NEW YORK, NEW YORK – October 6, 2003 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it completed more than $542 million of sale-leaseback transactions during the first nine months of 2003 as compared to $500 million in 2002.
Recently, the firm completed more than $76 million of sale-leaseback transactions with two companies, bringing its third quarter acquisition total to $211 million, equal to its acquisitions volume during the same period last year. The transactions included a $44.9 million acquisition of two state-of-the-art health and fitness centers totaling 279,000 square feet and a $31.6 million build-to-suit of a 270,000 square foot technical education campus.
The acquisitions were funded on behalf of Corporate Property Associates 15 Incorporated (CPA®:15) a member of the $5 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs).
Gordon F. DuGan, President and Co-Chief Executive Officer of W. P. Carey, noted, “As leaders in the sale-leaseback financing business we remain committed to helping companies grow and expand their businesses by providing them the funds needed to eliminate debt, fund acquisitions or take their public company private. We are well positioned to help companies access our more than $2 billion in available capital and our ability to complete transactions in less than 30 days.”
W. P. CAREY & CO. LLC
W. P. Carey & Co. LLC is a leading investment firm that serves as the preeminent provider of sale-leaseback financing to corporations in the United States and Europe. The Company acquires single-tenant corporate and industrial properties and leases them back to the tenant often under a triple-net lease lasting 15-20 years. By converting an otherwise depreciating and underutilized asset, companies are able to use the capital they receive from W. P. Carey to pay down debt, fund acquisitions or reinvest in the core competencies of their business. W. P. Carey owns and/or manages more than 550 commercial and industrial properties throughout the United States and Europe representing more than 75 million square feet.
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.
