributions that we receive from our investments in unconsolidated real estate joint ventures in excess of our equity investment in the joint ventures, and to subtract cash distributions that we make to our noncontrolling partners in real estate joint ventures that we consolidate. We hold a number of interests in real estate joint ventures, and we believe that adjusting our GAAP cash provided by operating activities to reflect these actual cash receipts and cash payments may give investors a more accurate picture of our actual cash flow than GAAP cash provided by operating activities alone and that it is a useful supplemental measure for investors to consider. We also believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations, and we use this measure when evaluating distributions to shareholders and as one measure of our operating performance when we determine executive compensation. Adjusted cash flow from operating activities should not be considered as an alternative to cash provided by operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.

 

8


 

W. P. CAREY & CO. LLC
Revenue Stability Analysis (Pro rata basis)

(in thousands)
                                                                                                                                 
    Three months ended     Years ended December 31,  
    December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010     December 31, 2009     2010     2009     2008  
    Revenue     %     Revenue     %     Revenue     %     Revenue     %     Revenue     %     Revenue     %     Revenue     %     Revenue     %  
 
                                                                                                                               
Asset management revenues
  $ 19,127       28 %   $ 19,219       41 %   $ 19,080       33 %   $ 18,820       36 %   $ 19,180       39 %   $ 76,246       33 %   $ 76,621       37 %   $ 80,714       37 %
Pro rata net lease revenues
    26,739       38 %     26,828       57 %     26,645       45 %     26,654       51 %     23,246       47 %     109,598       48 %     107,883       52 %     117,534       54 %
 
                                                                                               
 
    45,866       66 %     46,047       98 %     45,725       78 %     45,474       87 %     42,426       86 %     185,844       81 %     184,504       89 %     198,248       91 %
 
                                                                                               
 
                                                                                                                               
Structuring revenue (a)
    23,881       34 %     708       2 %     13,102       22 %     6,834       13 %     7,023       14 %     44,525       19 %     23,273       11 %     20,236       9 %
 
                                                                                               
Total Adjusted Revenue
  $ 69,747       100 %   $ 46,755       100 %   $ 58,827       100 %   $ 52,308       100 %   $ 49,449       100 %   $ 230,369       100 %   $ 207,777       100 %   $ 218,484       100 %
 
                                                                                               
 
                                                                                                                               
Reconciliation of Total Adjusted Revenue
                                                                                                                               
Total revenue — as reported
  $ 81,969             $ 58,954             $ 70,396             $ 63,091             $ 57,145             $ 273,910             $ 235,876             $ 243,873          
Less: Reimbursed costs from affiliates (b)
    (13,713 )             (15,908 )             (15,354 )             (15,048 )             (14,223 )             (60,023 )             (48,715 )             (41,179 )        
Less: Wholesaling revenue (b)
    (4,503 )             (2,260 )             (2,230 )             (2,103 )             (1,991 )             (11,096 )             (6,550 )             (5,129 )        
Add: Pro rata share of revenues from equity investments
    6,889               6,918               6,895               7,292               9,548               31,291               31,124               24,481          
Less: Pro rata share of revenues due to noncontrolling interests
    (895 )             (949 )             (880 )             (924 )             (1,030 )             (3,713 )             (3,958 )             (3,562 )        
 
                                                                                                               
Total Adjusted Revenue
  $ 69,747             $ 46,755             $ 58,827             $ 52,308             $ 49,449             $ 230,369             $ 207,777             $ 218,484          
 
                                                                                                               
 
                                                                                                                               
Reconciliation of Total Pro Rata Net Lease Revenues
                                                                                                                               
Lease revenues — as reported
  $ 15,403             $ 16,203             $ 15,833             $ 16,465             $ 11,181             $ 63,450             $ 65,493             $ 75,932          
Add: Pro rata share of revenues from equity investments
    6,889               6,918               6,895               7,292               9,548               31,291               31,124               24,481          
Less: Pro rata share of revenues due to noncontrolling interests
    (895 )             (949 )             (880 )             (924 )             (1,030 )             (3,713 )             (3,958 )             (3,562 )        
Add: Other real estate income (c)
    5,342               4,656               4,797               3,821               3,547               18,570               15,224               20,683          
 
                                                                                                               
Total Pro Rata Net Lease Revenues
  $ 26,739             $ 26,828             $ 26,645             $ 26,654             $ 23,246             $ 109,598             $ 107,883             $ 117,534          
 
                                                                                                               
(a)   We earn structuring revenue on acquisitions structured on behalf of the CPA® REITs and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the CPA® REITs totaled approximately $593 million, $13 million, $291 million, $149 million and $152 million for the three months ended December 31, 2010, September 30, 2010, June 30, 2010, March 31, 2010 and December 31, 2009, respectively.
 
(b)   Total adjusted revenue excludes reimbursements of costs received from affiliated CPA® REITs as they have no impact on net income. Also excluded is wholesaling revenue earned in connection with CPA®:17 — Global’s initial public offering, which is substantially offset by underwriting costs incurred in connection with the offering.
 
(c)   Other real estate income generally consists of revenue from Carey Storage, a subsidiary that invests in domestic self-storage properties, and Livho, a subsidiary that operates a hotel franchise. Other real estate income also includes lease termination payments and other non-rent related revenues from real estate ownership, and as a result, we expect Other real estate income to fluctuate period-to-period.
 
Note:   Amounts presented for prior periods do not reflect subsequent adjustments to historical amounts presented for assets reclassified as held for sale or sold.
Non-GAAP Financial Disclosure
Total adjusted revenue is a non-GAAP financial measure that represents revenues on a GAAP basis adjusted for our pro rata share of revenues from equity investments as well as the pro rata share of revenues due to noncontrolling interests. We believe that total adjusted revenue is useful to investors and analysts as a supplemental measure of revenues from our core operations, and we use it to evaluate the stability of our underlying revenue streams. Total adjusted revenue should not be considered as an alternative to revenues computed on a GAAP basis as a measure of our profitability. Total adjusted revenue may not be comparable to similarly titled measures of other companies.

 

9


 

W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata basis)
As of December 31, 2010

(in thousands)
Portfolio Debt Maturity
         
Year of Maturity   Outstanding Balance  
2011
    178,635  
2012
    30,107  
2013
    1,265  
2014
    82,749  
2015
    49,744  
2016
    35,543  
2017
    48,204  
2018
    8,522  
2019
    24,966  
2020
    60,442  
2021
    860  
2022
     
2023
    5,112  
 
     
Total
  $ 526,149  
 
     
Fixed and Variable Rate Debt Analysis
         
Non-Recourse Debt   Outstanding Balance  
Fixed
  $ 214,219  
Fixed — Future Rate Reset
    82,006  
Fixed — Capped
    35,167  
Fixed — Swap Agreement
    48,007  
Variable
    5,000  
 
     
 
    384,399  
 
     
Recourse Debt        
Variable — Line of Credit
    141,750  
 
     
Total Debt
  $ 526,149  
 
     
Debt Maturity Analysis
(BAR GRAPH)


 

10


 

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of December 31, 2010

(in thousands)
                                 
            Current              
Tenant/Lease Guarantor / Percent Ownership   Rate Type   Interest Rate     Maturity Date     Outstanding Balance  
 
   
AutoZone, Inc. — Series A (a)
  Fixed     6.85 %   Jan-2011   $ 51  
Childtime Childcare, Inc. (34%) (a)
  Fixed     7.50 %   Jan-2011     2,130  
Information Resources, Inc. (33%) (a)
  Fixed     7.60 %   Jan-2011     7,073  
Pioneer Credit Recovery, Inc. (a)
  Fixed     7.34 %   Jan-2011     5,285  
AutoZone, Inc. — Series B (a)
  Fixed     6.85 %   Feb-2011     123  
Billipp Portfolio
  Variable     1.51 %   Apr-2011     5,000  
Career Education Corporation
  Fixed     7.58 %   Jun-2011     6,598  
24 Hour Fitness USA, Inc.
  Fixed     7.50 %   Aug-2011     2,772  
Sprint Spectrum, LP
  Fixed     7.64 %   Aug-2011     7,853  
Qwest Communications, Inc.
  Fixed     7.50 %   Jun-2012     1,346  
AutoZone, Inc. — Series C
  Fixed     6.85 %   Aug-2012     372  
BE Aerospace, Inc.
  Fixed     6.11 %   Nov-2012     8,159  
Faurecia Exhaust Systems, Inc.
  Fixed     5.16 %   Nov-2012     2,381  
Anthony’s Manufacturing Company
  Fixed     5.11 %   Nov-2012     8,256  
Alstom Power, Inc. and Werner Co.
  Fixed     5.18 %   Dec-2012     9,593  
AutoZone, Inc. — Series D
  Fixed     6.85 %   Aug-2013     1,265  
US Airways Group, Inc. (75%)
  Fixed — Capped     4.23 %   Apr-2014     14,456  
The New York Times Company (17.75%)
  Fixed — Capped     5.01 %   Sep-2014     20,711  
Carrefour France, SAS (46%) (b)
  Fixed — Future Rate Reset     5.55 %   Dec-2014     47,582  
Hibbett Sports
  Fixed — Swap     6.45 %   May-2015     4,681  
Lowe’s Home Improvement Warehouse
  Fixed     4.87 %   Sep-2015     8,784  
Bouygues Telecom, S.A. (Tours) (95%) (b)
  Fixed — Future Rate Reset     3.86 %   Oct-2015     6,081  
The American Bottling Company
  Fixed     5.13 %   Nov-2015     30,198  
CheckFree Holdings, Inc. (50%)
  Fixed     6.18 %   Jun-2016     14,569  
Self-Storage Facility — Bentonville, AR (40%)
  Fixed     6.41 %   Jul-2016     836  
Self-Storage Facility — Tallahassee, FL (40%)
  Fixed     6.05 %   Oct-2016     1,579  
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%) (b) (c)
  Fixed — Future Rate Reset     5.01 %   Oct-2016     11,738  
Consolidated Systems, Inc. (60%)
  Fixed     5.87 %   Nov-2016     6,821  
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%) (b)
  Fixed     5.49 %   Jan-2017     13,898  
Amylin Pharmaceuticals, Inc. (50%)
  Fixed     6.20 %   Jul-2017     17,599  
Medica France, S.A. (46%) (b)
  Fixed     5.63 %   Oct-2017     16,707  

 

11


 

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of December 31, 2010

(in thousands)
                                 
            Current              
Tenant/Lease Guarantor / Percent Ownership   Rate Type   Interest Rate     Maturity Date     Outstanding Balance  
 
   
OBI Wroclaw (b)
  Fixed — Swap     5.48 %   Mar-2018   $ 8,522  
Self-Storage Portfolio (40%) (c)
  Fixed — Future Rate Reset     7.03 %   Feb-2019/Mar-2019     11,707  
Orbital Sciences Corporation
  Fixed     7.75 %   Jul-2019     13,259  
JPMorgan Chase Bank, N.A.
  Fixed — Swap     5.47 %   Jul-2020     34,804  
Self-Storage Facilities — Chicago, IL (40%)
  Fixed — Future Rate Reset     6.25 %   Aug-2020     2,166  
Self-Storage Facility — Pensacola, FL
  Fixed — Future Rate Reset     6.25 %   Nov-2020     1,872  
Federal Express Corporation (40%)
  Fixed     5.48 %   Dec-2020     21,600  
Self-Storage Facility — Chicago, IL (40%)
  Fixed — Future Rate Reset     6.63 %   Jan-2021     860  
Hologic, Inc. (36%)
  Fixed     6.40 %   May-2023     5,112  
 
                           
 
   
Total Non-Recourse Debt
            5.70 %(b)           $ 384,399  
 
                           
 
   
Unsecured Line of Credit (d)
  Variable     1.15 %   Jun-2011     141,750  
 
                           
 
   
Total Debt
            4.47 % (b)           $ 526,149  
 
                           
 
(a)   Debt balance was paid off at maturity.
 
(b)   Debt balance calculated using an exchange rate of 1.3253 EUR/USD as of December 31, 2010.
 
(c)   Reflects weighted average interest rate for the applicable debt.
 
(d)   We currently intend to extend this line for an additional year.

 

12


 

W. P. CAREY & CO. LLC
2010 Investment Activity
As of December 31, 2010
(in thousands, except square footage)
Investment Activity
Investment Management Activity — Real Estate
                                 
Portfolio   Tenant/Lease Guarantor   Property Location(s)   Purchase Price     Closing Date   Property Type   Gross Square Footage  
 
   
CPA®:17 — Global
  Curtiss-Wright Flow Control Service Corporation   Middleburg Heights and Cincinnati, OH   $ 13,777     February-10   Industrial     144,755  
CPA®:17 — Global
  Eroski Sociedad Cooperativa   various locations in Spain     48,944     February-10   Retail     201,823  
CPA®:17 — Global
  Angelica Textile Services, Inc.   locations in AZ, CA, FL, GA, NC, SC, TN and TX     57,592     March-10   Industrial     808,800  
CPA®:17 — Global
  Berry Plastics Corporation   Evansville, IN     28,811     March-10   Industrial     262,000  
CPA®:17 — Global
  TDG (UK) Limited   various locations in the United Kingdom     36,619     Apr-10 & May-10   Warehouse/Distribution     553,679  
CPA®:17 — Global
  Agrokor d.d.   Zagreb, Croatia     101,546     April-10   Warehouse/Distribution     840,826  
CPA®:17 — Global
  Hillsboro Hotel Operator TRS, Inc.   Hillsboro, OR     14,641     May-10   Hospitality     59,398  
CPA®:17 — Global
  JP Morgan Chase Bank, N.A.   Tampa, FL     57,167     May-10   Office     312,872  
CPA®:17 — Global
  The Sun Products Corporation (a)   Bowling Green, KY     42,982     June-10   Industrial   BTS  
CPA®:17 — Global
  Eroski Sociedad Cooperativa   Elorrio, Spain     27,860     June-10   Warehouse/Distribution     399,949  
CPA®:17 — Global (30%)
  Eroski Sociedad Cooperativa   Mallorca, Spain     8,440     June-10   Warehouse/Distribution     59,285  
CPA®:17 — Global
  Sabre Communications Corporation and Cellxion, LLC   Alvarado, TX     1,832     June-10   Office & Industrial     206,616  
CPA®:17 — Global
  Neuca S.A.   Poznan, Poland     9,112     August-10   Warehouse/Distribution   BTS  
CPA®:17 — Global
  Memorial Holdings, LLC   Elberton, GA     3,456     September-10   Office & Industrial     82,322  
CPA®:17 — Global
  Flint River Services, LLC   Unadilla & Rincon, GA     52,356     November-10   Warehouse/Distribution     497,002  
CPA®:17 — Global
  Dollar General Corporation   Fayetteville, NC; Ocean Isle Beach, NC; Danville, VA     2,839     November-10   Retail   BTS  
CPA®:17 — Global
  Merge Healthcare Incorporated   Hartland, WI     6,837     November-10   Office     81,082  
CPA®:17 — Global
  Agrokor d.d.   six properties in Croatia     63,990     December-10   Warehouse/Distribution     363,290  
CPA®:17 — Global
  General Parts Inc. and Carquest Canada Ltd.   Various locations in the U.S. and Canada     257,039     December-10   Warehouse/Distribution & Office     3,572,684  
CPA®:17 — Global
  Distribuidora de Television Digital S.A.   Madrid, Spain     112,602     December-10   Office     451,420  
CPA®:17 — Global
  American Air Liquide Holdings, Inc.   Houston, TX     6,152     December-10   Office     49,821  
 
                           
 
                               
Total Investment Management Acquisitions
            954,594               8,947,624  
 
                           
 
                               
Real Estate Ownership Activity
                               
WPC LLC
  JP Morgan Chase Bank, N.A. (b)   Fort Worth, TX     47,583     February-10   Office     384,246  
WPC LLC (70%)
  Eroski Sociedad Cooperativa   Mallorca, Spain     18,807     June-10   Warehouse/Distribution     138,333  
WPC LLC (40%)
  Self-Storage Facilities   Chicago, IL     3,498     July-10   Self-Storage     264,769  
WPC LLC (40%)
  Self-Storage Facility   Bentonville, AR     984     September-10   Self-Storage     81,860  
WPC LLC (40%)
  Self-Storage Facility   Tallahassee, FL     1,680     September-10   Self-Storage     93,425  
WPC LLC
  Self-Storage Facility   Pensacola, FL     2,750     September-10   Self-Storage     51,867  
WPC LLC (40%)
  Self-Storage Facility   Chicago, IL     1,530     October-10   Self-Storage     67,865  
 
                           
 
                               
Total Real Estate Ownership Acquisitions
            76,832               1,082,365  
 
                           
 
Investment Management Activity — Notes Receivable
                                 
Portfolio   Borrower/Guarantor   Interest Rate   Note Amount     Closing Date   Maturity Date        
CPA®:17 — Global
  Fosun International Limited   11% per annum     40,000     December-10   December-15        
CPA®:17 — Global
  BPS Partners, LLC   7% per annum     51,670     December-10   September-13        
 
                             
Total Notes Receivable
            91,670                  
 
                             
 
   
Total Acquisitions
          $ 1,123,096               10,029,989  
 
                           
(a)   Investment represents a build-to-suit transaction, of which $4.5 million has been funded as of the date of this report.
 
(b)   Investment was funded with proceeds of $36.1 million from the disposition of a property in 2009 in an exchange transaction under Section 1031 of the Internal Revenue Code and $11.5 million from our line of credit.

 

13


 

W. P. CAREY & CO. LLC
2010 Investment Activity
As of December 31, 2010

(in thousands, except square footage)
Disposition Activity
Investment Management Activity
                                 
                    Disposition          
Portfolio(s)   Tenant/Lease Guarantor   Property Location(s)   Gross Sale Price     Date   Property Type   Gross Square Footage  
 
   
CPA®:14 (60%)
  The Retail Distribution Group, Inc.   Grand Rapids, MI   $ 5,400     March-10   Warehouse/Distribution     107,677  
CPA®:15
  Garden Ridge, Inc.   Round Rock, TX     6,400     March-10   Retail     152,500  
CPA®:15 (33.3%), CPA®:17 — Global (66.7%)
  Wagon Automotive Nagold GmbH Land Sale   Nagold, Germany     2,009     April-10   Land     286,957  
CPA®:14
  PETsMART, Inc.   Fridley, MN     2,272     June-10   Retail     26,040  
CPA®:14
  Atrium Companies, Inc.   Greenville, TX     3,000     August-10   Industrial     284,696  
CPA®:14
  Orgill, Inc.   Tempe, AZ     3,251     November-10   Warehouse/Distribution     166,922  
CPA®:14
  Tower Automotive Products Company, Inc.   Granite City, IL     2,100     December-10   Industrial     450,938  
CPA®:14 (67%), CPA®:15 (33%)
  Compucom Systems, Inc.   Dallas, TX     47,400     December-10   Office     242,336  
CPA®:14 (45%), CPA®:15 (55%)
  ShopRite   Ellenville, Warwick & Greenville, NY     37,077     December-10   Retail     136,818  
 
                           
 
                               
Total Investment Management Dispositions
            108,909               1,854,884  
 
                           
 
                               
Real Estate Ownership Activity
                               
 
                               
WPC LLC
  The Boeing Company   Houston, TX     725     February-10   Industrial     10,960  
WPC LLC
  BellSouth Telecommunications, Inc.   Lafayette, LA     3,800     March-10   Office     66,846  
WPC LLC (40%)
  The Retail Distribution Group, Inc.   Grand Rapids, MI     3,600     March-10   Warehouse/Distribution     71,784  
WPC LLC
  Multi-tenant property   Houston, TX     2,700     March-10   Retail     29,785  
WPC LLC
  Vertafore, Inc.   College Station, TX     2,600     June-10   Office     33,400  
WPC LLC
  PPD Development, L.P.   Austin, TX     5,579     July-10   Office     148,833  
 
                           
 
                               
Total Real Estate Ownership Dispositions
            19,004               361,608  
 
                           
 
                               
Total Dispositions
          $ 127,913               2,216,492  
 
                           
 
   
Foreclosure and Receivership Activity
 
   
            Outstanding                
Portfolio(s)   Tenant/Lease Guarantor   Property Location(s)   Mortgage Balance     Date   Event   Gross Square Footage  
CPA®:15 (50%), CPA®:16 — Global (50%)
  Goertz & Schiele Corporation   Auburn Hills, MI   $ 13,336     January-10   Receivership     218,174  
CPA®:14
  Nortel Networks, Inc.   Richardson, TX     27,262     March-10   Foreclosure     281,758  
CPA®:14
  Buffets, Inc.   Eagan, MN     19,363     June-10   Receivership     99,342  
CPA®:16 — Global
  Valley Diagnostic Clinic, P.A.   Harlingen, TX     4,046     November-10   Foreclosure     41,576  
 
                           
 
                               
 
          $ 64,007               640,850  
 
                           

 

14


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of December 31, 2010

(in thousands)
Portfolio Diversification by Rent (Pro rata basis)
                 
            Percentage of  
Top Ten Tenants/Lease Guarantors   Annualized Rent     Total Annualized Rent  
Carrefour France, SAS
  $ 7,464       8 %
The American Bottling Company
    4,895       5 %
The New York Times Company
    4,358       5 %
JP Morgan Chase Bank, N.A.
    3,861       4 %
Orbital Sciences Corporation
    3,307       4 %
U.S. Airways Group, Inc.
    3,297       4 %
Bouygues Telecom, S.A. (France)
    3,240       4 %
Federal Express Corporation
    3,152       4 %
The Titan Corporation
    3,055       3 %
Medica France, S.A.
    2,732       3 %
 
             
Total
  $ 39,361          
 
             
W. P. Carey & Co. LLC Historical Occupancy
(LINE GRAPH)
 
     
(a)  
Percentage of the portfolio’s total pro rata square footage that was subject to lease.

 

15


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of December 31, 2010

(in thousands)
                 
Property Type   Square Footage     Percent  
Warehouse/Distribution
    5,144       37 %
Industrial
    4,924       35 %
Office
    2,371       17 %
Retail
    995       7 %
Other Properties (a)
    363       3 %
Hospitality
    158       1 %
 
           
Total (b)
    13,955       100 %
 
           
Portfolio Diversification by Property Type
(based on square footage)
(PIE CHART)
                 
Property Type   Annualized Rent     Percent  
Office
  $ 31,894       36 %
Industrial
    25,910       29 %
Warehouse/Distribution
    18,054       20 %
Other Properties (a)
    6,368       7 %
Retail
    5,725       6 %
Hospitality
    1,800       2 %
 
           
Total (b)
  $ 89,751       100 %
 
           
Portfolio Diversification by Property Type
(based on annualized rent)
(PIE CHART)


 
     
(a)  
Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; unoccupied land.
 
(b)  
Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.

 

16


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of December 31, 2010

(in thousands)
                 
Industry Type (a)   Annualized Rent     Percent  
Retail Trade
  $ 15,516       17 %
Business and Commercial Services
    9,189       10 %
Healthcare, Education and Childcare
    7,712       9 %
Telecommunications
    7,134       8 %
Media: Printing and Publishing
    6,694       7 %
Electronics
    4,971       6 %
Beverages, Food, and Tobacco
    4,949       6 %
Aerospace and Defense
    4,907       5 %
Forest Products and Paper
    4,034       4 %
Banking
    3,862       4 %
Transportation — Personal
    3,524       4 %
Transportation — Cargo
    3,195       4 %
Machinery
    2,440       3 %
Hotels and Gaming
    1,810       2 %
Mining, Metals, and Primary Metal Industries
    1,477       2 %
Consumer and Durable Goods
    1,463       2 %
Federal, State and Local Government
    1,170       1 %
Chemicals, Plastics, Rubber, and Glass
    1,150       1 %
Consumer Non-durable Goods
    975       1 %
Leisure, Amusement, Entertainment
    927       1 %
Other (b)
    2,652       3 %
 
           
Total (c)
  $ 89,751       100 %
 
           
 
     
(a)  
Based on the Moody’s Classification System and information provided by the tenant.
 
(b)  
Includes revenue from tenants in the following industries: construction and building (1.0%), textiles, leather and apparel (1.0%), automobile (0.7%), and multi-tenant properties (0.3%).
 
(c)  
Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.

 

17


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of December 31, 2010

(in thousands)
                 
Region   Square Footage     Percent  
United States
               
South
    4,724       34 %
East
    2,914       21 %
West
    2,350       17 %
Midwest
    1,754       12 %
 
           
 
    11,742       84 %
 
           
 
               
International
               
France
    1,715       12 %
Germany
    246       2 %
Spain
    138       1 %
Poland
    114       1 %
 
           
 
    2,213       16 %
 
           
 
               
Total (a)
    13,955       100 %
 
           
Portfolio Diversification by Geography
(based on square footage)
(PIE CHART)
                 
Region   Annualized Rent     Percent  
United States
               
South
  $ 25,364       28 %
West
    21,115       24 %
East
    12,560       14 %
Midwest
    12,385       14 %
 
           
 
    71,424       80 %
 
           
 
               
International
               
France
    13,435       15 %
Germany
    2,250       2 %
Spain
    1,673       2 %
Poland
    969       1 %
 
           
 
    18,327       20 %
 
           
 
               
Total (a)
  $ 89,751       100 %
 
           
Portfolio Diversification by Geography
(based on annualized rent)
(PIE CHART)


 
     
(a)  
Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.

 

18


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of December 31, 2010

(in thousands)
                 
            Percentage of  
Year of Lease   Annualized     Total Annualized  
Expiration(a)   Rent     Rent  
2011 (b)
    7,771       9 %
2012
    8,849       10 %
2013
    4,788       5 %
2014
    11,313       13 %
2015
    10,185       11 %
2016
    6,831       7 %
2017
    5,840       7 %
2018
    3,808       4 %
2019
    7,997       9 %
2020
    2,761       3 %
2021
    3,689       4 %
2022
    1,657       2 %
2023
          0 %
2024
    4,358       5 %
2025
    1,171       1 %
2026
    948       1 %
2027
    2,250       3 %
2028
          0 %
2029
          0 %
2030
    5,535       6 %
 
           
Total (c)
  $ 89,751       100 %
 
           
Weighted Average Years to Maturity: 6.80
(PERFORMANCE GRAPH)


 
     
(a)  
Assumes tenant does not exercise renewal option.
 
(b)  
Month-to-month properties are counted in 2011 revenue stream.
 
(c)  
Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.

 

19


 

W. P. CAREY & CO. LLC
Consolidated Balance Sheets

(in thousands, except share amounts)
                 
    December 31, 2010     December 31, 2009  
Assets
               
Investments in real estate:
               
Real estate, at cost
  $ 560,592     $ 525,607  
Operating real estate, at cost
    109,851       85,927  
Accumulated depreciation
    (122,312 )     (112,286 )
 
           
Net investments in properties
    548,131       499,248  
Net investment in direct financing leases
    76,550       80,222  
Equity investments in real estate and CPA® REITs
    322,294       304,990  
 
           
Net investments in real estate
    946,975       884,460  
Cash and cash equivalents
    64,693       18,450  
Due from affiliates
    38,793       35,998  
Intangible assets and goodwill, net
    87,768       85,187  
Other assets, net
    34,097       69,241  
 
           
Total assets
  $ 1,172,326     $ 1,093,336  
 
           
 
               
Liabilities and Equity
               
Liabilities:
               
Non-recourse debt
  $ 255,232     $ 215,330  
Line of credit
    141,750       111,000  
Accounts payable, accrued expenses and other liabilities
    40,808       51,710  
Income taxes, net
    41,443       43,831  
Distributions payable
    20,073       31,365  
 
           
Total liabilities
    499,306       453,236  
 
           
Redeemable noncontrolling interest
    7,546       7,692  
 
           
Commitments and contingencies
               
Equity:
               
W. P. Carey members’ equity:
               
Listed shares, no par value, 100,000,000 shares authorized; 39,454,847 and 39,204,605 shares issued and outstanding, respectively
    763,734       754,507  
Distributions in excess of accumulated earnings
    (145,769 )     (138,442 )
Deferred compensation obligation
    10,511       10,249  
Accumulated other comprehensive loss
    (3,463 )     (681 )
 
           
Total W. P. Carey members’ equity
    625,013       625,633  
Noncontrolling interests
    40,461       6,775  
 
           
Total equity
    665,474       632,408  
 
           
Total liabilities and equity
  $ 1,172,326     $ 1,093,336  
 
           

 

20


 

W. P. CAREY & CO. LLC
Consolidated Statements of Income

(in thousands, except share and per share amounts)
                         
    Years ended December 31,  
    2010     2009     2008  
Revenues
                       
Asset management revenue
  $ 76,246     $ 76,621     $ 80,714  
Structuring revenue
    44,525       23,273       20,236  
Wholesaling revenue
    11,096       7,691       5,208  
Reimbursed costs from affiliates
    60,023       47,534       41,100  
Lease revenues
    63,450       62,324       66,784  
Other real estate income
    18,570       14,907       20,658  
 
                 
 
    273,910       232,350       234,700  
 
                 
Operating Expenses
                       
General and administrative
    (73,429 )     (63,819 )     (62,669 )
Reimbursable costs
    (60,023 )     (47,534 )     (41,100 )
Depreciation and amortization
    (23,969 )     (22,438 )     (23,082 )
Property expenses
    (10,888 )     (7,113 )     (6,496 )
Other real estate expenses
    (8,121 )     (7,308 )     (8,196 )
Impairment charges
    (9,512 )     (3,516 )     (473 )
 
                 
 
    (185,942 )     (151,728 )     (142,016 )
 
                 
Other Income and Expenses
                       
Other interest income
    1,268       1,713       2,883  
Income from equity investments in real estate and CPA® REITs
    30,992       13,425       14,198  
Gain on sale of investment in direct financing lease
                1,103  
Other income and (expenses)
    1,407       7,357       1,444  
Interest expense
    (16,234 )     (14,979 )     (18,598 )
 
                 
 
    17,433       7,516       1,030  
 
                 
Income from continuing operations before income taxes
    105,401       88,138       93,714  
Provision for income taxes
    (25,822 )     (22,793 )     (23,521 )
 
                 
Income from continuing operations
    79,579       65,345       70,193  
 
                 
Discontinued Operations
                       
Income from operations of discontinued properties
    781       4,430       8,950  
Gains on sale of real estate, net
    460       7,701        
Impairment charges
    (5,869 )     (6,908 )     (538 )
 
                 
(Loss) income from discontinued operations
    (4,628 )     5,223       8,412  
 
                 
Net Income
    74,951       70,568       78,605  
Add: Net loss attributable to noncontrolling interests
    314       713       950  
Less: Net income attributable to redeemable noncontrolling interests
    (1,293 )     (2,258 )     (1,508 )
 
                 
Net Income Attributable to W. P. Carey Members
  $ 73,972     $ 69,023     $ 78,047  
 
                 
Basic Earnings Per Share
                       
Income from continuing operations attributable to W. P. Carey members
  $ 1.98     $ 1.61     $ 1.77  
(Loss) income from discontinued operations attributable to W. P. Carey members
    (0.12 )     0.13       0.21  
 
                 
Net income attributable to W. P. Carey members
  $ 1.86     $ 1.74     $ 1.98  
 
                 
Diluted Earnings Per Share
                       
Income from continuing operations attributable to W. P. Carey members
  $ 1.98     $ 1.61     $ 1.74  
(Loss) income from discontinued operations attributable to W. P. Carey members
    (0.12 )     0.13       0.21  
 
                 
Net income attributable to W. P. Carey members
  $ 1.86     $ 1.74     $ 1.95  
 
                 
Weighted Average Shares Outstanding
                       
Basic
    39,514,746       39,019,709       39,202,520  
 
                 
Diluted
    40,007,894       39,712,735       40,221,112  
 
                 
Amounts Attributable to W. P. Carey Members
                       
Income from continuing operations, net of tax
  $ 78,600     $ 63,800     $ 69,635  
(Loss) income from discontinued operations, net of tax
    (4,628 )     5,223       8,412  
 
                 
Net income
  $ 73,972     $ 69,023     $ 78,047  
 
                 
Distributions Declared Per Share
  $ 2.028     $ 1.996     $ 1.955  
 
                 

 

21


 

W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows

(in thousands)
                         
    Years ended December 31,  
    2010     2009     2008  
Cash Flows — Operating Activities
                       
Net income
  $ 74,951     $ 70,568     $ 78,605  
Adjustments to net income:
                       
Depreciation and amortization including intangible assets and deferred financing costs
    24,443       24,476       27,197  
(Income) loss from equity investments in real estate and CPA® REITs in excess of distributions received
    (4,920 )     (2,258 )     1,866  
Straight-line rent and financing lease adjustments
    286       2,223       2,227  
Gain on sale of real estate and investment in direct financing lease
    (460 )     (7,701 )     (1,103 )
Gain on extinguishment of debt
          (6,991 )      
Gain on lease termination
                (4,998 )
Allocation of (loss) earnings to profit sharing interest
    (781 )     3,900        
Management income received in shares of affiliates
    (35,235 )     (31,721 )     (40,717 )
Unrealized loss (gain) on foreign currency transactions and others
    300       (174 )     2,656  
Realized gain on foreign currency transactions and others
    (731 )     (257 )     (2,250 )
Impairment charges
    15,381       10,424       1,011  
Stock-based compensation expense
    7,082       9,336       7,278  
Deferred acquisition revenue received
    21,204       25,068       48,266  
Increase in structuring revenue receivable
    (20,237 )     (11,672 )     (10,512 )
Decrease in income taxes, net
    (1,288 )     (9,276 )     (8,079 )
Decrease in settlement provision
                (29,979 )
Net changes in other operating assets and liabilities
    6,422       (1,401 )     (8,221 )
 
                 
Net cash provided by operating activities
    86,417       74,544       63,247  
 
                 
 
   
Cash Flows — Investing Activities
                       
Distributions received from equity investments in real estate and CPA® REITs in excess of equity income
    18,758       39,102       19,852  
Capital contributions to equity investments
          (2,872 )     (1,769 )
Purchases of real estate and equity investments in real estate
    (96,884 )     (39,632 )     (201 )
VAT paid in connection with acquisition of real estate
    (4,222 )            
VAT refunded in connection with acquisition of real estate
                3,189  
Capital expenditures
    (5,135 )     (7,775 )     (14,051 )
Proceeds from sale of real estate, net investment in direct financing lease and securities
    14,591       43,487       5,062  
Funds placed in escrow in connection with the sale of property
    (1,571 )     (36,132 )      
Funds released from escrow in connection with the sale of property
    36,620             636  
Proceeds from transfer of profit-sharing interest
          21,928        
Payment of deferred acquisition revenue to affiliate
                (120 )
 
                 
Net cash (used in) provided by investing activities
    (37,843 )     18,106       12,598  
 
                 
 
   
Cash Flows — Financing Activities
                       
Distributions paid
    (92,591 )     (78,618 )     (87,700 )
Contributions from noncontrolling interests
    14,261       2,947       2,582  
Distributions to noncontrolling interests
    (4,360 )     (5,505 )     (5,607 )
Contributions from profit-sharing interest
    3,694              
Distributions to profit-sharing interest
    (693 )     (5,645 )      
Purchase of noncontrolling interest
          (15,380 )      
Scheduled payments of non-recourse debt
    (14,324 )     (9,534 )     (9,678 )
Prepayments of non-recourse debt
          (13,974 )      
Proceeds from non-recourse debt financing
    56,841       42,495       10,137  
Proceeds from line of credit
    83,250       150,500       129,300  
Prepayments of line of credit
    (52,500 )     (148,518 )     (111,572 )
Proceeds from loans from affiliates
          1,625        
Repayments of loans from affiliates
          (1,770 )     (7,569 )
Payment of financing costs
    (1,204 )     (862 )     (375 )
Funds placed in escrow in connection with financing
                (400 )
Proceeds from issuance of shares
    3,724       1,507       23,350  
Windfall tax benefits associated with stock-based compensation awards
    2,354       143       2,156  
Repurchase and retirement of shares
          (10,686 )     (15,413 )
 
                 
Net cash used in financing activities
    (1,548 )     (91,275 )     (70,789 )
 
                 
 
   
Change in Cash and Cash Equivalents During the Year
                       
Effect of exchange rate changes on cash
    (783 )     276       (394 )
 
                 
Net increase in cash and cash equivalents
    46,243       1,651       4,662  
Cash and cash equivalents, beginning of year
    18,450       16,799       12,137  
 
                 
Cash and cash equivalents, end of year
  $ 64,693     $ 18,450     $ 16,799  
 
                 

 

22


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata basis)
December 31, 2010
                                                             
    Percent                     Square     Annualized Rent     Percentage of              
Tenant/Lease Guarantor   Ownership     Property Location   Property Type   Tenant Industry   Region   Footage(e)     (in thousands)     Total Rent(e)     Increase Factor   Lease Expiration   Maximum Term
Carrefour France, SAS (a)
    46 %   Nimes, FR   Warehouse/Distribution   Retail Trade   Europe     177,786     $ 1,024       1.14 %   INSEE (b)   Jun-2016   Jun-2019
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     174,261       1,007       1.12 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Crepy en Valois, FR   Warehouse/Distribution   Retail Trade   Europe     152,365       919       1.02 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     126,925       733       0.82 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Nîmes, FR   Warehouse/Distribution   Retail Trade   Europe     134,937       678       0.76 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Ploufragan, FR   Warehouse/Distribution   Retail Trade   Europe     122,591       631       0.70 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Crepy en Valois, FR   Warehouse/Distribution   Retail Trade   Europe     101,248       610       0.68 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Thuit Hebert, FR   Warehouse/Distribution   Retail Trade   Europe     107,958       542       0.60 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Cholet, FR   Warehouse/Distribution   Retail Trade   Europe     99,261       511       0.57 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     60,292       348       0.39 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Thuit Hebert, FR   Warehouse/Distribution   Retail Trade   Europe     68,476       344       0.38 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     7,524       44       0.05 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     4,349       25       0.03 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     2,899       17       0.02 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     2,598       15       0.02 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Nîmes, FR   Warehouse/Distribution   Retail Trade   Europe     2,554       13       0.01 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Nîmes, FR   Warehouse/Distribution   Retail Trade   Europe     596       3       0.00 %   INSEE (b)   Jun-2015   Jun-2018
 
                                                     
Carrefour France, SAS Total
                            1,346,620       7,464       8.32 %            
 
                                                           
The American Bottling Company
    100 %   Irving, TX   Industrial   Beverages, Food, and Tobacco   South     459,497       2,969       3.31 %   CPI   Jul-2014   Jul-2029
The American Bottling Company
    100 %   Houston, TX   Industrial   Beverages, Food, and Tobacco   South     262,450       1,926       2.15 %   CPI   Jul-2014   Jul-2029
 
                                                     
The American Bottling Company Total
                            721,947       4,895       5.45 %            
 
                                                           
The New York Times Company
    18 %   New York, NY   Office   Media: Printing and Publishing   East     126,420       4,358       4.86 %   Fixed   Mar-2024   Mar-2044
 
                                                           
JP Morgan Chase Bank, N.A.
    100 %   Fort Worth, TX   Office   Banking   South     384,246       3,862       4.30 %   None   Feb-2030   Feb-2050
 
                                                           
Orbital Sciences Corporation
    100 %   Chandler, AZ   Industrial   Aerospace and Defense   West     355,307       3,307       3.68 %   CPI   Sep-2019   Sep-2029
 
                                                           
US Airways Group, Inc.
    75 %   Tempe, AZ   Office   Transportation - Personal   West     167,890       3,297       3.67 %   CPI   Apr-2014   Nov-2029
 
                                                           
Bouygues Telecom, S.A.(a)
    75 %   Illkirch-Graffenstaden, France   Office   Telecommunications   Europe     80,126       2,323       2.59 %   INSEE (b)   Feb-2013   Feb-2013
Bouygues Telecom, S.A.(a)
    95 %   Tours, France   Office   Telecommunications   Europe     66,413       916       1.02 %   INSEE (b)   Sep-2012   Sep-2012
 
                                                     
Bouygues Telecom, S.A. Total
                            146,539       3,239       3.61 %            
 
                                                           
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.80 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.80 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.80 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.80 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    100 %   Corpus Christi, TX   Warehouse/Distribution   Transportation - Cargo   South     30,212       213       0.24 %   Fixed   May-2012   May-2017
Federal Express Corporation
    100 %   College Station, TX   Warehouse/Distribution   Transportation - Cargo   South     12,080       70       0.08 %   Fixed   Apr-2012   Apr-2017
 
                                                     
Federal Express Corporation Total
                            198,444       3,151       3.51 %            
 
                                                           
The Titan Corporation
    100 %   San Diego, CA   Office   Electronics   West     166,403       3,055       3.40 %   CPI   Jul-2012   Jul-2017
 
                                                           
Medica France S.A. (a)
    46 %   Paris, France   Other   Healthcare, Education and Childcare   Europe     24,770       607       0.68 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Sarcelles, France   Other   Healthcare, Education and Childcare   Europe     34,620       607       0.68 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Chatou, France   Other   Healthcare, Education and Childcare   Europe     24,666       379       0.42 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Poissy, France   Other   Healthcare, Education and Childcare   Europe     24,592       379       0.42 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Rosny sous Bois, France   Other   Healthcare, Education and Childcare   Europe     21,846       379       0.42 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Rueil Malmaison, France   Other   Healthcare, Education and Childcare   Europe     23,813       379       0.42 %   INSEE (b)   Sep-2021   Sep-2030
 
                                                     
Medica France S.A. Total
                            154,306       2,730       3.04 %            
 
                                                           
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     50,063       993       1.11 %   CPI   Dec-2015   Dec-2030
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     34,150       843       0.94 %   CPI   Dec-2015   Dec-2030
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     26,125       636       0.71 %   CPI   Dec-2015   Dec-2030
CheckFree Corporation
    50 %   Norcross, GA   Land   Business and Commercial Services   South     1       80       0.09 %   CPI   Dec-2015   Dec-2030
 
                                                     
CheckFree Corporation Total
                            110,338       2,552       2.84 %            
 
                                                           
Schuler AG (a)
    33 %   Göppingen, Germany   Industrial   Machinery   Europe     246,355       2,250       2.51 %   CPI   Oct-2027   Oct-2047
 
                                                           
AutoZone, Inc.
    100 %   San Antonio, TX   Retail   Retail Trade   South     5,400       56       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Albuquerque, NM   Retail   Retail Trade   West     5,400       55       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Jacksonville, FL   Retail   Retail Trade   South     5,400       54       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Houston, TX   Retail   Retail Trade   South     5,400       54       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Gastonia, NC   Retail   Retail Trade   East     5,400       52       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Corpus Christi, TX   Retail   Retail Trade   South     6,600       52       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Statesville, NC   Retail   Retail Trade   East     5,400       51       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Lenoir, NC   Retail   Retail Trade   East     5,400       51       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Corpus Christi, TX   Retail   Retail Trade   South     6,480       51       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Victoria, TX   Retail   Retail Trade   South     6,480       51       0.06 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Macon, GA   Retail   Retail Trade   East     5,400       50       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Lexington, SC   Retail   Retail Trade   South     5,400       50       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   St. Peters, MO   Retail   Retail Trade   Midwest     5,400       49       0.05 %   Fixed   Aug-2012   Aug-2037

 

23


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata basis)
December 31, 2010
                                                             
    Percent                     Square     Annualized Rent     Percentage of              
Tenant/Lease Guarantor   Ownership     Property Location   Property Type   Tenant Industry   Region   Footage(e)     (in thousands)     Total Rent(e)     Increase Factor   Lease Expiration   Maximum Term
AutoZone, Inc.
    100 %   St. Peters, MO   Retail   Retail Trade   Midwest     6,660       49       0.05 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Jacksonville, FL   Retail   Retail Trade   South     5,400       48       0.05 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Decatur, AL   Retail   Retail Trade   South     5,400       45       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Phenix City, AL   Retail   Retail Trade   South     5,400       45       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Mobile, AL   Retail   Retail Trade   South     5,400       45       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Alton, IL   Retail   Retail Trade   Midwest     5,400       45       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Belleville, IL   Retail   Retail Trade   Midwest     5,400       45       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Breckenridge, MO   Retail   Retail Trade   Midwest     5,400       44       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Chickasaw, AL   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Montgomery, AL   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Columbus, GA   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Albany, GA   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   West Monroe, LA   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Baton Rouge, LA   Retail   Retail Trade   South     5,400       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Lake Charles, LA   Retail   Retail Trade   South     6,480       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Lake Charles, LA   Retail   Retail Trade   Midwest     6,480       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Maplewood, MO   Retail   Retail Trade   Midwest     6,480       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Overland, MO   Retail   Retail Trade   South     6,480       43       0.05 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Charlotte, NC   Retail   Retail Trade   East     5,400       42       0.05 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   San Antonio, TX   Retail   Retail Trade   South     5,400       42       0.05 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Farmington, NM   Retail   Retail Trade   West     5,400       42       0.05 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Brunswick, GA   Retail   Retail Trade   South     5,400       40       0.04 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Hammond, LA   Retail   Retail Trade   South     6,480       40       0.04 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Waco, TX   Retail   Retail Trade   South     4,800       38       0.04 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Collinsville, IL   Retail   Retail Trade   Midwest     5,400       36       0.04 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Wood River, IL   Retail   Retail Trade   Midwest     5,400       36       0.04 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   St. Louis, MO   Retail   Retail Trade   Midwest     5,400       36       0.04 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Panama City, FL   Retail   Retail Trade   South     5,401       35       0.04 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Jacksonville, FL   Retail   Retail Trade   South     5,000       35       0.04 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Augusta, GA   Retail   Retail Trade   South     5,400       34       0.04 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Bessemer, AL   Retail   Retail Trade   South     5,400       32       0.04 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Shelby, NC   Retail   Retail Trade   South     6,660       31       0.03 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Austin, TX   Retail   Retail Trade   South     4,000       31       0.03 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Nederland, TX   Retail   Retail Trade   South     4,000       31       0.03 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   West Orange, TX   Retail   Retail Trade   East     4,000       31       0.03 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Kannapolis, NC   Retail   Retail Trade   East     6,408       24       0.03 %   Fixed   Oct-2015   Oct-2025
AutoZone, Inc.
    100 %   Baton Rouge, LA   Retail   Retail Trade   South     5,401       23       0.03 %   Fixed   Apr-2014   Apr-2019
AutoZone, Inc.
    100 %   Knoxville, TN   Retail   Retail Trade   South     6,660       23       0.03 %   Fixed   May-2014   May-2024
AutoZone, Inc.
    100 %   Baton Rouge, LA   Retail   Retail Trade   South     6,600       22       0.02 %   Fixed   Mar-2014   Mar-2024
AutoZone, Inc.
    100 %   East Ridge, TN   Retail   Retail Trade   South     6,480       21       0.02 %   Fixed   Oct-2013   Oct-2023
AutoZone, Inc.
    100 %   Morgantown, NC   Retail   Retail Trade   East     5,400       20       0.02 %   Fixed   Oct-2015   Aug-2019
 
                                                     
AutoZone, Inc. Total
                            302,230       2,217       2.47 %            
 
                                                           
Brown Institute, Ltd.
    100 %   Mendota Heights, MN   Other   Healthcare, Education and Childcare   Midwest     136,400       2,069       2.31 %   Fixed   May-2011   May-2019
 
                                                           
Sybron Dental Specialties, Inc.
    100 %   Romulus, MI   Industrial   Healthcare, Education and Childcare   Midwest     220,000       1,454       1.62 %   CPI   Dec-2018   Dec-2043
Sybron Dental Specialties, Inc.
    100 %   Glendora, CA   Office   Healthcare, Education and Childcare   West     25,000       555       0.62 %   CPI   Dec-2018   Dec-2043
 
                                                     
Sybron Dental Specialties, Inc. Total
                            245,000       2,009       2.24 %            
 
                                                           
Unisource Worldwide, Inc.
    100 %   Commerce, CA   Warehouse/Distribution   Forest Products and Paper   West     411,561       1,564       1.74 %   Fixed   Apr-2020   Apr-2030
Unisource Worldwide, Inc.
    100 %   Anchorage, AK   Warehouse/Distribution   Forest Products and Paper   West     44,712       362       0.40 %   Fixed   Dec-2014   Dec-2029
 
                                                     
Unisource Worldwide, Inc. Total
                            456,273       1,926       2.15 %            
 
                                                           
Amylin Pharmaceuticals, Inc.
    50 %   San Diego, CA   Office   Business and Commercial Services   West     35,951       910       1.01 %   Fixed   Jul-2019   Jul-2029
Amylin Pharmaceuticals, Inc.
    50 %   San Diego, CA   Industrial   Business and Commercial Services   West     36,204       910       1.01 %   Fixed   Jul-2019   Jul-2029
 
                                                     
Amylin Pharmaceuticals, Inc. Total
                            72,155       1,820       2.03 %            
 
                                                           
LIVHO, Inc.
    100 %   Livonia, MI   Hospitality   Hotels and Gaming   Midwest     158,000       1,800       2.01 %   Fixed   Jan-2012   Jan-2012

 

24


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata basis)
December 31, 2010
                                                             
    Percent                       Square     Annualized Rent   Percentage of              
Tenant/Lease Guarantor   Ownership     Property Location   Property Type   Tenant Industry   Region   Footage(e)     (in thousands)     Total Rent(e)     Increase Factor   Lease Expiration   Maximum Term
Eroski Sociedad Cooperativa
    70 %   Mallorca, Spain   Warehouse/Distribution   Retail Trade   Europe     138,383       1,674       1.87 %   3% or CPI   Jun-2030   Jun-2045
BE Aerospace, Inc.
    100 %   Lenexa, KS   Industrial   Aerospace and Defense   Midwest     130,094       666       0.74 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Warehouse/Distribution   Aerospace and Defense   East     90,800       268       0.30 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Industrial   Aerospace and Defense   East     74,026       218       0.24 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Industrial   Aerospace and Defense   East     50,200       148       0.16 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Office   Aerospace and Defense   East     43,788       129       0.14 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Dallas, TX   Industrial   Aerospace and Defense   South     22,680       127       0.14 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Industrial   Aerospace and Defense   East     15,402       45       0.05 %   Fixed   Sep-2017   Sep-2037
 
                                                     
BE Aerospace, Inc. Total
                            426,990       1,601       1.78 %            
 
                                                           
Cleo, Inc.
    100 %   Memphis, TN   Warehouse/Distribution   Forest Products and Paper   South     614,274       958       1.07 %   CPI   Dec-2011   Dec-2011
Cleo, Inc.
    100 %   Memphis, TN   Warehouse/Distribution   Forest Products and Paper   South     391,896       612       0.68 %   CPI   Dec-2011   Dec-2011
 
                                                     
Cleo, Inc. Total
                            1,006,170       1,570       1.75 %            
 
                                                           
Lowe’s Home Improvement Warehouse
    100 %   Bellevue, WA   Retail   Retail Trade   West     143,352       1,539       1.71 %   CPI   Aug-2018   Aug-2018
 
                                                           
Information Resources, Inc.
    33 %   Chicago, IL   Office   Business and Commercial Services   Midwest     53,195       957       1.07 %   CPI   Mar-2021   Mar-2021
Information Resources, Inc.
    33 %   Chicago, IL   Office   Business and Commercial Services   Midwest     30,797       554       0.62 %   CPI   Feb-2011   Oct-2023
 
                                                     
Information Resources, Inc. Total
                            83,992       1,511       1.68 %            
 
                                                           
World Color Printing (USA) Corp.
    100 %   Doraville, GA   Industrial   Media: Printing and Publishing   South     432,559       1,501       1.67 %   CPI   Dec-2017   Dec-2042
 
                                                           
Sprint Spectrum Realty Company, L.P.
    100 %   Rio Rancho, NM   Office   Telecommunications   West     94,730       1,425       1.59 %   Fixed   May-2016   May-2021
 
                                                           
AT&T Corporation
    100 %   Bridgeton, MO   Industrial   Telecommunications   Midwest     85,510       1,360       1.52 %   Fixed   Sep-2011   Jun-2021
 
                                                           
Hologic, Inc.
    36 %   Bedford, MA   Industrial   Electronics   East     74,520       1,035       1.15 %   CPI   Aug-2022   Aug-2042
Hologic, Inc.
    36 %   Danbury, CT   Industrial   Electronics   East     22,335       235       0.26 %   CPI   Aug-2022   Aug-2042
 
                                                     
Hologic, Inc. Total
                            96,855       1,270       1.42 %            
 
                                                           
Lockheed Martin Corporation
    100 %   King of Prussia, PA   Office   Business and Commercial Services   East     88,578       864       0.96 %   Fixed   Jul-2013   Jul-2023
Lockheed Martin Corporation
    100 %   Webster, TX   Industrial   Business and Commercial Services   South     30,176       309       0.34 %   Fixed   Oct-2011   Jul-2021
Lockheed Martin Corporation
    100 %   Webster, TX   Warehouse/Distribution   Business and Commercial Services   South     8,921       91       0.10 %   Fixed   Dec-2011   Dec-2011
 
                                                     
Lockheed Martin Corporation Total
                            127,675       1,264       1.41 %            
 
                                                           
United States Postal Service
    100 %   Bloomingdale, IL   Office   Federal, State and Local Government   Midwest     60,000       1,170       1.30 %   Fixed   Apr-2016   Apr-2016
Anthony’s Manufacturing Company, Inc.
    100 %   San Fernando, CA   Industrial   Consumer and Durable Goods   West     95,420       606       0.68 %   CPI   May-2012   May-2012
Anthony’s Manufacturing Company, Inc.
    100 %   San Fernando, CA   Industrial   Consumer and Durable Goods   West     40,285       256       0.29 %   CPI   May-2012   May-2012
Anthony’s Manufacturing Company, Inc.
    100 %   San Fernando, CA   Industrial   Consumer and Durable Goods   West     39,920       254       0.28 %   CPI   May-2012   May-2012
Anthony’s Manufacturing Company, Inc.
    100 %   San Fernando, CA   Industrial   Consumer and Durable Goods   West     7,220       46       0.05 %   CPI   May-2012   May-2012
 
                                                     
Anthony’s Manufacturing Company, Inc. Total
                            182,845       1,162       1.29 %            
 
                                                           
Fiskars Brands, Inc.
    100 %   Apopka, FL   Industrial   Chemicals, Plastics, Rubber, and Glass   South     260,160       1,081       1.20 %   Fixed   Mar-2015   Mar-2015
Fiskars Brands, Inc.
    100 %   Apopka, FL   Industrial   Chemicals, Plastics, Rubber, and Glass   South     109,377       69       0.08 %   Fixed   Mar-2015   Mar-2015
 
                                                     
Fiskars Brands, Inc. Total
                            369,537       1,150       1.28 %            
 
                                                           
The United States Playing Card Company
    100 %   Erlanger, KY   Warehouse/Distribution   Media: Printing and Publishing   East     409,600       836       0.93 %   Fixed   Jun-2017   Jun-2020
The United States Playing Card Company
    100 %   Erlanger, KY   Warehouse/Distribution   Consumer and Durable Goods   East     162,604       301       0.34 %   Fixed   Jun-2017   Jun-2020
 
                                                     
The United States Playing Card Company Total
                            572,204       1,137       1.27 %            
 
                                                           
OBI Group (a)
    100 %   Wroclaw, Poland   Retail   Retail Trade   Europe     113,559       969       1.08 %   CPI   Dec-2025   Dec-2040
 
                                                           
Consolidated Systems, Inc.
    60 %   Columbia, SC   Industrial   Mining, Metals, and Primary Metal Industries   East     294,249       823       0.92 %   Fixed   Oct-2026   Oct-2046
Consolidated Systems, Inc.
    60 %   Columbia, SC   Office   Mining, Metals, and Primary Metal Industries   East     24,459       68       0.08 %   Fixed   Oct-2026   Oct-2046
Consolidated Systems, Inc.
    60 %   Columbia, SC   Warehouse/Distribution   Mining, Metals, and Primary Metal Industries   East     13,792       39       0.04 %   Fixed   Oct-2026   Oct-2046
Consolidated Systems, Inc.
    60 %   Columbia, SC   Warehouse/Distribution   Mining, Metals, and Primary Metal Industries   East     6,266       18       0.02 %   Fixed   Oct-2026   Oct-2046
 
                                                     
Consolidated Systems, Inc. Total
                            338,766       948       1.06 %            
 
                                                           
24 Hour Fitness USA, Inc.
    100 %   Austin, TX   Other   Leisure, Amusement, Entertainment   South     43,935       927       1.03 %   CPI   Jun-2017   Jun-2037
 
                                                           
Sports Wholesale, Inc.
    100 %   Birmingham, AL   Warehouse/Distribution   Retail Trade   South     219,312       924       1.03 %   CPI   Dec-2014   Dec-2029
 
                                                           
NVR, Inc.
    100 %   Thurmont, MD   Industrial   Construction and Building   East     150,468       735       0.82 %   CPI   Apr-2014   Apr-2039
NVR, Inc.
    100 %   Farmington, NY   Industrial   Construction and Building   East     29,273       143       0.16 %   CPI   Apr-2014   Apr-2039
 
                                                     
NVR, Inc. Total
                            179,741       878       0.98 %            
 
                                                           
Swat-Fame, Inc.
    100 %   City of Industry, CA   Industrial   Textiles, Leather, and Apparel   West     233,205       851       0.95 %   CPI   Jun-2020   Jun-2020
 
                                                           
Juniper Networks, Inc.
    100 %   Sunnyvale, CA   Industrial   Electronics   West     50,311       646       0.72 %   Fixed   Nov-2011   Nov-2021
 
                                                           
BellSouth Telecommunications, Inc.
    100 %   Fort Lauderdale, FL   Warehouse/Distribution   Telecommunications   South     80,450       613       0.68 %   Fixed   Jun-2016   Jun-2021
 
                                                           
Childtime Childcare, Inc.
    34 %   Alhambra, CA   Other   Healthcare, Education and Childcare   West     2,262       58       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Tustin, CA   Other   Healthcare, Education and Childcare   West     2,264       57       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Canton, MI   Other   Healthcare, Education and Childcare   Midwest     2,311       52       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Chino, CA   Other   Healthcare, Education and Childcare   West     2,166       50       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Carrollton, TX   Other   Healthcare, Education and Childcare   South     2,438       50       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Duncanville, TX   Other   Healthcare, Education and Childcare   South     2,438       50       0.06 %   CPI   Jan-2016   Jan-2041

 

25


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata basis)
December 31, 2010
                                                             
    Percent                     Square     Annualized Rent     Percentage of              
Tenant/Lease Guarantor   Ownership     Property Location   Property Type   Tenant Industry   Region   Footage(e)     (in thousands)     Total Rent(e)     Increase Factor   Lease Expiration   Maximum Term
Childtime Childcare, Inc.
    34 %   Lewisville, TX   Other   Healthcare, Education and Childcare   South     2,440       50       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Garden Grove, CA   Other   Healthcare, Education and Childcare   West     2,848       49       0.05 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Tucson, AZ   Other   Healthcare, Education and Childcare   West     2,165       40       0.04 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Chandler, AZ   Other   Healthcare, Education and Childcare   West     2,026       38       0.04 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Westland, MI   Other   Healthcare, Education and Childcare   Midwest     2,787       38       0.04 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Westland, MI   Other   Healthcare, Education and Childcare   Midwest     2,472       29       0.03 %   CPI   Jan-2016   Jan-2041
 
                                                     
Childtime Childcare, Inc. Total
                            28,617       561       0.63 %            
 
                                                           
United Stationers Supply Company
    100 %   San Antonio, TX   Warehouse/Distribution   Forest Products and Paper   South     63,098       252       0.28 %   CPI   Mar-2014   Mar-2017
United Stationers Supply Company
    100 %   New Orleans, LA   Warehouse/Distribution   Forest Products and Paper   South     59,560       238       0.27 %   CPI   Sep-2012   Sep-2012
 
                                                     
United Stationers Supply Company Total
                            122,658       490       0.55 %            
 
                                                           
Alstom Power
    100 %   Erlanger, KY   Warehouse/Distribution   Business and Commercial Services   East     197,400       485       0.54 %   Fixed   Jun-2017   Jun-2020
 
                                                           
Jada Toys, Inc.
    100 %   City of Industry, CA   Industrial   Consumer Non-durable Goods   West     92,595       485       0.54 %   Fixed   Apr-2012   Apr-2017
 
                                                           
Petrocon Engineering, Inc.
    100 %   Beaumont, TX   Office   Business and Commercial Services   South     34,300       317       0.35 %   Fixed   Dec-2011   Dec-2014
Petrocon Engineering, Inc.
    100 %   Beaumont, TX   Office   Business and Commercial Services   South     8,580       79       0.09 %   Fixed   Dec-2011   Dec-2014
 
                                                     
Petrocon Engineering, Inc. Total
                            42,880       396       0.44 %            
 
                                                           
Kmart Corporation
    100 %   Drayton Plains, MI   Retail   Retail Trade   Midwest     103,018       210       0.23 %   None   Mar-2016   Mar-2026
Kmart Corporation
    100 %   Citrus Heights, CA   Retail   Retail Trade   West     89,760       180       0.20 %   None   May-2016   May-2026
 
                                                     
Kmart Corporation Total
                            192,778       390       0.43 %            
 
                                                           
Pioneer Credit Recovery, Inc.
    100 %   Moorestown, NJ   Office   Business and Commercial Services   East     30,000       390       0.43 %   Fixed   Apr-2012   Apr-2018
 
                                                           
Faurecia Exhaust Systems
    100 %   Toledo, OH   Office   Automobile   Midwest     61,000       387       0.43 %   CPI   Nov-2022   Nov-2022
 
                                                           
Wal-Mart Stores, Inc.
    100 %   Greenfield, IN   Warehouse/Distribution   Retail Trade   Midwest     82,620       331       0.37 %   None   Jan-2020   Jan-2025
 
                                                           
S&ME, Inc.
    100 %   Raleigh, NC   Office   Business and Commercial Services   East     27,770       328       0.37 %   Fixed   Jul-2016   Jul-2026
 
                                                           
3E Trading LLC (c)
    100 %   West Mifflin, PA   Retail   Consumer Non-durable Goods   East     121,053       303       0.34 %   None   MTM   MTM
 
                                                           
Tubular Metal Systems
    100 %   Pinconning, MI   Industrial   Automobile   Midwest     220,588       298       0.33 %   CPI   Jul-2013   Dec-2022
 
                                                           
Qwest Communications, Inc.
    100 %   Scottsdale, AZ   Industrial   Telecommunications   West     2,900       178       0.20 %   Fixed   Feb-2012   Feb-2017
Qwest Communications, Inc.
    100 %   Scottsdale, AZ   Industrial   Telecommunications   West     1,560       96       0.11 %   Fixed   Feb-2012   Feb-2017
 
                                                     
Qwest Communications, Inc. Total
                            4,460       274       0.31 %            
 
                                                           
Penberthy, Inc.
    100 %   Prophetstown, IL   Industrial   Mining, Metals, and Primary Metal Industries   Midwest     161,878       269       0.30 %   CPI   Apr-2011   Apr-2026
 
                                                           
Deloro Satellite Company, Inc.
    100 %   Goshen, IN   Industrial   Mining, Metals, and Primary Metal Industries   Midwest     52,000       260       0.29 %   Fixed   Feb-2018   Feb-2023
 
                                                           
United Space Alliance, LLC
    100 %   Webster, TX   Warehouse/Distribution   Business and Commercial Services   South     43,937       253       0.28 %   None   Sep-2013   Sep-2013
 
                                                           
Fairpoint Communications, Inc.
    100 %   Milton, VT   Industrial   Telecommunications   East     30,624       221       0.25 %   Fixed   Feb-2013   Feb-2013
 
                                                           
Continental Airlines, Inc.
    100 %   Houston, TX   Warehouse/Distribution   Transportation - Personal   South     25,125       207       0.23 %   Fixed   Jul-2013   Jul-2013
 
                                                           
Multi-Tenant Building
    100 %   Broomfield, CO   Office   Various   West     50,968       203       0.23 %   Various   Various   Various
 
                                                           
Lincoln Technical Institute, Inc.
    100 %   Moorestown, NJ   Office   Healthcare, Education and Childcare   East     35,567       203       0.23 %   Fixed   Apr-2025   Apr-2025
 
                                                           
Xerox Corporation
    100 %   Hot Springs, AR   Retail   Machinery   South     36,850       190       0.21 %   Fixed   Mar-2014   Mar-2017
 
                                                           
Candle Lamp Company, LLC
    100 %   Memphis, TN   Warehouse/Distribution   Consumer Non-durable Goods   South     75,000       188       0.21 %   CPI   Mar-2014   Mar-2014
 
                                                           
Kenyon International Emergency Services
    100 %   Houston, TX   Warehouse/Distribution   Healthcare, Education and Childcare   South     17,725       96       0.11 %   None   Oct-2014   Oct-2019
 
                                                           
Raytheon Company
    100 %   Webster, TX   Industrial   Business and Commercial Services   South     9,138       89       0.10 %   Fixed   Jul-2011   Jul-2025
 
                                                           
Golder Associates Inc.
    100 %   Houston, TX   Office   Business and Commercial Services   South     8,066       28       0.03 %   Fixed   Oct-2017   Oct-2022
Golder Associates Inc.
    100 %   Houston, TX   Office   Business and Commercial Services   South     7,730       27       0.03 %   Fixed   Oct-2017   Oct-2022
 
                                                     
Golder Associates Inc. Total
                            15,796       55       0.06 %            
 
                                                           
Moran Foods, Inc.
    100 %   Montgomery, AL   Retail   Beverages, Food, and Tobacco   South     32,690       53       0.06 %   None   Sep-2017   Sep-2037
 
                                                           
Olmsted Kirk Paper Co.
    100 %   Beaumont, TX   Office   Forest Products and Paper   South     5,760       47       0.05 %   Fixed   Dec-2017   Dec-2022
 
                                                           
RGIS, LLC
    100 %   Bloomingdale, IL   Office   Business and Commercial Services   Midwest     2,550       46       0.05 %   Fixed   Nov-2011   Nov-2011
 
                                                           
SBH Holdings, LLC
    100 %   Houston, TX   Office   Healthcare, Education and Childcare   South     5,632       44       0.05 %   Fixed   Aug-2013   Aug-2016
 
                                                           
Cypress Creek Partners, LLC
    100 %   Little Rock, AR   Retail   Grocery   South     21,932       35       0.04 %   None   Mar-2017   Mar-2022
 
                                                           
Jerry Prater Trucking Incorporated
    100 %   Salisbury, NC   Industrial   Transportation - Cargo   East     13,284       28       0.03 %   Fixed   Sep-2011   Sep-2012
 
                                                           
Pittsburgh Institute of Aeronautics (c)
    100 %   West Mifflin, PA   Retail   Transportation - Personal   East     1       20       0.02 %   None   MTM   MTM

 

26


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata basis)
December 31, 2010
                                                             
    Percent                     Square     Annualized Rent     Percentage of              
Tenant/Lease Guarantor   Ownership     Property Location   Property Type   Tenant Industry   Region   Footage(e)     (in thousands)     Total Rent(e)     Increase Factor   Lease Expiration   Maximum Term
Florida Central Railroad Company
    100 %   Apopka, FL   Industrial   Transportation - Cargo   South     5,292       15       0.02 %   None   Mar-2020   Mar-2020
 
                                                           
Classic Cuisines Catering
    100 %   Bloomingdale, IL   Office   Hotels and Gaming   Midwest     1,000       10       0.01 %   None   Apr-2011   Apr-2011
 
                                                           
Action Buys Cars, Inc. (c)
    100 %   Montgomery, AL   Retail   Retail Trade   South     1       10       0.01 %   None   MTM   MTM
 
                                                           
Common Area Space (c)
    100 %   Bloomingdale, IL   Office   N/A   Midwest     14,084             0.00 %   None   MTM   MTM
Vacant
    100 %   Charlotte, NC   Industrial   N/A   East     437,500                 N/A   N/A   N/A
Vacant
    100 %   Salisbury, NC   Warehouse/Distribution   N/A   East     287,000                 N/A   N/A   N/A
Vacant
    100 %   Jacksonville, FL   Warehouse/Distribution   N/A   South     240,000                 N/A   N/A   N/A
 
                                                           
Vacant
    100 %   Webster, TX   Warehouse/Distribution & Industrial   N/A   South     108,206                 N/A   N/A   N/A
 
                                                           
Vacant
    100 %   Bridgeton, MO   Office   N/A   Midwest     78,080                 N/A   N/A   N/A
Vacant
    100 %   Venice, CA   Office   N/A   West     77,719                 N/A   N/A   N/A
Vacant
    95 %   Tours, France   Office   N/A   Europe     40,988                 N/A   N/A   N/A
Vacant
    100 %   Broomfield, CO   Office   N/A   West     61,769                 N/A   N/A   N/A
Vacant
    100 %   Bloomingdale, IL   Office   N/A   Midwest     38,366                 N/A   N/A   N/A
 
                                                           
Vacant
    100 %   Houston, TX   Warehouse/Distribution & Office   N/A   South     60,533                 N/A   N/A   N/A
 
                                                           
Vacant
    100 %   Brewton, AL   Retail   N/A   South     30,625                 N/A   N/A   N/A
 
                                                           
Vacant
    75 %   Illkirch-Graffenstaden, France   Office   N/A   Europe     27,092                 N/A   N/A   N/A
 
                                                           
Vacant
    100 %   Salisbury, NC   Office   N/A   East     10,681                 N/A   N/A   N/A
 
                                                     
 
                                                           
Vacant Total
                            1,498,559             -              
 
                                                           
Grand Total (d)
                            13,954,766     $ 89,751       100 %            
 
                                                     
     
(a)   Rents reflect a conversion rate of 1.3253 EUR/USD as of December 31, 2010.
 
(b)   INSEE construction index, an index published quarterly by the French Government.
 
(c)   Tenant is occupying property on a month-to-month (MTM) basis.
 
(d)   Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.
 
(e)   Numbers may not add due to rounding.

 

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