NEW YORK, NY – December 31, 2003 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has recently provided $45 million in sale-leaseback financing to three companies located in the U.S. and Germany. The sale-leaseback transactions involved three facilities totaling more than 515,000 square feet.
Among the transactions funded on behalf of the $6 billion W. P. Carey Group of income generating, publicly held, non-traded real estate investment trusts (REITs), were:
- The $18.6 million build-to-suit financing of a 160,000 square foot office facility for a leading provider of post-secondary adult technical training. Once completed, the facility, located in Eagleview, PA, will be leased back under a 15-year triple net lease.
- The $16.8 million acquisition of a 305,700 square foot office/manufacturing/distribution facility from a leading global manufacturer and marketer of industrial products and systems. The facility, located in Kahl am Main, Germany, serves as the Company's European headquarters. The facility will be leased on an 17-year triple-net basis, with two five-year renewal options.
- The $9.8 million acquisition of a 49,000 square foot sports and fitness center from one of the country's leading health club chains. The facility, located in Englewood, Colorado, will be leased under a 19-year triple net lease and includes two five-year renewal options.
Gordon F. DuGan, President and Co-Chief Executive Officer of W. P. Carey, said, "We are pleased to offer an alternative form of financing as companies seek to grow and expand their businesses. This past year we provided creative financing solutions to 28 different high-quality companies around the world representing 24 different industries. We understand the importance of creating and maintaining relationships with our tenant/clients and in doing so we're pleased to have provided more than $700 million in financing this past year."
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 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.
