W. P. Carey Inc. - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - FORM 8-K - W. P. Carey Inc.	y93354e8vk.htm

Exhibit 99.1

W. P. Carey & Co. LLC
Supplemental Operating and Financial Data

As of September 30, 2011

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 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 (“CWI”). Corporate Property Associates 14 Incorporated (“CPA^®:14”) was part of the CPA^{^®}REITs until its merger with a subsidiary of CPA^®:16 — Global on May 2, 2011 (the “CPA^®:14/16 Merger”).

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.

W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
As of September 30, 2011


Contents	Page No.
Company Overview		1
Financial Highlights		2
Reconciliation of Net Income to EBITDA		3
Reconciliation of Net Income to Funds from Operations — as Adjusted (AFFO)		4
Adjusted Cash Flow from Operating Activities		6
Revenue Stability Analysis		7
Portfolio Debt Overview		9
Detailed Debt Summary		10
2011 Investment Activity		11
Portfolio Analysis — Rent Contribution and Historical Occupancy		15
Portfolio and Diversification Analysis by Property Type		16
Portfolio and Diversification Analysis by Tenant Industry		17
Portfolio and Diversification Analysis by Geography		18
Portfolio Lease Maturity Analysis		19
Consolidated Balance Sheets		20
Consolidated Statements of Income		21
Consolidated Statements of Cash Flows		22
Detailed Property Summary		23

WPC 9/30/2011 Supplemental 8-K

W. P. CAREY & CO. LLC
Company Overview
September 30, 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
Mark J. DeCesaris	Managing Director, Chief Financial Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Fax: (212) 492-8922
Susan C. Hyde	Managing Director, Director of Investor Relations	Web Site Address: www.wpcarey.com
Jason E. Fox	Managing Director, Co-Head of Domestic Investments
Jeffrey S. Lefleur	Managing Director, European Investments
H. Cabot Lodge, III	Managing Director, Head of European Investments
Gino M. Sabatini	Managing Director, Co-Head of Domestic Investments

Banks
Bank of America, N.A.	Administrative and Documentation Agent
The Bank of New York Mellon	Syndication Agent
JPMorgan Chase Bank, N.A.	Syndication Agent
PNC Bank, N.A.	Syndication Agent

Analyst Coverage
Andrew T. DiZio	Janney Montgomery Scott LLC


	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Stock Data (NYSE: WPC)	2011			2011			2011			2010			2010
High Price	$	42.72		$	41.82		$	38.00		$	33.97		$	30.86
Low Price		32.76			34.75			29.75			28.83			26.49
Closing Price		36.43			40.50			35.70			31.29			28.95

Distributions declared per share — annualized	$	2.24		$	2.20		$	2.05		$	2.04		$	2.03

Distribution yield (annualized distribution / closing stock price)		6.15	%		5.43	%		5.74	%		6.52	%		7.01	%

Shares outstanding at quarter end		39,717,286			39,707,156			39,614,250			39,454,847			39,481,027

Market value of outstanding shares at quarter end (in thousands)	$	1,446,901		$	1,608,140		$	1,414,229		$	1,234,542		$	1,142,976

WPC 9/30/2011 Supplemental 8-K — 1

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										Nine Months Ended September 30,
	September 30, 2011		June 30, 2011^(b)		March 31, 2011		December 31, 2010		September 30, 2010		2011^(b)		2010
EBITDA^(a)
Investment management	$	21,631	$	58,912	$	21,359	$	27,584	$	10,295	$	101,902	$	42,324
Real estate ownership		23,017		57,673		19,513		14,150		19,838		102,810		56,431

Total	$	44,648	$	116,585	$	40,872	$	41,734	$	30,133	$	204,712	$	98,755


AFFO ^(a)
Investment management	$	18,546	$	48,157	$	20,650	$	18,228	$	7,229	$	87,353	$	32,045
Real estate ownership		23,004		24,611		18,492		18,049		20,378		66,291		62,548

Total	$	41,550	$	72,768	$	39,142	$	36,277	$	27,607	$	153,644	$	94,593


EBITDA Per Share (Diluted) ^(a)
Investment management	$	0.54	$	1.46	$	0.53	$	0.69	$	0.26	$	2.52	$	1.06
Real estate ownership		0.57		1.44		0.49		0.35		0.50		2.54		1.42

Total	$	1.11	$	2.90	$	1.02	$	1.04	$	0.76	$	5.06	$	2.48


AFFO Per Share (Diluted) ^(a)
Investment management	$	0.46	$	1.20	$	0.51	$	0.45	$	0.18	$	2.16	$	0.81
Real estate ownership		0.57		0.61		0.46		0.45		0.51		1.64		1.57

Total	$	1.03	$	1.81	$	0.97	$	0.90	$	0.69	$	3.80	$	2.38


	Nine Months Ended September 30,
	2011			2010
Adjusted Cash Flow From Operating Activities
Adjusted cash flow	$	74,478		$	64,933

Adjusted cash flow per share (diluted)	$	1.84		$	1.63


Distributions declared per share	$	1.622		$	1.518

Payout ratio (distributions per share/adjusted cash flow per share)		88	%		93	%


(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 properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31 and September 30, 2010 as well as the nine months ended September 30, 2010 have been adjusted to reflect this reclassification.

(b)		Results for the three months ended June 30, 2011 and the nine months ended September 30, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

WPC 9/30/2011 Supplemental 8-K — 2

W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)


	Three Months Ended											Nine Months Ended September 30,
	September 30, 2011		June 30, 2011 ^(b)			March 31, 2011		December 31, 2010		September 30, 2010		2011 ^(b)		2010
Investment Management
Net income from investment management attributable to W.P. Carey members^(a)	$	15,737	$	31,989		$	13,177	$	15,754	$	6,094	$	60,903	$	25,842
Adjustments:
Provision for income taxes		5,075		26,056			7,380		10,667		3,045		38,511		12,993
Depreciation and amortization		819		867			802		1,163		1,156		2,488		3,489

EBITDA — investment management	$	21,631	$	58,912		$	21,359	$	27,584	$	10,295	$	101,902	$	42,324

EBITDA per share (diluted)	$	0.54	$	1.46		$	0.53	$	0.69	$	0.26	$	2.52	$	1.06


Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members^(a)	$	9,465	$	47,123		$	10,166	$	4,028	$	10,252	$	69,085	$	28,349
Adjustments:
Interest expense		5,989		5,396			4,440		4,460		4,169		15,660		11,391
Provision for income taxes		856		(1,296	)		194		915		332		30		1,247
Depreciation and amortization		6,361		6,438			4,648		4,747		4,640		16,638		13,742
Reconciling items attributable to discontinued operations		346		12			65		—		445		1,397		1,702

EBITDA — real estate ownership	$	23,017	$	57,673		$	19,513	$	14,150	$	19,838	$	102,810	$	56,431

EBITDA per share (diluted)	$	0.57	$	1.44		$	0.49	$	0.35	$	0.50	$	2.54	$	1.42


Total Company
EBITDA	$	44,648	$	116,585		$	40,872	$	41,734	$	30,133	$	204,712	$	98,755

EBITDA per share (diluted)	$	1.11	$	2.90		$	1.02	$	1.04	$	0.76	$	5.06	$	2.48

Diluted weighted average shares outstanding		40,404,520		40,243,548			40,242,706		40,104,715		39,717,931		40,424,316		39,774,122


(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 properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31 and September 30, 2010 as well as the nine months ended September 30, 2010 have been adjusted to reflect this reclassification.

(b)		Results for the three months ended June 30, 2011 and the nine months ended September 30, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

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.

WPC 9/30/2011 Supplemental 8-K — 3

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															Nine Months Ended September 30,
	September 30, 2011			June 30, 2011^(c)			March 31, 2011			December 31, 2010			September 30, 2010			2011 ^(c)			2010
Investment Management
Net Income from investment management attributable to W. P. Carey members^(a)	$	15,737		$	31,989		$	13,177		$	15,754		$	6,094		$	60,903		$	25,842

FFO — as defined by NAREIT		15,737			31,989			13,177			15,754			6,094			60,903			25,842

Adjustments:
Amortization and other non-cash charges		4,953			17,583			7,473			2,473			1,135			30,009			6,203
AFFO adjustments to equity earnings from equity investments		(2,144	)		(1,415	)		—			—			—			(3,559	)		—

Total adjustments		2,809			16,168			7,473			2,473			1,135			26,450			6,203

AFFO — Investment Management	$	18,546		$	48,157		$	20,650		$	18,227		$	7,229		$	87,353		$	32,045


Real Estate Ownership
Net Income from real estate ownership attributable to W. P. Carey members^(a)	$	9,465		$	47,123		$	10,166		$	4,028		$	10,252		$	69,085		$	28,349

Adjustments:
Depreciation and amortization of real property		6,194			6,240			4,475			4,565			4,757			16,909			14,457
Loss (gain) on sale of real estate, net		396			121			(781	)		—			—			(264	)		(460	)
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		1,173			1,328			1,548			1,550			463			4,049			4,927
Loss (gain) on sale of real estate, net		—			34			—			—			—			34			(38	)
Proportionate share of adjustments for noncontrolling interests to arrive at FFO		(1,157	)		(123	)		(196	)		(195	)		(193	)		(1,476	)		(532	)

Total adjustments		6,606			7,600			5,046			5,920			5,027			19,252			18,354

FFO — as defined by NAREIT		16,071			54,723			15,212			9,948			15,279			88,337			46,703

Adjustments:
Gain on change in control of interests ^(b)		—			(27,859	)		—			—			—			(27,859	)		—
Gain on deconsolidation of a subsidiary		(1,008	)		—			—			—			—			(1,008	)		—
Other depreciation, amortization and non-cash charges		303			(2,443	)		(635	)		(780	)		(1,230	)		(2,498	)		(920	)
Straight-line and other rent adjustments		(1,014	)		(1,020	)		(417	)		128			148			(2,451	)		167
Impairment charges		4,934			41			—			6,763			481			4,975			8,618
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO:
Other depreciation, amortization and other non-cash charges		—			—			—			—			1,728			—			25
Straight-line and other rent adjustments		(463	)		(142	)		(622	)		(532	)		(539	)		(1,227	)		(1,728	)
Impairment charges		—			—			1,090			—			1,394			1,090			1,394
AFFO adjustments to equity earnings from equity investments		4,122			1,238			3,778			2,484			2,995			6,714			8,211

WPC 9/30/2011 Supplemental 8-K — 4



	Three Months Ended											Nine Months Ended September 30,
	September 30, 2011		June 30, 2011^(c)			March 31, 2011		December 31, 2010		September 30, 2010		2011 ^(c)			2010
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO		59		73			86		39		122		218			78

Total adjustments		6,933		(30,112	)		3,280		8,102		5,099		(22,046	)		15,845

AFFO — Real Estate Ownership	$	23,004		24,611			18,492		18,050		20,378		66,291			62,548


Total Company
FFO — as defined by NAREIT	$	31,808	$	86,712		$	28,389	$	25,702	$	21,373	$	149,240		$	72,545

FFO — as defined by NAREIT per share (diluted)	$	0.79	$	2.15		$	0.71	$	0.64	$	0.54	$	3.69		$	1.82

AFFO	$	41,550	$	72,768		$	39,142	$	36,277	$	27,607	$	153,644		$	94,593

AFFO per share (diluted)	$	1.03	$	1.81		$	0.97	$	0.90	$	0.69	$	3.80		$	2.38

Diluted weighted average shares outstanding		40,404,520		40,243,548			40,242,706		40,104,715		39,717,931		40,424,316			39,774,122


(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 properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31 and September 30, 2010 as well as the nine months ended September 30, 2010 have been adjusted to reflect this reclassification.

(b)		Represents gain recognized on purchase of the remaining interests in two ventures from CPA^®:14, which we had previously accounted for under the equity method. In connection with purchasing these properties, we recognized a net gain of $27.1 million during the nine months ended September 30, 2011 to adjust the carrying value of our existing interests in these ventures to their estimated fair values.

(c)		Results for the three months ended June 30, 2011 and the nine months ended September 30, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

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.

WPC 9/30/2011 Supplemental 8-K — 5

W. P. Carey & Co. LLC
Adjusted Cash Flow from Operating Activities (Unaudited)
(in thousands, except share and per share amounts)



	Nine Months Ended September 30,
	2011			2010
Cash flow provided by operating activities	$	62,652		$	52,268
Adjustments:
Distributions received from equity investments in real estate in excess of equity income ^(a)		10,187			6,046
Distributions paid to noncontrolling interests, net ^(b)		(732	)		(213	)
Changes in working capital ^(c)		14,079			6,832
CPA^®:14/16 Merger — revenue net of taxes ^(d)		(11,708	)		—

Adjusted cash flow from operating activities	$	74,478		$	64,933

Adjusted cash flow per share (diluted)	$	1.84		$	1.63


Distributions declared per share	$	1.622		$	1.518

Payout ratio (distributions per share/adjusted cash flow per share)		88	%		93	%

Diluted weighted average shares outstanding		40,424,316			39,774,122


(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 recognized.

(d)		Amounts represent termination and subordinated disposition revenue, net of a 45% tax provision, earned in connection with the CPA^®:14/16 Merger. This revenue is generally earned in connection with events that provide liquidity or alternatives to the CPA^® REIT shareholders. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of the net revenue earned in connection with the CPA^®:14/16 Merger.

Non-GAAP Financial Disclosure

Adjusted cash flow from operating activities refers to our cash flow from operating activities (as computed in accordance with GAAP) adjusted, where applicable, primarily to: add cash distributions that we receive from our investments in unconsolidated real estate joint ventures in excess of our equity income; subtract cash distributions that we make to our noncontrolling partners in real estate joint ventures that we consolidate; and eliminate changes in working capital. We hold a number of interests in real estate joint ventures, and we believe that adjusting our GAAP cash flow provided by operating activities to reflect these actual cash receipts and cash payments, as well as eliminating the effect of timing differences between the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized may give investors additional information about our actual cash flow that is not incorporated in cash flow from operating activities as defined by GAAP.

We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations as it gives investors important information about our liquidity that is not provided within cash flow from operating activities as defined by GAAP, and we use this measure when evaluating distributions to shareholders. 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.

WPC 9/30/2011 Supplemental 8-K — 6

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


	Three Months Ended																														Nine Months Ended September 30,
	September 30, 2011						June 30, 2011						March 31, 2010						December 31, 2010						September 30, 2010						2011						2010
	Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%
Asset management revenue	$	14,840			22	%	$	16,619			16	%	$	19,820			31	%	$	19,127			28	%	$	19,219			42	%	$	51,279			22	%	$	57,119			36	%
Incentive, termination and subordinated disposition revenue^(a)		—			0	%		52,515			50	%		—			0	%		—			0	%		—			0	%		52,515			23	%		—			0	%
Pro rata net lease revenues		31,255			46	%		29,727			29	%		27,453			44	%		26,739			38	%		25,981			56	%		87,373			37	%		79,639			51	%

		46,095			68	%		98,861			95	%		47,273			75	%		45,866			66	%		45,200			98	%		191,167			82	%		136,758			87	%


Structuring revenue^(b)		21,221			32	%		5,735			5	%		15,945			25	%		23,881			34	%		708			2	%		42,901			18	%		20,644			13	%

Total Adjusted Revenue	$	67,316			100	%	$	104,596			100	%	$	63,218			100	%	$	69,747			100	%	$	45,908			100	%	$	234,068			100	%	$	157,402			100	%


Reconciliation of Total Adjusted Revenue
Total revenue — as reported	$	78,372					$	118,398					$	77,532					$	81,969					$	58,101					$	273,240					$	189,462
Less: Reimbursed costs from affiliates^(c)		(14,707	)					(17,059	)					(17,719	)					(13,713	)					(15,256	)					(49,485	)					(44,696	)
Less: Wholesaling revenue^(c)		(2,586	)					(2,922	)					(3,280	)					(4,503	)					(2,906	)					(8,788	)					(8,189	)
Add: Pro rata share of revenues from equity investments		6,689						6,844						7,760						6,889						6,918						21,293						23,578
Less: Pro rata share of revenues due to noncontrolling interests		(452	)					(665	)					(1,075	)					(895	)					(949	)					(2,192	)					(2,753	)

Total Adjusted Revenue	$	67,316					$	104,596					$	63,218					$	69,747					$	45,908					$	234,068					$	157,402


Reconciliation of Total Pro Rata Net Lease Revenues
Lease revenues — as reported	$	18,609					$	17,839					$	15,460					$	15,403					$	15,356					$	50,846					$	45,586
Add: Pro rata share of revenues from equity investments		6,689						6,844						7,760						6,889						6,918						21,293						23,578
Less: Pro rata share of revenues due to noncontrolling interests		(452	)					(665	)					(1,075	)					(895	)					(949	)					(2,192	)					(2,753	)
Add: Other real estate income^(d)		6,409						5,709						5,308						5,342						4,656						17,426						13,228

Total Pro Rata Net Lease Revenues	$	31,255					$	29,727					$	27,453					$	26,739					$	25,981					$	87,373					$	79,639


(a)		Upon consummation of the CPA^®:14/16 Merger, we earned revenues of $31.2 million in connection with the termination of the advisory agreement with CPA^®:14, which we received in the form of restricted shares of CPA^®:16 — Global common stock, and $21.3 million of subordinated disposition revenues.

(b)		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 $498 million, $249 million, $345 million, $593 million and $13 million for the three months ended September 30, 2011, June 30, 2011, March 31, 2011, December 31, 2010 and September 30, 2010, respectively, and approximately $1.1 billion and $453 million for the nine months ended September 30, 2011 and September 30, 2010, respectively.

(c)		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 and CWI’s public offerings, which is substantially offset by underwriting costs incurred in connection with the offerings.

(d)		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.

WPC 9/30/2011 Supplemental 8-K — 7

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.

WPC 9/30/2011 Supplemental 8-K — 8

W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata Basis)
As of September 30, 2011
(in thousands)


Portfolio Debt Maturity
Year of Maturity	Outstanding Balance
2011	$	—
2012		282,521	^(a)
2013		932
2014		65,425
2015		48,470
2016		62,769
2017		55,761
2018		30,607
2019		25,460
2020		92,977
2021		4,949
2022		—
2023		4,891

Total	$	674,762

Debt Maturity Analysis

Year of Maturity

Fixed and Variable Rate Debt Analysis


Non-Recourse Debt	Outstanding Balance
Fixed	$	251,570
Fixed — Future Rate Reset		81,903
Variable — Capped		21,931
Variable — Floating		14,149
Fixed — Swap Agreement		47,629
Variable		4,420

		421,602


Recourse Debt
Variable — Lines of Credit		253,160

Total Debt	$	674,762


(a)		Amount includes outstanding recourse debt on the unsecured and secured lines of credit.

WPC 9/30/2011 Supplemental 8-K — 9

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata Basis)
As of September 30, 2011
(in thousands)


		Current
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Outstanding Balance
Qwest Communications, Inc.	Fixed		7.50	%	Jun-2012	$	1,315
AutoZone, Inc. — Series C	Fixed		6.85	%	Aug-2012		210
Anthony’s Manufacturing Company	Fixed		5.11	%	Oct-2012		8,080
BE Aerospace, Inc.	Fixed		6.11	%	Nov-2012		8,034
Faurecia Exhaust Systems, Inc.	Fixed		5.16	%	Nov-2012		2,330
Alstom Power, Inc. and Werner Co.	Fixed		5.18	%	Dec-2012		9,392
AutoZone, Inc. — Series D	Fixed		6.85	%	Aug-2013		932
US Airways Group, Inc. (75%)	Variable - Floating		4.19	%	Apr-2014		14,149
Billipp Portfolio	Variable		2.75	%	May-2014		4,420
Carrefour France, SAS (46%)^(a)	Fixed - Future Rate Reset		5.55	%	Dec-2014		46,856
Hibbett Sports	Fixed - Swap		6.45	%	May-2015		4,589
Lowe’s Home Improvement Warehouse	Fixed		4.87	%	Sep-2015		8,596
Bouygues Telecom, S.A. (Tours) (95%)^(a)	Fixed - Future Rate Reset		3.07	%	Oct-2015		5,728
The American Bottling Company	Fixed		5.13	%	Nov-2015		29,557
World Color Printing	Fixed		5.30	%	May-2016		4,968
CheckFree Holdings, Inc.^(b)	Fixed		6.18	%	Jun-2016		28,852
Self-Storage Facility — Bentonville, AR (40%)	Fixed		6.41	%	Jul-2016		826
Sprint Spectrum, LP	Fixed		7.64	%	Aug-2016		8,480
Self-Storage Facility — Tallahassee, FL (40%)	Fixed		6.05	%	Oct-2016		1,564
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)^{(a) (c)}	Fixed - Future Rate Reset		5.01	%	Oct-2016		11,338
Consolidated Systems, Inc. (60%)	Fixed		5.87	%	Nov-2016		6,741
Hellweg Die Profi-Baumärkte GmbH & Co. KG (5%)^(a)	Fixed		5.49	%	Jan-2017		945
24 Hour Fitness USA, Inc.	Fixed		7.50	%	Jun-2017		3,350
Amylin Pharmaceuticals, Inc.^(b)	Fixed		6.20	%	Jul-2017		34,904
Medica France, S.A. (46%)^(a)	Fixed		4.50	%	Oct-2017		16,562
The New York Times Company (17.75%)	Variable - Capped		2.81	%	Apr-2018		21,931
OBI Wroclaw^(a)	Fixed - Swap		5.48	%	May-2018		8,676
Self-Storage Portfolio (40%)^(c)	Fixed - Future Rate Reset		7.03	%	Feb-2019/Mar-2019		12,627
Orbital Sciences Corporation	Fixed		7.75	%	Jul-2019		12,833
JPMorgan Chase Bank, N.A.	Fixed - Swap		5.47	%	Jul-2020		34,364
Self-Storage Facilities — Chicago, IL (40%)	Fixed - Future Rate Reset		6.25	%	Aug-2020		2,656
Self-Storage Facility — Pensacola, FL	Fixed - Future Rate Reset		6.25	%	Nov-2020		1,847
Self-Storage Facility — Chicago, IL (40%)	Fixed - Future Rate Reset		6.62	%	Dec-2020		851
Federal Express Corporation^(b)	Fixed		5.48	%	Dec-2020		53,259
Information Resources, Inc. (33%)	Fixed		5.92	%	Feb-2021		4,949
Hologic, Inc. (36%)	Fixed		6.40	%	May-2023		4,891

Total Non-Recourse Debt			5.49	%^(c)			421,602


Unsecured Line of Credit	Variable		1.09	%	Jun-2012		243,160
Secured Line of Credit	Variable		2.81	%	Jun-2012		10,000

Total Debt			3.86	%^(c)		$	674,762


(a)		Debt balance calculated using an exchange rate of 1.3598 EUR/USD as of September 30, 2011.

(b)		In connection with the CPA^®:14/16 Merger, we purchased the remaining interest in the property, in which we already had an equity interest, from CPA^®:14.

(c)		Reflects the weighted-average interest rate for the applicable debt.

WPC 9/30/2011 Supplemental 8-K — 10

W. P. CAREY & CO. LLC
2011 Investment Activity
As of September 30, 2011
(in thousands, except square footage)

Investment Activity

Acquisitions - 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. ^(a)

Various locations in The Netherlands

207,635

January-11

Warehouse/Distribution

2,046,858

CPA^®:17 — Global

Harbor Freight Tools USA, Inc.

Dillon, SC

32,060

March-11

Warehouse/Distribution

1,010,859

CPA^®:17 — Global

Dolgencorp, LLC^(b)

Richwood, LA; Vass, NC & Hot Springs, VA

2,893

March-11

Retail

BTS

CPA^®:17 — Global

Curtiss-Wright Flow Control Service

Middleburg Heights, OH

2,585

March-11

Industrial

28,185

CPA^®:17 — Global

Flanders Corporation

Ardmore, OK; Smithfield, NC; Bartow, FL & Momence, IL

50,790

April-11

Warehouse/Distribution

722,108

CPA^®:17 — Global

Berry Plastics Corporation

Evansville, IN

2,723

April-11

Industrial

263,088

CPA^®:17 — Global

Dolgencorp, LLC^(b)

Hopewell & Chesterfield, VA; Mount Hermon & Mangham, LA

4,311

April-11; May-11 & June-11

Retail

BTS

CPA^®:17 — Global

ICF International, Inc.

Martinsville, VA

14,819

May-11

Office

BTS

CPA^®:15 (75%), CPA^®:16 — Global (25%)

Hellweg Die Profi-Baumärkte GmbH & Co. KG^(a)

Bad Salzungen, Germany

4,394

May-11

Retail

72,490

CPA^®:17 — Global

CRO - San Luis Development, LLC

Chicago, IL

7,414

June-11

Retail

17,000

CPA^®:17 — Global

Dolgencorp, LLC^(b)

Choudrant, LA

882

July-11

Retail

BTS

CPA^®:17 — Global

Precision Printing and Packing, Inc.

Clarksville, TN

7,960

August-11

Industrial

189,300

CPA^®:17 — Global

Dolgencorp, LLC^(b)

Gardner, LA

979

August-11

Retail

BTS

CPA^®:17 — Global

Faurecia International System, Inc.

Fraser, MI

6,775

September-11

Industrial

164,153

CPA^®:17 — Global

Metro AG^(a)

Various locations in Italy

395,511

September-11

Retail

2,415,163

Total Acquisitions — Leased Properties

841,365

7,795,729

WPC 9/30/2011 Supplemental 8-K — 11


Portfolio(s)	Property Type	Property Location(s)	Purchase Price		Closing Date
CPA^®:17 — Global	Self-Storage Facility	Fort Worth, TX		3,400	April-11
CWI	Hospitality	Long Beach, CA		43,600	May-11
CPA^®:17 — Global	Self-Storage Facilities	Various locations in California, Hawaii and Illinois		86,015	June-11
CPA^®:17 — Global	Self-Storage Facility	Kihei, HI		11,069	August-11
CPA^®:17 — Global	Self-Storage Facilities	Various locations in California and Illinois		20,292	August-11
CPA^®:17 — Global	Self-Storage Facility	Pearl City, HI		6,064	August-11
CWI	Hospitality	New Orleans, LA		32,300	September-11
CPA^®:17 — Global	Self-Storage Facilities	Various locations in California and Illinois		8,428	September-11
CPA^®:17 — Global	Self-Storage Facility	Chicago, IL		7,891	September-11

Total Acquisitions — Hospitality/Self Storage Properties				219,059

Notes Receivable

Portfolio

Borrower/Guarantor

Interest Rate

Note Amount

Closing Date

Maturity Date

CPA^®:17 — Global

BPS Partners

8.00

30,000

June-11

June-16

Total Acquisitions

1,090,424


(a)		Acquisition price reflects applicable foreign exchange rate.

(b)		Acquisition includes a build-to-suit (“BTS”) transaction. Gross square footage cannot be determined at this time.

WPC 9/30/2011 Supplemental 8-K — 12

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

CPA^®:16 — Global (50%), CPA^®:15 (50%)

Goertz & Schiele ^(a)

Puttlingen, Germany

438

April-11

Industrial

33,314

CPA^®:16 — Global

Production Resources Group

Burbank, CA

6,785

May-11

Leisure, Amusement, Entertainment

49,374

CPA^®:15

Childtime Childcare, Inc.

Manassas, VA

1,765

May-11

Other

8,854

CPA^®:16 — Global

International Garden

Lakewood, NJ

6,000

May-11

Warehouse/Distribution

218,201

CPA^®:17 — Global

Carquest Canada Ltd. ^(a)

New Brunswick and Quebec, Canada

19,773

May-11

Warehouse/Distribution

231,870

CPA^®:16 — Global

NutraMax Products, Inc.

Houston, TX

6,874

June-11

Industrial

253,215

CPA^®:15 (67%), WPC LLC (33%)

Information Resources

Chicago, IL

4,745

June-11

Office

92,400

CPA^®:16 — Global

Celadon Group, Inc.

Indianapolis, IN

11,180

July-11

Industrial

76,326

CPA^®:16 — Global (70%), CPA^®:15 (30%)

PETsMART, Inc.

Various locations in California, Florida, Illinois, Massachusetts, Maryland, Michigan and Texas

74,000

July-11

Retail

209,964

CPA^®:15 (67%), CPA^®:16 — Global (33%)

Best Buy Stores, L.P.

Various locations in Colorado, Illinois, Massachusetts, New Hampshire, New Mexico, Texas and Virginia

53,250

September-11

Retail

322,737

CPA^®:15

Childtime Childcare, Inc.

Newport News, VA

1,685

September-11

Other

7,893

Total REIT Dispositions

188,983

1,516,868

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

WPC LLC

Honeywell

Houston, TX

1,595

June-11

Warehouse/Distribution

32,320

WPC LLC

Cypress Creek Partners, LLC

Little Rock, AR

350

August-11

Retail

21,932

WPC LLC

Penberthy, Inc.

Prophetstown, IL

September-11

Industrial

161,878

Total Owned Portfolio Dispositions

11,277

422,694

Total Dispositions

200,260

1,939,562

WPC 9/30/2011 Supplemental 8-K — 13

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

CPA^®:14

Vacant

Eagan, MN

19,363

April-11

Foreclosure

99,342

CPA^®:16 — Global

Vacant^(a)

Various locations in Canada

38,668

August-11

Receivership

132,486

WPC LLC

GTM, Inc.

Mendota Heights, MN

6,311

September-11

Receivership

136,400

77,626

884,485


(a)		Disposition price reflects applicable foreign exchange rate.

WPC 9/30/2011 Supplemental 8-K — 14

W. P. Carey & Co. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata Basis)
As of September 30, 2011
(in thousands)

Top Ten Tenants by Annualized Contractual Minimum Base Rent


	Annualized Contractual
Tenant/Lease Guarantor	Minimum Base Rent		Percent
Carrefour France, SAS^(a)	$	8,105		9	%
Federal Express Corporation^(b)		7,456		8	%
CheckFree Holdings, Inc.^(b)		5,216		5	%
The American Bottling Company		4,895		5	%
The New York Times Company		4,423		5	%
JP Morgan Chase Bank, N.A.		3,862		4	%
Amylin Pharmaceuticals, Inc.^(b)		3,641		4	%
Orbital Sciences Corporation		3,307		4	%
U.S. Airways Group, Inc.		3,297		4	%
Titan Corporation		3,055		3	%

Total	$	47,257		51	%


Weighted Average Lease Term for Portfolio:	6.64 years

W. P. Carey & Co. LLC Historical Occupancy

Year


(a)		Rent amounts are subject to fluctuations in foreign currency exchange rates.

(b)		In connection with the CPA^®:14/16 Merger in May 2011, we purchased the remaining interest in the property, in which we already had a joint interest, from CPA^®:14.

(c)		Percentage of the portfolio’s total pro rata square footage that was subject to lease.

WPC 9/30/2011 Supplemental 8-K — 15

W. P. Carey & Co. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata Basis)
As of September 30, 2011
(in thousands)


Property Type	Square Footage		Percent
Warehouse/Distribution		5,113		37	%
Industrial		4,708		34	%
Office		2,667		20	%
Retail		852		6	%
Other Properties^(a)		227		2	%
Hospitality		158		1	%

Total^(b)		13,725		100	%


	Annualized Contractual
Property Type	Minimum Base Rent		Percent
Office	$	38,701		42	%
Industrial		26,239		28	%
Warehouse/Distribution		18,227		19	%
Other Properties^(a)		5,433		6	%
Retail		4,516		5	%
Hospitality		—		0	%

Total^(b)	$	93,116		100	%


Portfolio Diversification by Property Type		Portfolio Diversification by Property Type
(based on square footage)		(based on annualized contractual minimum base rent)


(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.

WPC 9/30/2011 Supplemental 8-K — 16

W. P. Carey & Co. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata Basis)
As of September 30, 2011
(in thousands)


	Annualized Contractual
Industry Type^(a)	Minimum Base Rent		Percent
Retail Trade	$	14,245		15	%
Business and Commercial Services		13,782		15	%
Transportation — Cargo		7,563		8	%
Media: Printing and Publishing		7,003		8	%
Healthcare, Education and Childcare		5,764		6	%
Telecommunications		5,357		6	%
Electronics		5,074		5	%
Beverages, Food, and Tobacco		5,026		5	%
Aerospace and Defense		4,907		5	%
Banking		3,862		4	%
Forest Products and Paper		3,772		4	%
Transportation — Personal		3,504		4	%
Machinery		2,488		3	%
Grocery		1,770		2	%
Consumer and Durable Goods		1,471		2	%
Mining, Metals, and Primary Metal Industries		1,213		1	%
Chemicals, Plastics, Rubber, and Glass		1,179		1	%
Leisure, Amusement, Entertainment		952		1	%
Construction and Building		878		1	%
Textiles, Leather, and Apparel		872		1	%
Other^(b)		2,434		3	%

Total^(c)	$	93,116		100	%


(a)		Based on the Moody’s Investors Service, Inc. classification system and information provided by the tenant.

(b)		Includes revenue from tenants in the following industries: federal, state and local government (0.8%), consumer non-durable goods (0.7%), automobile (0.7%), multi-tenant properties (0.4%) and hotels and gaming (0.01%).

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

WPC 9/30/2011 Supplemental 8-K — 17

W. P. Carey & Co. LLC
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of September 30, 2011
(in thousands)


Region	Square Footage		Percent
U.S.
South		5,009		36	%
East		2,783		20	%
West		2,411		18	%
Midwest		1,340		10	%

U.S. Total		11,543		84	%

International
France		1,684		12	%
Germany		246		2	%
Spain		138		1	%
Poland		114		1	%

International Total		2,182		16	%


Total^(a)		13,725		100	%


	Annualized Contractual
Region	Minimum Base Rent		Percent
U.S.
South	$	32,876		35	%
West		23,238		25	%
East		12,469		13	%
Midwest		5,675		6	%

U.S. Total		74,258		79	%

International
France		13,767		15	%
Germany		2,309		3	%
Spain		1,770		2	%
Poland		1,012		1	%

International Total		18,858		21	%


Total^(a)	$	93,116		100	%


Portfolio Diversification by Geography		Portfolio Diversification by Geography
(based on square footage)		(based on annualized contractual minimum base rent)


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

WPC 9/30/2011 Supplemental 8-K — 18

W. P. CAREY & CO. LLC
Portfolio Analysis — Lease Maturities (Pro rata Basis)
As of September 30, 2011
(in thousands)


	Annualized
	Contractual
Year of Lease Expiration^(a)	Minimum Base Rent		Percent
2011^(b)	$	2,003		2	%
2012		7,821		8	%
2013		4,353		5	%
2014		11,648		13	%
2015		13,178		14	%
2016		6,532		7	%
2017		6,137		7	%
2018		4,328		5	%
2019		14,419		15	%
2020		2,767		3	%
2021		3,636		4	%
2022		1,761		2	%
2023		—		0	%
2024		4,423		5	%
2025		1,220		1	%
2026		948		1	%
2027		2,309		2	%
2028		—		0	%
2029		—		0	%
2030		5,633		6	%

Total^(c)	$	93,116		100	%

Weighted Average Years to Maturity: 6.64

Year of Lease Expiration


(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.

WPC 9/30/2011 Supplemental 8-K — 19

W. P. CAREY & CO. LLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share amounts)


	September 30, 2011			December 31, 2010
Assets
Investments in real estate:
Real estate, at cost (inclusive of amounts attributable to consolidated variable interest entities (“VIEs”) of $41,018 and $39,718, respectively)	$	631,496		$	560,592
Operating real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $26,306 and $25,665, respectively)		109,824			109,851
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $21,861 and $20,431, respectively)		(131,725	)		(122,312	)

Net investments in properties		609,595			548,131
Net investments in direct financing leases		75,886			76,550
Equity investments in real estate and the REITs		537,384			322,294

Net investments in real estate		1,222,865			946,975
Cash and cash equivalents (inclusive of amounts attributable to consolidated VIEs of $366 and $86, respectively)		37,095			64,693
Due from affiliates		39,659			38,793
Intangible assets and goodwill, net		128,249			87,768
Other assets, net (inclusive of amounts attributable to consolidated VIEs of $2,914 and $1,845, respectively)		41,021			34,097

Total assets	$	1,468,889		$	1,172,326


Liabilities and Equity
Liabilities:
Non-recourse debt (inclusive of amounts attributable to consolidated VIEs of $14,360 and $9,593, respectively)	$	335,354		$	255,232
Lines of credit		253,160			141,750
Accounts payable, accrued expenses and other liabilities (inclusive of amounts attributable to consolidated VIEs of $1,775 and $2,275, respectively)		71,708			40,808
Income taxes, net		48,710			41,443
Distributions payable		22,186			20,073

Total liabilities		731,118			499,306

Redeemable noncontrolling interest		6,631			7,546


Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,717,286 and 39,454,847 shares issued and outstanding, respectively		770,246			763,734
Distributions in excess of accumulated earnings		(80,954	)		(145,769	)
Deferred compensation obligation		11,211			10,511
Accumulated other comprehensive loss		(4,639	)		(3,463	)

Total W. P. Carey members’ equity		695,864			625,013
Noncontrolling interests		35,276			40,461

Total equity		731,140			665,474

Total liabilities and equity	$	1,468,889		$	1,172,326

WPC 9/30/2011 Supplemental 8-K — 20

W. P. CAREY & CO. LLC
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except share and per share amounts)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Revenues
Asset management revenue	$	14,840		$	19,219		$	51,279		$	57,119
Structuring revenue		21,221			708			42,901			20,644
Incentive, termination and subordinated disposition revenue		—			—			52,515			—
Wholesaling revenue		2,586			2,906			8,788			8,189
Reimbursed costs from affiliates		14,707			15,256			49,485			44,696
Lease revenues		18,609			15,356			50,846			45,586
Other real estate income		6,409			4,656			17,426			13,228

		78,372			58,101			273,240			189,462

Operating Expenses
General and administrative		(25,187	)		(15,480	)		(71,095	)		(52,174	)
Reimbursable costs		(14,707	)		(15,256	)		(49,485	)		(44,696	)
Depreciation and amortization		(7,180	)		(5,796	)		(19,126	)		(17,231	)
Property expenses		(3,672	)		(3,152	)		(9,827	)		(7,631	)
Other real estate expenses		(2,725	)		(1,987	)		(8,224	)		(5,575	)
Impairment charge		(4,934	)		—			(4,934	)		—

		(58,405	)		(41,671	)		(162,691	)		(127,307	)

Other Income and Expenses
Other interest income		323			329			1,558			938
Income from equity investments in real estate and the REITs		16,068			6,066			37,356			22,846
Gain on change in control of interests		—			—			27,859			—
Other income and (expenses)		(296	)		1,190			4,943			580
Interest expense		(5,989	)		(4,169	)		(15,660	)		(11,391	)

		10,106			3,416			56,056			12,973

Income from continuing operations before income taxes		30,073			19,846			166,605			75,128
Provision for income taxes		(5,931	)		(3,377	)		(38,541	)		(14,240	)

Income from continuing operations		24,142			16,469			128,064			60,888

Discontinued Operations
Income from operations of discontinued properties		504			383			639			1,664
Gain on deconsolidation of a subsidiary		1,008			—			1,008			—
(Loss) gain on sale of real estate		(396	)		—			264			460
Impairment charges		—			(481	)		(41	)		(8,618	)

Income (loss) from discontinued operations		1,116			(98	)		1,870			(6,494	)

Net Income		25,258			16,371			129,934			54,394
Add: Net loss attributable to noncontrolling interests		581			81			1,295			495
Less: Net income attributable to redeemable noncontrolling interest		(637	)		(106	)		(1,241	)		(698	)

Net Income Attributable to W. P. Carey Members	$	25,202		$	16,346		$	129,988		$	54,191

Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.59		$	0.41		$	3.17		$	1.54
Income (loss) from discontinued operations attributable to W. P. Carey members		0.03			—			0.05			(0.16	)

Net income attributable to W. P. Carey members	$	0.62		$	0.41		$	3.22		$	1.38

Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.59		$	0.41		$	3.14		$	1.53
Income (loss) from discontinued operations attributable to W. P. Carey members		0.03			—			0.05			(0.17	)

Net income attributable to W. P. Carey members	$	0.62		$	0.41		$	3.19		$	1.36

Weighted Average Shares Outstanding
Basic		39,861,064			39,180,719			39,794,506			39,161,086

Diluted		40,404,520			39,717,931			40,424,316			39,774,122

Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	24,086		$	16,444		$	128,118		$	60,685
Income (loss) from discontinued operations, net of tax		1,116			(98	)		1,870			(6,494	)

Net income	$	25,202		$	16,346		$	129,988		$	54,191

Distributions Declared Per Share	$	0.560		$	0.508		$	1.622		$	1.518

WPC 9/30/2011 Supplemental 8-K — 21

W. P. CAREY & CO. LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)


	Nine Months Ended September 30,
	2011			2010
Cash Flows — Operating Activities
Net income	$	129,934		$	54,394
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs		20,160			18,496
Income from equity investments in real estate and the REITs in excess of distributions received		(835	)		(5,373	)
Straight-line rent and financing lease adjustments		(2,039	)		144
Amortization of deferred revenue		(3,932	)		—
Gain on deconsolidation of a subsidiary		(1,008	)		—
Gain on sale of real estate		(264	)		(460	)
Unrealized (gain) loss on foreign currency transactions and others		(79	)		143
Realized (gain) loss on foreign currency transactions and others		(1,134	)		176
Allocation of loss to profit-sharing interest		—			(781	)
Management and disposition income received in shares of affiliates		(62,493	)		(26,262	)
Gain on conversion of shares		(3,834	)		—
Gain on change in control of interests		(27,859	)		—
Impairment charges		4,975			8,618
Stock-based compensation expense		13,026			6,695
Deferred acquisition revenue received		18,128			19,248
Increase in structuring revenue receivable		(17,732	)		(9,900	)
Increase (decrease) in income taxes, net		5,907			(9,461	)
Net changes in other operating assets and liabilities		(8,269	)		(3,409	)

Net cash provided by operating activities		62,652			52,268


Cash Flows — Investing Activities
Distributions received from equity investments in real estate and the REITs in excess of equity income		13,870			9,964
Capital contributions to equity investments		(2,297	)		—
Purchase of interests in CPA^®:16 — Global		(121,315	)		—
Purchases of real estate and equity investments in real estate		(24,323	)		(93,059	)
Value added taxes (“VAT”) paid in connection with acquisition of real estate		—			(4,222	)
VAT refunded in connection with acquisitions of real estate		5,035			—
Capital expenditures		(6,731	)		(2,008	)
Cash acquired on acquisition of subsidiaries		57			—
Proceeds from sale of real estate		10,998			14,591
Proceeds from sale of securities		777			—
Funding of short-term loans to affiliates		(96,000	)		—
Proceeds from repayment of short-term loans to affiliates		95,000			—
Funds placed in escrow		(5,282	)		—
Funds released from escrow		2,326			36,132

Net cash used in investing activities		(127,885	)		(38,602	)


Cash Flows — Financing Activities
Distributions paid		(63,060	)		(72,625	)
Contributions from noncontrolling interests		2,341			11,403
Distributions to noncontrolling interests		(5,310	)		(2,022	)
Contributions from profit-sharing interest		—			3,694
Distributions to profit-sharing interest		—			(693	)
Purchase of noncontrolling interest		(7,502	)		—
Scheduled payments of mortgage principal		(22,893	)		(12,218	)
Proceeds from mortgage financing		20,848			52,816
Proceeds from lines of credit		251,410			83,250
Repayments of lines of credit		(140,000	)		(52,500	)
Payment of financing costs		(1,562	)		(1,083	)
Proceeds from issuance of shares		1,034			3,537
Windfall tax benefit associated with stock-based compensation awards		2,051			1,226

Net cash provided by financing activities		37,357			14,785


Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		278			(651	)

Net (decrease) increase in cash and cash equivalents		(27,598	)		27,800
Cash and cash equivalents, beginning of period		64,693			18,450

Cash and cash equivalents, end of period	$	37,095		$	46,250

WPC 9/30/2011 Supplemental 8-K — 22

W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of September 30, 2011


										Annualized
										Contractual
										Minimum Base
	Percent							Square		Rent (in		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		thousands)		Total Rent^(e)			Factor	Expiration	Term
Carrefour France, SAS ^(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Trade	Europe		174,266	$	1,053		1.13	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nimes, France	Warehouse/Distribution	Retail Trade	Europe		177,792		1,051		1.13	%	INSEE ^(b)	Jun-2016	Jun-2019
Carrefour France, SAS ^(a)		46	%	Crepy en Valois, France	Warehouse/Distribution	Retail Trade	Europe		152,370		961		1.03	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, France	Warehouse/Distribution	Retail Trade	Europe		126,929		767		0.82	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Trade	Europe		134,942		709		0.76	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Ploufragan, France	Warehouse/Distribution	Retail Trade	Europe		122,596		661		0.71	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Crepy en Valois, France	Warehouse/Distribution	Retail Trade	Europe		101,252		639		0.69	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Thuit Hebert, France	Warehouse/Distribution	Retail Trade	Europe		107,962		568		0.61	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Cholet, France	Warehouse/Distribution	Retail Trade	Europe		99,265		535		0.57	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Trade	Europe		60,294		365		0.39	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Thuit Hebert, France	Warehouse/Distribution	Retail Trade	Europe		68,479		360		0.39	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Trade	Europe		7,524		45		0.05	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, France	Warehouse/Distribution	Retail Trade	Europe		4,349		26		0.03	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Trade	Europe		2,899		18		0.02	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, France	Warehouse/Distribution	Retail Trade	Europe		2,599		16		0.02	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Trade	Europe		2,554		13		0.01	%	INSEE ^(b)	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Trade	Europe		596		3		0.00	%	INSEE ^(b)	Jun-2015	Jun-2018

Carrefour France, SAS Total									1,346,668		7,789		8.37	%

Federal Express Corporation		100	%	Collierville, TN	Office	Transportation - Cargo	South		97,595		1,813		1.95	%	CPI	Nov-2019	Aug-2039
Federal Express Corporation		100	%	Collierville, TN	Office	Transportation - Cargo	South		97,595		1,813		1.95	%	CPI	Nov-2019	Aug-2039
Federal Express Corporation		100	%	Collierville, TN	Office	Transportation - Cargo	South		97,595		1,813		1.95	%	CPI	Nov-2019	Aug-2039
Federal Express Corporation		100	%	Collierville, TN	Office	Transportation - Cargo	South		97,595		1,813		1.95	%	CPI	Nov-2019	Aug-2039
Federal Express Corporation		100	%	Corpus Christi, TX	Warehouse/Distribution	Transportation - Cargo	South		30,212		213		0.23	%	Fixed	May-2012	May-2017
Federal Express Corporation		100	%	College Station, TX	Warehouse/Distribution	Transportation - Cargo	South		12,080		70		0.07	%	Fixed	Apr-2012	Apr-2017

Federal Express Corporation Total									432,672		7,535		8.09	%

CheckFree Corporation		100	%	Norcross, GA	Office	Business and Commercial Services	South		100,125		2,032		2.18	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		100	%	Norcross, GA	Office	Business and Commercial Services	South		68,300		1,724		1.85	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		100	%	Norcross, GA	Office	Business and Commercial Services	South		52,250		1,301		1.40	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		100	%	Norcross, GA	Land	Business and Commercial Services	South		1		159		0.17	%	CPI	Dec-2015	Dec-2030

CheckFree Corporation Total									220,676		5,216		5.60	%

WPC 9/30/2011 Supplemental 8-K — 23

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

The American Bottling Company

100

Irving, TX

Industrial

Beverages, Food, and Tobacco

South

459,497

3,016

3.24

CPI

Jul-2014

Jul-2029

The American Bottling Company

100

Houston, TX

Industrial

Beverages, Food, and Tobacco

South

262,450

1,956

2.10

CPI

Jul-2014

Jul-2029

The American Bottling Company Total

721,947

4,972

5.34

The New York Times Company

New York, NY

Office

Media: Printing and Publishing

East

126,420

4,423

4.75

Fixed

Mar-2024

Mar-2044

JP Morgan Chase Bank, N.A.

100

Fort Worth, TX

Office

Banking

South

384,246

3,862

4.15

None

Feb-2030

Feb-2050

Amylin Pharmaceuticals, Inc.

100

San Diego, CA

Office

Business and Commercial Services

West

71,902

1,870

2.01

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc.

100

San Diego, CA

Industrial

Business and Commercial Services

West

72,409

1,870

2.01

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc. Total

144,311

3,741

4.02

Orbital Sciences Corporation

100

Chandler, AZ

Industrial

Aerospace and Defense

West

355,307

3,307

3.55

CPI

Sep-2019

Sep-2029

US Airways Group, Inc.

Tempe, AZ

Office

Transportation - Personal

West

167,890

3,297

3.54

CPI

Apr-2014

Nov-2029

The Titan Corporation

100

San Diego, CA

Office

Electronics

West

166,403

3,055

3.28

CPI

Jul-2012

Jul-2017

Medica France S.A. ^(a)

Paris, France

Other

Healthcare, Education and Childcare

Europe

24,770

632

0.68

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. ^(a)

Sarcelles, France

Other

Healthcare, Education and Childcare

Europe

34,621

632

0.68

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. ^(a)

Chatou, France

Other

Healthcare, Education and Childcare

Europe

24,667

395

0.42

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. ^(a)

Poissy, France

Other

Healthcare, Education and Childcare

Europe

24,593

395

0.42

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. ^(a)

Rosny sous Bois, France

Other

Healthcare, Education and Childcare

Europe

21,847

395

0.42

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. ^(a)

Rueil Malmaison, France

Other

Healthcare, Education and Childcare

Europe

23,814

395

0.42

INSEE ^(b)

Sep-2021

Sep-2030

Medica France S.A. Total

154,312

2,845

3.06

Bouygues Telecom, S.A.^(a)

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

45,459

1,747

1.88

INSEE ^(b)

Feb-2013

Bouygues Telecom, S.A.^(a)

Tours, France

Office

Telecommunications

Europe

57,264

952

1.02

INSEE ^(b)

Sep-2012

Bouygues Telecom, S.A.^(a)

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

3,689

—

0.00

INSEE ^(b)

Dec-2015

May-2020

Bouygues Telecom, S.A. Total

106,412

2,700

2.90

WPC 9/30/2011 Supplemental 8-K — 24


										Annualized
										Contractual
										Minimum Base
	Percent							Square		Rent (in		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		thousands)		Total Rent^(e)			Factor	Expiration	Term
Schuler AG ^(a)		33	%	Göppingen, Germany	Industrial	Machinery	Europe		246,380		2,309		2.48	%	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		0.05	%	None	Jan-2016	Jan-2026
AutoZone, Inc.		100	%	Lenoir, NC	Retail	Retail Trade	East		5,400		51		0.05	%	None	Jan-2016	Jan-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Trade	South		6,480		51		0.05	%	None	Jan-2016	Jan-2026
AutoZone, Inc.		100	%	Victoria, TX	Retail	Retail Trade	South		6,480		51		0.05	%	None	Jan-2016	Jan-2026
AutoZone, Inc.		100	%	Lexington, SC	Retail	Retail Trade	East		5,400		50		0.05	%	None	Aug-2013	Aug-2038
AutoZone, Inc.		100	%	Macon, GA	Retail	Retail Trade	South		5,400		50		0.05	%	None	Aug-2013	Aug-2038
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Trade	Midwest		5,400		49		0.05	%	Fixed	Aug-2012	Aug-2037
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Trade	Midwest		6,660		49		0.05	%	Fixed	Aug-2012	Aug-2037
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Trade	South		5,400		48		0.05	%	None	Aug-2013	Aug-2038
AutoZone, Inc.		100	%	Decatur, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Phenix City, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Mobile, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Alton, IL	Retail	Retail Trade	Midwest		5,400		45		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Belleville, IL	Retail	Retail Trade	Midwest		5,400		45		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Breckenridge, MO	Retail	Retail Trade	Midwest		5,400		44		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Chickasaw, AL	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Montgomery, AL	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Columbus, GA	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	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		0.04	%	None	Aug-2013	Aug-2038
AutoZone, Inc.		100	%	Hammond, LA	Retail	Retail Trade	South		6,480		40		0.04	%	Fixed	Aug-2012	Aug-2037
AutoZone, Inc.		100	%	Brunswick, GA	Retail	Retail Trade	South		5,400		40		0.04	%	None	Aug-2013	Aug-2038
AutoZone, Inc.		100	%	Waco, TX	Retail	Retail Trade	South		4,800		38		0.04	%	None	Jan-2016	Jan-2026
AutoZone, Inc.		100	%	Collinsville, IL	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	Wood River, IL	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2016	Feb-2026
AutoZone, Inc.		100	%	St. Louis, MO	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2016	Feb-2026

WPC 9/30/2011 Supplemental 8-K — 25

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

AutoZone, Inc.

100

Panama City, FL

Retail

Retail Trade

South

5,401

0.04

Fixed

Aug-2012

Aug-2037

AutoZone, Inc.

100

Jacksonville, FL

Retail

Retail Trade

South

5,000

0.04

Fixed

Aug-2012

Aug-2037

AutoZone, Inc.

100

Augusta, GA

Retail

Retail Trade

South

5,400

0.04

None

Aug-2013

Aug-2038

AutoZone, Inc.

100

Bessemer, AL

Retail

Retail Trade

South

5,400

0.03

None

Feb-2016

Feb-2026

AutoZone, Inc.

100

Austin, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

Nederland, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

West Orange, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

Shelby, NC

Retail

Retail Trade

East

6,660

0.03

Fixed

Aug-2012

Aug-2037

AutoZone, Inc.

100

Kannapolis, NC

Retail

Retail Trade

East

6,408

0.03

Fixed

Oct-2015

Oct-2025

AutoZone, Inc.

100

Baton Rouge, LA

Retail

Retail Trade

South

5,401

0.02

Fixed

Apr-2014

Apr-2019

AutoZone, Inc.

100

Knoxville, TN

Retail

Retail Trade

South

6,660

0.02

Fixed

May-2014

May-2024

AutoZone, Inc.

100

Baton Rouge, LA

Retail

Retail Trade

South

6,600

0.02

Fixed

Mar-2014

Mar-2024

AutoZone, Inc.

100

East Ridge, TN

Retail

Retail Trade

South

6,480

0.02

Fixed

Oct-2013

Oct-2023

AutoZone, Inc.

100

Morgantown, NC

Retail

Retail Trade

East

5,400

0.02

Fixed

Oct-2015

Aug-2019

AutoZone, Inc. Total

302,230

2,217

2.38

Sybron Dental Specialties, Inc.

100

Romulus, MI

Industrial

Healthcare, Education and Childcare

Midwest

220,000

1,454

1.56

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc.

100

Glendora, CA

Office

Healthcare, Education and Childcare

West

25,000

555

0.60

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc. Total

245,000

2,009

2.16

Unisource Worldwide, Inc.

100

Commerce, CA

Warehouse/Distribution

Forest Products and Paper

West

411,561

1,564

1.68

Fixed

Apr-2020

Apr-2030

Unisource Worldwide, Inc.

100

Anchorage, AK

Warehouse/Distribution

Forest Products and Paper

West

44,712

362

0.39

Fixed

Dec-2014

Dec-2029

Unisource Worldwide, Inc. Total

456,273

1,926

2.07

Eroski Sociedad Cooperativa

Mallorca, Spain

Warehouse/Distribution

Retail Trade

Europe

138,383

1,770

1.90

3% or CPI

Jun-2030

Jun-2045

World Color Printing (USA) Corp.

100

Doraville, GA

Industrial

Media: Printing and Publishing

South

432,559

1,720

1.85

CPI

Dec-2017

Dec-2042

BE Aerospace, Inc.

100

Lenexa, KS

Industrial

Aerospace and Defense

Midwest

130,094

666

0.72

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Warehouse/Distribution

Aerospace and Defense

East

90,800

268

0.29

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

74,026

218

0.23

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

50,200

148

0.16

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Office

Aerospace and Defense

East

43,788

129

0.14

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Dallas, TX

Industrial

Aerospace and Defense

South

22,680

127

0.14

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

15,402

0.05

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc. Total

426,990

1,601

1.72

WPC 9/30/2011 Supplemental 8-K — 26

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

Lowe’s Home Improvement Warehouse

100

Bellevue, WA

Retail

Retail Trade

West

143,352

1,572

1.69

CPI

Aug-2018

Sprint Spectrum Realty Company, L.P.

100

Rio Rancho, NM

Office

Telecommunications

West

94,730

1,530

1.64

Fixed

May-2016

May-2021

Hologic, Inc.

Bedford, MA

Industrial

Electronics

East

74,520

1,119

1.20

CPI

Aug-2022

Aug-2042

Hologic, Inc.

Danbury, CT

Industrial

Electronics

East

22,335

255

0.27

CPI

Aug-2022

Aug-2042

Hologic, Inc. Total

96,855

1,374

1.48

Cleo, Inc.

100

Memphis, TN

Warehouse/Distribution

Forest Products and Paper

South

614,274

891

0.96

CPI

Dec-2011

Cleo, Inc.

100

Memphis, TN

Warehouse/Distribution

Forest Products and Paper

South

391,896

411

0.44

CPI

Dec-2011

Cleo, Inc. Total

1,006,170

1,302

1.40

Fiskars Brands, Inc.

100

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

260,160

1,108

1.19

Fixed

Mar-2015

Fiskars Brands, Inc.

100

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

109,377

0.08

Fixed

Mar-2015

Fiskars Brands, Inc. Total

369,537

1,179

1.27

The United States Playing Card Company

100

Erlanger, KY

Warehouse/Distribution

Media: Printing and Publishing

East

409,600

859

0.92

Fixed

Jun-2017

Jun-2020

The United States Playing Card Company

100

Erlanger, KY

Warehouse/Distribution

Consumer and Durable Goods

East

162,604

309

0.33

Fixed

Jun-2017

Jun-2020

The United States Playing Card Company Total

572,204

1,169

1.26

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

95,420

606

0.65

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

40,285

256

0.27

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

39,920

254

0.27

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

7,220

0.05

CPI

May-2012

Anthony’s Manufacturing Company, Inc. Total

182,845

1,162

1.25

OBI Group ^(a)

100

Wroclaw, Poland

Retail

Retail Trade

Europe

113,570

1,012

1.09

CPI

Dec-2025

Dec-2040

WPC 9/30/2011 Supplemental 8-K — 27

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

24 Hour Fitness USA, Inc.

100

Austin, TX

Other

Leisure, Amusement,
Entertainment

South

43,935

952

1.02

CPI

Jun-2017

Jun-2037

Consolidated Systems, Inc.

Columbia, SC

Industrial

Mining, Metals, and Primary Metal Industries

East

294,249

823

0.88

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Office

Mining, Metals, and Primary Metal Industries

East

24,459

0.07

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Warehouse/Distribution

Mining, Metals, and Primary Metal Industries

East

13,792

0.04

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Warehouse/Distribution

Mining, Metals, and Primary Metal Industries

East

6,266

0.02

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc. Total

338,765

948

1.02

Sports Wholesale, Inc.

100

Birmingham, AL

Warehouse/Distribution

Retail Trade

South

219,312

924

0.99

CPI

Dec-2014

Dec-2029

Lockheed Martin Corporation

100

Webster, TX

Industrial

Business and Commercial Services

South

48,207

482

0.52

Fixed

May-2018

May-2025

Lockheed Martin Corporation

100

Webster, TX

Industrial

Business and Commercial Services

South

30,176

309

0.34

Fixed

Jun-2012

Lockheed Martin Corporation

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

8,921

0.10

Fixed

Dec-2014

Dec-2017

Lockheed Martin Corporation Total

87,304

883

0.96

NVR, Inc.

100

Thurmont, MD

Industrial

Construction and Building

East

150,468

735

0.79

CPI

Apr-2014

Apr-2039

NVR, Inc.

100

Farmington, NY

Industrial

Construction and Building

East

29,273

143

0.15

CPI

Apr-2014

Apr-2039

NVR, Inc. Total

179,741

878

0.94

Swat-Fame, Inc.

100

City of Industry, CA

Industrial

Textiles, Leather, and Apparel

West

233,205

872

0.94

CPI

Jun-2020

The SI Organization, Inc.

100

King of Prussia, PA

Office

Business and Commercial Services

East

88,578

864

0.93

Fixed

Jul-2013

Jul-2023

SymphonyIRI Group, Inc.

Chicago, IL

Office

Business and Commercial Services

Midwest

53,195

791

0.85

CPI

Jan-2021

United States Postal Service

100

Bloomingdale, IL

Office

Federal, State and Local Government

Midwest

60,000

698

0.75

Fixed

Apr-2016

Juniper Networks, Inc.

100

Sunnyvale, CA

Industrial

Electronics

West

50,311

646

0.69

Fixed

Nov-2011

Nov-2021

WPC 9/30/2011 Supplemental 8-K — 28

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

BellSouth Telecommunications, Inc.

100

Fort Lauderdale, FL

Warehouse/Distribution

Telecommunications

South

80,450

632

0.68

Fixed

Jun-2016

Jun-2021

Childtime Childcare, Inc.

Alhambra, CA

Other

Healthcare, Education and Childcare

West

2,262

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Tustin, CA

Other

Healthcare, Education and Childcare

West

2,264

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Canton, MI

Other

Healthcare, Education and Childcare

Midwest

2,311

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Chino, CA

Other

Healthcare, Education and Childcare

West

2,166

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Carrollton, TX

Other

Healthcare, Education and Childcare

South

2,438

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Duncanville, TX

Other

Healthcare, Education and Childcare

South

2,438

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Lewisville, TX

Other

Healthcare, Education and Childcare

South

2,440

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Garden Grove, CA

Other

Healthcare, Education and Childcare

West

2,848

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Tucson, AZ

Other

Healthcare, Education and Childcare

West

2,165

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Chandler, AZ

Other

Healthcare, Education and Childcare

West

2,026

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,787

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,472

0.03

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc. Total

28,617

560

0.60

Jada Toys, Inc.

100

City of Industry, CA

Industrial

Consumer Non-durable Goods

West

92,595

500

0.54

Fixed

Apr-2012

Apr-2017

United Stationers Supply Company

100

San Antonio, TX

Warehouse/Distribution

Forest Products and Paper

South

63,098

256

0.27

CPI

Mar-2014

Mar-2017

United Stationers Supply Company

100

New Orleans, LA

Warehouse/Distribution

Forest Products and Paper

South

59,560

241

0.26

CPI

Sep-2012

United Stationers Supply Company Total

122,658

497

0.53

Alstom Power

100

Erlanger, KY

Warehouse/Distribution

Business and Commercial Services

East

197,400

485

0.52

Fixed

Jun-2017

Jun-2020

Pioneer Credit Recovery, Inc.

100

Moorestown, NJ

Office

Business and Commercial Services

East

30,000

405

0.43

Fixed

Apr-2012

Apr-2018

WPC 9/30/2011 Supplemental 8-K — 29

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

Kmart Corporation

100

Drayton Plains, MI

Retail

Retail Trade

Midwest

103,018

210

0.23

None

Mar-2016

Mar-2026

Kmart Corporation

100

Citrus Heights, CA

Retail

Retail Trade

West

89,760

180

0.19

None

May-2016

May-2026

Kmart Corporation Total

192,778

390

0.42

Faurecia Exhaust Systems

100

Toledo, OH

Office

Automobile

Midwest

61,000

387

0.42

CPI

Nov-2022

S&ME, Inc.

100

Raleigh, NC

Office

Business and Commercial Services

East

27,770

338

0.36

Fixed

Jul-2016

Jul-2026

Wal-Mart Stores, Inc.

100

Greenfield, IN

Warehouse/Distribution

Retail Trade

Midwest

82,620

331

0.36

None

Jan-2020

Jan-2025

Groupe SOFEMO

Illkirch-Graffenstaden, France

Office

Business and Commercial Services

Europe

16,631

312

0.34

INSEE ^(b)

Jan-2014

Jan-2020

Richard Design Services, Inc.

100

Beaumont, TX

Office

Business and Commercial Services

South

34,300

300

0.32

Other

Feb-2012

May-2012

Tubular Metal Systems

100

Pinconning, MI

Industrial

Automobile

Midwest

220,588

298

0.32

CPI

Jul-2013

Dec-2022

Qwest Communications, Inc.

100

Scottsdale, AZ

Industrial

Telecommunications

West

2,900

178

0.19

Fixed

Feb-2012

Feb-2017

Qwest Communications, Inc.

100

Scottsdale, AZ

Industrial

Telecommunications

West

1,560

0.10

Fixed

Feb-2012

Feb-2017

Qwest Communications, Inc. Total

4,460

274

0.29

Deloro Satellite Company, Inc.

100

Goshen, IN

Industrial

Mining, Metals, and Primary Metal Industries

Midwest

52,000

265

0.28

Fixed

Feb-2018

Feb-2023

Multi-Tenant Building

100

Broomfield, CO

Office

Various

West

69,288

232

0.25

Various

Fairpoint Communications, Inc.

100

Milton, VT

Industrial

Telecommunications

East

30,624

221

0.24

Fixed

Feb-2013

United Space Alliance, LLC

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

36,629

211

0.22

None

Sep-2013

United Space Alliance, LLC

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

32,503

—

0.00

None

Sep-2015

Sep-2020

United Space Alliance, LLC

69,132

211

0.22

Lincoln Technical Institute, Inc.

100

Moorestown, NJ

Office

Healthcare, Education and Childcare

East

35,567

209

0.22

Fixed

Apr-2025

WPC 9/30/2011 Supplemental 8-K — 30

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

Continental Airlines, Inc.

100

Houston, TX

Warehouse/Distribution

Transportation - Personal

South

25,125

207

0.22

Fixed

Jul-2013

Continental Airlines, Inc.

100

Houston, TX

Land

Transportation - Personal

South

—

0.00

Fixed

Jul-2013

Continental Airlines, Inc.

25,126

207

0.22

Candle Lamp Company, LLC

100

Memphis, TN

Warehouse/Distribution

Consumer Non-durable Goods

South

75,000

190

0.20

CPI

Mar-2014

Xerox Corporation

100

Hot Springs, AR

Retail

Machinery

South

36,850

179

0.19

Fixed

Mar-2014

Mar-2017

SUPINFO International University

Illkirch-Graffenstaden, France

Office

N/A

Europe

6,999

119

0.13

None

Mar-2019

Golder Associates Inc.

100

Houston, TX

Office

Business and Commercial Services

South

8,066

0.06

Fixed

Oct-2017

Oct-2022

Golder Associates Inc.

100

Houston, TX

Office

Business and Commercial Services

South

7,730

0.06

Fixed

Oct-2017

Oct-2022

Golder Associates Inc. Total

15,796

110

0.12

Kenyon International Emergency Services

100

Houston, TX

Warehouse/Distribution

Healthcare, Education and Childcare

South

17,725

0.10

None

Oct-2014

Oct-2019

Raytheon Company

100

Webster, TX

Industrial

Business and Commercial Services

South

9,138

0.10

Fixed

Jul-2012

Sep-2016

Moran Foods, Inc.

100

Montgomery, AL

Retail

Beverages, Food, and Tobacco

South

32,690

0.06

None

Oct-2017

Oct-2037

Olmsted Kirk Paper Co.

100

Beaumont, TX

Office

Forest Products and Paper

South

5,760

0.05

Fixed

Dec-2017

Dec-2022

SBH Holdings, LLC

100

Houston, TX

Office

Healthcare, Education and Childcare

South

5,632

0.05

Fixed

Aug-2013

Aug-2016

Jerry Prater Trucking Incorporated

100

Salisbury, NC

Industrial

Transportation - Cargo

East

13,284

0.03

Fixed

MTM

RGIS, LLC

100

Bloomingdale, IL

Office

Business and Commercial Services

Midwest

2,550

0.02

Fixed

Nov-2014

Knight Security Systems

100

Houston, TX

Office

Business and Commercial Services

South

4,456

0.01

Fixed

Jun-2016

Jun-2021

Classic Cuisines Catering

100

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

0.01

None

Apr-2012

WPC 9/30/2011 Supplemental 8-K — 31

Annualized

Contractual

Minimum Base

Percent

Square

Rent (in

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

thousands)

Total Rent^(e)

Factor

Expiration

Term

Action Buys Cars, Inc. ^(c)

100

Montgomery, AL

Retail

Retail Trade

South

0.01

None

MTM

LIVHO, Inc.

100

Livonia, MI

Hospitality

Hotels and Gaming

Midwest

158,000

—

0.00

Fixed

Jan-2014

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

15,000

—

0.00

None

Apr-2016

EnGlobal U.S.

100

Beaumont, TX

Office

N/A

South

8,580

—

0.00

N/A

Sep-2014

Sep-2024

Common Area ^(c)

Illkirch-Graffens, France

Office

N/A

Europe

7,637

—

0.00

None

Mar-2020

Common Area ^(c)

Tours, France

Office

N/A

Europe

5,828

—

0.00

None

Sep-2012

Vacant

100

Charlotte, NC

Industrial

N/A

East

437,500

—

N/A

Vacant

100

Salisbury, NC

Warehouse/Distribution

N/A

East

288,000

—

N/A

Vacant

100

Jacksonville, FL

Warehouse/Distribution

N/A

South

240,000

—

N/A

Vacant

100

Bridgeton, MO

Office

N/A

Midwest

78,080

—

N/A

Vacant

100

Webster, TX

Warehouse/Distribution & Industrial

N/A

South

34,804

—

N/A

Vacant

100

Broomfield, CO

Office

N/A

West

43,449

—

N/A

Vacant

Tours, France

Office

N/A

Europe

38,940

—

N/A

Vacant

100

Bloomingdale, IL

Office

N/A

Midwest

37,450

—

N/A

Vacant

100

Brewton, AL

Retail

N/A

South

30,625

—

N/A

Vacant

100

Houston, TX

Office

N/A

South

23,756

—

N/A

Vacant Total

1,252,604

—

Grand Total ^(d)

13,724,504

93,116

100


(a)		Rents reflect a conversion rate of 1.3598 EUR/USD as of September 30, 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.

WPC 9/30/2011 Supplemental 8-K — 32

Attached files

Stock widget

Investing forum

W. P. Carey Inc. Reports