WP CAREY INC 
By
Company Release - 01/12/2012 08:00
NEW YORK, NY -- (MARKET WIRE) -- 01/12/12 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced its 2011 investment volume and related financing and leasing activities.
Full Year Highlights
Investments
W. P. Carey completed more than $1.2 billion of investments
in 2011. The 2011 transactions include 99 properties totaling
more than 10.7 million square feet with tenants in eleven
different industries ranging from self storage and automotive
equipment to consumer and food products. The company also
completed financings of acquisitions and refinancings of
existing portfolio holdings of more than $650 million.
Leasing
W. P. Carey & Co. LLC leased the iconic Venice, California
"Binoculars Building," designed by Frank Gehry, to
Google and later closed on a mortgage financing of that
building.
Second Half Activity
Investments
During the second half of 2011, W. P. Carey completed
approximately $630 million in investments. The transactions
involved 74 facilities containing approximately 6.2 million
square feet. The facilities were acquired both for its own
portfolio and on behalf of its publicly-held, non-traded REIT
affiliates, including CPA®:17 - Global Incorporated.
The transactions completed during the second half consisted of both domestic and international investments. Tenants included a U.S. subsidiary of global industrial gas producer Air Liquide Group; Metro Cash & Carry Italia S.p.A., a wholly owned subsidiary of Metro AG, the world's largest cash and carry operator; a U.S. subsidiary of Faurecia Interior Systems, one of the leading automotive equipment suppliers in the world; and Spear Precision & Packaging, a primary supplier of labels to consumer goods companies globally.
Self Storage Assets
Self storage transactions completed in the second half of
2011 comprised 19 self storage properties totaling
approximately 1.4 million square feet. With the closing of
these transactions W. P. Carey is now the eighth largest
storage operator in the U.S. with nearly 8.6 million net
rentable square feet and 143 properties.
Build-to-Suit Financing
Second half build-to-suit financings included an operations
center and office facility in Martinsville, Virginia for
consulting firm ICF International that is being developed by
Panattoni Development Company and 100% construction financing
for three modern big-box grocery stores in Croatia being
developed by Austrian developer BOP. When completed, the
three sites will be long-term, triple-net leased to Konzum,
which is a member of Croation food retailer Agrokor.
Commenting on the firm's 2011 accomplishments, W. P. Carey President and CEO Trevor Bond noted, "With more than $1 billion in transactions and more than $650 million in financings and re-financings completed, 2011 has been one of our most successful years. Our acquisitions added to the geographic and industry diversity of our portfolios. With respect to our financing strategy, we continued to adhere to moderate leverage ratios with the objective of maintaining the longer term stability and value of our holdings."
Mr. Bond added, "The passing of our founder and Chairman, Bill Carey, last week, added extra significance to our success in executing on so many sound transactions in 2011. Bill believed in investing in good times and bad, and to the end he was greatly pleased by the success of our on-the-ground teams in sourcing, structuring and executing on solid investments in a challenging market environment. Bill was very proud of our achievements in 2011 as well as those of prior years. He always set the bar high for us, and we intend to honor his legacy by keeping it high."
W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management
company that oversees a global investment portfolio of $12
billion. W. P. Carey provides companies worldwide with long
term sale leaseback and build to suit financing and engages
in other types of real estate-related investment. Publicly
traded on the New York Stock Exchange (WPC), W. P. Carey and
its CPA® series of income-generating, non-traded REITs help
companies and private equity firms unlock capital tied up in
real estate assets. The W. P. Carey Group's investments
are highly diversified, comprising contractual agreements
with approximately 288 long term corporate tenants spanning
28 industries and 18 countries.
www.wpcarey.com
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.
Source: W. P. Carey & Co. LLC
