W. P. Carey Ends 2012 With Total Investment Volume of $1.4 Billion
Assets Under Ownership and Management Increase to $14 Billion
NEW YORK, NY -- (Marketwire) -- 01/16/13 -- W. P. Carey Inc. (NYSE:
WPC), a real estate investment trust ("REIT"), announced 2012
investment volume, financing and leasing activities for its owned and
managed portfolios. Investments totaled approximately $1.4 billion in
2012, comprised of approximately $152 million for W. P. Carey's owned
portfolio and $1.2 billion for the publicly-held, non-traded REITs
that it manages.
W. P. Carey Inc. -- Owned Portfolio
W. P. Carey Inc.'s completed acquisitions totaled
approximately $152 million, including the remaining interest in an
existing portfolio of 12 Marriott Hotels and five Walgreens retail
stores in Alabama, Georgia, North Carolina, Texas and Virginia.
Financings by W. P. Carey consisted primarily of
refinancings of its existing portfolio holdings totaling more than
$75 million, including refinancings by CPA(R):15 prior to its merger
with W. P. Carey.
During 2012, W. P. Carey's leasing
activities included renewals and extensions for its existing tenants
as well as initial leases to new tenants. Total leasing activity
comprised more than two million square feet leased to more than 20
tenants including US Airways, Dr. Pepper and FedEx, representing
nearly $16 million in annual revenue, which extended the average
W. P. Carey Inc. -- Managed Portfolio
W. P. Carey derives fee and
other income from the portfolios it manages on behalf of its
non-traded REIT programs, including fees in respect of acquisitions
and financing activities.
Transactions completed on
behalf of W. P. Carey's non-traded REITs totaled more than $1.2
billion, encompassing more than 60 properties totaling more than six
million square feet. The majority of these acquisitions were
completed on behalf of one of W. P. Carey's non-traded REIT programs,
CPA(R):17 - Global Incorporated, including transactions with Blue
Cross and Blue Shield of Minnesota; global engineering, construction
and services company Kellogg Brown & Root; auto dealerships selling
and servicing Mercedes Benz, Nissan, Chevrolet, Toyota, Scion, Dodge,
Chrysler and Jeep vehicles; and Konzum, a subsidiary of Agrokor,
Croatia's largest producer, processor, distributor and retailer of
food and beverage products. Carey Watermark Investors (CWI), W. P.
Carey's non-traded REIT focused on the lodging industry, invested in
five hotels during 2012 for a total of approximately $170 million.
Debt financings of new investments totaled
approximately $525 million and refinancings of existing portfolio
holdings totaled approximately $115 million in aggregate.
During 2012, W. P. Carey's managed non-traded REIT programs raised
more than $1 billion in aggregate equity capital. One of the REIT
programs, CPA(R):17 - Global, closed to new fundraising in December,
with total equity raised over $2.8 billion since its inception in
December 2007. CWI raised approximately $110.3 million in 2012,
bringing total funds raised since the beginning of its initial public
offering in September 2010 to approximately $157.5 million. W. P.
Carey's wholly-owned broker/dealer subsidiary acts as dealer manager
for these fundraising activities.
Commenting on the firm's 2012 accomplishments, W. P. Carey President
and CEO Trevor Bond noted, "2012 was a significant year for W. P.
Carey. As we mark our 40th anniversary and commence our first full
year as a REIT, we reflect proudly on our history and achievements,
most significantly the successful completion of our conversion to
REIT status and our merger with CPA(R):15 in September. Another
achievement has been the growth of our assets under ownership and
management, which are now approximately $14.1 billion in total,
versus $5 billion just ten years ago. We believe our continuing
ability to grow our assets under ownership and management has served
us and our stakeholders well."
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc.
is a publicly traded REIT (NYSE: WPC) that provides long-term
sale-leaseback and build-to-suit financing for companies worldwide
and owns and manages an investment portfolio totaling approximately
$14.1 billion. The largest owner/manager of net lease assets, WPC's
corporate finance-focused credit and real estate underwriting process
is a constant that has been successfully leveraged across a wide
variety of industries and property types. Our portfolio of long-term
leases with creditworthy tenants has an established history of
generating stable cash flows that have enabled the Company to deliver
consistent and rising dividend income to investors for nearly four
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 office and industrial 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.
W. P. Carey Inc.
Ross & Lawrence
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