W. P. Carey & Co. Announces First Quarter Financial Results
WEBCAST • WPC 1st Quarter 2004 Financials
NEW YORK, NY, April 29, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the three-month period ended March 31, 2004.
Quarterly Results
- Earnings per share (EPS) for the three-month period were $0.28, as compared to $0.46 for the same period in 2003. Net Income for the three-month period was $11.1 million, as compared to $17.3 million in the first quarter of 2003.
- Funds from Operations (FFO) for the three-month period were $0.55 per share, or $21.4 million, as compared to $0.76 per share, or $28.1 million, for the comparable period in 2003.
- Total revenue for the three-month period was $38.1 million, as compared to $45.9 million for the same period a year ago.
- Cash Flows from Operating Activities (CFO) were stable: $15.6 million for the first three-month period in 2004 vs. $15.4 million in the first quarter of 2003. The unaudited Consolidated Statements of Cash Flows are attached to this press release.
- The Company, on behalf of its CPA® series of REITs, completed investments in excess of $65 million during the first quarter of 2004, as compared to $272 million during the same period in 2003. Management believes the company is on track for investment volume for the first six months of 2004 that will exceed last year’s volume over the same period.
- In March, the Board of Directors raised the cash dividend to $.436 per common share. This reflects the twelfth consecutive quarterly increase. The dividend was paid on April 15, 2004 to shareholders of record on March 31, 2004. Dividends have increased every year since 1998 when the company went public.
- The Board announced that the 2004 Annual Shareholder Meeting will take place on Thursday, June 10th at 10:30 AM at the Waldorf = Astoria Hotel in New York City. All shareholders are invited to attend. In addition, a live webcast of the event will be available and, following its conclusion, will be archived on the Company’s website.
President and Co-CEO Gordon F. DuGan said, “We believe W. P. Carey, due to its unique business model and its growing asset management business, is well positioned for the current market climate as its fundamentals remain strong. While the first quarter results were impacted in large part by the timing of transaction closings, we remain focused on the long-term performance of the company. We believe we are on track for investment volume for the first six months of 2004 that will exceed last year’s volume over the same period. We are committed to providing our investors with a dependable, rising income stream while continuing to meet the long-term financing needs of high quality companies.”
Conference Call & Webcast
Please call at least 10 minutes prior to register for call.
Time: Thursday, April 29th 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 343280.
Founded in 1973, W. P. Carey & Co. is a leading global investment firm that has long served as the preeminent provider of sale-leaseback financing to corporations and private equity firms in the United States and Europe. It owns a portfolio of net-leased real estate assets and provides asset management services to the Corporate Property Associates (CPA®) series of income generating, publicly held non-traded real estate investment trusts (REITs). The Company currently owns and/or manages more than 600 commercial and industrial properties worldwide, representing more than 80 million square feet, valued at more than $6 billion.
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.
