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W. P. Carey & Co. LLC
|Ross & Lawrence|
|||Funds from operationsas adjusted (AFFO) for the fourth quarter of 2010 was $36.3 million or $0.90 per diluted share, compared to $33.7 million or $0.83 per diluted share for the fourth quarter of 2009. AFFO for the year ended December 31, 2010 was $130.9 million or $3.27 per diluted share, compared to $122.9 million or $3.09 per diluted share for 2009.|
|||Cash flow from operating activities for the year ended December 31, 2010 was $86.4 million, compared to $74.5 million for 2009, while adjusted cash flow from operating activities was $88.6 million for 2010, compared to $93.9 million for 2009.|
|||Total revenues net of reimbursed expenses for the fourth quarter of 2010 were $68.3 million, compared to $48.5 million for the fourth quarter of 2009. Total revenues net of reimbursed expenses for the year ended December 31, 2010 were $213.9 million, compared to $184.8 million in 2009. Reimbursed expenses are excluded from total revenues because they have no impact on net income.|
|||Net Income for the fourth quarter of 2010 was $19.8 million, compared to $23 million for the same period in 2009. For the year ended December 31, 2010, net income was $74 million, compared to $69 million for 2009. Results from operations in our investment management segment were significantly higher in 2010, primarily due to a higher volume of investments structured on behalf of the CPA® REITs and lower impairment charges recognized by the CPA® REITs.|
|||For the year ended December 31, 2010, we received approximately $16.6 million in cash distributions from our equity ownership in the CPA® REITs.|
|||Further information concerning AFFO and adjusted cash flow from operating activitiesnon-GAAP supplemental performance metricsis presented in the accompanying tables and related notes.|
|||Investment volume for the year ended December 31, 2010 on behalf of the CPA® REITs and for our own portfolio totaled approximately $1.1 billion, or double last years volume of approximately $548 million. International investments comprised 43% of total investments during 2010, compared to 36% in 2009, and we expect that international transactions will continue to form a significant portion of the investments we structure.|
|||We closed approximately $593 million in investments on behalf of the CPA® REITs in the fourth quarter of 2010. These investments involved forty-seven facilities containing approximately five million square feet in the U.S., Canada, Croatia, China and Spain.|
The following information was filed by W. P. Carey Inc. (WPC) on Thursday, February 24, 2011 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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