W. P. Carey Inc. - FORM 8-K - EX-99.1 - SUPPLEMENTAL INFORMATION OF THE REGISTRANT AT MARCH 31, 2012.

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8-K - FORM 8-K - W. P. Carey Inc.	d348226d8k.htm

Exhibit 99.1

Filed by W. P. Carey & Co. LLC

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934

Subject Company: W. P. Carey & Co. LLC

(Commission File Number: 001-13779)

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W. P. Carey & Co. LLC

Supplemental Unaudited Operating and Financial Data

As of March 31, 2012

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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 (“ACFO”) 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.

Cautionary Statement Concerning Forward-Looking Statements:

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Act and the Exchange Act, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey & Co. LLC (“W. P. Carey”) and can be identified by the use of words such as “may,” “will,” “should,” “would,” “assume,” “outlook,” “seek,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” and other comparable terms. These forward-looking statements include, but are not limited to, statements regarding the anticipated future financial and operating performance and results, including estimates of growth. These statements are based on the current expectations of the management of W. P Carey. It is important to note that W. P. Carey’s actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks include, but are not limited to, the general economic climate, the supply of and demand for office and industrial properties, interest rate levels, the availability of financing, and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the company. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the Securities and Exchange Commission (the “SEC”) and are available at the SEC’s website at http://www.sec.gov, including Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2011 as filed with the SEC on February 29, 2012. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

W. P. CAREY & CO. LLC

Supplemental Unaudited Operating and Financial Data

As of March 31, 2012


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 (ACFO)		6
Revenue Stability Analysis		7
Portfolio Debt Overview		9
Detailed Debt Summary		10
2012 Investment Activity		11
Portfolio Analysis - Rent Contribution and Historical Occupancy		12
Portfolio and Diversification Analysis by Property Type		13
Portfolio and Diversification Analysis by Tenant Industry		14
Portfolio and Diversification Analysis by Geography		15
Portfolio Lease Maturity Analysis		16
Consolidated Balance Sheets		17
Consolidated Statements of Income		18
Consolidated Statements of Cash Flows		19
Detailed Property Summary		20

W. P. CAREY & CO. LLC

Company Overview

March 31, 2012


Key Company Contacts		Executive Offices
Trevor P. Bond	President, Chief Executive Officer and Director	50 Rockefeller Plaza
Mark J. DeCesaris	Managing Director, Chief Financial Officer	New York, NY 10020
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Susan C. Hyde	Managing Director, Director of Investor Relations	Fax: (212) 492-8922
		Web Site Address: www.wpcarey.com

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
Daniel P. Donlan	Janney Montgomery Scott LLC


Stock Data (NYSE: WPC)	First Quarter 2012		Fourth Quarter 2011		Third Quarter 2011		Second Quarter 2011		First Quarter 2011
High Price	$	49.70	$	44.71	$	42.72	$	41.82	$	38.00
Low Price		41.28		34.50		32.76		34.75		29.75
Closing Price		46.52		40.94		36.43		40.50		35.70

Distributions declared per share - annualized	$	2.26	$	2.25	$	2.24	$	2.20	$	2.05

Distribution yield (annualized distribution / closing stock price)		4.86%		5.50%		6.15%		5.43%		5.74%

Shares outstanding at quarter end		40,312,460		39,729,018		39,717,286		39,707,156		39,614,250

Market value of outstanding shares at quarter end (in thousands)	$	1,875,336	$	1,626,506	$	1,446,901	$	1,608,140	$	1,414,229

W. P. Carey 3/31/2012 Supplemental 8-K — 1

W. P. CAREY & CO. LLC

Financial Highlights (Unaudited)

(in thousands, except per share amounts)

These financial highlights include non-GAAP financial measures, including EBITDA, AFFO and ACFO. 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, 2012		December 31, 2011		September 30, 2011		June 30, 2011			March 31, 2011^(a)
EBITDA
Investment management	$	12,719	$	10,531	$	21,631	$	58,912		$	21,359
Real estate ownership		15,921		13,098		23,017		57,673			19,513

Total	$	28,640	$	23,629	$	44,648	$	116,585		$	40,872


AFFO
Investment management	$	18,015	$	14,290	$	18,546	$	48,157		$	20,650
Real estate ownership		22,054		20,919		23,004		24,611			18,492

Total	$	40,069	$	35,209	$	41,550	$	72,768		$	39,142


EBITDA Per Share (Diluted)
Investment management	$	0.32	$	0.26	$	0.54	$	1.46		$	0.53
Real estate ownership		0.39		0.33		0.57		1.44			0.49

Total	$	0.71	$	0.59	$	1.11	$	2.90		$	1.02


AFFO Per Share (Diluted)
Investment management	$	0.44	$	0.36	$	0.46	$	1.20		$	0.51
Real estate ownership		0.55		0.52		0.57		0.61			0.46

Total	$	0.99	$	0.88	$	1.03	$	1.81		$	0.97


							Three Months Ended March 31,
							2012			2011
ACFO
Adjusted cash flow							$	36,666		$	24,226

Adjusted cash flow per share (diluted)							$	0.91		$	0.60

Distributions declared per share							$	0.565		$	0.512

Payout ratio (distributions per share/adjusted cash flow per share)								62	%		85	%

(a)	Results prior to the three months ended June 30, 2011 exclude the impact of the CPA^®:14/16 Merger in May 2011.

W. P. Carey 3/31/2012 Supplemental 8-K — 2

W. P. CAREY & CO. LLC

Reconciliation of Net Income to EBITDA (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31, 2012		December 31, 2011			September 30, 2011		June 30, 2011			March 31, 2011^(a)
Investment Management
Net income from investment management attributable to W.P. Carey members	$	11,159	$	13,095		$	15,737	$	31,989		$	13,177
Adjustments:
Provision for (benefit from) income taxes		622		(3,540	)		5,075		26,056			7,380
Depreciation and amortization		938		976			819		867			802

EBITDA — investment management	$	12,719	$	10,531		$	21,631	$	58,912		$	21,359

EBITDA per share (diluted)	$	0.32	$	0.26		$	0.54	$	1.46		$	0.53


Real Estate Ownership
Net income (loss) from real estate ownership attributable to W. P. Carey members	$	1,131	$	(4,004	)	$	9,465	$	47,123		$	10,166
Adjustments:
Interest expense		7,345		6,260			5,989		5,396			4,316
Provision for (benefit from) income taxes		1,073		2,227			856		(1,296	)		187
Depreciation and amortization		5,926		8,416			6,361		6,438			3,878
Reconciling items attributable to discontinued operations		446		199			346		12			966

EBITDA — real estate ownership	$	15,921	$	13,098		$	23,017	$	57,673		$	19,513

EBITDA per share (diluted)	$	0.39	$	0.33		$	0.57	$	1.44		$	0.49


Total Company
EBITDA	$	28,640	$	23,629		$	44,648	$	116,585		$	40,872

EBITDA per share (diluted)	$	0.71	$	0.59		$	1.11	$	2.90		$	1.02

Diluted weighted average shares outstanding		40,487,652		40,152,444			40,404,520		40,243,548			40,242,706

(a)	Results prior to the three months ended June 30, 2011 exclude the impact of the CPA^®:14/16 Merger in May 2011.

Non-GAAP Financial Disclosure – EBITDA

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.

W. P. Carey 3/31/2012 Supplemental 8-K — 3

W. P. CAREY & CO. LLC

Reconciliation of Net Income to Funds from Operations – as Adjusted (AFFO) (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011^(a)
Investment Management
Net Income from investment management attributable to W.P. Carey members	$	11,159		$	13,095		$	15,737		$	31,989		$	13,177

FFO - as defined by NAREIT^(b)		11,159			13,095			15,737			31,989			13,177

Adjustments:
Amortization and other non-cash charges		7,561			3,297			4,953			17,583			7,473
Amortization of deferred financing costs		283			-			-			-			-
Merger expenses		837			-			-			-			-
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO:
AFFO adjustments to equity earnings from equity investments		(1,825	)		(2,102	)		(2,144	)		(1,415	)		-

Total adjustments		6,856			1,195			2,809			16,168			7,473

AFFO - Investment Management	$	18,015		$	14,290		$	18,546		$	48,157		$	20,650


Real Estate Ownership
Net Income from real estate ownership attributable to W. P. Carey members	$	1,131		$	(4,004	)	$	9,465		$	47,123		$	10,166
Adjustments:
Depreciation and amortization of real property		6,147			8,415			6,194			6,240			4,475
Impairment charges^(b)		5,724			5,498			4,934			41			-
Loss (gain) on sale of real estate, net		181			3,655			396			121			(781	)
Proportionate share of adjustments to equity in net income of partially-owned entities to arrive at FFO:
Depreciation and amortization of real property		898			1,208			1,173			1,328			1,548
Impairment charges^(b)		-			-			-			-			1,090
Loss on sale of real estate, net		142			-			-			34			-
Proportionate share of adjustments for noncontrolling interests to arrive at FFO		(434	)		(508	)		(1,157	)		(123	)		(196	)

Total adjustments		12,658			18,268			11,540			7,641			6,136

FFO - as defined by NAREIT^(b)		13,789			14,264			21,005			54,764			16,302

Adjustments:
Gain on change in control of interests ^(c)		-			-			-			(27,859	)		-
Gain on deconsolidation of a subsidiary		-			-			(1,008	)		-			-
Other gains, net		-			(1,118	)		135			-			-
Other depreciation, amortization and non-cash charges		(669	)		853			168			(2,443	)		(635	)
Amortization of deferred financing costs		464			-			-			-			-
Straight-line and other rent adjustments		(1,115	)		(1,804	)		(1,014	)		(1,020	)		(417	)
Merger expenses		1,266			-			-			-			-
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO:

W. P. Carey 3/31/2012 Supplemental 8-K — 4


Straight-line and other rent adjustments		(413	)		(414	)		(463	)		(142	)		(622	)
AFFO adjustments to equity earnings from equity investments		8,751			9,084			4,122			1,238			3,778
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO		(19	)		54			59			73			86

Total adjustments		8,265			6,655			1,999			(30,153	)		2,190

AFFO - Real Estate Ownership	$	22,054		$	20,919		$	23,004		$	24,611		$	18,492


Total Company
FFO - as defined by NAREIT	$	24,948		$	27,359		$	36,742		$	86,753		$	29,479

FFO - as defined by NAREIT (diluted)	$	0.62		$	0.68		$	0.91		$	2.16		$	0.73

AFFO	$	40,069		$	35,209		$	41,550		$	72,768		$	39,142

AFFO per share (diluted)	$	0.99		$	0.88		$	1.03		$	1.81		$	0.97

Diluted weighted average shares outstanding		40,487,652			40,152,444			40,404,520			40,243,548			40,242,706

(a)	Results prior to the three months ended June 30, 2011 exclude the impact of the CPA^®:14/16 Merger in May 2011.

(b)

The SEC Staff has recently advised that they take no position on the inclusion or exclusion of impairment write-downs in arriving at Funds from Operations (“FFO”). Since 2003, the National Association of Real Estate Investment Trusts (“NAREIT”) has taken the position that the exclusion of impairment charges is consistent with its definition of FFO. Accordingly, we have revised our computation of FFO to exclude impairment charges, if any, in arriving at FFO for all periods presented.

(c)

Represents gain recognized on purchase of the remaining interests in two investments 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 $27.9 million during the three months ended June 30, 2011 to adjust the carrying value of our existing interests in these investments to their estimated fair values.

Non-GAAP Financial Disclosure – AFFO

FFO is a non-GAAP measure defined by NAREIT. NAREIT defines FFO as net income or loss (as computed in accordance with GAAP) excluding: depreciation and amortization expense from real estate assets, impairment charges on real estate, gains or losses from sales of depreciated real estate assets and extraordinary items; however, FFO related to assets held for sale, sold or otherwise transferred and included in the results of discontinued operations are included. These adjustments also incorporate the pro rata share of unconsolidated subsidiaries. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers. Although NAREIT has published this definition of FFO, companies often modify this definition as they seek to provide financial measures that meaningfully reflect their distinctive operations.

We modify the NAREIT computation of FFO to 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, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. We refer to our modified definition of FFO as AFFO. 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 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. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations.

W. P. Carey 3/31/2012 Supplemental 8-K — 5

W. P. Carey & Co. LLC

Adjusted Cash Flow from Operating Activities (ACFO) (Unaudited)

(in thousands, except share and per share amounts)


	Three Months Ended March 31,
	2012			2011
Summarized cash flow information:
Cash flow (used in) provided by operating activities	$	(4,060	)	$	6,686

Cash flow provided by investing activities	$	9,464		$	9,140

Cash flow used in financing activities	$	(4,173	)	$	(46,880	)


Reconciliation of adjusted cash flow from operating activities:
Cash flow (used in) provided by operating activities	$	(4,060	)	$	6,686
Adjustments:
Distributions received from equity investments in real estate in excess of equity income^(a)		7,281			1,888
Distributions paid to noncontrolling interests, net^(b)		(247	)		(815	)
Changes in working capital^(c)		33,692			16,467

ACFO (inclusive of merger costs totaling $2.1 million in 2012)^(d)	$	36,666		$	24,226

Adjusted cash flow per share (diluted)	$	0.91		$	0.60


Distributions declared per share	$	0.565		$	0.512

Payout ratio (distributions per share/adjusted cash flow per share)		62%			85%


Diluted weighted average shares outstanding		40,487,652			40,242,706

(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)

ACFO for the three months ended March 31, 2012 includes a reduction of $2.1 million as a result of charges incurred in connection with the Proposed Merger. Management does not consider these costs to be an ongoing cash outflow when evaluating cash flow generated from our core operations using this supplemental financial measure.

Non-GAAP Financial Disclosure – ACFO

ACFO 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 investments in excess of our equity income; subtract cash distributions that we make to our noncontrolling partners in real estate joint investments that we consolidate; and eliminate changes in working capital. We hold a number of interests in real estate joint investments, 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 ACFO 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. ACFO should not be considered as an alternative to cash provided by operating activities computed on a GAAP basis as a measure of our liquidity.

W. P. Carey 3/31/2012 Supplemental 8-K — 6

W. P. CAREY & CO. LLC

Revenue Stability Analysis (Pro rata Basis) (Unaudited)

(in thousands)


	Three Months Ended
	March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					March 31, 2011
	Revenue			%		Revenue			%		Revenue			%		Revenue			%		Revenue			%
Asset management revenue	$	15,602			30%	$	15,529			30%	$	14,840			22%	$	16,619			16%	$	19,820			32%
Pro rata net lease revenues		29,640			56%		32,021			62%		31,255			46%		29,727			29%		25,840			42%
Incentive, termination and subordinated disposition revenue^(a)		-			0%		-			0%		-			0%		52,515			50%		-			0%

		45,242			86%		47,550			92%		46,095			68%		98,861			95%		45,660			74%

Structuring revenue^(b)		7,638			14%		3,930			8%		21,221			32%		5,735			5%		15,945			26%

Total Adjusted Revenue	$	52,880			100%	$	51,480			100%	$	67,316			100%	$	104,596			100%	$	61,605			100%


Reconciliation of Total Adjusted Revenue
Total revenue — as reported	$	69,409				$	63,169				$	78,372				$	118,398				$	75,919
Less: Reimbursed costs from affiliates^(c)		(18,737	)				(15,344	)				(14,707	)				(17,059	)				(17,719	)
Less: Wholesaling revenue^(c)		(3,787	)				(2,876	)				(2,586	)				(2,922	)				(3,280	)
Add: Pro rata share of revenues from equity investments		6,423					6,967					6,689					6,844					7,760
Less: Pro rata share of revenues due to noncontrolling interests		(428	)				(436	)				(452	)				(665	)				(1,075	)

Total Adjusted Revenue	$	52,880				$	51,480				$	67,316				$	104,596				$	61,605


Reconciliation of Total Pro Rata Net Lease Revenues
Lease revenues – as reported	$	17,653				$	19,360				$	18,609				$	17,839				$	13,872
Add: Pro rata share of revenues from equity investments		6,423					6,967					6,689					6,844					7,760
Less: Pro rata share of revenues due to noncontrolling interests		(428	)				(436	)				(452	)				(665	)				(1,075	)
Add: Other real estate income^(d)		5,992					6,130					6,409					5,709					5,283

Total Pro Rata Net Lease Revenues	$	29,640				$	32,021				$	31,255				$	29,727				$	25,840

(a)

During the quarter ended June 30, 2011 and 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 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 $172 million, $132 million, $498 million, $249 million, and $345 million for the three months ended March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, 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.

Note: Amounts presented for prior periods do not reflect subsequent adjustments to historical amounts presented for assets reclassified as held for sale or sold.

W. P. Carey 3/31/2012 Supplemental 8-K — 7

Non-GAAP Financial Disclosure – Total Adjusted Revenue

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.

W. P. Carey 3/31/2012 Supplemental 8-K — 8

W. P. CAREY & CO. LLC

Portfolio Debt Overview (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands)

Portfolio Debt Maturity


Year of Maturity	Outstanding Balance
2012	$	28,843
2013		701
2014		311,005	^(a)
2015		47,390
2016		61,639
2017		54,739
2018		30,090
2019		25,189
2020		92,149
2021		4,905
2023		4,752
2025		24,000

Total	$	685,402

(a)	Amount includes outstanding recourse debt on the unsecured line of credit.

Debt Maturity Analysis

LOGO

Year of Maturity

Fixed and Variable Rate Debt Analysis


Non-Recourse Debt	Outstanding Balance
Fixed	$	287,640
Fixed - Future Rate Reset		62,671
Fixed - Swap Agreement		47,063
Variable - Capped		21,623
Variable - Floating		13,945
Variable		4,300

		437,242

Recourse Debt
Variable - Line of Credit		248,160

Total Debt	$	685,402

W. P. Carey 3/31/2012 Supplemental 8-K — 9

W. P. CAREY & CO. LLC

Detailed Debt Summary (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands)


Tenant/Lease Guarantor / Percent Ownership	Rate Type	Current Interest Rate	Maturity Date	Outstanding Balance
Qwest Communications, Inc.	Fixed	7.50%	Jun-2012	$	1,293
AutoZone, Inc. - Series C	Fixed	6.85%	Aug-2012		97
Anthony’s Manufacturing Company	Fixed	5.11%	Oct-2012		7,959
BE Aerospace, Inc.	Fixed	6.11%	Nov-2012		7,946
Faurecia Exhaust Systems, Inc.	Fixed	5.16%	Nov-2012		2,295
Alstom Power, Inc. and Werner Co.	Fixed	5.18%	Dec-2012		9,253
AutoZone, Inc. - Series D	Fixed	6.85%	Aug-2013		701
US Airways Group, Inc. (75%)	Variable - Floating	4.27%	Apr-2014		13,945
Bay Terrace II^(a)	Variable	2.75%	May-2014		4,300
Carrefour France, SAS (46%)^(b)	Fixed - Future Rate Reset	5.55%	Dec-2014		44,600
Hibbett Sports	Fixed - Swap	6.45%	May-2015		4,525
Lowe’s Home Improvement Warehouse	Fixed	4.87%	Sep-2015		8,467
Bouygues Telecom, S.A. (Tours) (95%)^(b)	Fixed	3.07%	Oct-2015		5,286
The American Bottling Company	Fixed	5.13%	Nov-2015		29,112
World Color Printing	Fixed	5.30%	May-2016		4,915
Fiserv, Inc.	Fixed	6.18%	Jun-2016		28,651
Self-Storage Facilities - Arkansas and Florida (40%)^(c)	Fixed	6.18%	Jul-2016		2,373
Sprint Spectrum, LP	Fixed	4.85%	Aug-2016		8,354
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)^{(b) (c)}	Fixed	4.23%	Oct-2016		10,661
Consolidated Systems, Inc. (60%)	Fixed	5.87%	Nov-2016		6,685
Hellweg Die Profi-Baumärkte GmbH & Co. KG (5%)^(b)	Fixed	5.49%	Jan-2017		919
24 Hour Fitness USA, Inc.	Fixed	5.50%	Jun-2017		3,278
Amylin Pharmaceuticals, Inc.	Fixed	6.20%	Jul-2017		34,696
Medica France, S.A. (46%)^(b)	Fixed	4.50%	Oct-2017		15,846
The New York Times Company (17.75%)	Variable - Capped	2.87%	Apr-2018		21,623
OBI Wroclaw^(b)	Fixed - Swap	5.48%	May-2018		8,467
Self-Storage Portfolio (40%)^(c)	Fixed - Future Rate Reset	7.03%	Feb-2019/Mar-2019		12,654
Orbital Sciences Corporation	Fixed	7.75%	Jul-2019		12,535
JPMorgan Chase Bank, N.A.	Fixed - Swap	5.47%	Jul-2020		34,071
Self-Storage Facilities - Chicago, IL (40%)^(c)	Fixed - Future Rate Reset	6.34%	Aug-2020		3,588
Self-Storage Facility - Pensacola, FL	Fixed - Future Rate Reset	6.25%	Nov-2020		1,829
Federal Express Corporation	Fixed	5.48%	Dec-2020		52,661
Information Resources, Inc. (33%)	Fixed	5.92%	Feb-2021		4,905
Hologic, Inc. (36%)	Fixed	6.40%	May-2023		4,752
Google, Inc.	Fixed	5.15%	Nov-2025		24,000

Total Non-Recourse Debt		5.39%^(c)			437,242


Unsecured Line of Credit	Variable	2.00%	Dec-2014		248,160

Total Debt		4.16%^(c)		$	685,402

(a)	On April 2, 2012 we paid off the $4.3 million mortgage encumbering the property.

(b)	Debt balance calculated using an exchange rate of 1.3339 EUR/USD as of March 31, 2012.

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

W. P. Carey 3/31/2012 Supplemental 8-K — 10

W. P. CAREY & CO. LLC

Investment Activity (Unaudited)

For the Three Months Ended March 31, 2012

(in thousands, except square footage)

Investment Activity

Acquisitions - REITs^(a)

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Purchase
Price

Closing

Date

Property Type

Gross
Square
Footage

CPA^®:17 – Global

Blue Cross and Blue Shield of Minnesota, Inc.

Aurora, Eagan & Virginia, MN

169,011

January-12

Office

1,131,469

CPA^®:17 – Global

Sabre Communications Corporation and Cellxion, LLC

Alvarado, TX

2,657

March-12

Industrial

44,250

Total Acquisition-

Leased Properties

171,668

1,175,719

Total Acquisitions

171,668

1,175,719

Disposition Activity

Dispositions - CPA^® REITs

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Gross
Sale Price

Disposition

Date

Property Type

Gross
Square
Footage

CPA^®:16 – Global

Sovereign Bank

Bourne, Sandwich & Wareham, MA

3,173

January-12

Retail

19,693

CPA^®:15 (54%)

Medica – France, S.A.^(b)

Chatou, France

146

January-12

Land

10,200

CPA^®:16 – Global

American Tire Distributors

Charlotte, NC

1,500

February-12

Warehouse/Distribution

120,200

CPA^®:17 – Global

Dolgencorp, LLC

Choudrant, Gardner, Mangham, Mount Hermon & Richwood, LA; Vass, NC; & Chesterfield, Hopewell & Hot Springs, VA

12,922

February-12 & March-12

Retail

99,363

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

Lindenmaier AG^(b)

Laupheim, Germany

3,961

February-12

Industrial

67,358

CPA^®:15

Vacant

Virginia Beach, VA

18,200

February-12

Warehouse/Distribution

774,473

CPA^®:16 - Global

McLane Foodservice, Inc.

Manassas, VA

7,500

March-12

Warehouse/Distribution

100,337

Total REIT Dispositions

47,402

1,191,624

Dispositions - Owned Portfolio

WPC LLC (46%)

Medica – France, S.A.^(b)

Chatou, France

124

January-12

Land

8,619

WPC LLC

Cleo, Inc.

Memphis, TN

2,600

March-12

Warehouse/Distribution

1,006,170

Total Owned Portfolio Dispositions

2,724

1,014,789

Total Dispositions

50,126

2,206,413

(a)	There were no acquisitions in our owned portfolio during the period presented.

(b)	Disposition price reflects applicable foreign exchange rate.

W. P. Carey 3/31/2012 Supplemental 8-K — 11

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Rent and Historical Occupancy (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands, except percentages)

Top Ten Tenants by Annualized Contractual Minimum Base Rent


Tenant/Lease Guarantor	Annualized Contractual Minimum Base Rent		Percent
Carrefour France, SAS^(a)	$	7,663		8%
Federal Express Corporation		7,535		8%
Fiserv, Inc.		5,342		6%
The American Bottling Company		4,972		5%
The New York Times Company		4,423		5%
JP Morgan Chase Bank, N.A.		3,939		4%
Orbital Sciences Corporation		3,843		4%
Amylin Pharmaceuticals, Inc.		3,741		4%
U.S. Airways Group, Inc.		3,297		4%
L-3 Communications Titan Corp.		3,055		3%

Total	$	47,810		51%


Weighted-Average Lease Term for Portfolio:		6.4 years

W. P. Carey & Co. LLC Historical Occupancy

LOGO

(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.

W. P. Carey 3/31/2012 Supplemental 8-K — 12

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Property Type (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands, except percentages)


Property Type	Square Footage		Percent
Industrial		4,694		38%
Warehouse/Distribution		3,819		30%
Office		2,638		21%
Retail		852		7%
Other Properties^(a)		437		4%

Total^(b)		12,440		100%


Property Type	Annualized Contractual Minimum Base Rent^(c)		Percent
Office	$	39,141		42%
Industrial		26,934		29%
Warehouse/Distribution		16,992		18%
Retail		5,432		6%
Other Properties^(a)		4,714		5%

Total^(b)	$	93,213		100%


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

(a)	Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; self storage; hospitality; and unoccupied land.

(b)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

(c)	Includes hospitality and self storage where the rent provided is net operating income for these operating properties and not an annualized contractual minimum base rent.

W. P. Carey 3/31/2012 Supplemental 8-K — 13

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Tenant Industry (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands, except percentages)


Industry Type^(a)	Annualized Contractual Minimum Base Rent^(b)		Percent
Business and Commercial Services	$	14,269		15%
Retail Trade		14,117		15%
Transportation - Cargo		7,666		8%
Media: Printing and Publishing		7,053		8%
Healthcare, Education and Childcare		5,778		6%
Aerospace and Defense		5,468		6%
Telecommunications		5,408		6%
Electronics		5,062		5%
Beverages, Food, and Tobacco		5,026		5%
Banking		3,939		4%
Transportation - Personal		3,505		4%
Machinery		2,498		3%
Forest Products and Paper		2,470		3%
Grocery		1,736		2%
Consumer and Durable Goods		1,471		2%
Mining, Metals, and Primary Metal Industries		1,308		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^(c)		2,558		3%

Total^(d)	$	93,213		100%

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

(b)	Includes hospitality and self storage where the rent provided is net operating income for these operating properties and not an annualized contractual minimum base rent.

(c)	Includes rent from tenants in the following industries: consumer non-durable goods (0.7%), automobile (0.7%), federal, state and local government (0.7%), multi-tenant properties (0.4%), buildings and real estate (0.2%) and hotels and gaming (0.01%).

(d)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 3/31/2012 Supplemental 8-K — 14

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Geography (Pro rata basis) (Unaudited)

As of March 31, 2012

(in thousands, except percentages)


Region	Square Footage		Percent
U.S.
South		4,055		33%
East		2,481		20%
West		2,411		19%
Midwest		1,325		11%

U.S. Total		10,272		83%

International
France		1,670		13%
Germany		246		2%
Spain		138		1%
Poland		114		1%

International Total		2,168		17%


Total^(a)		12,440		100%


Region	Annualized Contractual Minimum Base Rent^(b)		Percent
U.S.
South	$	32,327		35%
West		23,667		25%
East		12,689		14%
Midwest		5,483		6%

U.S. Total		74,166		80%

International
France		13,971		15%
Germany		2,319		2%
Spain		1,736		2%
Poland		1,021		1%

International Total		19,047		20%

Total^(a)	$	93,213		100%

(a)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

(b)	Includes hospitality and self storage where the rent provided is net operating income for these operating properties and not an annualized contractual minimum base rent.

W. P. Carey 3/31/2012 Supplemental 8-K — 15

W. P. CAREY & CO. LLC

Owned Portfolio Analysis – Lease Maturities (Pro rata Basis) (Unaudited)

As of March 31, 2012

(in thousands, except percentages)


Year of Lease Expiration^(a)	Annualized Contractual Minimum Base Rent^(b)		Percent
2012^(c)	$	7,037		8%
2013		4,521		5%
2014		10,863		12%
2015		13,491		14%
2016		7,137		8%
2017		6,630		7%
2018		4,838		5%
2019		15,832		17%
2020		2,767		3%
2021		3,648		4%
2022		1,761		2%
2024		4,423		5%
2025		1,229		1%
2026		1,042		1%
2027		2,319		2%
2030		5,675		6%

Total^(d)	$	93,213		100%

Weighted Average Years to Maturity: 6.4

LOGO

(a)	Assumes tenant does not exercise renewal option.

(b)	Includes hospitality and self storage where the rent provided is net operating income for these operating properties and not an annualized contractual minimum base rent.

(c)	Month-to-month properties are counted in 2012 revenue stream.

(d)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 3/31/2012 Supplemental 8-K — 16

W. P. CAREY & CO. LLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share amounts)


	March 31, 2012			December 31, 2011
Assets
Investments in real estate:
Real estate, at cost (inclusive of amounts attributable to consolidated variable interest entities (“VIEs”) of $41,032 and $41,032, respectively)	$	614,052		$	646,482
Operating real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $26,327 and $26,318, respectively)		109,907			109,875
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $22,839 and $22,350, respectively)		(126,081	)		(135,175	)

Net investments in properties		597,878			621,182
Net investments in direct financing leases		58,064			58,000
Assets held for sale		13,422			-
Equity investments in real estate and the REITs		541,457			538,749

Net investments in real estate		1,210,821			1,217,931
Cash and cash equivalents (inclusive of amounts attributable to consolidated VIEs of $325 and $230, respectively)		30,713			29,297
Due from affiliates		34,233			38,369
Intangible assets and goodwill, net		123,294			125,957
Other assets, net (inclusive of amounts attributable to consolidated VIEs of $2,700 and $2,773, respectively)		59,925			51,069

Total assets	$	1,458,986		$	1,462,623


Liabilities and Equity
Liabilities:
Non-recourse and limited-recourse debt (inclusive of amounts attributable to consolidated VIEs of $14,167 and $14,261, respectively)	$	354,722		$	356,209
Line of credit		248,160			233,160
Accounts payable, accrued expenses and other liabilities (inclusive of amounts attributable to consolidated VIEs of $1,526 and $1,651, respectively)		62,263			82,055
Income taxes, net		46,070			44,783
Distributions payable		22,852			22,314

Total liabilities		734,067			738,521

Redeemable noncontrolling interest		6,929			7,700


Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 40,312,460 and 39,729,018 shares issued and outstanding, respectively		790,180			779,071
Distributions in excess of accumulated earnings		(108,100	)		(95,046	)
Deferred compensation obligation		7,691			7,063
Accumulated other comprehensive loss		(5,976	)		(8,507	)

Total W. P. Carey members’ equity		683,795			682,581
Noncontrolling interests		34,195			33,821

Total equity		717,990			716,402

Total liabilities and equity	$	1,458,986		$	1,462,623

W. P. Carey 3/31/2012 Supplemental 8-K — 17

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except share and per share amounts)


	Three Months Ended March 31,
	2012			2011
Revenues
Asset management revenue	$	15,602		$	19,820
Structuring revenue		7,638			15,945
Wholesaling revenue		3,787			3,280
Reimbursed costs from affiliates		18,737			17,719
Lease revenues		17,653			13,872
Other real estate income		5,992			5,283

		69,409			75,919

Operating Expenses
General and administrative		(26,909	)		(21,323	)
Reimbursable costs		(18,737	)		(17,719	)
Depreciation and amortization		(6,864	)		(4,680	)
Property expenses		(2,698	)		(3,049	)
Other real estate expenses		(2,499	)		(2,557	)
Impairment charges		(3,299	)		-

		(61,006	)		(49,328	)

Other Income and Expenses
Other interest income		503			675
Income from equity investments in real estate and the REITs		13,986			6,216
Other income and (expenses)		306			481
Interest expense		(7,345	)		(4,316	)

		7,450			3,056

Income from continuing operations before income taxes		15,853			29,647
Provision for income taxes		(1,695	)		(7,567	)

Income from continuing operations		14,158			22,080

Discontinued Operations
Income from operations of discontinued properties		117			755
(Loss) gain on sale of real estate		(181	)		781
Impairment charge		(2,425	)		-

(Loss) income from discontinued operations		(2,489	)		1,536

Net Income		11,669			23,616
Add: Net loss attributable to noncontrolling interests		578			330
Less: Net loss (income) attributable to redeemable noncontrolling interest		43			(603	)

Net Income Attributable to W. P. Carey Members	$	12,290		$	23,343

Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.36		$	0.54
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.06	)		0.04

Net income attributable to W. P. Carey members	$	0.30		$	0.58

Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.36		$	0.54
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.06	)		0.04

Net income attributable to W. P. Carey members	$	0.30		$	0.58

Weighted Average Shares Outstanding
Basic		40,037,496			39,738,207

Diluted		40,487,652			40,242,706

Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	14,779		$	21,807
(Loss) income from discontinued operations, net of tax		(2,489	)		1,536

Net income	$	12,290		$	23,343

Distributions Declared Per Share	$	0.565		$	0.512

W. P. Carey 3/31/2012 Supplemental 8-K — 18

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


	Three Months Ended March 31,
	2012			2011
Cash Flows — Operating Activities
Net income	$	11,669		$	23,616
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs		7,881			5,457
Income from equity investments in real estate and the REITs (in excess of) less than distributions received		(1,716	)		265
Straight-line rent and financing lease adjustments		(1,135	)		(373	)
Amortization of deferred revenue		(2,359	)		-
Loss (gain) on sale of real estate		181			(781	)
Unrealized gain on foreign currency transactions and others		(212	)		(210	)
Realized gain on foreign currency transactions and others		(75	)		(213	)
Management income received in shares of affiliates		(6,889	)		(10,083	)
Impairment charges		5,724			-
Stock-based compensation expense		5,261			2,451
Deferred acquisition revenue received		8,722			11,103
Increase in structuring revenue receivable		(3,916	)		(7,305	)
Decrease in income taxes, net		(5,663	)		(1,956	)
Net changes in other operating assets and liabilities		(21,533	)		(15,285	)

Net cash (used in) provided by operating activities		(4,060	)		6,686

Cash Flows — Investing Activities
Distributions received from equity investments in real estate and the REITs in excess of equity income		7,370			2,795
Capital contributions to equity investments		(90	)		(2,297	)
Capital expenditures		(1,481	)		(880	)
Proceeds from sale of real estate		2,422			9,187
Proceeds from sale of securities		11			120
Funds placed in escrow		(722	)		(148	)
Funds released from escrow		1,954			363

Net cash provided by investing activities		9,464			9,140

Cash Flows — Financing Activities
Distributions paid		(22,792	)		(20,259	)
Contributions from noncontrolling interests		750			617
Distributions paid to noncontrolling interests		(992	)		(1,425	)
Scheduled payments of mortgage principal		(2,357	)		(7,294	)
Proceeds from mortgage financing		-			1,135
Proceeds from line of credit		15,000			90,000
Repayments of line of credit		-			(110,000	)
(Payment) refund of financing costs		(75	)		53
Proceeds from issuance of shares		4,249			-
Payment of tax withholding liability related to stock-based compensation awards		(2,553	)		-
Windfall tax benefit associated with stock-based compensation awards		4,597			293

Net cash used in financing activities		(4,173	)		(46,880	)

Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		185			439

Net increase (decrease) in cash and cash equivalents		1,416			(30,615	)
Cash and cash equivalents, beginning of period		29,297			64,693

Cash and cash equivalents, end of period	$	30,713		$	34,078

W. P. Carey 3/31/2012 Supplemental 8-K — 19

W. P. CAREY & CO. LLC

Owned Portfolio Detailed Property Summary (Pro rata Basis) (Unaudited)

As of March 31, 2012

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

177,793

1,051

1.13%

INSEE

^(c)

Jun-2016

Jun-2019

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

174,267

1,034

1.11%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Trade

Europe

152,370

943

1.01%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Lens, France

Warehouse/Distribution

Retail Trade

Europe

126,929

753

0.81%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

134,942

696

0.75%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Ploufragan, France

Warehouse/Distribution

Retail Trade

Europe

122,596

648

0.70%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Crepy en Valois, France

Warehouse/Distribution

Retail Trade

Europe

101,252

627

0.67%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Trade

Europe

107,962

557

0.60%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Cholet, France

Warehouse/Distribution

Retail Trade

Europe

99,265

525

0.56%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

60,294

358

0.38%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Thuit Hebert, France

Warehouse/Distribution

Retail Trade

Europe

68,479

353

0.38%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

7,524

0.05%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Lens, France

Warehouse/Distribution

Retail Trade

Europe

4,349

0.03%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

2,899

0.02%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Lens, France

Warehouse/Distribution

Retail Trade

Europe

2,599

0.02%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

2,554

0.01%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

596

0.00%

INSEE

^(c)

Jun-2015

Jun-2018

Carrefour France, SAS Total

1,346,670

7,663

8.22%

Federal Express Corporation

100%

Collierville, TN

Office

Transportation
- Cargo

South

390,380

7,252

7.78%

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

0.07%

Fixed

Apr-2012

Apr-2017

Federal Express Corporation Total

432,672

7,535

8.08%

Fiserv, Inc.

100%

Norcross, GA

Office

Business and
Commercial
Services

South

220,676

5,342

5.73%

CPI

Dec-2015

Dec-2030

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

5.33%

The New York Times Company

18%

New York, NY

Office

Media:
Printing and
Publishing

East

126,420

4,423

4.75%

Fixed

Mar-2024

Mar-2044

W. P. Carey 3/31/2012 Supplemental 8-K — 20

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

JP Morgan Chase Bank, N.A.

100%

Fort Worth, TX

Office

Banking

South

384,246

3,939

4.23%

None

Feb-2030

Feb-2050

Orbital Sciences Corporation

100%

Chandler, AZ

Industrial

Aerospace and

Defense

West

355,307

3,843

4.12%

CPI

Sep-2019

Sep-2029

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

4.01%

US Airways Group, Inc.

75%

Tempe, AZ

Office

Transportation
- Personal

West

167,890

3,297

3.54%

CPI

Apr-2014

Nov-2029

L-3 Communications Titan Corp.

100%

San Diego, CA

Office

Electronics

West

166,403

3,055

3.28%

CPI

Jul-2012

Jul-2017

Medica France S.A.^(b)

46%

Paris, France

Other

Healthcare,
Education and
Childcare

Europe

24,770

629

0.68%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A.^(b)

46%

Sarcelles, France

Other

Healthcare,
Education and
Childcare

Europe

34,621

629

0.68%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A.^(b)

46%

Chatou, France

Other

Healthcare,
Education and
Childcare

Europe

24,667

393

0.42%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A.^(b)

46%

Poissy, France

Other

Healthcare,
Education and
Childcare

Europe

24,593

393

0.42%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A.^(b)

46%

Rosny sous Bois, France

Other

Healthcare,
Education and
Childcare

Europe

21,847

393

0.42%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A.^(b)

46%

Rueil
Malmaison, France

Other

Healthcare,
Education and
Childcare

Europe

23,814

393

0.42%

INSEE^(c)

Sep-2021

Sep-2030

Medica France S.A. Total

154,312

2,833

3.04%

Schuler AG^(b)

33%

Göppingen, Germany

Industrial

Machinery

Europe

246,380

2,319

2.49%

CPI

Oct-2027

Oct-2047

AutoZone, Inc.

100%

San Antonio, TX

Retail

Retail Trade

South

5,400

0.06%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Albuquerque, NM

Retail

Retail Trade

West

5,400

0.06%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Trade

South

5,400

0.06%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Houston, TX

Retail

Retail Trade

South

5,400

0.06%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Lexington, SC

Retail

Retail Trade

East

5,400

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Macon, GA

Retail

Retail Trade

South

5,400

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Trade

South

5,400

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Albany, GA

Retail

Retail Trade

South

5,400

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Farmington, NM

Retail

Retail Trade

West

5,400

0.04%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Brunswick, GA

Retail

Retail Trade

South

5,400

0.04%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Augusta, GA

Retail

Retail Trade

South

5,400

0.04%

None

Aug-2013

Aug-2038

W. P. Carey 3/31/2012 Supplemental 8-K — 21

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

AutoZone, Inc.

100%

Gastonia, NC

Retail

Retail Trade

East

5,400

0.06%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Corpus Christi, TX

Retail

Retail Trade

South

6,600

0.06%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Statesville, NC

Retail

Retail Trade

East

5,400

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Lenoir, NC

Retail

Retail Trade

East

5,400

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Corpus Christi, TX

Retail

Retail Trade

South

6,480

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Victoria, TX

Retail

Retail Trade

South

6,480

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Charlotte, NC

Retail

Retail Trade

East

5,400

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

San Antonio, TX

Retail

Retail Trade

South

5,400

0.05%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Waco, TX

Retail

Retail Trade

South

4,800

0.04%

None

Jan-2016

Jan-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%

Decatur, AL

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Phenix City, AL

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Mobile, AL

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Alton, IL

Retail

Retail Trade

Midwest

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Belleville, IL

Retail

Retail Trade

Midwest

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Breckenridge, MO

Retail

Retail Trade

Midwest

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Chickasaw, AL

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Montgomery, AL

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Columbus, GA

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

West Monroe, LA

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Trade

South

5,400

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Lake Charles, LA

Retail

Retail Trade

South

6,480

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Lake Charles, LA

Retail

Retail Trade

South

6,480

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Maplewood, MO

Retail

Retail Trade

Midwest

6,480

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Overland, MO

Retail

Retail Trade

Midwest

6,480

0.05%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Collinsville, IL

Retail

Retail Trade

Midwest

5,400

0.04%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Wood River, IL

Retail

Retail Trade

Midwest

5,400

0.04%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

St. Louis, MO

Retail

Retail Trade

Midwest

5,400

0.04%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

Bessemer, AL

Retail

Retail Trade

South

5,400

0.03%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Trade

Midwest

5,400

0.05%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Trade

Midwest

6,660

0.05%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Hammond, LA

Retail

Retail Trade

South

6,480

0.04%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Panama City, FL

Retail

Retail Trade

South

5,401

0.04%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Jacksonville, FL

Retail

Retail Trade

South

5,000

0.04%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Shelby, NC

Retail

Retail Trade

East

6,660

0.03%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Trade

South

6,600

0.02%

Fixed

Mar-2014

Mar-2024

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%

Kannapolis, NC

Retail

Retail Trade

East

6,408

0.03%

Fixed

Oct-2015

Oct-2025

W. P. Carey 3/31/2012 Supplemental 8-K — 22

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

AutoZone, Inc.

100%

Morgantown, NC

Retail

Retail Trade

East

5,400

0.02%

Fixed

Oct-2015

Aug-2019

AutoZone, Inc.

100%

East Ridge, TN

Retail

Retail Trade

South

6,480

0.02%

Fixed

Oct-2018

Oct-2023

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%

World Color Printing (USA) Corp.

100%

Doraville, GA

Industrial

Media: Printing and
Publishing

South

432,559

1,771

1.90%

CPI

Dec-2017

Dec-2042

Eroski Sociedad Cooperativa ^(b)

70%

Mallorca, Spain

Warehouse/
Distribution

Retail Trade

Europe

138,383

1,736

1.86%

3% or CPI

Jun-2030

Jun-2045

BE Aerospace, Inc.

100%

Lenexa, KS

Industrial

Aerospace and
Defense

Midwest

130,094

676

0.72%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Industrial

Aerospace and
Defense

East

139,628

418

0.45%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Warehouse/
Distribution

Aerospace and
Defense

East

90,800

272

0.29%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Office

Aerospace and
Defense

East

43,788

131

0.14%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Dallas, TX

Industrial

Aerospace and
Defense

South

22,680

129

0.14%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc. Total

426,990

1,625

1.74%

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.

36%

Bedford, MA

Industrial

Electronics

East

74,520

1,119

1.20%

CPI

Aug-2022

Aug-2042

Hologic, Inc.

36%

Danbury, CT

Industrial

Electronics

East

22,335

255

0.27%

CPI

Aug-2022

Aug-2042

Hologic, Inc. Total

96,855

1,374

1.47%

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics,
Rubber, and Glass

South

369,537

1,179

1.26%

Fixed

Mar-2015

Anthony’s Manufacturing Company, Inc.

100%

San Fernando, CA

Industrial

Consumer and
Durable Goods

West

182,845

1,162

1.25%

CPI

May-2012

W. P. Carey 3/31/2012 Supplemental 8-K — 23

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

Consolidated Systems, Inc.

60%

Columbia, SC

Industrial

Mining, Metals,

and Primary Metal
Industries

East

294,249

905

0.97%

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

60%

Columbia, SC

Office

Mining, Metals, and
Primary Metal
Industries

East

24,459

0.08%

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

60%

Columbia, SC

Warehouse/
Distribution

Mining, Metals, and
Primary Metal
Industries

East

20,057

0.07%

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc. Total

338,765

1,041

1.12%

OBI Group^(b)

100%

Wroclaw, Poland

Retail

Retail Trade

Europe

113,570

1,021

1.10%

CPI

Dec-2025

Dec-2040

24 Hour Fitness USA, Inc.

100%

Austin, TX

Other

Leisure,
Amusement,
Entertainment

South

43,935

952

1.02%

CPI

Jun-2017

Jun-2037

Sports Wholesale, Inc.

100%

Birmingham, AL

Warehouse/
Distribution

Retail Trade

South

219,312

924

0.99%

CPI

Dec-2014

Dec-2029

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%

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.

33%

Chicago, IL

Office

Business and
Commercial
Services

Midwest

53,195

815

0.87%

CPI

Jan-2021

Juniper Networks, Inc.

100%

Sunnyvale, CA

Industrial

Electronics

West

50,311

634

0.68%

Fixed

Nov-2016

Nov-2021

BellSouth Telecommunications, Inc.

100%

Fort Lauderdale,
FL

Warehouse/
Distribution

Telecommunications

South

80,450

632

0.68%

Fixed

Jun-2016

Jun-2021

Childtime Childcare, Inc.

34%

Alhambra, CA

Other

Healthcare,
Education and
Childcare

West

2,262

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Tustin, CA

Other

Healthcare,
Education and
Childcare

West

2,264

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Canton, MI

Other

Healthcare,
Education and
Childcare

Midwest

2,311

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Chino, CA

Other

Healthcare,
Education and
Childcare

West

2,166

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Carrollton, TX

Other

Healthcare,
Education and
Childcare

South

2,438

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Duncanville, TX

Other

Healthcare,
Education and
Childcare

South

2,438

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Lewisville, TX

Other

Healthcare,
Education and
Childcare

South

2,440

0.06%

CPI

Jan-2016

Jan-2041

W. P. Carey 3/31/2012 Supplemental 8-K — 24

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

Childtime Childcare, Inc.

34%

Garden Grove, CA

Other

Healthcare,
Education and
Childcare

West

2,848

0.06%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Tucson, AZ

Other

Healthcare,
Education and
Childcare

West

2,165

0.04%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Chandler, AZ

Other

Healthcare,
Education and
Childcare

West

2,026

0.04%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare,
Education and
Childcare

Midwest

2,787

0.04%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare,
Education and
Childcare

Midwest

2,472

0.03%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc. Total

28,617

587

0.63%

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%

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

348

0.37%

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

Tubular Metal Systems

100%

Pinconning, MI

Industrial

Automobile

Midwest

220,588

298

0.32%

CPI

Jul-2018

Dec-2022

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

Fairpoint Communications, Inc.

100%

Milton, VT

Industrial

Telecommunications

East

30,624

221

0.24%

Fixed

Feb-2013

Candle Lamp Company, LLC

100%

Memphis, TN

Warehouse/
Distribution

Consumer Non-
durable Goods

South

75,000

190

0.20%

CPI

Mar-2014

Qwest Communications, Inc.

100%

Scottsdale, AZ

Industrial

Telecommunications

West

4,460

180

0.19%

Fixed

Feb-2017

Xerox Corporation

100%

Hot Springs, AR

Retail

Machinery

South

36,850

179

0.19%

Fixed

Mar-2014

Mar-2017

W. P. Carey 3/31/2012 Supplemental 8-K — 25

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

American EMO Trans, Inc.

100%

Charlotte, NC

Industrial

Transportation - Cargo

East

52,500

131

0.14%

Fixed

Nov-2014

Kenyon International Emergency Services

100%

Houston, TX

Warehouse/Distribution

Healthcare, Education and
Childcare

South

17,725

0.10%

None

Oct-2014

Oct-2019

Moran Foods, Inc.

100%

Montgomery, AL

Retail

Beverages, Food, and
Tobacco

South

32,690

0.06%

None

Oct-2017

Oct-2037

Google, Inc.

100%

Venice, CA

Office

Telecommunications

West

67,681

0.00%

Fixed

Oct-2025

Oct-2035

Bouygues Telecom, S.A.^(b)

75%

Illkirch-Graffenstaden, France

Office

Business and Commercial
Services

Europe

45,459

1,800

1.93%

INSEE

^(c)

Feb-2013

Group SOFEMO^(b)

75%

Illkirch-Graffenstaden, France

Office

Business and Commercial
Services

Europe

16,631

322

0.35%

INSEE

^(c)

Jan-2014

Jan-2020

SUPINFO International University^(b)

75%

Illkirch-Graffenstaden, France

Office

Business and Commercial
Services

Europe

6,999

117

0.13%

INSEE

^(c)

Mar-2019

Mar-2013

Bouygues Telecom, S.A.^(b)

75%

Illkirch-Graffenstaden, France

Office

Business and Commercial
Services

Europe

3,689

0.07%

INSEE

^(c)

Dec-2015

May-2020

Multi-Tenant Property^(d)

72,778

2,304

2.47%

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

Alstom Power

100%

Erlanger, KY

Warehouse/Distribution

Business and Commercial
Services

East

197,400

485

0.52%

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

Multi-Tenant Property^(d)

769,604

1,653

1.77%

Swat-Fame, Inc.

100%

Industry, CA

Industrial

Textiles, Leather, and
Apparel

West

233,205

872

0.94%

CPI

Jun-2020

Jada Toys, Inc.

100%

Industry, CA

Industrial

Consumer Non-durable
Goods

West

92,595

500

0.54%

CPI

Apr-2012

Apr-2017

Multi-Tenant Property^(d)

325,800

1,372

1.47%

Bouygues Telecom, S.A.^(b)

95%

Tours, France

Office

Telecommunications

Europe

57,264

981

1.05%

INSEE

^(c)

Sep-2012

Caisse Centrale d’Activities Sociales^(b)

95%

Tours, France

Office

Federal, State, and Local
Government

Europe

10,655

191

0.21%

INSEE

^(c)

Feb-2018

Feb-2021

Multi-Tenant Property^(d)

67,919

1,173

1.26%

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

0.33%

Fixed

Mar-2012

Jun-2012

Raytheon Company

100%

Webster, TX

Industrial

Business and Commercial
Services

South

9,138

0.10%

Fixed

Jul-2012

Sep-2016

Multi-Tenant Property^(d)

87,521

883

0.95%

W. P. Carey 3/31/2012 Supplemental 8-K — 26

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

Pioneer Credit Recovery, Inc.

100%

Moorestown, NJ

Office

Business and Commercial
Services

East

30,000

405

0.43%

Fixed

Sep-2012

May-2017

Lincoln Technical Institute, Inc.

100%

Moorestown, NJ

Office

Healthcare, Education
and Childcare

East

35,567

209

0.22%

Fixed

Apr-2025

Apr-2035

Multi-Tenant Property^(d)

65,567

614

0.66%

United Space Alliance, LLC

100%

Webster, TX

Warehouse/
Distribution

Business and Commercial
Services

South

32,503

219

0.24%

None

Sep-2015

Sep-2020

United Space Alliance, LLC

100%

Webster, TX

Warehouse/
Distribution

Business and Commercial
Services

South

36,629

211

0.23%

None

Sep-2013

Lockheed Martin Corporation

100%

Webster, TX

Warehouse/
Distribution

Business and Commercial
Services

South

8,921

0.10%

Fixed

Dec-2014

Dec-2017

Multi-Tenant Property^(d)

78,053

521

0.56%

United States Postal Service

100%

Bloomingdale, IL

Office

Federal, State and Local
Government

Midwest

40,000

465

0.50%

Fixed

Apr-2016

RGIS, LLC

100%

Bloomingdale, IL

Office

Business and Commercial
Services

Midwest

2,550

0.02%

Fixed

Nov-2014

Classic Cuisines Catering

100%

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

0.01%

Fixed

Apr-2012

Multi-Tenant Property^(d)

43,550

498

0.53%

Richard Design Services, Inc.

100%

Beaumont, TX

Office

Business and Commercial
Services

South

34,300

300

0.32%

Other

Feb-2013

May-2013

Englobal U.S., Inc.

100%

Beaumont, TX

Office

Business and Commercial
Services

South

8,580

0.09%

Other

Nov-2014

Nov-2024

Olmsted Kirk Paper Co.

100%

Beaumont, TX

Office

Forest Products and
Paper

South

5,760

0.05%

Other

Dec-2017

Dec-2022

Multi-Tenant Property^(d)

48,640

430

0.46%

Broomfield Tech

100%

Broomfield, CO

Office

N/A

West

44,458

152

0.16%

Other

Dec-2016

Broomfield Tech

100%

Broomfield, CO

Office

N/A

West

10,952

0.04%

Other

Apr-2013

Broomfield Tech

100%

Broomfield, CO

Office

N/A

West

25,282

0.03%

Other

Jan-2015

Multi-Tenant Property^(d)

80,692

216

0.23%

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

Multi-Tenant Property^(d)

25,125

207

0.22%

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

SBH Holdings, LLC

100%

Houston, TX

Office

Healthcare, Education
and Childcare

South

5,632

0.05%

Fixed

Aug-2013

Aug-2016

W. P. Carey 3/31/2012 Supplemental 8-K — 27

Tenant/Lease Guarantor

Percent
Ownership

Property Location

Property Type

Tenant Industry

Region

Square
Footage ^(a)

Annualized
Contractual
Minimum
Base Rent (in
thousands)

Percentage of
Total Rent ^(a)

Increase
Factor

Lease
Expiration

Maximum
Term

Knight Security Systems

100%

Houston, TX

Office

Business and Commercial
Services

South

4,456

0.03%

Fixed

Jun-2016

Jun-2021

Multi-Tenant Property^(d)

25,884

182

0.20%

USA Self Storage, LLC^(e)

100%

Pensacola, FL

Self
Storage

Buildings and Real Estate

South

51,867

183

0.20%

Fixed

Dec-2017

Dec-2022

LIVHO, Inc.

100%

Livonia, MI

Hospitality

Hotels and Gaming

Midwest

158,000

0.00%

Fixed

Jan-2014

Vacant

100%

Charlotte, NC

Industrial

N/A

East

385,000

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%

Bloomingdale, IL

Office

N/A

Midwest

57,450

N/A

Vacant

100%

Webster, TX

Warehouse/
Distribution

N/A

South

34,804

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

32,045

N/A

Vacant

100%

Brewton, AL

Retail

N/A

South

30,625

N/A

Vacant

95%

Tours, France

Office

N/A

Europe

28,284

N/A

Vacant

100%

Houston, TX

Office

N/A

South

23,756

N/A

Vacant Total

910,044

Grand Total^(f)

12,440,451

93,213

100%

(a)	Numbers may not add due to rounding.

(b)	Rents reflect a conversion rate of 1.3339 EUR/USD as of March 31, 2012.

(c)	INSEE construction index, an index published quarterly by the French Government.

(d)	Property utilizes modified triple net lease form.

(e)	Reflects net operating income.

(f)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 3/31/2012 Supplemental 8-K — 28

Portfolio Diversification by Geography

(based on square footage)

Portfolio Diversification by Geography

(based on annualized contractual minimum base rent)