W. P. Carey & Co. LLC Reports First Quarter 2002 Financial Results
FFO For Three-Month Period Increases $2.8 Million
WPC First Quarter 2002 Financials (PDF)
NEW YORK, NY – April 30, 2002 – W. P. Carey & Co. LLC (NYSE: WPC), a leading real estate investment firm, today reported results for the three-month period ended March 31, 2002.
Funds From Operations (FFO) for the three-month period ended March 31, 2002, increased to $22.1 million or $0.61 per diluted share, compared to $19.3 million or $0.56 per diluted share for the comparable period last year.
FIRST QUARTER HIGHLIGHTS
- Reflecting the fourth consecutive quarterly increase the Board of Directors raised the cash dividend to $.428 per common share. The dividend was paid on April 15, 2002 to shareholders of record on March 29, 2002. Dividends have increased each year since the company went public.
- Total revenue for the three-month period ended March 31, 2002 increased 11% to $35.5 million up from $31.9 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.
- W. P. Carey completed $117 million in sale-leaseback transactions in the first quarter of 2002 compared to $44 million in the first quarter 2001. The firm completed transactions with: Carrefour; Universal Technical Institute; P.W. Eagle, Inc.; and Heafner Tire Group, Inc.
- Net income for the three-month period ended March 31, 2002 increased to $13.7 million up from $12.6 million for the same period a year ago, an increase of 9%.
- On April 16th shareholders of Carey Institutional Properties (CIP®) and Corporate Property Associates 10 Incorporated (CPA®:10), two publicly held non-traded real estate investment trusts (REITs) managed by W. P. Carey & Co., approved the merger of the two funds. Of those shareholders who voted, more than 96% voted in favor of the merger of the two funds, which becomes effective today April 30th. CIP®, the surviving fund, now has a portfolio that consists of 108 properties located throughout the United States and Europe and real estate assets worth in excess of $700 million.
ON TARGET WITH GOALS
Chairman Wm. Polk Carey said, "These first-quarter results reflect the ongoing success of W. P. Carey as we continue to meet our investors' expectations each quarter. We remain committed to assisting companies understand the ease and benefits of sale-leaseback financing in today's tightening credit markets, while also offering individual investors an income generating investment through our newest real estate investment trust, CPA®:15."
The Company will conduct a conference call and audio web-cast to discuss information included in this news release and related matters at 11:00 AM (ET) today, Tuesday, April 30th. 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 1-800-428-6051, (International 973-709-2089). The access code is 238031.
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.
