W. P. Carey & Co. Announces Fourth Quarter and Full Year 2003 Financial Results
Full Year Earnings Up 35%
WEBCAST • WPC 4th Quarter 2003 Financials
NEW YORK, NEW YORK, February 26, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the three and twelve-month periods ended December 31, 2003.
OPERATING HIGHLIGHTS
- Earnings per share (EPS) for the three-month period were $0.48, as compared to a loss of $0.10 for the same period in 2002. The loss in 2002 was due to an increase in non-cash impairment charges on real estate and related investments. EPS for the twelve-month period was $1.65, as compared to $1.28 for the similar period in 2002 – an increase of 29%.
- Net Income for the three-month period was $18.6 million, as compared to net loss of $3.7 million for the same period in 2002. Net Income for the twelve-month period was $62.9 million, as compared to $46.6 million for the similar period in 2002 – an increase of 35%.
- Funds from Operations (FFO), measured consistently with prior quarters, for the three-month period were $0.71 per share, or $27.5 million, as compared to $0.87 per diluted share, or $32.4 million, for the same period in 2002. FFO for the twelve-month period were $2.78 per share, or $105.5 million, as compared to $2.81 per diluted share, or $102.0 million, for the similar period a year ago – a decline of 1%.
- Total revenue for the three-month period was $37.5 million, as compared to $51.6 million for the same period a year ago. For the twelve-month period total revenue was $163.4 million, as compared to $156.0 million for the similar period in 2002 – an increase of 5%.
- Funds raised on behalf of the CPA® REITs for future investments were $557 million in 2003, as compared with $473 million for the full year in 2002 – an increase of 18%.
- Total assets under management and ownership increased from $4.6 billion in 2002 to approximately $5.8 billion in 2003 – an increase of 26%.
- In December, the Board of Directors raised the cash dividend to $.435 per common share. This reflects the eleventh consecutive quarterly increase. The dividend was paid on January 15, 2004 to shareholders of record on December 31, 2003. Dividends have increased every year since 1998 when the company went public.
President and Co-CEO Gordon F. DuGan said, “While we are pleased with these results, and our growing asset management business, we remain focused on growing shareholder value over the long-term. Despite the increasing amount of available capital in the real estate industry, we are able to source transactions that offer our investors attractive returns. We believe our success in 2003 reflects the underlying strength of our business while the potential for continued growth – in our acquisitions volume, fundraising efforts and assets under management – bodes well for our future.”
CONFERENCE CALL & WEB CAST
(Please call at least 10 minutes prior to register)
Time: Thursday, February 26th 11:00 AM EST.
Call-in number: 1-800-915-4836 (International 1-973-317-5319).
Webcast: ARCHIVED
Replay: Available after 1:00 PM. Call 1-800-428-6051 (International 1-973-709-2089) with the access code 331473.
Founded in 1973, W. P. Carey & Co. is a leading investment firm that serves as the preeminent provider of sale-leaseback financing to corporations and private equity firms in the United States and Europe. It manages the Corporate Property Associates (CPA®) series of income generating, publicly held non-traded REITs. W. P. Carey owns and/or manages more than 600 commercial and industrial properties worldwide representing more than 80 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 commercial 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.
