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8-K - FORM 8-K - W. P. Carey Inc.c16547e8vk.htm
Exhibit 99.1
(W.P CAREY LOGO)
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
As of March 31, 2011
(WPC LOGO)

 

 


 

Important Disclosures About this Supplemental Package
As used in this supplemental package, the terms “W. P. Carey,” “WPC LLC,” “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated. “GAAP” means generally accepted accounting principles in the United States. “CPA® REITs” means Corporate Property Associates 14 Incorporated (“CPA®:14”), Corporate Property Associates 15 Incorporated (“CPA®:15”), Corporate Property Associates 16 — Global Incorporated (“CPA®:16 — Global”) and Corporate Property Associates 17 — Global Incorporated (“CPA®:17 — Global”). The “REITs” means the CPA® REITs and Carey Watermark Investors Incorporated.
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 Securities and Exchange Commission, 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 March 31, 2011
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  
2011 Investment Activity
    13  
Portfolio Analysis — Rent Contribution and Historical Occupancy
    14  
Portfolio Diversification Analysis by Property Type
    15  
Portfolio Diversification Analysis by Tenant Industry
    16  
Portfolio Diversification Analysis by Geography
    17  
Portfolio Lease Maturity Analysis
    18  
Consolidated Balance Sheets
    19  
Consolidated Statements of Income
    20  
Consolidated Statements of Cash Flows
    21  
Detailed Property Summary
    22  

 

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W. P. CAREY & CO. LLC
Company Overview
March 31, 2011
         
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
       
Andrew T. DiZio
  Janney Montgomery Scott LLC    
                                         
    First Quarter     Fourth Quarter     Third Quarter     Second Quarter     First Quarter  
Stock Data (NYSE: WPC)   2011     2010     2010     2010     2010  
High Price
  $ 38.00     $ 33.97     $ 30.86     $ 31.00     $ 30.32  
Low Price
    29.75       28.83       26.49       26.61       24.69  
Closing Price
    35.70       31.29       28.95       27.64       29.38  
 
                                       
Distributions declared per share — annualized
  $ 2.05     $ 2.04     $ 2.03     $ 2.02     $ 2.02  
 
                                       
Distribution yield (annualized distribution / closing stock price)
    5.74 %     6.52 %     7.01 %     7.31 %     6.86 %
 
                                       
Shares outstanding at quarter end
    39,614,250       39,454,847       39,481,027       39,323,929       39,220,182  
 
                                       
Market value of outstanding shares at quarter end (in thousands)
  $ 1,414,229     $ 1,234,542     $ 1,142,976     $ 1,086,913     $ 1,152,289  

 

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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 EBITDA, 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
    March 31, 2011     December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010  
EBITDA
                                       
Investment management
  $ 21,359     $ 27,561     $ 10,296     $ 19,503     $ 12,526  
Real estate ownership
    19,513       14,173       19,837       20,407       16,186  
 
                             
Total
  $ 40,872     $ 41,734     $ 30,133     $ 39,910     $ 28,712  
 
                             
 
                                       
AFFO
                                       
Investment management
  $ 20,650     $ 18,194     $ 7,230     $ 15,346     $ 9,471  
Real estate ownership
    18,492       18,083       20,377       23,574       18,595  
 
                             
Total
  $ 39,142     $ 36,277     $ 27,607     $ 38,920     $ 28,066  
 
                             
 
                                       
EBITDA Per Share (Diluted)
                                       
Investment management
  $ 0.53     $ 0.69     $ 0.26     $ 0.49     $ 0.32  
Real estate ownership
    0.49       0.35       0.50       0.52       0.41  
 
                             
Total
  $ 1.02     $ 1.04     $ 0.76     $ 1.01     $ 0.73  
 
                             
 
                                       
AFFO Per Share (Diluted)
                                       
Investment management
  $ 0.51     $ 0.45     $ 0.18     $ 0.38     $ 0.24  
Real estate ownership
    0.46       0.45       0.51       0.60       0.47  
 
                             
Total
  $ 0.97     $ 0.90     $ 0.69     $ 0.98     $ 0.71  
 
                             
                 
    Three months ended March 31,  
    2011     2010  
Adjusted Cash Flow From Operating Activities
               
Adjusted cash flow
  $ 24,226     $ 27,675  
 
           
Adjusted cash flow per share (diluted)
  $ 0.60     $ 0.70  
 
           
 
Distributions declared per share
  $ 0.512     $ 0.504  
 
           
Payout ratio (distributions per share/adjusted cash flow per share)
               
 
    85 %     72 %
 
           

 

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

(in thousands, except share and per share amounts)
                                         
    Three months ended  
    March 31, 2011     December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010  
Investment Management
                                       
Net income from investment management attributable to W. P. Carey members (a)
  $ 13,177     $ 15,731     $ 6,095     $ 11,968     $ 7,780  
Adjustments:
                                       
Provision for income taxes
    7,380       10,667       3,045       6,373       3,575  
Depreciation and amortization
    802       1,163       1,156       1,162       1,171  
 
                             
EBITDA — investment management
  $ 21,359     $ 27,561     $ 10,296     $ 19,503     $ 12,526  
 
                             
EBITDA per share (diluted)
  $ 0.53     $ 0.69     $ 0.26     $ 0.49     $ 0.32  
 
                             
 
                                       
Real Estate Ownership
                                       
Net income from real estate ownership attributable to W. P. Carey members (a)
  $ 10,166     $ 4,050     $ 10,251     $ 11,464     $ 6,633  
Adjustments:
                                       
Interest expense
    4,440       4,460       4,298       3,765       3,711  
Provision for income taxes
    194       915       332       378       537  
Depreciation and amortization
    4,648       4,748       4,911       4,653       4,927  
Reconciling items attributable to discontinued operations
    65             45       147       378  
 
                             
EBITDA — real estate ownership
  $ 19,513     $ 14,173     $ 19,837     $ 20,407     $ 16,186  
 
                             
EBITDA per share (diluted)
  $ 0.49     $ 0.35     $ 0.50     $ 0.52     $ 0.41  
 
                             
 
                                       
Total Company
                                       
EBITDA
  $ 40,872     $ 41,734     $ 30,133     $ 39,910     $ 28,712  
 
                             
EBITDA per share (diluted)
  $ 1.02     $ 1.04     $ 0.76     $ 1.01     $ 0.73  
 
                             
Diluted weighted average shares outstanding
    40,242,706       40,104,715       39,717,931       39,510,231       39,495,845  
 
                             
     
(a)  
Effective January 1, 2011, we include our equity investments in the REITs in our real estate ownership segment. The equity income (loss) from the REITs that is now included in our real estate ownership segment represents our proportionate share of the revenue less expenses of the net-leased properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31, September 30, June 30 and March 31, 2010 have been adjusted to reflect this reclassification.
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  
    March 31, 2011     December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010  
Investment Management
                                       
Net income from investment management attributable to W. P. Carey members (a)
  $ 13,177     $ 15,731     $ 6,095     $ 11,968     $ 7,780  
Amortization, deferred taxes and other non-cash charges
    7,473       2,463       1,135       3,378       1,691  
 
                             
AFFO — investment management
  $ 20,650     $ 18,194     $ 7,230     $ 15,346     $ 9,471  
 
                             
AFFO per share (diluted)
  $ 0.51     $ 0.45     $ 0.18     $ 0.38     $ 0.24  
 
                             
 
                                       
Real Estate Ownership
                                       
Net income from real estate ownership attributable to W. P. Carey members (a)
  $ 10,166     $ 4,050     $ 10,251     $ 11,464     $ 6,633  
Gain on sale of real estate, net
    (781 )                 (56 )     (404 )
Other gains (losses), net
          (755 )                  
Depreciation, amortization and other non-cash charges
    3,840       4,551       3,527       4,604       5,405  
Straight-line and other rent adjustments
    (417 )     128       148       99       (80 )
Impairment charges
          6,763       481       985       7,152  
AFFO from equity investments
    5,794       3,503       6,042       6,692       57  
Noncontrolling interests’ share of AFFO
    (110 )     (157 )     (72 )     (214 )     (168 )
 
                             
AFFO — real estate ownership
  $ 18,492     $ 18,083     $ 20,377     $ 23,574     $ 18,595  
 
                             
AFFO per share (diluted)
  $ 0.46     $ 0.45     $ 0.51     $ 0.60     $ 0.47  
 
                             
 
                                       
Total Company
                                       
AFFO
  $ 39,142     $ 36,277     $ 27,607     $ 38,920     $ 28,066  
 
                             
AFFO per share (diluted)
  $ 0.97     $ 0.90     $ 0.69     $ 0.98     $ 0.71  
 
                             
Diluted weighted average shares outstanding
    40,242,706       40,104,715       39,717,931       39,510,231       39,495,845  
 
                             
     
(a)  
Effective January 1, 2011, we include our equity investments in the REITs in our real estate ownership segment. The equity income (loss) from the REITs that is now included in our real estate ownership segment represents our proportionate share of the revenue less expenses of the net-leased properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31, September 30, June 30 and March 31, 2010 have been adjusted to reflect this reclassification.
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 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 real estate companies 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.

 

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

(in thousands, except share and per share amounts)
                 
    Three months ended March 31,  
    2011     2010  
Cash flow from operating activities
  $ 6,686     $ 13,623  
Adjustments:
               
Distributions received from equity investments in real estate in excess of equity income (a)
    1,888       1,881  
Distributions paid to noncontrolling interests, net (b)
    (815 )     (177 )
Changes in working capital (c)
    16,467       12,348  
 
           
Adjusted cash flow from operating activities
  $ 24,226     $ 27,675  
 
           
Adjusted cash flow per share (diluted)
  $ 0.60     $ 0.70  
 
           
 
               
Distributions declared per share
  $ 0.512     $ 0.504  
 
           
Payout ratio (distributions per share/adjusted cash flow per share)
    85 %     72 %
 
           
Diluted weighted average shares outstanding
    40,242,706       39,495,845  
 
           
     
(a)  
We take a substantial portion of our asset management revenue in shares of the CPA® REITs. 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.
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.

 

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

(in thousands)
                                                                                 
    Three months ended  
    March 31, 2011     December 31, 2010     September 30, 2010     June 30, 2010     March 31, 2010  
    Revenue     %     Revenue     %     Revenue     %     Revenue     %     Revenue     %  
 
Asset management revenues
  $ 19,820       31 %   $ 19,127       28 %   $ 19,219       41 %   $ 19,080       33 %   $ 18,820       36 %
Pro rata net lease revenues
    27,453       44 %     26,739       38 %     26,828       57 %     26,645       45 %     26,654       51 %
 
                                                           
 
    47,273       75 %     45,866       66 %     46,047       98 %     45,725       78 %     45,474       87 %
 
                                                           
 
                                                                               
Structuring revenue (a)
    15,945       25 %     23,881       34 %     708       2 %     13,102       22 %     6,834       13 %
 
                                                           
Total Adjusted Revenue
  $ 63,218       100 %   $ 69,747       100 %   $ 46,755       100 %   $ 58,827       100 %   $ 52,308       100 %
 
                                                           
 
                                                                               
Reconciliation of Total Adjusted Revenue
                                                                               
Total revenue — as reported
  $ 77,532             $ 81,969             $ 58,954             $ 70,396             $ 63,091          
Less: Reimbursed costs from affiliates (b)
    (17,719 )             (13,713 )             (15,908 )             (15,354 )             (15,048 )        
Less: Wholesaling revenue (b)
    (3,280 )             (4,503 )             (2,260 )             (2,230 )             (2,103 )        
Add: Pro rata share of revenues from equity investments
    7,760               6,889               6,918               6,895               7,292          
Less: Pro rata share of revenues due to noncontrolling interests
    (1,075 )             (895 )             (949 )             (880 )             (924 )        
 
                                                                     
Total Adjusted Revenue
  $ 63,218             $ 69,747             $ 46,755             $ 58,827             $ 52,308          
 
                                                                     
 
                                                                               
Reconciliation of Total Pro Rata Net Lease Revenues
                                                                               
Lease revenues — as reported
  $ 15,460             $ 15,403             $ 16,203             $ 15,833             $ 16,465          
Add: Pro rata share of revenues from equity investments
    7,760               6,889               6,918               6,895               7,292          
Less: Pro rata share of revenues due to noncontrolling interests
    (1,075 )             (895 )             (949 )             (880 )             (924 )        
Add: Other real estate income (c)
    5,308               5,342               4,656               4,797               3,821          
 
                                                                     
Total Pro Rata Net Lease Revenues
  $ 27,453             $ 26,739             $ 26,828             $ 26,645             $ 26,654          
 
                                                                     
     
(a)  
We earn structuring revenue on acquisitions structured on behalf of the REITs we manage and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the REITs totaled approximately $345 million, $593 million, $13 million, $291 million and $149 million for the three months ended March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.
 
(b)  
Total adjusted revenue excludes reimbursements of costs received from the affiliated 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 Management LLC (“Carey Storage”), a subsidiary that invests in domestic self-storage properties, and Livho, Inc., 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 March 31, 2011

(in thousands)
         
Portfolio Debt Maturity  
Year of Maturity   Outstanding Balance  
2011
  $ 143,884 (a)
2012
    29,857  
2013
    1,156  
2014
    86,482  
2015
    49,647  
2016
    35,962  
2017
    36,103  
2018
    9,042  
2019
    25,230  
2020
    60,176  
2021
    5,849  
2022
     
2023
    5,025  
 
     
Total
  $ 488,413  
 
     
         
Fixed and Variable Rate Debt Analysis  
Non-Recourse Debt   Outstanding Balance  
Fixed
  $ 191,307  
Fixed — Future Rate Reset
    85,463  
Fixed — Capped
    14,354  
Variable — Capped
    22,188  
Fixed — Swap Agreement
    48,351  
Variable
    5,000  
 
     
 
    366,663  
 
     
 
       
Recourse Debt
Variable — Line of Credit
    121,750  
 
     
Total Debt
  $ 488,413  
 
     
(PERFORMANCE GRAPH)
     
(a)  
Amount includes outstanding recourse debt on the line of credit, which expires in June 2011. In March 2011, we notified the lender of our intention to renew this line. Subsequent to renewal, it expires in June 2012.

 

10


 

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata Basis)
As of March 31, 2011
(in thousands)
                             
        Current              
Tenant/Lease Guarantor / Percent Ownership   Rate Type   Interest Rate     Maturity Date   Outstanding Balance  
 
                           
Billipp Portfolio (a)
  Variable     1.51 %   May-2011   $ 5,000  
Career Education Corporation
  Fixed     7.58 %   Jun-2011     6,567  
24 Hour Fitness USA, Inc.
  Fixed     7.50 %   Aug-2011     2,751  
Sprint Spectrum, LP
  Fixed     7.64 %   Aug-2011     7,816  
Qwest Communications, Inc.
  Fixed     7.50 %   Jun-2012     1,336  
AutoZone, Inc. — Series C
  Fixed     6.85 %   Aug-2012     319  
BE Aerospace, Inc.
  Fixed     6.11 %   Nov-2012     8,116  
Faurecia Exhaust Systems, Inc.
  Fixed     5.16 %   Nov-2012     2,364  
Anthony’s Manufacturing Company
  Fixed     5.11 %   Nov-2012     8,197  
Alstom Power, Inc. and Werner Co.
  Fixed     5.18 %   Dec-2012     9,525  
AutoZone, Inc. — Series D
  Fixed     6.85 %   Aug-2013     1,156  
US Airways Group, Inc. (75%)
  Fixed — Capped     4.23 %   Apr-2014     14,354  
The New York Times Company (17.75%)
  Variable — Capped     2.81 %   Sep-2014     22,188  
Carrefour France, SAS (46%) (b)
  Fixed — Future Rate Reset     5.55 %   Dec-2014     49,940  
Hibbett Sports
  Fixed — Swap     6.45 %   May-2015     4,651  
Lowe’s Home Improvement Warehouse
  Fixed     4.87 %   Sep-2015     8,722  
Bouygues Telecom, S.A. (Tours) (95%) (b)
  Fixed — Future Rate Reset     3.86 %   Oct-2015     6,292  
The American Bottling Company
  Fixed     5.13 %   Nov-2015     29,982  
CheckFree Holdings, Inc. (50%)
  Fixed     6.18 %   Jun-2016     14,519  
Self-Storage Facility — Bentonville, AR (40%)
  Fixed     6.41 %   Jul-2016     832  
Self-Storage Facility — Tallahassee, FL (40%)
  Fixed     6.05 %   Oct-2016     1,574  
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(b) (c)
  Fixed — Future Rate Reset     5.01 %   Oct-2016     12,243  
Consolidated Systems, Inc. (60%)
  Fixed     5.87 %   Nov-2016     6,794  
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%) (b)
  Fixed     5.49 %   Jan-2017     983  
Amylin Pharmaceuticals, Inc. (50%)
  Fixed     6.20 %   Jul-2017     17,547  
Medica France, S.A. (46%) (b)
  Fixed     5.63 %   Oct-2017     17,573  

 

11


 

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata Basis)
As of March 31, 2011
(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   $ 9,042  
Self-Storage Portfolio (40%) (c)
  Fixed — Future Rate Reset     7.03 %   Feb-2019/Mar-2019     12,110  
Orbital Sciences Corporation
  Fixed     7.75 %   Jul-2019     13,120  
JPMorgan Chase Bank, N.A.
  Fixed — Swap     5.47 %   Jul-2020     34,658  
Self-Storage Facilities — Chicago, IL (40%)
  Fixed — Future Rate Reset     6.25 %   Aug-2020     2,156  
Self-Storage Facility — Pensacola, FL
  Fixed — Future Rate Reset     6.25 %   Nov-2020     1,864  
Federal Express Corporation (40%)
  Fixed     5.48 %   Dec-2020     21,498  
Self-Storage Facility — Chicago, IL (40%)
  Fixed — Future Rate Reset     6.63 %   Jan-2021     858  
Information Resources, Inc. (33%)
  Fixed     5.92 %   Feb-2021     4,991  
Hologic, Inc. (36%)
  Fixed     6.40 %   May-2023     5,025  
 
                       
Total Non-Recourse Debt
        5.50 %(b)             366,663  
 
                       
 
                           
Unsecured Line of Credit (d)
  Variable     1.15 %   Jun-2011     121,750  
 
                       
 
                           
Total Debt
        4.42 %(b)           $ 488,413  
 
                       
 
     
(a)  
We anticipate refinancing this loan at the time of maturity for a term of three years, with two 1-year extension options.
 
(b)  
Debt balance calculated using an exchange rate of 1.4099 EUR/USD as of March 31, 2011.
 
(c)  
Reflects weighted average interest rate for the applicable debt.
 
(d)  
In March 2011, we notified the lender of our intention to renew this line. Subsequent to renewal, it expires in June 2012.

 

12


 

W. P. CAREY & CO. LLC
2011 Investment Activity
As of March 31, 2011

(in thousands, except square footage)
Investment Activity
Acquisitions — CPA® REITs
                                 
Portfolio(s)   Tenant/Lease Guarantor   Property Location(s)   Purchase Price     Closing Date   Property Type   Gross Square Footage  
 
CPA®:17 — Global
  Terminal Freezers, LLC   Oxnard & Watsonville, CA   $ 99,634     January-11   Warehouse/Distribution     866,525  
CPA®:15 (15%), CPA®:17 — Global (85%)
  C1000 Logistiek Vastgoed B.V.   various locations in The Netherlands     207,635     January-11   Warehouse/Distribution     2,046,858  
CPA®:17 — Global
  Harbor Freight Tools USA, Inc.   Dillion, SC     32,060     March-11   Warehouse/Distribution     1,010,859  
CPA®:17 — Global
  Dolgencorp, LLC (a)   Richwood, LA; Vass, NC & Hot Springs, VA     2,852     March-11   Retail   BTS
CPA®:17 — Global
  Curtiss-Wright Flow Control Service   Middleburg Heights, OH     2,586     March-11   Industrial     28,185  
 
                           
 
                               
Total Acquisitions
          $ 344,767               3,952,427  
 
                           
     
(a)   Acquisition includes a build-to-suit transaction. Gross square footage cannot be determined at this time.
Disposition Activity
Dispositions — CPA® REITs
                                 
                    Disposition          
Portfolio(s)   Tenant/Lease Guarantor   Property Location(s)   Gross Sale Price     Date   Property Type   Gross Square Footage  
 
CPA®:15
  Childtime Childcare, Inc.   Centreville, VA   $ 788     February-11   Other     6,360  
CPA®:15
  Childtime Childcare, Inc.   Century Oaks, VA     1,700     March-11   Other     6,360  
 
                           
 
                               
Total REIT Dispositions
            2,488               12,720  
 
                           
 
                               
Dispositions — Owned Portfolio
                               
WPC LLC
  AT&T Corp.   Bridgeton, MO     8,250     February-11   Industrial     85,510  
WPC LLC
  3E Trading LLC   West Mifflin, PA     1,032     February-11   Retail     121,054  
 
                           
 
                               
Total Owned Portfolio Dispositions
            9,282               206,564  
 
                           
 
                               
Total Dispositions
          $ 11,770               219,284  
 
                           
Foreclosure and Receivership Activity
                                 
            Outstanding                
Portfolio(s)   Tenant/Lease Guarantor   Property Location(s)   Mortgage Balance     Date   Event   Gross Square Footage  
CPA®:15
  Vacant   Port Huron & Shelby Township, MI   $ 6,143     February-11   Receivership     294,883  
CPA®:14
  Vacant   Duluth, GA     7,141     March-11   Foreclosure     221,374  
 
                           
 
                               
 
          $ 13,284               516,257  
 
                           

 

13


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata Basis)
As of March 31, 2011

(in thousands)
Portfolio Diversification by Annualized Contractual Minimum Base Rent
                 
    Annualized Contractual        
Top Ten Tenants/Lease Guarantors   Minimum Base Rent     Percent  
Carrefour France, SAS (a)
  $ 7,940       9 %
The American Bottling Company
    4,895       6 %
The New York Times Company
    4,358       5 %
JP Morgan Chase Bank, N.A.
    3,862       4 %
Orbital Sciences Corporation
    3,307       4 %
U.S. Airways Group, Inc.
    3,297       4 %
Federal Express Corporation
    3,152       4 %
L-3 Communications
    3,055       3 %
Medica France, S.A. (a)
    2,906       3 %
Bouygues Telecom, S.A. (France) (a)
    2,786       3 %
 
             
Total
  $ 39,558          
 
             
(LINE GRAPH)
     
(a)   Rent amounts are subject to fluctuations in foreign currency exchange rates.
 
(b)   Percentage of the portfolio’s total pro rata square footage that was subject to lease.

 

14


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata Basis)
As of March 31, 2011

(in thousands)
                 
Property Type   Square Footage     Percent  
Warehouse/Distribution
    5,144       38 %
Industrial
    4,833       35 %
Office
    2,337       17 %
Retail
    874       6 %
Other Properties (a)
    363       3 %
Hospitality
    158       1 %
 
           
Total (b)
    13,709       100 %
 
           
                 
    Annualized Contractual        
Property Type   Minimum Base Rent     Percent  
Office
  $ 31,087       35 %
Industrial
    24,698       28 %
Warehouse/Distribution
    18,370       21 %
Other Properties (a)
    6,543       8 %
Retail
    5,482       6 %
Hospitality
    2,100       2 %
 
           
Total (b)
  $ 88,280       100 %
 
           
(PIE CHART)
 
     
(a)   Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; and unoccupied land.
 
(b)   Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet.

 

15


 

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata Basis)
As of March 31, 2011

(in thousands)
                 
    Annualized Contractual        
Industry Type (a)   Minimum Base Rent     Percent  
Retail Trade
  $ 16,179       18 %
Business and Commercial Services
    8,826       10 %
Healthcare, Education and Childcare
    7,886       9 %
Media: Printing and Publishing
    6,714       8 %
Telecommunications
    5,320       6 %
Electronics
    4,971       6 %
Beverages, Food, and Tobacco
    4,949       6 %
Aerospace and Defense
    4,907       5 %
Banking
    3,862       4 %
Forest Products and Paper
    3,766       4 %
Transportation — Personal
    3,504       4 %
Transportation — Cargo
    3,180       4 %
Machinery
    2,584       3 %
Hotels and Gaming
    2,110       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 %
Leisure, Amusement, Entertainment
    927       1 %
Construction and Building
    878       1 %
Other (b)
    2,457       3 %
 
           
Total (c)
  $ 88,280       100 %
 
           
 
     
(a)   Based on the Moody’s Classification System and information provided by the tenant.
 
(b)   Includes revenue from tenants in the following industries: textiles, leather and apparel (1.0%), automobile (0.8%), consumer non-durable goods (0.8%), multi-tenant properties (0.2%) and grocery (0.04%).
 
(c)   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 Geography (Pro rata Basis)
As of March 31, 2011

(in thousands)
                 
Region   Square Footage     Percent  
United States
               
South
    4,719       35 %
East
    2,792       20 %
West
    2,339       17 %
Midwest
    1,669       12 %
 
           
 
    11,519       84 %
 
           
 
               
International
               
France
    1,692       12 %
Germany
    246       2 %
Spain
    138       1 %
Poland
    114       1 %
 
           
 
    2,190       16 %
 
           
Total (a)
    13,709       100 %
 
           
                 
    Annualized Contractual        
Region   Minimum Base Rent     Percent  
United States
               
South
  $ 25,061       28 %
West
    21,125       24 %
East
    12,247       14 %
Midwest
    10,604       12 %
 
           
 
    69,037       78 %
 
           
 
               
International
               
France
    14,020       16 %
Germany
    2,394       3 %
Spain
    1,780       2 %
Poland
    1,049       1 %
 
           
 
    19,243       22 %
 
           
Total (a)
  $ 88,280       100 %
 
           
(PIE CHART)
 
     
(a)   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 — Lease Maturities (Pro rata Basis)
As of March 31, 2011

(in thousands)
                 
    Annualized        
    Contractual        
Year of Lease   Minimum Base        
Expiration (a)   Rent     Percent  
2011 (b)
  $ 4,877       6 %
2012
    9,501       11 %
2013
    4,449       5 %
2014
    11,538       13 %
2015
    10,652       12 %
2016
    6,906       8 %
2017
    5,860       7 %
2018
    3,808       4 %
2019
    7,996       9 %
2020
    2,746       3 %
2021
    3,697       4 %
2022
    1,657       2 %
2023
          0 %
2024
    4,358       5 %
2025
    1,251       1 %
2026
    948       1 %
2027
    2,394       3 %
2028
          0 %
2029
          0 %
2030
    5,642       6 %
 
           
Total (c)
  $ 88,280       100 %
 
           
(BAR CHART)
Weighted Average Years to Maturity: 6.75
 
     
(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.

 

18


 

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

(in thousands, except share amounts)
                 
    March 31, 2011     December 31, 2010  
Assets
               
Investments in real estate:
               
Real estate, at cost
  $ 556,685     $ 560,592  
Operating real estate, at cost
    109,668       109,851  
Accumulated depreciation
    (124,780 )     (122,312 )
 
           
Net investments in properties
    541,573       548,131  
Net investment in direct financing leases
    76,336       76,550  
Equity investments in real estate and the REITs
    333,093       322,294  
 
           
Net investments in real estate
    951,002       946,975  
Cash and cash equivalents
    34,078       64,693  
Due from affiliates
    35,341       38,793  
Intangible assets and goodwill, net
    86,521       87,768  
Other assets, net
    37,260       34,097  
 
           
Total assets
  $ 1,144,202     $ 1,172,326  
 
           
 
               
Liabilities and Equity
               
Liabilities:
               
Non-recourse debt
  $ 250,997     $ 255,232  
Line of credit
    121,750       141,750  
Accounts payable, accrued expenses and other liabilities
    28,495       40,808  
Income taxes, net
    40,758       41,443  
Distributions payable
    20,233       20,073  
 
           
Total liabilities
    462,233       499,306  
 
           
Redeemable noncontrolling interest
    6,920       7,546  
 
           
Commitments and contingencies
               
Equity:
               
W. P. Carey members’ equity:
               
Listed shares, no par value, 100,000,000 shares authorized; 39,614,250 and 39,454,847 shares issued and outstanding, respectively
    764,310       763,734  
Distributions in excess of accumulated earnings
    (142,845 )     (145,769 )
Deferred compensation obligation
    10,511       10,511  
Accumulated other comprehensive income (loss)
    2,301       (3,463 )
 
           
Total W. P. Carey members’ equity
    634,277       625,013  
Noncontrolling interests
    40,772       40,461  
 
           
Total equity
    675,049       665,474  
 
           
Total liabilities and equity
  $ 1,144,202     $ 1,172,326  
 
           

 

19


 

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

(in thousands, except share and per share amounts)
                 
    Three months ended March 31,  
    2011     2010  
Revenues
               
Asset management revenue
  $ 19,820     $ 18,820  
Structuring revenue
    15,945       6,834  
Wholesaling revenue
    3,280       2,542  
Reimbursed costs from affiliates
    17,719       14,602  
Lease revenues
    15,460       15,691  
Other real estate income
    5,308       3,776  
 
           
 
    77,532       62,265  
 
           
Operating Expenses
               
General and administrative
    (21,323 )     (18,047 )
Reimbursable costs
    (17,719 )     (14,602 )
Depreciation and amortization
    (5,450 )     (6,098 )
Property expenses
    (3,155 )     (2,203 )
Other real estate expenses
    (2,557 )     (1,815 )
 
           
 
    (50,204 )     (42,765 )
 
           
Other Income and Expenses
               
Other interest income
    675       273  
Income from equity investments in real estate and the REITs
    6,216       9,142  
Other income and (expenses)
    481       (657 )
Interest expense
    (4,440 )     (3,711 )
 
           
 
    2,932       5,047  
 
           
Income from continuing operations before income taxes
    30,260       24,547  
Provision for income taxes
    (7,574 )     (4,112 )
 
           
Income from continuing operations
    22,686       20,435  
 
           
Discontinued Operations
               
Income from operations of discontinued properties
    149       615  
Gain on sale of real estate
    781       404  
Impairment charges
          (7,152 )
 
           
Income (loss) from discontinued operations
    930       (6,133 )
 
           
Net Income
    23,616       14,302  
Add: Net loss attributable to noncontrolling interests
    330       286  
Less: Net income attributable to redeemable noncontrolling interests
    (603 )     (175 )
 
           
Net Income Attributable to W. P. Carey Members
  $ 23,343     $ 14,413  
 
           
Basic Earnings Per Share
               
Income from continuing operations attributable to W. P. Carey members
  $ 0.56     $ 0.51  
Income (loss) from discontinued operations attributable to W. P. Carey members
    0.02       (0.15 )
 
           
Net income attributable to W. P. Carey members
  $ 0.58     $ 0.36  
 
           
Diluted Earnings Per Share
               
Income from continuing operations attributable to W. P. Carey members
  $ 0.56     $ 0.52  
Income (loss) from discontinued operations attributable to W. P. Carey members
    0.02       (0.16 )
 
           
Net income attributable to W. P. Carey members
  $ 0.58     $ 0.36  
 
           
Weighted Average Shares Outstanding
               
Basic
    39,738,207       39,088,114  
 
           
Diluted
    40,242,706       39,495,845  
 
           
Amounts Attributable to W. P. Carey Members
               
Income from continuing operations, net of tax
  $ 22,413     $ 20,546  
Income (loss) from discontinued operations, net of tax
    930       (6,133 )
 
           
Net income
  $ 23,343     $ 14,413  
 
           
Distributions Declared Per Share
  $ 0.512     $ 0.504  
 
           

 

20


 

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

(in thousands)
                 
    Three months ended March 31,  
    2011     2010  
Cash Flows — Operating Activities
               
Net income
  $ 23,616     $ 14,302  
Adjustments to net income:
               
Depreciation and amortization including intangible assets and deferred financing costs
    5,457       6,403  
Income from equity investments in real estate and the REITs in excess of distributions received
    265       (4,530 )
Straight-line rent and financing lease adjustments
    (373 )     251  
Gain on sale of real estate
    (781 )     (404 )
Allocation of loss to profit-sharing interest
          (171 )
Management income received in shares of affiliates
    (10,083 )     (8,532 )
Unrealized (gain) loss on foreign currency transactions and others
    (210 )     608  
Realized (gain) loss on foreign currency transactions and others
    (213 )     221  
Impairment charges
          7,152  
Stock-based compensation expense
    2,451       2,461  
Deferred acquisition revenue received
    11,103       14,851  
Increase in structuring revenue receivable
    (7,305 )     (3,244 )
Decrease in income taxes, net
    (1,956 )     (6,682 )
Net changes in other operating assets and liabilities
    (15,285 )     (9,063 )
 
           
Net cash provided by operating activities
    6,686       13,623  
 
           
Cash Flows — Investing Activities
               
Distributions received from equity investments in real estate and the REITs in excess of equity income
    2,795       5,556  
Capital contributions to equity investments
    (2,297 )      
Purchases of real estate and equity investments in real estate
          (47,583 )
Capital expenditures
    (880 )     (620 )
Proceeds from sale of real estate
    9,187       6,632  
Proceeds from sale of securities
    120        
Funds released from escrow
    (148 )     36,132  
Funds placed in escrow
    363        
 
           
Net cash provided by investing activities
    9,140       117  
 
           
Cash Flows — Financing Activities
               
Distributions paid
    (20,259 )     (32,482 )
Contributions from noncontrolling interests
    617       620  
Distributions to noncontrolling interests
    (1,425 )     (792 )
Scheduled payments of mortgage principal
    (7,294 )     (4,059 )
Proceeds from mortgage financing
    1,135        
Proceeds from line of credit
    90,000       51,500  
Prepayments of line of credit
    (110,000 )     (12,500 )
Payment of financing costs
    53       (195 )
Windfall tax benefits (provision) associated with stock-based compensation awards
    293       (523 )
 
           
Net cash (used in) provided by financing activities
    (46,880 )     1,569  
 
           
Change in Cash and Cash Equivalents During the Period
               
Effect of exchange rate changes on cash
    439       (663 )
 
           
Net (decrease) increase in cash and cash equivalents
    (30,615 )     14,646  
Cash and cash equivalents, beginning of period
    64,693       18,450  
 
           
Cash and cash equivalents, end of period
  $ 34,078     $ 33,096  
 
           

 

21


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of March 31, 2011
                                                             
                                    Annualized Contractual                    
                                    Minimum Base Rent (in     Percentage of Total              
Tenant/Lease Guarantor   Percent Ownership     Property Location   Property Type   Tenant Industry   Region   Square Footage(e)     thousands)     Rent(e)     Increase Factor   Lease Expiration   Maximum Term
Carrefour France, SAS (a)
    46 %   Nimes, FR   Warehouse/Distribution   Retail Trade   Europe     177,786     $ 1,089       1.23 %   INSEE (b)   Jun-2016   Jun-2019
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     174,261       1,071       1.21 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Crepy en Valois, FR   Warehouse/Distribution   Retail Trade   Europe     152,365       977       1.11 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     126,925       780       0.88 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Nîmes, FR   Warehouse/Distribution   Retail Trade   Europe     134,937       721       0.82 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Ploufragan, FR   Warehouse/Distribution   Retail Trade   Europe     122,591       672       0.76 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Crepy en Valois, FR   Warehouse/Distribution   Retail Trade   Europe     101,248       649       0.74 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Thuit Hebert, FR   Warehouse/Distribution   Retail Trade   Europe     107,958       577       0.65 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Cholet, FR   Warehouse/Distribution   Retail Trade   Europe     99,261       544       0.62 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     60,292       371       0.42 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Thuit Hebert, FR   Warehouse/Distribution   Retail Trade   Europe     68,476       366       0.41 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     7,524       46       0.05 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     4,349       27       0.03 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Colomiers, FR   Warehouse/Distribution   Retail Trade   Europe     2,899       18       0.02 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Lens, FR   Warehouse/Distribution   Retail Trade   Europe     2,598       16       0.02 %   INSEE (b)   Jun-2015   Jun-2018
Carrefour France, SAS (a)
    46 %   Nîmes, FR   Warehouse/Distribution   Retail Trade   Europe     2,554       14       0.02 %   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       7,941       9.00 %            
 
                                                           
The American Bottling Company
    100 %   Irving, TX   Industrial   Beverages, Food, and Tobacco   South     459,497       2,969       3.36 %   CPI   Jul-2014   Jul-2029
The American Bottling Company
    100 %   Houston, TX   Industrial   Beverages, Food, and Tobacco   South     262,450       1,926       2.18 %   CPI   Jul-2014   Jul-2029
 
                                                     
The American Bottling Company Total
                            721,947       4,895       5.54 %            
 
                                                           
The New York Times Company
    18 %   New York, NY   Office   Media: Printing and Publishing   East     126,420       4,358       4.94 %   Fixed   Mar-2024   Mar-2044
 
                                                           
JP Morgan Chase Bank, N.A.
    100 %   Fort Worth, TX   Office   Banking   South     384,246       3,862       4.37 %   None   Feb-2030   Feb-2050
 
                                                           
Orbital Sciences Corporation
    100 %   Chandler, AZ   Industrial   Aerospace and Defense   West     355,307       3,307       3.75 %   CPI   Sep-2019   Sep-2029
 
                                                           
US Airways Group, Inc.
    75 %   Tempe, AZ   Office   Transportation - Personal   West     167,890       3,297       3.73 %   CPI   Apr-2014   Nov-2029
 
                                                           
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.81 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.81 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.81 %   CPI   Aug-2019   Aug-2039
Federal Express Corporation
    40 %   Collierville, TN   Office   Transportation - Cargo   South     39,038       717       0.81 %   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       3.57 %            
 
                                                           
The Titan Corporation
    100 %   San Diego, CA   Office   Electronics   West     166,403       3,055       3.46 %   CPI   Jul-2012   Jul-2017
 
                                                           
Medica France S.A. (a)
    46 %   Paris, France   Other   Healthcare, Education and Childcare   Europe     24,770       646       0.73 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Sarcelles, France   Other   Healthcare, Education and Childcare   Europe     34,620       646       0.73 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Chatou, France   Other   Healthcare, Education and Childcare   Europe     24,666       404       0.46 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Poissy, France   Other   Healthcare, Education and Childcare   Europe     24,592       404       0.46 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Rosny sous Bois, France   Other   Healthcare, Education and Childcare   Europe     21,846       404       0.46 %   INSEE (b)   Sep-2021   Sep-2030
Medica France S.A. (a)
    46 %   Rueil Malmaison, France   Other   Healthcare, Education and Childcare   Europe     23,813       404       0.46 %   INSEE (b)   Sep-2021   Sep-2030
 
                                                     
Medica France S.A. Total
                            154,306       2,908       3.29 %            
 
                                                           
Bouygues Telecom, S.A.(a)
    75 %   Illkirch-Graffenstaden, France   Office   Telecommunications   Europe     45,454       1,811       2.05 %   INSEE (b)   Feb-2013   Feb-2013
Bouygues Telecom, S.A.(a)
    95 %   Tours, France   Office   Telecommunications   Europe     57,258       975       1.10 %   INSEE (b)   Sep-2012   Sep-2012
 
                                                     
Bouygues Telecom, S.A. Total
                            102,713       2,786       3.16 %            
 
                                                           
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     50,063       1,016       1.15 %   CPI   Dec-2015   Dec-2030
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     34,150       862       0.98 %   CPI   Dec-2015   Dec-2030
CheckFree Corporation
    50 %   Norcross, GA   Office   Business and Commercial Services   South     26,125       650       0.74 %   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       2,608       2.95 %            
 
                                                           
Schuler AG (a)
    33 %   Göppingen, Germany   Industrial   Machinery   Europe     246,355       2,394       2.71 %   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       53       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 %   Lexington, SC   Retail   Retail Trade   East     5,400       50       0.06 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Macon, GA   Retail   Retail Trade   South     5,400       50       0.06 %   None   Aug-2013   Aug-2038

 

22


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of March 31, 2011
                                                             
                                    Annualized Contractual                    
                                    Minimum Base Rent (in     Percentage of Total              
Tenant/Lease Guarantor   Percent Ownership     Property Location   Property Type   Tenant Industry   Region   Square Footage(e)     thousands)     Rent(e)     Increase Factor   Lease Expiration   Maximum Term
AutoZone, Inc.
    100 %   St. Peters, MO   Retail   Retail Trade   Midwest     5,400       49       0.06 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   St. Peters, MO   Retail   Retail Trade   Midwest     6,660       49       0.06 %   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 %   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   South     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   Midwest     6,480       43       0.05 %   None   Feb-2016   Feb-2026
AutoZone, Inc.
    100 %   Albany, GA   Retail   Retail Trade   South     5,400       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       41       0.05 %   None   Aug-2013   Aug-2038
AutoZone, Inc.
    100 %   Hammond, LA   Retail   Retail Trade   South     6,480       40       0.05 %   Fixed   Aug-2012   Aug-2037
AutoZone, Inc.
    100 %   Brunswick, GA   Retail   Retail Trade   South     5,400       40       0.05 %   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 %   Austin, TX   Retail   Retail Trade   South     4,000       31       0.04 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Nederland, TX   Retail   Retail Trade   South     4,000       31       0.04 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   West Orange, TX   Retail   Retail Trade   South     4,000       31       0.04 %   None   Jan-2016   Jan-2026
AutoZone, Inc.
    100 %   Shelby, NC   Retail   Retail Trade   East     6,660       31       0.04 %   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       19       0.02 %   Fixed   Oct-2015   Aug-2019
 
                                                     
AutoZone, Inc. Total
                            302,230       2,214       2.51 %            
 
                                                           
LIVHO, Inc.
    100 %   Livonia, MI   Hospitality   Hotels and Gaming   Midwest     158,000       2,100       2.38 %   Fixed   Jan-2012   Jan-2012
 
                                                           
Brown Institute, Ltd.
    100 %   Mendota Heights, MN   Other   Healthcare, Education and Childcare   Midwest     136,400       2,069       2.34 %   Fixed   Aug-2011   Aug-2011
 
                                                           
Sybron Dental Specialties, Inc.
    100 %   Romulus, MI   Industrial   Healthcare, Education and Childcare   Midwest     220,000       1,454       1.65 %   CPI   Dec-2018   Dec-2043
Sybron Dental Specialties, Inc.
    100 %   Glendora, CA   Office   Healthcare, Education and Childcare   West     25,000       555       0.63 %   CPI   Dec-2018   Dec-2043
 
                                                     
Sybron Dental Specialties, Inc. Total
                            245,000       2,009       2.28 %            
 
                                                           
Unisource Worldwide, Inc.
    100 %   Commerce, CA   Warehouse/Distribution   Forest Products and Paper   West     411,561       1,564       1.77 %   Fixed   Apr-2020   Apr-2030
Unisource Worldwide, Inc.
    100 %   Anchorage, AK   Warehouse/Distribution   Forest Products and Paper   West     44,712       362       0.41 %   Fixed   Dec-2014   Dec-2029
 
                                                     
Unisource Worldwide, Inc. Total
                            456,273       1,926       2.18 %            
 
                                                           
Amylin Pharmaceuticals, Inc.
    50 %   San Diego, CA   Office   Business and Commercial Services   West     35,951       910       1.03 %   Fixed   Jul-2019   Jul-2029
Amylin Pharmaceuticals, Inc.
    50 %   San Diego, CA   Industrial   Business and Commercial Services   West     36,204       910       1.03 %   Fixed   Jul-2019   Jul-2029
 
                                                     
Amylin Pharmaceuticals, Inc. Total
                            72,155       1,820       2.06 %            
 
                                                           
Eroski Sociedad Cooperativa
    70 %   Mallorca, Spain   Warehouse/Distribution   Retail Trade   Europe     138,383       1,780       2.02 %   3% or CPI   Jun-2030   Jun-2045

 

23


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of March 31, 2011
                                                             
                                    Annualized Contractual                    
                                    Minimum Base Rent (in     Percentage of Total              
Tenant/Lease Guarantor   Percent Ownership     Property Location   Property Type   Tenant Industry   Region   Square Footage(e)     thousands)     Rent(e)     Increase Factor   Lease Expiration   Maximum Term
BE Aerospace, Inc.
    100 %   Lenexa, KS   Industrial   Aerospace and Defense   Midwest     130,094       666       0.75 %   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       0.25 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Industrial   Aerospace and Defense   East     50,200       148       0.17 %   Fixed   Sep-2017   Sep-2037
BE Aerospace, Inc.
    100 %   Winston-Salem, NC   Office   Aerospace and Defense   East     43,788       129       0.15 %   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       1.81 %            
 
                                                           
Lowe’s Home Improvement Warehouse
    100 %   Bellevue, WA   Retail   Retail Trade   West     143,352       1,539       1.74 %   CPI   Aug-2018   Aug-2018
 
                                                           
World Color Printing (USA) Corp.
    100 %   Doraville, GA   Industrial   Media: Printing and Publishing   South     432,559       1,520       1.72 %   CPI   Dec-2017   Dec-2042
 
                                                           
Sprint Spectrum Realty Company, L.P.
    100 %   Rio Rancho, NM   Office   Telecommunications   West     94,730       1,425       1.61 %   Fixed   May-2016   May-2021
 
                                                           
Cleo, Inc.
    100 %   Memphis, TN   Warehouse/Distribution   Forest Products and Paper   South     614,274       891       1.01 %   CPI   Dec-2011   Dec-2011
Cleo, Inc.
    100 %   Memphis, TN   Warehouse/Distribution   Forest Products and Paper   South     391,896       411       0.47 %   CPI   Dec-2011   Dec-2011
 
                                                     
Cleo, Inc. Total
                            1,006,170       1,302       1.47 %            
 
                                                           
Hologic, Inc.
    36 %   Bedford, MA   Industrial   Electronics   East     74,520       1,035       1.17 %   CPI   Aug-2022   Aug-2042
Hologic, Inc.
    36 %   Danbury, CT   Industrial   Electronics   East     22,335       235       0.27 %   CPI   Aug-2022   Aug-2042
 
                                                     
Hologic, Inc. Total
                            96,855       1,270       1.44 %            
 
                                                           
United States Postal Service
    100 %   Bloomingdale, IL   Office   Federal, State and Local Government   Midwest     60,000       1,170       1.33 %   Fixed   Apr-2016   Apr-2016
 
                                                           
Anthony’s Manufacturing Company, Inc.
    100 %   San Fernando, CA   Industrial   Consumer and Durable Goods   West     95,420       606       0.69 %   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       0.29 %   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       1.32 %            
 
                                                           
Fiskars Brands, Inc.
    100 %   Apopka, FL   Industrial   Chemicals, Plastics, Rubber, and Glass   South     260,160       1,081       1.22 %   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       1.30 %            
 
                                                           
The United States Playing Card Company
    100 %   Erlanger, KY   Warehouse/Distribution   Media: Printing and Publishing   East     409,600       836       0.95 %   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       1.29 %            
OBI Group (a)
    100 %   Wroclaw, Poland   Retail   Retail Trade   Europe     113,559       1,049       1.19 %   CPI   Dec-2025   Dec-2040
Consolidated Systems, Inc.
    60 %   Columbia, SC   Industrial   Mining, Metals, and Primary Metal Industries   East     294,249       823       0.93 %   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
                            338,765       948       1.07 %            
 
                                                           
24 Hour Fitness USA, Inc.
    100 %   Austin, TX   Other   Leisure, Amusement, Entertainment   South     43,935       927       1.05 %   CPI   Jun-2017   Jun-2037
 
                                                           
Sports Wholesale, Inc.
    100 %   Birmingham, AL   Warehouse/Distribution   Retail Trade   South     219,312       924       1.05 %   CPI   Dec-2014   Dec-2029
 
                                                           
NVR, Inc.
    100 %   Thurmont, MD   Industrial   Construction and Building   East     150,468       735       0.83 %   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       0.99 %            
 
                                                           
The SI Organization, Inc.
    100 %   King of Prussia, PA   Office   Business and Commercial Services   East     88,578       864       0.98 %   Fixed   Jul-2013   Jul-2023
 
                                                           
Swat-Fame, Inc.
    100 %   City of Industry, CA   Industrial   Textiles, Leather, and Apparel   West     233,205       851       0.96 %   CPI   Jun-2020   Jun-2020
 
                                                           
SymphonyIRI Group, Inc.
    33 %   Chicago, IL   Office   Business and Commercial Services   Midwest     53,195       791       0.90 %   CPI   Jan-2021   Jan-2021
 
                                                           
Juniper Networks, Inc.
    100 %   Sunnyvale, CA   Industrial   Electronics   West     50,311       646       0.73 %   Fixed   Nov-2011   Nov-2021
 
                                                           
BellSouth Telecommunications, Inc.
    100 %   Fort Lauderdale, FL   Warehouse/Distribution   Telecommunications   South     80,450       613       0.69 %   Fixed   Jun-2016   Jun-2021
 
                                                           
Childtime Childcare, Inc.
    34 %   Alhambra, CA   Other   Healthcare, Education and Childcare   West     2,262       58       0.07 %   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
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       0.06 %   CPI   Jan-2016   Jan-2041
Childtime Childcare, Inc.
    34 %   Tucson, AZ   Other   Healthcare, Education and Childcare   West     2,165       40       0.05 %   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       0.64 %            

 

24


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of March 31, 2011
                                                             
                                    Annualized Contractual                    
                                    Minimum Base Rent (in     Percentage of Total              
Tenant/Lease Guarantor   Percent Ownership     Property Location   Property Type   Tenant Industry   Region   Square Footage(e)     thousands)     Rent(e)     Increase Factor   Lease Expiration   Maximum Term
United Stationers Supply Company
    100 %   San Antonio, TX   Warehouse/Distribution   Forest Products and Paper   South     63,098       252       0.29 %   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       0.56 %            
 
                                                           
Alstom Power
    100 %   Erlanger, KY   Warehouse/Distribution   Business and Commercial Services   East     197,400       485       0.55 %   Fixed   Jun-2017   Jun-2020
 
                                                           
Jada Toys, Inc.
    100 %   City of Industry, CA   Industrial   Consumer Non-durable Goods   West     92,595       485       0.55 %   Fixed   Apr-2012   Apr-2017
 
                                                           
Lockheed Martin Corporation
    100 %   Webster, TX   Industrial   Business and Commercial Services   South     30,176       309       0.35 %   Fixed   Oct-2011   Jul-2021
Lockheed Martin Corporation
    100 %   Webster, TX   Warehouse/Distribution   Business and Commercial Services   South     8,921       91       0.34 %   Fixed   Dec-2011   Dec-2011
Lockheed Martin Corporation
    100 %   Webster, TX   Industrial   Business and Commercial Services   South     48,207             0.00 %   Fixed   May-2018   May-2025
 
                                                     
Lockheed Martin Corporation Total
                            87,304       400       0.69 %            
 
                                                           
Kmart Corporation
    100 %   Drayton Plains, MI   Retail   Retail Trade   Midwest     103,018       210       0.24 %   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       0.44 %            
 
                                                           
Pioneer Credit Recovery, Inc.
    100 %   Moorestown, NJ   Office   Business and Commercial Services   East     30,000       390       0.44 %   Fixed   Apr-2012   Apr-2018
 
                                                           
Faurecia Exhaust Systems
    100 %   Toledo, OH   Office   Automobile   Midwest     61,000       387       0.44 %   CPI   Nov-2022   Nov-2022
 
                                                           
Groupe SOFEMO
    100 %   Illkirch-Graffenstaden, France   Office   Business and Commercial Services   Europe     24,959       387       0.44 %   INSEE (b)   Jan-2014   Jan-2020
 
                                                           
S&ME, Inc.
    100 %   Raleigh, NC   Office   Business and Commercial Services   East     27,770       338       0.38 %   Fixed   Jul-2016   Jul-2026
 
                                                           
Wal-Mart Stores, Inc.
    100 %   Greenfield, IN   Warehouse/Distribution   Retail Trade   Midwest     82,620       331       0.37 %   None   Jan-2020   Jan-2025
 
                                                           
Richard Design Services, Inc.
    100 %   Beaumont, TX   Office   Business and Commercial Services   South     34,300       300       0.34 %   Other   Feb-2012   May-2012
 
                                                           
Tubular Metal Systems
    100 %   Pinconning, MI   Industrial   Automobile   Midwest     220,588       298       0.34 %   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       0.29 %   None   Sep-2013   Sep-2013
 
                                                           
Fairpoint Communications, Inc.
    100 %   Milton, VT   Industrial   Telecommunications   East     30,624       221       0.25 %   Fixed   Feb-2013   Feb-2013
 
                                                           
Multi-Tenant Building
    100 %   Broomfield, CO   Office   Various   West     53,251       213       0.24 %   Various   Various   Various
 
                                                           
Continental Airlines, Inc.
    100 %   Houston, TX   Warehouse/Distribution   Transportation - Personal   South     25,125       207       0.23 %   Fixed   Jul-2013   Jul-2013
 
                                                           
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       0.22 %   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
 
                                                           
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

 

25


 

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of March 31, 2011
                                                             
                                    Annualized Contractual                    
                                    Minimum Base Rent (in     Percentage of Total              
Tenant/Lease Guarantor   Percent Ownership     Property Location   Property Type   Tenant Industry   Region   Square Footage(e)     thousands)     Rent(e)     Increase Factor   Lease Expiration   Maximum Term
 
Google, Inc.
    100 %   Venice, CA   Office   Telecommunications   West     67,681             0.00 %   Fixed   Oct-2025   Oct-2035
 
                                                           
Common Area Space (c)
    100 %   Bloomingdale, IL   Office   N/A   Midwest     14,084             0.00 %   None   Apr-2016   Apr-2016
 
                                                           
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     59,999                 N/A   N/A   N/A
Vacant
    100 %   Bridgeton, MO   Office   N/A   Midwest     78,080                 N/A   N/A   N/A
Vacant
    95 %   Tours, France   Office   N/A   Europe     44,763                 N/A   N/A   N/A
Vacant
    100 %   Broomfield, CO   Office   N/A   West     59,486                 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
    33 %   Chicago, IL   Office   N/A   Midwest     30,797                 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     18,324                 N/A   N/A   N/A
Vacant
    100 %   Salisbury, NC   Office   N/A   East     10,681                 N/A   N/A   N/A
Vacant
    100 %   Beaumont, TX   Office   N/A   South     8,580                 N/A   N/A   N/A
 
                                                     
Vacant Total
                            1,404,734                          
 
                                                           
Grand Total (d)
                            13,709,012     $ 88,280       100 %            
 
                                                       
 
     
(a)   Rents reflect a conversion rate of 1.4099 EUR/USD as of March 31, 2011.
 
(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.

 

26