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Filed by W. P. Carey & Co. LLC
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934
Subject Company: W. P. Carey & Co. LLC
(Commission File Number: 001-13779)
FOR IMMEDIATE RELEASE
|COMPANY CONTACT:||PRESS CONTACT:|
|Cheryl Perry||Guy Lawrence|
|W. P. Carey & Co. LLC||Ross & Lawrence|
W. P. Carey Announces Fourth Quarter and Year-End 2011 Financial Results
New York, NY February 28, 2012 Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the fourth quarter and year-ended December 31, 2011.
QUARTERLY AND YEAR-END RESULTS
Funds from operationsas adjusted (AFFO) for the fourth quarter of 2011 was $35.2 million or $0.88 per diluted share, compared to $36.3 million or $0.90 per diluted share for the fourth quarter of 2010. AFFO for the year ended December 31, 2011 was $188.9 million or $4.71 per diluted share, compared to $130.9 million or $3.27 per diluted share for 2010.
Cash flow from operating activities for the year ended December 31, 2011 was $80.1 million, compared to $86.4 million for 2010, while adjusted cash flow from operating activities was $98.6 million for 2011, compared to $88.6 million for 2010.
Total revenues net of reimbursed expenses for the fourth quarter of 2011 were $47.8 million, compared to $65.0 million for the fourth quarter of 2010. Total revenues net of reimbursed expenses for the year ended December 31, 2011 were $271.6 million, compared to $209.8 million in 2010. Reimbursed expenses are excluded from total revenues because they have no impact on net income.
Net Income for the fourth quarter of 2011 was $9.1 million, compared to $19.8 million for the same period in 2010. For the year ended December 31, 2011, net income was $139.1 million, compared to $74.0 million for 2010. Results from operations in our investment management segment were significantly higher in 2011, primarily due to revenue recognized in connection with the merger between CPA®:14 and CPA®:16 Global, which was completed in May.
For the year ended December 31, 2011, we received approximately $34.9 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.
PROPOSED MERGER OF W. P. CAREY AND CPA®:15 AND CONVERSION OF W. P. CAREY TO REIT
On February 21, 2012, we announced that our Board of Directors had approved our conversion to a real estate investment trust (REIT) and that our Board of Directors and the Board of Directors of our publicly held, non-traded REIT affiliate, Corporate Property Associates 15 Incorporated (CPA®:15), had unanimously approved a definitive merger agreement pursuant to which W. P. Carey will acquire CPA®:15 immediately following the REIT conversion. These transactions are subject to requisite shareholder approvals and other closing conditions. If the proposed merger is approved and the other closing conditions are satisfied, we currently expect that the closing will occur by the third quarter of 2012, although there can be no assurance of such timing.
CPA® :17 GLOBAL ACTIVITY
CPA®:17 Globals follow-on offering was declared effective by the SEC in April 2011, and its initial public offering was terminated. We have raised more than $2 billion on behalf of CPA®:17 Global since beginning fundraising in December 2007. The follow-on offering is for up to an additional $1 billion of CPA®:17 Globals common stock.
Investment volume for CPA®:17 Global in the fourth quarter of 2011 was approximately $133.7 million.
Fourth quarter transactions included acquisitions of nine self-storage properties totaling $26.0 million, and a $57.0 million construction financing package of three modern big-box retail sites in Croatia for Austrian developer BOP.
The following information was filed by W. P. Carey Inc. (WPC) on Tuesday, February 28, 2012 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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