W. P. Carey & Co. LLC Reports First Quarter 2001 Results
WPC First Quarter 2001 Financials (PDF)
NEW YORK, NY – May 2, 2001 – W. P. Carey & Co. LLC (NYSE: WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, today reported results for the three-month period ended March 31, 2001.
For the first quarter of 2001, the Company reported that Funds From Operations ("FFO") was $19.3 million or $0.56 per share (basic and diluted) versus $13.0 million or $0.51 per share for the comparable period last year. This report represents an increase of 9.8%, on a per share basis over the same period from 2000. FFO is the most commonly accepted and reported measure of operating performance for a real estate investment company.
First Quarter Highlights
- FFO per share increased 9.8% over the comparable period last year.
- Total revenues in the first quarter of 2001 increased 37% to $31.9 million from $23.3 million for the same period a year ago. This was primarily due to the advisory operations acquired in the merger with W. P. Carey & Co., Inc. and the incorporation of fees earned for services rendered to the Corporate Property Associates (CPA®) REITs.
- W. P. Carey completed $44.5 million in sale-leaseback transactions during the first quarter for facilities leased to BLP Group PLC, Gibson Guitar Corporation and Nexpak Corporation on behalf of Corporate Property Associates 14 Incorporated (CPA®:14). CPA®:14 is a real estate investment trust (REIT) managed by W. P. Carey.
On Target with Goals
Commenting on the Company's performance, Chairman Wm. Polk Carey, said, "This is great news for our investors and I am pleased to report these higher first quarter results. The Company has been able to increase Funds From Operations over the same period last year and it remains on target with its goals of providing its investors with relatively stable income, good dividends, consistent investment performance and prudent growth."
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing through the corporate net-lease, or sale-leaseback structure. The firm and its affiliates continue to be leading lessors of net-leased corporate real estate. W. P. Carey & Co. LLC (NYSE: WPC), the largest publicly traded limited liability company in the world, owns and manages over 44 million-square-feet of property in the United States and Europe. The firm is headquartered in Manhattan and has offices in London and Paris.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are 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. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
