Exhibit 99.1
FOR IMMEDIATE RELEASE
     
COMPANY CONTACT:
  PRESS CONTACT:
Susan Hyde
W. P. Carey & Co. LLC
212-492-1151
shyde@wpcarey.com
  Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com
W. P. Carey Announces Fourth Quarter and Year-End 2008 Financial Results
New York, NY — February 26, 2009 — Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the fourth quarter and year ended December 31, 2008. The Company reported increases of 33 percent and six percent in cash flow from operations and adjusted cash flow from operating activities, respectively, for 2008, while net income was essentially unchanged.
Commenting on the Company’s results, Wm. Polk Carey, Founder and Chairman, stated, “In determining distributions to shareholders, the Company’s Board of Directors views adjusted cash flow from operating activities as a critical metric. Consequently, we are pleased to report an increase in this metric over the prior year. Combined with the continued strength of our balance sheet, this increase is a testament to the established investment and asset management processes that are at the core of our disciplined risk management approach and long term investment philosophy.”
QUARTERLY AND YEAR-END RESULTS
  Total revenues net of reimbursed expenses for the fourth quarter of 2008 were $52.9 million, compared to $51.2 million for the fourth quarter of 2007. Total revenues net of reimbursed expenses for 2008 were $202.7 million, compared to $249.4 million for 2007. Reimbursed expenses are excluded from total revenues because they have no impact on net income.
 
  Net income for the fourth quarter of 2008 was $21.9 million, compared to $6 million for the fourth quarter of 2007. Net income for 2008 was $78 million, compared to $79.3 million in 2007.
 
  Funds from operations (FFO) for the fourth quarter of 2008, as per the attached table, were $33.8 million or $0.84 per diluted share, compared to $2.9 million or $0.07 per diluted share for the comparable period in 2007. FFO for 2008 was $124.5 million or $3.09 per diluted share, compared to $133.3 million or $3.34 per diluted share for 2007.
SUPPLEMENTAL PERFORMANCE METRICS
  For the year ended December 31, 2008, adjusted cash flow from operating activities increased 6% to $89.4 million from $84.2 million in 2007.

 


The following information was filed by W. P. Carey Inc. (WPC) on Thursday, February 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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