W. P. Carey & Co. LLC Reports Fourth Quarter and Full Year 2001 Financial Results
FFO Per Share for Twelve-Month Period Increases 6%
WPC Fourth Quarter 2001 Financials (PDF)
NEW YORK, NY – February 27, 2002 – W. P. Carey & Co. LLC (NYSE: WPC), a real estate investment firm, today reported results for the three-month and twelve-month periods ended December 31, 2001.
Funds From Operations (FFO) for the twelve-month period ended December 31, 2001, increased to $84.2 million or $2.41 per diluted share, compared to $68.0 million or $2.28 per diluted share for the comparable period last year. This report represents an increase of 6%, on a per share basis over the same period from 2000. For the three-month period ended December 31, 2001, the Company reported that FFO was $21.2 million or $0.59 per diluted share versus $21.3 million or $0.62 per diluted share for the comparable period last year.
FOURTH QUARTER HIGHLIGHTS
- For the third consecutive quarter, the Board of Directors increased the cash dividend to $.427 per common share or $42.70 per 100 shares. The dividend was paid on January 15, 2002 to shareholders of record on December 31, 2001. Since the Company became public in 1998, the dividends paid to shareholders have increased every year.
- Total revenue for the twelve-month period ended December 31, 2001 increased 16% to $139.4 million up from $120.3 million for the same period a year ago. In the fourth quarter of 2001, total revenue increased to $38.5 million, compared to $36.4 million for the same period a year ago. This was due in large part to the fees associated with the Company's growing investment management business from affiliated entities.
- W. P. Carey completed $395 million sale-leaseback and build-to-suit transactions in 2001 and more than $180 million during the fourth quarter alone for facilities leased to Nortel Networks Inc., PETsMART Inc., PerkinElmer Inc., Atrium Companies Inc., Lincoln Technical Institute, Inc. and Builders FirstSource Inc.
- CPA®:14 completed its offering on November 15th after raising more than $655 million in equity from investors, making it the largest of the CPA® series of funds. Subsequently, on November 16th, W. P. Carey's newest diversified net lease real estate investment trust, CPA®:15, opened to investors.
- Net income for the twelve-month period ended December 31, 2001 increased to $35.8 million up from a loss of $9.3 million for the same period a year ago. In the fourth quarter of 2001, net income increased to $133,000, compared to a loss of $237,000 for the same period a year ago. Net income for the twelve-month period was affected by $12.6 million of asset impairment charges primarily related to an investment in MeriStar Hospitality Corporation and a property formerly occupied by Red Bank Distribution, Inc.
ON TARGET WITH GOALS
Chairman Wm. Polk Carey said, "The year-end results reflect the continued confidence in W. P. Carey shared by both management and investors alike. Our Acquisitions Group remains diligent as companies continue to realize the benefits of sale-leaseback financing in today's tightening credit markets, while our newest REIT, CPA®:15, remains popular with investors looking for income generating alternatives for their portfolios. We will continue to seek risk adjusted returns for our investors and acquire key corporate facilities throughout the world which will further increase the diversification of our REITs portfolios."
The Company will conduct a conference call and audio web-cast to discuss information included in this news release and related matters at 10:30 AM (ET) on Wednesday, February 27th. The conference call will be available at 1-800-360-9865 (International 973-694-6836). It will also be available simultaneously, and in its entirety, through a web-cast at www.wpcarey.com. The call will be available for replay after 1:00 PM (ET) today by calling 800-428-6051, (International 973-709-2089), the access code is 231984.
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. As the largest publicly traded limited liability company in the world, the Company owns and/or manages more than 400 commercial and industrial properties throughout the United States and Europe comprising of more than 50 million-square-feet of property.
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.
