W. P. Carey Inc. - FORM 8-K - EX-99.1 - SUPPLEMENTAL INFORMATION OF THE REGISTRANT AT JUNE 30, 2012

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8-K - FORM 8-K - W. P. Carey Inc.	d392248d8k.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)

LOGO

W. P. Carey & Co. LLC

Supplemental Unaudited Operating and Financial Data

As of June 30, 2012

LOGO

Important Disclosures About this Supplemental Package

As used in this supplemental package, the terms “W. P. Carey,” “WPC LLC,” “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated. “GAAP” means generally accepted accounting principles in the United States. “CPA^® REITs” means Corporate Property Associates 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 total adjusted revenue. 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 June 30, 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)		5
Adjusted Cash Flow from Operating Activities (ACFO)		8
Total Adjusted Revenue		10
Portfolio Debt Overview		13
Detailed Debt Summary		14
2012 Investment Activity		15
Portfolio Analysis - Rent Contribution and Historical Occupancy		17
Portfolio and Diversification Analysis by Property Type		18
Portfolio and Diversification Analysis by Tenant Industry		19
Portfolio and Diversification Analysis by Geography		20
Portfolio Lease Maturity Analysis		21
Consolidated Balance Sheets		22
Consolidated Statements of Income		23
Consolidated Statements of Cash Flows		24
Detailed Property Summary		25

W. P. CAREY & CO. LLC

Company Overview

June 30, 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)	Second Quarter 2012		First Quarter 2012		Fourth Quarter 2011		Third Quarter 2011		Second Quarter 2011
High Price	$	48.39	$	49.70	$	44.71	$	42.72	$	41.82
Low Price		39.66		41.28		34.50		32.76		34.75
Closing Price		46.03		46.52		40.94		36.43		40.50

Distributions declared per share - annualized	$	2.27	$	2.26	$	2.25	$	2.24	$	2.20

Distribution yield (annualized distribution / closing stock price)		4.93%		4.86%		5.50%		6.15%		5.43%

Shares outstanding at quarter end		40,358,186		40,312,460		39,729,018		39,717,286		39,707,156

Market value of outstanding shares at quarter end (in thousands)	$	1,857,687	$	1,875,336	$	1,626,506	$	1,446,901	$	1,608,140

W. P. Carey 6/30/2012 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											Six Months Ended June 30,
	June 30, 2012			March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		2012		2011
EBITDA^(a)
Investment management	$	451		$	3,920	$	1,141	$	15,028	$	55,524	$	4,371	$	75,068
Real estate ownership		43,524			24,720		22,488		29,620		63,669		68,243		84,997

Total	$	43,975		$	28,640	$	23,629	$	44,648	$	119,193	$	72,614	$	160,065


AFFO^(a)
Investment management	$	(271	)	$	11,041	$	7,002	$	14,087	$	46,184	$	10,771	$	65,019
Real estate ownership		28,092			29,028		28,207		27,463		26,860		57,121		47,167

Total	$	27,821		$	40,069	$	35,209	$	41,550	$	73,044	$	67,892	$	112,186


EBITDA Per Share (Diluted)^(a)
Investment management	$	0.01		$	0.10	$	0.03	$	0.37	$	1.38	$	0.11	$	1.87
Real estate ownership		1.07			0.61		0.56		0.74		1.58		1.67		2.11

Total	$	1.08		$	0.71	$	0.59	$	1.11	$	2.96	$	1.78	$	3.98


AFFO Per Share (Diluted)^(a)
Investment management	$	(0.01	)	$	0.27	$	0.17	$	0.35	$	1.15	$	0.26	$	1.62
Real estate ownership		0.69			0.72		0.71		0.68		0.67		1.40		1.17

Total	$	0.68		$	0.99	$	0.88	$	1.03	$	1.82	$	1.66	$	2.79


												Six Months Ended June 30,
												2012		2011
ACFO
Adjusted cash flow												$	58,323	$	55,916

Distributions declared												$	46,659	$	42,561

(a)

Effective April 1, 2012, we include cash distributions and deferred revenue received and earned from the operating partnerships of CPA^®:16 – Global, CPA^®:17 – Global and CWI in our Real Estate Ownership segment. Results of operations for the prior year periods have been reclassified to conform to the current period presentation. Additionally, during the third quarter of 2011, CPA^®:16 – Global finalized its assessment of the fair values of the assets acquired and liabilities assumed in connection with the CPA^®:14/16 merger and made certain adjustments during that quarter. Our proportionate share of the adjustments before income taxes was approximately $2.6 million. In accordance with current accounting guidance, we have retrospectively adjusted our results of operations in our Real Estate Ownership segment for the three and six months ended June 30, 2011 to include such adjustments.

W. P. Carey 6/30/2012 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													Six Months Ended June 30,
	June 30, 2012			March 31, 2012		December 31, 2011			September 30, 2011		June 30, 2011			2012			2011
Investment Management
Net income from investment management attributable to W.P. Carey members^(a)	$	2,153		$	2,360	$	3,705		$	9,134	$	28,601		$	4,513		$	39,963
Adjustments:
(Benefit from) provision for income taxes		(2,644	)		622		(3,540	)		5,075		26,056			(2,022	)		33,436
Depreciation and amortization		942			938		976			819		867			1,880			1,669

EBITDA — investment management	$	451		$	3,920	$	1,141		$	15,028	$	55,524		$	4,371		$	75,068

EBITDA per share (diluted)	$	0.01		$	0.10	$	0.03		$	0.37	$	1.38		$	0.11		$	1.87


Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members^(a)	$	29,624		$	9,930	$	5,386		$	16,068	$	52,842		$	39,554		$	64,823
Adjustments:
Interest expense		7,246			7,345		6,260			5,989		5,355			14,591			9,671
Provision for (benefit from) income taxes		762			1,073		2,227			856		(1,026	)		1,835			(839	)
Depreciation and amortization		5,791			5,857		8,416			6,361		5,024			11,648			8,832
Reconciling items attributable to discontinued operations		101			515		199			346		1,474			615			2,510

EBITDA — real estate ownership	$	43,524		$	24,720	$	22,488		$	29,620	$	63,669		$	68,243		$	84,997

EBITDA per share (diluted)	$	1.07		$	0.61	$	0.56		$	0.74	$	1.58		$	1.67		$	2.11


Total Company
EBITDA	$	43,975		$	28,640	$	23,629		$	44,648	$	119,193		$	72,614		$	160,065

EBITDA per share (diluted)	$	1.08		$	0.71	$	0.59		$	1.11	$	2.96		$	1.78		$	3.98

Diluted weighted average shares outstanding		40,757,055			40,487,652		40,152,444			40,404,520		40,243,548			40,828,646			40,192,418

(a)

W. P. Carey 6/30/2012 Supplemental 8-K — 3

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 6/30/2012 Supplemental 8-K — 4

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															Six Months Ended June 30,
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			2012			2011
Investment Management
Net Income from investment management attributable to W. P. Carey members^(a)	$	2,153		$	2,360		$	3,705		$	9,134		$	28,601		$	4,513		$	39,963

FFO - as defined by NAREIT^(b)		2,153			2,360			3,705			9,134			28,601			4,513			39,963

Adjustments:
Amortization and other non-cash charges		(3,944	)		7,561			3,297			4,953			17,583			3,617			25,056
Realized gains on foreign currency, derivatives and other		(23	)		-			-			-			-			(23	)		-
Amortization of deferred financing costs		286			283			-			-			-			570			-
Merger expenses		1,257			837			-			-			-			2,094			-
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		-			-			-			-			-			-			-

Total adjustments		(2,424	)		8,681			3,297			4,953			17,583			6,258			25,056

AFFO - Investment Management	$	(271	)	$	11,041		$	7,002		$	14,087		$	46,184		$	10,771		$	65,019


Real Estate Ownership
Net Income from real estate ownership attributable to W. P. Carey members^(a)	$	29,624		$	9,930		$	5,386		$	16,068		$	52,842		$	39,554		$	64,823
Adjustments:
Depreciation and amortization of real property		5,673			6,147			8,415			6,194			6,240			11,820			10,715
Impairment charges		1,003			5,724			5,498			4,934			41			6,728			41
(Gain) loss on sale of real estate, net		(1,686	)		181			3,655			396			121			(1,505	)		(660	)
Proportionate share of adjustments to equity in net income of partially-owned entities to arrive at FFO:
Depreciation and amortization of real property		730			898			1,208			1,173			1,328			1,628			2,876
Impairment charges^(b)		-			-			-			-			-			-			1,090
(Gain) loss on sale of real estate, net		(15,557	)		142			-			-			34			(15,415	)		34
Proportionate share of adjustments for noncontrolling interests to arrive at FFO		(434	)		(434	)		(508	)		(1,157	)		(123	)		(868	)		(319	)

Total adjustments		(10,271	)		12,658			18,268			11,540			7,641			2,388			13,777

FFO - as defined by NAREIT^(b)		19,353			22,588			23,654			27,608			60,483			41,942			78,600

Adjustments:
Gain on change in control of interests ^(c)		-			-			-			-			(27,859	)		-			(27,859	)
Gain on deconsolidation of a subsidiary		-			-			-			(1,008	)		-			-			-

W. P. Carey 6/30/2012 Supplemental 8-K — 5

W. P. CAREY & CO. LLC

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

(in thousands, except share and per share amounts)


	Three Months Ended															Six Months Ended June 30,
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			2012			2011
Other (gains) losses, net		-			-			(1,118	)		135			-			-			-
Other depreciation, amortization and non-cash charges		(88	)		(669	)		853			168			(2,167	)		(757	)		(2,802	)
Realized losses on foreign currency, derivatives and other		542			-			-			-			-			542			-
Amortization of deferred financing costs		402			464			-			-			-			866			-
Straight-line and other rent adjustments		(883	)		(1,115	)		(1,804	)		(1,014	)		(1,020	)		(1,998	)		(1,437	)
Above-market rent intangible lease amortization, net		111			-			-			-			-			111			-
Merger expenses		1,359			1,266			-			-			-			2,625			-
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO
Straight-line and other rent adjustments		(363	)		(413	)		(414	)		(463	)		(142	)		(776	)		(764	)
Below-market rent intangible lease amortization, net		(3	)		-			-			-			-			(3	)		-
AFFO adjustments to equity earnings from equity investments		7,687			6,926			6,982			1,978			(2,508	)		14,613			1,270
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO		(25	)		(19	)		54			59			73			(44	)		159

Total adjustments		8,739			6,440			4,553			(145	)		(33,623	)		15,179			(31,433	)

AFFO - Real Estate Ownership	$	28,092		$	29,028		$	28,207		$	27,463		$	26,860		$	57,121		$	47,167


Total Company
FFO - as defined by NAREIT	$	21,506		$	24,948		$	27,359		$	36,742		$	89,084		$	46,455		$	118,563

FFO - as defined by NAREIT (diluted)	$	0.53		$	0.62		$	0.68		$	0.91		$	2.21		$	1.14		$	2.95

AFFO	$	27,821		$	40,069		$	35,209		$	41,550		$	73,044		$	67,892		$	112,186

AFFO per share (diluted)	$	0.68		$	0.99		$	0.88		$	1.03		$	1.82		$	1.66		$	2.79

Diluted weighted average shares outstanding		40,757,055			40,487,652			40,152,444			40,404,520			40,243,548			40,828,646			40,192,418

(a)

(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 and six months ended June 30, 2011 to adjust the carrying value of our existing interests in these investments to their estimated fair values.

W. P. Carey 6/30/2012 Supplemental 8-K — 6

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 6/30/2012 Supplemental 8-K — 7

W. P. Carey & Co. LLC

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

(in thousands)


	Six Months Ended June 30,
	2012			2011
Summarized cash flow information:
Cash flow provided by operating activities	$	11,805		$	48,594

Cash flow provided by (used in) investing activities	$	41,380		$	(127,811	)

Cash flow (used in) provided by financing activities	$	(42,534	)	$	40,296


Reconciliation of adjusted cash flow from operating activities:
Cash flow provided by operating activities	$	11,805		$	48,594
Adjustments related to equity method investments:
Add: Distributions received from equity investments in real estate in excess of equity income		15,909			11,891
Less: Distributions received from equity investments in real estate in excess of equity income — attributable to financing activities		-			(2,115	)

Distributions received from equity investments in real estate in excess of equity income — attributable to operating activities^(a)		15,909			9,776

Adjustments related to noncontrolling interests:

Less: Distributions (paid to) net of contributions received from noncontrolling interests		315			(1,363	)
Add: Distributions paid to (received from) noncontrolling interests, net not attributable to operating activities		-			1,300

Distributions received from (paid to) noncontrolling interests, attributable to operating activities^(b)		315			(63	)

Adjustments related to changes in working capital:^(c)
Net changes in other assets and liabilities		20,142			11,543
Net prepayment of income taxes at end of period		10,152			9,500

		30,294			21,043

CPA^®:14/16 Merger — revenue, net of taxes on special distribution^(d)		-			(23,434	)

ACFO (inclusive of merger costs totaling $4.7 million in 2012)^(e)	$	58,323		$	55,916

Distributions declared	$	46,659		$	42,561

(a)

Cash flow provided by operating activities on a GAAP basis does not include distributions that we receive from equity method investments in excess of our equity income. All such excess distributions, including our share of distributions of property-level cash flows in excess of operating income, are reported as cash flows provided by investing activities in our statement of cash flows. In calculating ACFO, we make an adjustment to our reported cash flow provided by operating activities to add such distributions to the extent they relate to our pro rata share of property-level operating income, after deducting any portion of such distributions attributable to the financing or investment activities of the underlying jointly-owned investment.

(b)

Cash flow provided by operating activities on a GAAP basis does not include contributions that we receive from noncontrolling interests and distributions that we pay to noncontrolling interests in our consolidated jointly-owned investments. All such contributions and distributions, including contributions to and distributions of property-level operating cash flows, are reported as cash flows used in or provided by financing activities in our statement of cash flows. In calculating ACFO, we make adjustments to our reported cash flow provided by operating activities to add contributions received from noncontrolling interests and subtract distributions paid to noncontrolling interests to the extent these contributions or distributions relate to operating activities of the underlying property jointly-owned investments.

(c)

Cash flow provided by operating activities on a GAAP basis includes adjustments to reflect the impact of the “net changes in other operating assets and liabilities” as well as the change in income taxes, net. We make adjustments to cash flow provided by operating activities to incorporate changes between reporting periods in other assets and liabilities, including accrued and prepaid income taxes, as we believe that these adjustments better reflect cash generated from core operations.

W. P. Carey 6/30/2012 Supplemental 8-K — 8

(d)

Amount represents subordinated disposition revenue of $21.3 million, earned in connection with the CPA^®:14/16 Merger, and taxes of $2.2 million on a special distribution made in connection with the CPA^®:14/16 Merger. We make an adjustment to deduct this revenue because it is generally earned in connection with one-time liquidity events as opposed to cash flow generated from our core operations.

(e)

ACFO for the six months ended June 30, 2012 includes a reduction of $4.7 million as a result of charges incurred in connection with the 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 of property-level operating cash flows that we receive from our investments in unconsolidated real estate jointly-owned investments in excess of our equity income; subtract cash distributions of property-level operating cash flows that we make to our noncontrolling partners in real estate jointly-owned investments that we consolidate net of such partners’ contributions to our share of property-level operating cash flows; and eliminate changes in working capital. We hold a number of interests in real estate jointly-owned investments, and we believe that adjusting our GAAP cash flow provided by operating activities to reflect these actual cash receipts and cash payments that are attributable to the property-level operating cash flows of the underlying jointly-owned investments, 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. The jointly-owned investments are property-owning entities and their activities are generally limited to receiving rental income, financing the property and ultimately disposing of the property. Distributions and contributions related to these activities are based on the ownership percentages of the partners in each jointly-owned investment. In accordance with each jointly-owned investment’s operating agreement, jointly-owned investment partners generally participate in the jointly-owned investment’s operating cash flow, debt financing and proceeds from property distributions. Distributions of cash to jointly-owned investment partners are typically made on a monthly basis.

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 6/30/2012 Supplemental 8-K — 9

W. P. CAREY & CO. LLC

Total Adjusted Revenue (Pro rata Basis) (Unaudited)

(in thousands, except percentages)


	Three Months Ended																									Six Months Ended June 30,
	June 30, 2012					March 31, 2012					December 31, 2011					September 30, 2011					June 30, 2011					2012					2011
	Revenue			%		Revenue			%		Revenue			%		Revenue			%		Revenue			%		Revenue			%		Revenue			%
Asset management revenue	$	15,636			20%	$	15,602			20%	$	15,530			20%	$	14,840			16%	$	16,619			23%	$	31,238			20%	$	36,439			24%
Structuring revenue^(a)		3,622			5%		7,638			9%		3,930			5%		21,221			23%		5,735			8%		11,260			7%		21,680			15%

Investment management revenues		19,258			25%		23,240			29%		19,460			25%		36,061			39%		22,354			31%		42,498			27%		58,119			39%
Real estate revenues		57,205			75%		57,381			71%		59,616			75%		57,461			61%		50,078			69%		114,586			73%		90,872			61%

Total Adjusted Revenue	$	76,463			100%	$	80,621			100%	$	79,076			100%	$	93,522			100%	$	72,432			100%	$	157,084			100%	$	148,991			100%


Reconciliation of Total Adjusted Revenue
Total revenue — as reported	$	68,042				$	69,387				$	61,975				$	78,372				$	116,776				$	137,429				$	192,695
Less: Reimbursed costs from affiliates^(b)		(20,484	)				(18,737	)				(15,345	)				(14,707	)				(17,059	)				(39,221	)				(34,778	)
Less: Wholesaling revenue^(b)		(4,080	)				(3,787	)				(2,876	)				(2,586	)				(2,922	)				(7,867	)				(6,202	)
Less: Incentive, termination and subordinated disposition revenue^(c)		-					-					-					-					(52,515	)				-					(52,515	)
Add: Lease revenues – discontinued operations		45					748					1,244					579					1,622					793					3,430
Add: Pro rata share of revenues from equity investments		5,738					6,412					6,601					6,689					7,129					12,150					14,980
Less: Pro rata share of revenues due to noncontrolling interests		(422	)				(428	)				(436	)				(452	)				(666	)				(850	)				(1,741	)
Add: Pro rata share of revenues from CPA^® REITs		20,161					20,052					20,646					21,147					18,094					40,213					29,334
Add: Total distributions of available cash		7,463					6,974					7,267					4,480					1,973					14,437					3,788

Total Adjusted Revenue	$	76,463				$	80,621				$	79,076				$	93,522				$	72,432				$	157,084				$	148,991


Reconciliation of Real Estate Revenues
Lease revenues – as reported	$	17,228				$	17,631				$	18,139				$	18,609				$	16,217				$	34,859				$	30,089
Lease revenues – discontinued operations		45					748					1,244					579					1,622					793					3,430

Total consolidated lease revenues		17,273					18,379					19,383					19,188					17,839					35,652					33,519
Add: Pro rata share of revenues from equity investments		5,738					6,412					6,601					6,689					7,129					12,150					14,980
Less: Pro rata share of revenues due to noncontrolling interests		(422	)				(428	)				(436	)				(452	)				(666	)				(850	)				(1,741	)

Total pro rata net lease revenues		22,589					24,363					25,548					25,425					24,302					46,952					46,758


Add: Pro rata share of revenues from CPA^® REITs
CPA^®:14		-					-					-					-					860					-					4,484
CPA^®:15		3,947					4,031					4,012					4,389					4,152					7,978					8,040
CPA^®:16 – Global		15,514					15,405					16,150					16,399					12,734					30,919					16,226
CPA^®:17 – Global		700					616					484					359					348					1,316					584

W. P. Carey 6/30/2012 Supplemental 8-K — 10

W. P. CAREY & CO. LLC

Total Adjusted Revenue (Pro rata Basis) (Unaudited) (continued)

(in thousands, except percentages)


	Three Months Ended															Six Months Ended June 30,
	June 30, 2012			March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			2012			2011
	Revenue		%	Revenue		%	Revenue		%	Revenue		%	Revenue		%	Revenue		%	Revenue		%
Total pro rata share of revenues from CPA^® REITs		20,161			20,052			20,646			21,147			18,094			40,213			29,334
Add: Distributions of available cash — CPA^® REITs
CPA^®:16 – Global		3,598			4,281			3,658			2,499			-			7,879			-
CPA^®:17 – Global		3,865			2,693			3,609			1,981			1,973			6,558			3,788

Total distributions of available cash — CPA^® REITs		7,463			6,974			7,267			4,480			1,973			14,437			3,788
Add: Other real estate income^(d)		6,992			5,992			6,155			6,409			5,709			12,984			10,992

Total Real Estate Revenues	$	57,205		$	57,381		$	59,616		$	57,461		$	50,078		$	114,586		$	90,872

(a)

We earn structuring revenue on acquisitions structured on behalf of the REITS we manage and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the REITS totaled approximately $98 Million, $172 million, $132 million, $498 million, and $249 million for the three months ended June 30, 2012, March 31, 2012, December 31, 2011, September 30, 2011 and June 30, 2011, respectively, and approximately $270 million and $594 million for the six months ended June 30, 2012 and June 30, 2011, respectively.

(b)

Total adjusted revenue excludes reimbursements of costs received from the affiliated REITs as they have no impact on net income. Also excluded is wholesaling revenue earned in connection with CPA^®:17 – Global’s and CWI’s public offerings, which is substantially offset by underwriting costs incurred in connection with the offering.

(c)

In connection with providing a liquidity event for CPA^®:14 shareholders, in May 2011, we earned termination revenue of $31.2 million and subordinated disposition revenue of $21.3 million, which we received in shares of CPA^®:14 and cash, respectively. These CPA^®:14 shares were subsequently converted to shares of CPA^®:16 – Global in connection with the CPA^®:14/16 merger.

(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-rents 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 year periods do not reflect adjustments to prior period amounts for assets reclassified as held for sale or sold in the current period and reflected as discontinued operations.

W. P. Carey 6/30/2012 Supplemental 8-K — 11

W. P. CAREY & CO. LLC

Total Adjusted Revenue: W. P. Carey Group (Unaudited)

(in thousands, except percentages)


	Three Months Ended																					Six Months Ended June 30,
	June 30, 2012					March 31, 2012				December 31, 2011				September 30, 2011				June 30, 2011				2012				2011
	Revenue			%		Revenue		%		Revenue		%		Revenue		%		Revenue		%		Revenue		%		Revenue		%
W. P. Carey Pro Rata Revenues
W. P. Carey pro rata lease revenue	$	22,589			9%	$	24,363		9%	$	25,548		10%	$	25,424		10%	$	24,302		10%	$	46,952		9%	$	46,758		10%
W. P. Carey wholesaling revenue^(a)		4,080			2%		3,787		1%		2,876		1%		2,586		1%		2,922		1%		7,867		2%		6,202		1%
Other real estate income		6,992			3%		5,992		2%		6,155		2%		6,409		3%		5,709		2%		12,984		3%		10,992		2%

CPA^®:14 and the REITs Pro Rata Revenues
CPA^®:14 pro rata lease revenue		-			0%		-		0%		-		0%		-		0%		11,190		5%		-		0%		47,880		10%
CPA^®:14 other income		-			0%		-		0%		-		0%		-		0%		808		0%		-		0%		1,228		0%
CPA^®:15 pro rata lease revenue		49,958			19%		51,030		20%		52,111		20%		57,755		23%		56,110		23%		100,988		19%		109,362		23%
CPA^®:15 other income		1,361			1%		6,771		3%		2,385		1%		1,819		1%		1,665		1%		8,132		2%		3,568		1%
CPA^®:16 – Global pro rata lease revenue		85,242			34%		85,588		34%		90,222		36%		92,653		37%		86,633		34%		170,830		34%		147,005		30%
CPA^®:16 – Global other income		9,916			4%		11,017		4%		12,093		5%		9,705		4%		9,399		4%		20,933		4%		17,623		4%
CPA^®:17 – Global pro rata lease revenue		58,321			23%		55,975		22%		53,806		22%		44,860		18%		43,467		18%		114,296		22%		82,805		17%
CPA^®:17 – Global other income		12,651			5%		12,063		5%		8,779		3%		6,942		3%		3,833		2%		24,714		5%		7,430		2%
CWI hotel revenue		846			0%		-		0%		-		0%		-		0%		-		0%		846		0%		-		0%
CWI other income		(398	)		0%		417		0%		546		0%		535		0%		-		0%		19		0%		-		0%

Total combined revenues		251,558					257,003				254,521				248,688				246,038				508,561				480,853
Less: Carey Financial revenues		4,079					3,788				2,876				2,587				2,922				7,867				6,202

Net real estate related revenues	$	247,479				$	253,215			$	251,645			$	246,101			$	243,116			$	500,694			$	474,651

(a)

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 6/30/2012 Supplemental 8-K — 12

W. P. CAREY & CO. LLC

Portfolio Debt Overview (Pro rata Basis) (Unaudited)

As of June 30, 2012

(in thousands)

Portfolio Debt Maturity


Year of Maturity	Outstanding Balance
2012	$	27,299
2013		582
2014		288,379	^(a)
2015		46,612
2016		60,593
2017		39,950
2018		29,427
2019		24,974
2020		91,711
2021		4,883
2023		4,681
2025		24,000

Total	$	643,091

(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	$	268,884
Fixed - Future Rate Reset		59,360
Fixed - Swap Agreement		46,375
Variable - Capped		35,312

		409,931

Recourse Debt
Variable - Line of Credit		233,160

Total Debt	$	643,091

W. P. Carey 6/30/2012 Supplemental 8-K — 13

W. P. CAREY & CO. LLC

Detailed Debt Summary (Pro rata Basis) (Unaudited)

As of June 30, 2012

(in thousands)


Tenant/Lease Guarantor/Percent Ownership	Rate Type	Current Interest Rate	Maturity Date	Outstanding Balance
AutoZone, Inc. - Series C	Fixed	6.85%	Aug-2012	$	39
Anthony’s Manufacturing Company	Fixed	5.11%	Oct-2012		7,897
BE Aerospace, Inc.	Fixed	6.11%	Nov-2012		7,902
Faurecia Exhaust Systems, Inc.	Fixed	5.16%	Nov-2012		2,278
Alstom Power, Inc. and Werner Co.	Fixed	5.18%	Dec-2012		9,183
AutoZone, Inc. - Series D	Fixed	6.85%	Aug-2013		582
US Airways Group, Inc. (75%)	Variable - Capped	4.27%	Apr-2014		13,843
Carrefour France, SAS (46%)^(a)	Fixed - Future Rate Reset	5.55%	Dec-2014		41,376
Hibbett Sports	Fixed - Swap	6.45%	May-2015		4,493
Lowe’s Home Improvement Warehouse	Fixed	4.87%	Sep-2015		8,402
Bouygues Telecom, S.A. (Tours) (95%)^(a)	Fixed	3.07%	Oct-2015		4,827
The American Bottling Company	Fixed	5.13%	Nov-2015		28,890
World Color Printing	Fixed	5.30%	May-2016		4,890
Fiserv, Inc.	Fixed	6.18%	Jun-2016		28,553
Self-Storage Facilities - Arkansas and Florida (40%)^(b)	Fixed	6.18%	Jul-2016		2,366
Sprint Spectrum, LP	Fixed	4.85%	Aug-2016		8,291
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)^{(a) (b)}	Fixed	4.23%	Oct-2016		9,835
Consolidated Systems, Inc. (60%)	Fixed	5.87%	Nov-2016		6,658
Hellweg Die Profi-Baumärkte GmbH & Co. KG (5%)^(a)	Fixed	5.49%	Jan-2017		864
Qwest Communications, Inc.	Fixed	4.50%	Feb-2017		1,250
24 Hour Fitness USA, Inc.	Fixed	5.50%	Jun-2017		3,240
Amylin Pharmaceuticals, Inc.	Fixed	6.20%	Jul-2017		34,596
The New York Times Company (17.75%)	Variable - Capped	2.87%	Apr-2018		21,469
OBI Wroclaw^(a)	Fixed - Swap	5.48%	May-2018		7,958
Self-Storage Portfolio (40%)^(b)	Fixed - Future Rate Reset	7.03%	Feb-2019/Mar-2019		12,593
Orbital Sciences Corporation	Fixed	7.75%	Jul-2019		12,381
JPMorgan Chase Bank, N.A.	Fixed - Swap	5.47%	Jul-2020		33,924
Self-Storage Facilities - Chicago, IL (40%)^(b)	Fixed - Future Rate Reset	6.34%	Aug-2020		3,571
Self-Storage Facility - Pensacola, FL	Fixed - Future Rate Reset	6.25%	Nov-2020		1,820
Federal Express Corporation	Fixed	5.48%	Dec-2020		52,396
Information Resources, Inc. (33%)	Fixed	5.92%	Feb-2021		4,883
Hologic, Inc. (36%)	Fixed	6.40%	May-2023		4,681
Google, Inc.	Fixed	5.15%	Nov-2025		24,000

Total Non-Recourse Debt		5.45%^(b)			409,931


Unsecured Line of Credit	Variable	2.00%	Dec-2014		233,160

Total Debt		4.20%^(b)		$	643,091

(a)	Debt balance calculated using an exchange rate of 1.2578 EUR/USD as of June 30, 2012.

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

W. P. Carey 6/30/2012 Supplemental 8-K — 14

W. P. CAREY & CO. LLC

Investment Activity (Unaudited)

For the Six Months Ended June 30, 2012

(in thousands, except square footage)

Investment Activity

Acquisitions - REITs^(a)

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Purchase
Price^(b)

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

4,964

March-12 & June-12

Industrial

44,250

CPA^®:17 – Global

Nippon Sheet Glass Co., Ltd.^{(c) (d)}

Tarnobrzeg, Poland

26,579

April-12

Warehouse/Distribution

BTS

CPA^®:17 – Global

Sabre Communications Corporation and Cellxion, LLC^(c)

Sioux City, IA

17,801

June-12

Industrial

BTS

Total Acquisitions - Leased Properties

218,355

1,175,719

Portfolio(s)

Property Type

Property Location(s)

Purchase
Price^(b)

Closing Date

CWI

Hospitality

Braintree, MA

12,500

May-12

CWI

Hospitality

New Orleans, LA

14,947

June-12

CPA^®:17 – Global

Self-Storage Facilities

Various locations in Alabama, Louisiana, & Mississippi

16,800

June-12

Total Acquisitions - Hospitality/Self-Storage Properties

44,247

Portfolio(s)

Security Type

Company

Purchase
Price^(b)

Closing Date

CPA^®:17 – Global

Equity Securities

Lineage Logistics Holdings LLC

7,070

June-12

Total Acquisitions - Equity Securities

7,070

Total Acquisitions

269,672

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

(b)	Includes capitalized transaction costs, where applicable.

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

(d)	Acquisition price reflects applicable foreign exchange rate.

W. P. Carey 6/30/2012 Supplemental 8-K — 15

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%)

Médica – France, S.A.^(a)

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^(a)

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

CPA^®:15

Vacant^(a)

Little Germany, United Kingdom

3,387

April-12

Office

41,432

CPA^®:15 (54%)

Médica – France, S.A.^(a)

Chatou, Paris, Poissy, Rosny sous Bois, Rueil Malmaison, & Sarcelles, France

52,787

April-12

Nursing Home

182,594

CPA^®:16 – Global

Rome Die Casting, LLC

Rome, GA

450

April-12

Industrial

117,500

CPA^®:16 – Global

PolyPipe, Inc.

Fernley, NV

2,700

May-12

Industrial

31,648

CPA^®:16 – Global

Hydro Systems Company

Milford, OH

4,127

June-12

Industrial

437,000

CPA^®:15

Shaklee Corporation

Pleasanton, CA

11,100

June-12

Land

N/A

Total REIT Dispositions

121,953

2,001,798

Dispositions - Owned Portfolio

WPC LLC (46%)

Médica – France, S.A.^(a)

Chatou, France

124

January-12

Land

8,619

WPC LLC

Cleo, Inc.

Memphis, TN

2,600

March-12

Warehouse/Distribution

1,006,170

WPC LLC

L-3 Communications Titan Corp.

San Diego, CA

13,685

April-12

Office

166,403

WPC LLC (46%)

Médica – France, S.A.^(a)

Chatou, Paris, Poissy, Rosny sous Bois, Rueil Malmaison, & Sarcelles, France

40,854

April-12

Nursing Home

154,295

WPC LLC

Vacant

Brewton, AL

May-12

Retail

30,625

WPC LLC

Vacant

Charlotte, NC

9,625

June-12

Industrial

437,000

Total Owned Portfolio Dispositions

66,963

1,803,112

Total Dispositions

188,916

3,804,910

(a)	Disposition price reflects applicable foreign exchange rate.

W. P. Carey 6/30/2012 Supplemental 8-K — 16

W. P. Carey & Co. LLC

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

As of June 30, 2012

(in thousands, except percentages)

Top Ten Tenants by Annualized Contractual Minimum Base Rent


Tenant/Lease Guarantor	Annualized Contractual Minimum Base Rent		Percent
Federal Express Corporation	$	7,433		9%
Carrefour France, SAS^(a)		7,225		9%
Fiserv, Inc.		5,342		6%
The American Bottling Company		4,972		6%
The New York Times Company		4,489		5%
JP Morgan Chase Bank, N.A.		3,939		5%
Amylin Pharmaceuticals, Inc.		3,741		4%
Orbital Sciences Corporation		3,307		4%
U.S. Airways Group, Inc.		3,297		4%
Bouygues Telecom, S.A.^(a)		2,687		3%

Total	$	46,432		55%


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 6/30/2012 Supplemental 8-K — 17

W. P. Carey & Co. LLC

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

As of June 30, 2012

(in thousands, except percentages)


Property Type	Square Footage		Percent
Industrial		4,255		37%
Warehouse/Distribution		3,815		33%
Office		2,471		21%
Retail		821		7%
Other Properties^(a)		283		2%

Total^(b)		11,645		100%


Property Type	Annualized Contractual Minimum Base Rent^(c)		Percent
Office	$	36,006		43%
Industrial		25,017		30%
Warehouse/Distribution		16,376		19%
Retail		5,378		6%
Other Properties^(a)		1,886		2%

Total^(b)	$	84,663		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 6/30/2012 Supplemental 8-K — 18

W. P. Carey & Co. LLC

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

As of June 30, 2012

(in thousands, except percentages)


Industry Type^(a)	Annualized Contractual Minimum Base Rent^(b)		Percent
Business and Commercial Services	$	13,941		16%
Retail Trade		13,622		16%
Transportation - Cargo		7,433		9%
Media: Printing and Publishing		7,120		9%
Telecommunications		5,292		6%
Beverages, Food, and Tobacco		5,026		6%
Aerospace and Defense		4,931		6%
Banking		3,939		5%
Transportation - Personal		3,505		4%
Healthcare, Education and Childcare		3,070		4%
Forest Products and Paper		2,486		3%
Machinery		2,369		3%
Electronics		2,008		2%
Grocery		1,637		2%
Mining, Metals, and Primary Metal Industries		1,313		2%
Chemicals, Plastics, Rubber, and Glass		1,208		1%
Consumer and Durable Goods		1,128		1%
Leisure, Amusement, Entertainment		952		1%
Construction and Building		878		1%
Textiles, Leather, and Apparel		872		1%
Other^(c)		1,933		2%

Total^(d)	$	84,663		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: automobile (0.8%), federal, state and local government (0.8%), multi-tenant properties (0.2%), consumer non-durable goods (0.2%), 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 6/30/2012 Supplemental 8-K — 19

W. P. Carey & Co. LLC

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

As of June 30, 2012

(in thousands, except percentages)


Region	Square Footage		Percent
U.S.
South		4,020		35%
West		2,242		19%
East		2,044		18%
Midwest		1,325		11%

U.S. Total		9,631		83%

International
France		1,516		13%
Germany		246		2%
Spain		138		1%
Poland		114		1%

International Total		2,014		17%


Total^(a)		11,645		100%


Region	Annualized Contractual Minimum Base Rent^(b)		Percent
U.S.
South	$	31,975		38%
West		19,267		23%
East		12,631		15%
Midwest		5,488		6%

U.S. Total		69,361		82%

International
France		10,515		12%
Germany		2,187		3%
Spain		1,637		2%
Poland		963		1%

International Total		15,302		18%

Total^(a)	$	84,663		100%


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

(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 6/30/2012 Supplemental 8-K — 20

W. P. CAREY & CO. LLC

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

As of June 30, 2012

(in thousands, except percentages)


Year of Lease Expiration^(a)	Annualized Contractual Minimum Base Rent^(b)		Percent
2012^(c)	$	1,184		1%
2013		4,789		6%
2014		10,863		13%
2015		13,134		16%
2016		7,119		8%
2017		6,630		8%
2018		4,833		6%
2019		15,297		18%
2020		2,767		3%
2021		815		1%
2022		2,761		3%
2024		4,489		5%
2025		1,177		1%
2026		1,042		1%
2027		2,187		3%
2030		5,576		7%

Total^(d)	$	84,663		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 6/30/2012 Supplemental 8-K — 21

W. P. CAREY & CO. LLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share amounts)


	June 30, 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)	$	595,920		$	646,482
Operating real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $26,395 and $26,318, respectively)		110,028			109,875
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $23,328 and $22,350, respectively)		(127,139	)		(135,175	)

Net investments in properties		578,809			621,182
Net investments in direct financing leases		57,872			58,000
Equity investments in real estate and the REITs		552,552			538,749

Net investments in real estate		1,189,233			1,217,931
Cash and cash equivalents (inclusive of amounts attributable to consolidated VIEs of $245 and $230, respectively)		39,800			29,297
Due from affiliates		33,908			38,369
Intangible assets and goodwill, net		121,402			125,957
Other assets, net (inclusive of amounts attributable to consolidated VIEs of $1,891 and $2,773, respectively)		54,272			51,069

Total assets	$	1,438,615		$	1,462,623


Liabilities and Equity
Liabilities:
Non-recourse and limited-recourse debt (inclusive of amounts attributable to consolidated VIEs of $14,073 and $14,261, respectively)	$	346,532		$	356,209
Line of credit		233,160			233,160
Accounts payable, accrued expenses and other liabilities (inclusive of amounts attributable to consolidated VIEs of $1,620 and $1,651, respectively)		62,948			82,055
Income taxes, net		37,652			44,783
Distributions payable		22,960			22,314

Total liabilities		703,252			738,521

Redeemable noncontrolling interest		6,788			7,700


Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 40,358,186 and 39,729,018 shares issued and outstanding, respectively		798,036			779,071
Distributions in excess of accumulated earnings		(99,653	)		(95,046	)
Deferred compensation obligation		7,691			7,063
Accumulated other comprehensive loss		(11,096	)		(8,507	)

Total W. P. Carey members’ equity		694,978			682,581
Noncontrolling interests		33,597			33,821

Total equity		728,575			716,402

Total liabilities and equity	$	1,438,615		$	1,462,623

W. P. Carey 6/30/2012 Supplemental 8-K — 22

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except share and per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Revenues
Asset management revenue	$	15,636		$	16,619		$	31,238		$	36,439
Structuring revenue		3,622			5,735			11,260			21,680
Incentive, termination and subordinated disposition revenue		-			52,515			-			52,515
Wholesaling revenue		4,080			2,922			7,867			6,202
Reimbursed costs from affiliates		20,484			17,059			39,221			34,778
Lease revenues		17,228			16,217			34,859			30,089
Other real estate income		6,992			5,709			12,984			10,992

		68,042			116,776			137,429			192,695

Operating Expenses
General and administrative		(26,582	)		(24,585	)		(53,491	)		(45,908	)
Reimbursable costs		(20,484	)		(17,059	)		(39,221	)		(34,778	)
Depreciation and amortization		(6,733	)		(5,891	)		(13,528	)		(10,501	)
Property expenses		(3,404	)		(2,819	)		(5,989	)		(5,708	)
Other real estate expenses		(2,431	)		(2,942	)		(4,930	)		(5,499	)
Impairment charges		(1,003	)		-			(3,660	)		-

		(60,637	)		(53,296	)		(120,819	)		(102,394	)

Other Income and Expenses
Other interest income		155			560			658			1,235
Income from equity investments in real estate and the REITs		28,345			15,072			42,331			21,288
Gain on change in control of interests		-			27,859			-			27,859
Other income and (expenses)		1,218			4,758			1,524			5,239
Interest expense		(7,246	)		(5,355	)		(14,591	)		(9,671	)

		22,472			42,894			29,922			45,950

Income from continuing operations before income taxes		29,877			106,374			46,532			136,251
Benefit from (provision for) income taxes		1,882			(25,030	)		187			(32,597	)

Income from continuing operations		31,759			81,344			46,719			103,654

Discontinued Operations
(Loss) income from operations of discontinued properties		(231	)		(122	)		(273	)		403
(Loss) gain on sale of real estate		(298	)		(121	)		(479	)		660
Impairment charges		-			(41	)		(3,068	)		(41	)

(Loss) income from discontinued operations		(529	)		(284	)		(3,820	)		1,022

Net Income		31,230			81,060			42,899			104,676
Add: Net loss attributable to noncontrolling interests		480			384			1,058			714
Less: Net loss (income) attributable to redeemable noncontrolling interest		67			(1	)		110			(604	)

Net Income Attributable to W. P. Carey Members	$	31,777		$	81,443		$	44,067		$	104,786

Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.79		$	2.03		$	1.17		$	2.57
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.01	)		(0.01	)		(0.09	)		0.03

Net income attributable to W. P. Carey members	$	0.78		$	2.02		$	1.08		$	2.60

Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.78		$	2.00		$	1.15		$	2.55
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.01	)		(0.01	)		(0.09	)		0.03

Net income attributable to W. P. Carey members	$	0.77		$	1.99		$	1.06		$	2.58

Weighted Average Shares Outstanding
Basic		40,047,220			39,782,796			40,218,677			39,760,676

Diluted		40,757,055			40,243,548			40,828,646			40,192,418

Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	32,306			81,727			47,887			103,764
(Loss) income from discontinued operations, net of tax		(529	)		(284	)		(3,820	)		1,022

Net income	$	31,777		$	81,443		$	44,067		$	104,786

Distributions Declared Per Share	$	0.567			0.550			1.132			1.062

W. P. Carey 6/30/2012 Supplemental 8-K — 23

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


	Six Months Ended June 30,
	2012			2011
Cash Flows — Operating Activities
Net income	$	42,899		$	104,676
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs		15,054			12,782
Income from equity investments in real estate and the REITs (in excess of) less than distributions received		(17,013	)		223
Straight-line rent and financing lease adjustments		(2,016	)		(1,386	)
Amortization of deferred revenue		(4,718	)		(1,573	)
Gain on sale of real estate		(1,505	)		(660	)
Unrealized loss (gain) on foreign currency transactions and others		23			(371	)
Realized loss (gain) on foreign currency transactions and others		535			(1,188	)
Management income received in shares of affiliates		(14,005	)		(52,142	)
Gain on conversion of shares		-			(3,806	)
Gain on change in control of interests		-			(27,859	)
Impairment charges		6,728			41
Stock-based compensation expense		9,755			8,628
Deferred acquisition revenue received		13,322			15,462
Increase in structuring revenue receivable		(4,906	)		(9,222	)
(Decrease) increase in income taxes, net		(12,206	)		16,532
Net changes in other operating assets and liabilities		(20,142	)		(11,543	)

Net cash provided by operating activities		11,805			48,594

Cash Flows — Investing Activities
Distributions received from equity investments in real estate and the REITs in excess of equity income		15,909			11,891
Capital contributions to equity investments		(180	)		(2,297	)
Purchase of interests in CPA^®:16 — Global		-			(121,315	)
Purchases of real estate and equity investments in real estate		-			(24,323	)
Capital expenditures		(1,812	)		(1,375	)
Cash acquired on acquisition of subsidiaries		-			57
Proceeds from sale of real estate		25,195			10,643
Proceeds from sale of securities		198			777
Funding of short-term loans to affiliates		-			(94,000	)
Proceeds from repayment of short-term loans to affiliates		-			94,000
Funds placed in escrow		(5,577	)		(3,899	)
Funds released from escrow		7,647			2,030

Net cash provided by (used in) investing activities		41,380			(127,811	)

Cash Flows — Financing Activities
Distributions paid		(46,013	)		(40,849	)
Contributions from noncontrolling interests		1,480			1,459
Distributions paid to noncontrolling interests		(1,165	)		(2,822	)
Purchase of noncontrolling interest		-			(7,502	)
Scheduled payments of mortgage principal		(10,262	)		(9,897	)
Proceeds from mortgage financing		1,250			7,438
Proceeds from line of credit		15,000			231,410
Repayments of line of credit		(15,000	)		(140,000	)
Payment of financing costs		(123	)		(831	)
Proceeds from issuance of shares		5,692			1,018
Windfall tax benefit associated with stock-based compensation awards		6,607			872

Net cash (used in) provided by financing activities		(42,534	)		40,296

Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		(148	)		689

Net increase (decrease) in cash and cash equivalents		10,503			(38,232	)
Cash and cash equivalents, beginning of period		29,297			64,693

Cash and cash equivalents, end of period	$	39,800		$	26,461

W. P. Carey 6/30/2012 Supplemental 8-K — 24

W. P. CAREY & CO. LLC

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

As of June 30, 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

Federal Express Corporation

100%

Collierville, TN

Office

Transportation - Cargo

South

390,380

7,252

8.57%

CPI

Nov-2019

Aug-2039

Federal Express Corporation

100%

Corpus Christi, TX

Warehouse/
Distribution

Transportation - Cargo

South

30,212

181

0.21%

Fixed

May-2022

May-2027

Federal Express Corporation

100%

College Station, TX

Warehouse/
Distribution

Transportation - Cargo

South

12,080

0.00%

Fixed

Apr-2017

Apr-2022

Federal Express Corporation Total

432,672

7,433

8.78%

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/
Distribution

Retail Trade

Europe

177,793

991

1.17%

INSEE^(c)

Jun-2016

Jun-2019

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/
Distribution

Retail Trade

Europe

174,267

974

1.15%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Crepy en Valois,
France

Warehouse/
Distribution

Retail Trade

Europe

152,370

889

1.05%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Lens, France

Warehouse/
Distribution

Retail Trade

Europe

126,929

710

0.84%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Nîmes, France

Warehouse/
Distribution

Retail Trade

Europe

134,942

656

0.78%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Ploufragan, France

Warehouse/
Distribution

Retail Trade

Europe

122,596

611

0.72%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Crepy en Valois,
France

Warehouse/
Distribution

Retail Trade

Europe

101,252

591

0.70%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Thuit Hebert,
France

Warehouse/
Distribution

Retail Trade

Europe

107,962

525

0.62%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Cholet, France

Warehouse/
Distribution

Retail Trade

Europe

99,265

495

0.58%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Colomiers, France

Warehouse/
Distribution

Retail Trade

Europe

60,294

337

0.40%

INSEE^(c)

Jun-2015

Jun-2018

Carrefour France, SAS^(b)

46%

Thuit Hebert,
France

Warehouse/
Distribution

Retail Trade

Europe

68,479

333

0.39%

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

7,225

8.53%

Fiserv, Inc.

100%

Norcross, GA

Office

Business and Commercial
Services

South

220,676

5,342

6.31%

CPI

Dec-2015

Dec-2030

The American Bottling Company

100%

Irving, TX

Industrial

Beverages, Food, and
Tobacco

South

459,497

3,015

3.56%

CPI

Jul-2014

Jul-2029

The American Bottling Company

100%

Houston, TX

Industrial

Beverages, Food, and
Tobacco

South

262,450

1,956

2.31%

CPI

Jul-2014

Jul-2029

The American Bottling Company Total

721,947

4,971

5.87%

The New York Times Company

18%

New York, NY

Office

Media: Printing and
Publishing

East

126,420

4,489

5.30%

Fixed

Mar-2024

Mar-2044

W. P. Carey 6/30/2012 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

JP Morgan Chase Bank, N.A.

100%

Fort Worth, TX

Office

Banking

South

384,246

3,939

4.65%

None

Feb-2030

Feb-2050

Amylin Pharmaceuticals, Inc.

100%

San Diego, CA

Office

Business and Commercial
Services

West

71,902

1,870

2.21%

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc.

100%

San Diego, CA

Industrial

Business and Commercial
Services

West

72,409

1,870

2.21%

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc. Total

144,311

3,741

4.42%

Orbital Sciences Corporation

100%

Chandler, AZ

Industrial

Aerospace and Defense

West

355,307

3,307

3.91%

CPI

Sep-2019

Sep-2029

US Airways Group, Inc.

75%

Tempe, AZ

Office

Transportation - Personal

West

167,890

3,297

3.89%

CPI

Apr-2014

Nov-2029

AutoZone, Inc.

100%

San Antonio, TX

Retail

Retail Trade

South

5,400

0.07%

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

0.06%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Macon, GA

Retail

Retail Trade

South

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%

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

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Brunswick, GA

Retail

Retail Trade

South

5,400

0.05%

None

Aug-2013

Aug-2038

AutoZone, Inc.

100%

Augusta, GA

Retail

Retail Trade

South

5,400

0.04%

None

Aug-2013

Aug-2038

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

0.06%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Lenoir, NC

Retail

Retail Trade

East

5,400

0.06%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Corpus Christi, TX

Retail

Retail Trade

South

6,480

0.06%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Victoria, TX

Retail

Retail Trade

South

6,480

0.06%

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

0.04%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

Nederland, TX

Retail

Retail Trade

South

4,000

0.04%

None

Jan-2016

Jan-2026

AutoZone, Inc.

100%

West Orange, TX

Retail

Retail Trade

South

4,000

0.04%

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

W. P. Carey 6/30/2012 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

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

0.04%

None

Feb-2016

Feb-2026

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Trade

Midwest

5,400

0.06%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

St. Peters, MO

Retail

Retail Trade

Midwest

6,660

0.06%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Hammond, LA

Retail

Retail Trade

South

6,480

0.05%

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

0.04%

Fixed

Aug-2017

Aug-2037

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Trade

South

6,600

0.03%

Fixed

Mar-2014

Mar-2024

AutoZone, Inc.

100%

Baton Rouge, LA

Retail

Retail Trade

South

5,401

0.03%

Fixed

Apr-2014

Apr-2019

AutoZone, Inc.

100%

Knoxville, TN

Retail

Retail Trade

South

6,660

0.03%

Fixed

May-2014

May-2024

AutoZone, Inc.

100%

Kannapolis, NC

Retail

Retail Trade

East

6,408

0.03%

Fixed

Oct-2015

Oct-2025

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

2.62%

Schuler AG^(b)

33%

Göppingen, Germany

Industrial

Machinery

Europe

246,380

2,187

2.58%

CPI

Oct-2027

Oct-2047

Sybron Dental Specialties, Inc.

100%

Romulus, MI

Industrial

Healthcare, Education and
Childcare

Midwest

220,000

1,454

1.72%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc.

100%

Glendora, CA

Office

Healthcare, Education and
Childcare

West

25,000

555

0.66%

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc. Total

245,000

2,009

2.37%

Unisource Worldwide, Inc.

100%

Commerce, CA

Warehouse/Distribution

Forest Products and Paper

West

411,561

1,564

1.85%

Fixed

Apr-2020

Apr-2030

Unisource Worldwide, Inc.

100%

Anchorage, AK

Warehouse/Distribution

Forest Products and Paper

West

44,712

362

0.43%

Fixed

Dec-2014

Dec-2029

Unisource Worldwide, Inc. Total

456,273

1,926

2.28%

World Color Printing (USA) Corp.

100%

Doraville, GA

Industrial

Media: Printing and
Publishing

South

432,559

1,771

2.09%

CPI

Dec-2017

Dec-2042

W. P. Carey 6/30/2012 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

Eroski Sociedad Cooperativa ^(b)

70%

Mallorca, Spain

Warehouse/Distribution

Retail Trade

Europe

138,383

1,637

1.93%

3% or CPI

Jun-2030

Jun-2045

BE Aerospace, Inc.

100%

Lenexa, KS

Industrial

Aerospace and
Defense

Midwest

130,094

676

0.80%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Industrial

Aerospace and
Defense

East

139,628

418

0.49%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Warehouse/Distribution

Aerospace and
Defense

East

90,800

272

0.32%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Winston-Salem, NC

Office

Aerospace and
Defense

East

43,788

131

0.15%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100%

Dallas, TX

Industrial

Aerospace and
Defense

South

22,680

129

0.15%

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc. Total

426,990

1,625

1.92%

Sprint Spectrum Realty Company, L.P.

100%

Rio Rancho, NM

Office

Telecommunications

West

94,730

1,573

1.86%

Fixed

May-2016

May-2021

Lowe’s Home Improvement Warehouse

100%

Bellevue, WA

Retail

Retail Trade

West

143,352

1,572

1.86%

CPI

Aug-2018

Hologic, Inc.

36%

Bedford, MA

Industrial

Electronics

East

74,520

1,119

1.32%

CPI

Aug-2022

Aug-2042

Hologic, Inc.

36%

Danbury, CT

Industrial

Electronics

East

22,335

255

0.30%

CPI

Aug-2022

Aug-2042

Hologic, Inc. Total

96,855

1,374

1.62%

Fiskars Brands, Inc.

100%

Apopka, FL

Industrial

Chemicals, Plastics,
Rubber, and Glass

South

369,537

1,208

1.43%

Fixed

Mar-2015

Consolidated Systems, Inc.

60%

Columbia, SC

Industrial

Mining, Metals, and
Primary Metal
Industries

East

294,249

905

1.07%

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

60%

Columbia, SC

Office

Mining, Metals, and
Primary Metal
Industries

East

24,459

0.09%

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

1,042

1.23%

OBI Group^(b)

100%

Wroclaw, Poland

Retail

Retail Trade

Europe

113,570

963

1.14%

CPI

Dec-2025

Dec-2040

24 Hour Fitness USA, Inc.

100%

Austin, TX

Other

Leisure,
Amusement,
Entertainment

South

43,935

952

1.12%

CPI

Jun-2017

Jun-2037

Sports Wholesale, Inc.

100%

Birmingham, AL

Warehouse/Distribution

Retail Trade

South

219,312

924

1.09%

CPI

Dec-2014

Dec-2029

NVR, Inc.

100%

Thurmont, MD

Industrial

Construction and
Building

East

150,468

735

0.87%

CPI

Apr-2014

Apr-2039

NVR, Inc.

100%

Farmington, NY

Industrial

Construction and
Building

East

29,273

143

0.17%

CPI

Apr-2014

Apr-2039

NVR, Inc. Total

179,741

878

1.04%

The SI Organization, Inc.

100%

King of Prussia, PA

Office

Business and
Commercial
Services

East

88,578

864

1.02%

Fixed

Jul-2013

Jul-2023

W. P. Carey 6/30/2012 Supplemental 8-K — 28

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

Anthony’s Manufacturing Company, Inc.

100%

San Fernando, CA

Industrial

Consumer and Durable
Goods

West

140,763

819

0.97%

CPI

May-2022

SymphonyIRI Group, Inc.

33%

Chicago, IL

Office

Business and Commercial
Services

Midwest

53,195

815

0.96%

CPI

Jan-2021

Juniper Networks, Inc.

100%

Sunnyvale, CA

Industrial

Electronics

West

50,311

634

0.75%

Fixed

Nov-2016

Nov-2021

BellSouth Telecommunications, Inc.

100%

Fort Lauderdale, FL

Warehouse/
Distribution

Telecommunications

South

80,450

632

0.75%

Fixed

Jun-2016

Jun-2021

Childtime Childcare, Inc.

34%

Alhambra, CA

Other

Healthcare, Education and
Childcare

West

2,262

0.07%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Tustin, CA

Other

Healthcare, Education and
Childcare

West

2,264

0.07%

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

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

0.05%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Chandler, AZ

Other

Healthcare, Education and
Childcare

West

2,026

0.05%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare, Education and
Childcare

Midwest

2,787

0.05%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

34%

Westland, MI

Other

Healthcare, Education and
Childcare

Midwest

2,472

0.04%

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc. Total

28,617

587

0.69%

United Stationers Supply Company

100%

San Antonio, TX

Warehouse/
Distribution

Forest Products and Paper

South

59,000

264

0.31%

CPI

Mar-2014

Mar-2017

United Stationers Supply Company

100%

New Orleans, LA

Warehouse/
Distribution

Forest Products and Paper

South

59,560

249

0.29%

CPI

Sep-2012

United Stationers Supply Company Total

118,560

513

0.61%

Kmart Corporation

100%

Drayton Plains, MI

Retail

Retail Trade

Midwest

103,018

210

0.25%

None

Mar-2016

Mar-2026

Kmart Corporation

100%

Citrus Heights, CA

Retail

Retail Trade

West

89,760

180

0.21%

None

May-2016

May-2026

Kmart Corporation Total

192,778

390

0.46%

W. P. Carey 6/30/2012 Supplemental 8-K — 29

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

Faurecia Exhaust Systems

100%

Toledo, OH

Office

Automobile

Midwest

61,000

387

0.46%

CPI

Nov-2022

S&ME, Inc.

100%

Raleigh, NC

Office

Business and Commercial
Services

East

27,770

348

0.41%

Fixed

Jul-2016

Jul-2026

Wal-Mart Stores, Inc.

100%

Greenfield, IN

Warehouse/Distribution

Retail Trade

Midwest

82,620

331

0.39%

None

Jan-2020

Jan-2025

Tubular Metal Systems

100%

Pinconning, MI

Industrial

Automobile

Midwest

220,588

298

0.35%

CPI

Jul-2018

Dec-2022

Deloro Satellite Company, Inc.

100%

Goshen, IN

Industrial

Mining, Metals, and
Primary Metal Industries

Midwest

52,000

271

0.32%

Fixed

Feb-2018

Feb-2023

Fairpoint Communications, Inc.

100%

Milton, VT

Industrial

Telecommunications

East

30,624

221

0.26%

Fixed

Feb-2013

Candle Lamp Company, LLC

100%

Memphis, TN

Warehouse/Distribution

Consumer Non-durable
Goods

South

75,000

196

0.23%

CPI

Mar-2014

Xerox Corporation

100%

Hot Springs, AR

Retail

Machinery

South

36,850

182

0.21%

Fixed

Mar-2014

Mar-2017

Qwest Communications, Inc.

100%

Scottsdale, AZ

Industrial

Telecommunications

West

4,460

180

0.21%

Fixed

Feb-2017

Kenyon International Emergency Services

100%

Houston, TX

Warehouse/Distribution

Healthcare, Education
and Childcare

South

17,725

0.11%

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

1,697

2.00%

INSEE^(c)

Feb-2013

Group SOFEMO^(b)

75%

Illkirch-Graffenstaden,
France

Office

Business and Commercial
Services

Europe

16,631

304

0.36%

INSEE^(c)

Jan-2014

Jan-2020

SUPINFO International University^(b)

75%

Illkirch-Graffenstaden,
France

Office

Business and Commercial
Services

Europe

6,999

118

0.14%

INSEE^(c)

Mar-2019

Mar-2013

Bouygues Telecom, S.A.^(b)

75%

Illkirch-Graffenstaden,
France

Office

Business and Commercial
Services

Europe

3,689

0.08%

INSEE^(c)

Dec-2015

May-2020

Multi-Tenant Property^(d)

72,778

2,184

2.58%

The United States Playing Card Company

100%

Erlanger, KY

Warehouse/Distribution

Media: Printing and
Publishing

East

409,600

859

1.01%

Fixed

Jun-2017

Jun-2020

Alstom Power

100%

Erlanger, KY

Warehouse/Distribution

Business and Commercial
Services

East

197,400

485

0.57%

Fixed

Jun-2017

Jun-2020

The United States Playing Card Company

100%

Erlanger, KY

Warehouse/Distribution

Consumer and Durable
Goods

East

162,604

309

0.37%

Fixed

Jun-2017

Jun-2020

Multi-Tenant Property^(d)

769,604

1,653

1.95%

Bouygues Telecom, S.A.^(b)

95%

Tours, France

Office

Telecommunications

Europe

57,264

925

1.09%

INSEE^(c)

Sep-2012

W. P. Carey 6/30/2012 Supplemental 8-K — 30

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

Caisse Centrale d’Activities Sociales (b)

95%

Tours, France

Office

Federal, State, and
Local Government

Europe

10,655

181

0.21%

INSEE (c)

Feb-2018

Feb-2021

Multi-Tenant Property^(d)

67,919

1,106

1.31%

Swat-Fame, Inc.

100%

Industry, CA

Industrial

Textiles, Leather, and
Apparel

West

233,205

872

1.03%

CPI

Jun-2020

Multi-Tenant Property^(d)

233,205

872

1.03%

Pioneer Credit Recovery, Inc.

100%

Moorestown, NJ

Office

Business and
Commercial Services

East

30,000

405

0.48%

Fixed

Mar-2013

May-2017

Lincoln Technical Institute, Inc.

100%

Moorestown, NJ

Office

Healthcare,
Education and
Childcare

East

35,567

215

0.25%

Fixed

Apr-2025

Apr-2035

Multi-Tenant Property^(d)

65,567

620

0.73%

Lockheed Martin Corporation

100%

Webster, TX

Industrial

Business and
Commercial Services

South

48,207

482

0.57%

Fixed

May-2018

May-2025

Raytheon Company

100%

Webster, TX

Industrial

Business and
Commercial Services

South

9,138

0.11%

Fixed

Sep-2013

Sep-2016

Multi-Tenant Property^(d)

57,345

573

0.68%

United Space Alliance, LLC

100%

Webster, TX

Warehouse/Distribution

Business and
Commercial Services

South

32,503

219

0.26%

None

Sep-2015

Sep-2020

United Space Alliance, LLC

100%

Webster, TX

Warehouse/Distribution

Business and
Commercial Services

South

36,629

211

0.25%

None

Sep-2013

Lockheed Martin Corporation

100%

Webster, TX

Warehouse/Distribution

Business and
Commercial Services

South

8,921

0.11%

Fixed

Dec-2014

Dec-2017

Multi-Tenant Property^(d)

78,053

521

0.62%

United States Postal Service

100%

Bloomingdale,
IL

Office

Federal, State and
Local Government

Midwest

40,000

465

0.55%

Fixed

Apr-2016

RGIS, LLC

100%

Bloomingdale,
IL

Office

Business and
Commercial Services

Midwest

2,550

0.03%

Fixed

Nov-2014

Classic Cuisines Catering

100%

Bloomingdale,
IL

Office

Hotels and Gaming

Midwest

1,000

0.01%

Fixed

Apr-2012

Futaba North American Engineering

100%

Bloomingdale,
IL

Office

Automobile

Midwest

10,172

0.00%

Fixed

Sep-2017

Sep-2020

Multi-Tenant Property^(d)

53,722

498

0.59%

Richard Design Services, Inc.

100%

Beaumont, TX

Office

Business and
Commercial Services

South

34,300

300

0.35%

Other

Feb-2013

May-2013

Englobal U.S., Inc.

100%

Beaumont, TX

Office

Business and
Commercial Services

South

8,580

0.10%

Other

Nov-2014

Nov-2024

Olmsted Kirk Paper Co.

100%

Beaumont, TX

Office

Forest Products and
Paper

South

5,760

0.06%

Other

Dec-2017

Dec-2022

Multi-Tenant Property^(d)

48,640

430

0.51%

Broomfield Tech

100%

Broomfield, CO

Office

N/A

West

44,458

152

0.18%

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

14,532

0.02%

Other

Jan-2015

Multi-Tenant Property^(d)

69,942

208

0.25%

W. P. Carey 6/30/2012 Supplemental 8-K — 31

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

Continental Airlines, Inc.

100%

Houston, TX

Warehouse/Distribution

Transportation -Personal

South

25,125

207

0.24%

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

0.24%

Golder Associates Inc.

100%

Houston, TX

Office

Business and
Commercial Services

South

8,066

0.07%

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

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

0.21%

USA Self Storage, LLC^(e)

100%

Pensacola, FL

Self Storage

Buildings and Real
Estate

South

51,867

188

0.22%

Fixed

Jun-2013

Mar-2013

LIVHO, Inc.

100%

Livonia, MI

Hospitality

Hotels and Gaming

Midwest

158,000

0.00%

Fixed

Jan-2014

Vacant

100%

Jacksonville, FL

Warehouse/Distribution

N/A

South

240,000

N/A

Vacant

100%

Industry, CA

Industrial

N/A

West

92,595

N/A

Vacant

100%

Bridgeton, MO

Office

N/A

Midwest

78,080

N/A

Vacant

100%

Webster, TX

Warehouse/Distribution

N/A

South

64,980

N/A

Vacant

100%

Bloomingdale, IL

Office

N/A

Midwest

47,278

N/A

Vacant

100%

Broomfield, CO

Office

N/A

West

41,895

N/A

Vacant

100%

San Fernando, CA

Industrial

N/A

West

40,305

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

657,173

Grand Total^(f)

11,644,836

84,663

100%

(a)	Numbers may not add due to rounding.

(b)	Rents reflect a conversion rate of 1.2578 EUR/USD as of June 30, 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 6/30/2012 Supplemental 8-K — 32

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