Jones Lang LaSalle
WP Carey Looks to International Arena
By Barbara Jarvie
Last updated: March 5, 2006 09:17pm
NEW YORK CITY-"Our pipeline is very strong," said Gordon F. DuGan, president and chief executive officer of WP Carey & Co. LLC, during the company’s fourth-quarter and full-year results conference call. "Despite particularly competitive environment, we find attractive opportunities due to our differentiated and disciplined investment process.
The firm reported revenues of $41.9 million and $174.1 million and net income of $11.5 million and $48.6 million for the three- and twelve-month periods ended December 31, 2005. "Our most important asset in a very competitive process. Market presence and brand reputation--built up over many years," added DuGan. "International investment sale/leaseback is most transferable discipline in arena. it’s a complementary part of business and accounted for over 50% of our investment for the first time last year. The company also made its first investments in Mexico and Canada last year. The primary driver of our business is our investment perspective."
WP Carey’s financial results for the twelve-month period of 2005 were lower than those for the year 2004 primarily as a result of revenues earned from the merger of two of its managed affiliated REITs in 2004. In addition, prior to the merger, W. P. Carey acquired approximately $142 million of net leased properties from CIP, income from which is fully reflected in the 2005 results. FFO for the 12-month period were $2.53 per diluted share, or $98.6 million, as compared to $3.47 per diluted share, or $135.1 million, for 2004. In 2005, the company sold nine domestic properties, three of which were vacant, for combined net proceeds of $45.4 million and recognized a net gain of $10.5 million. In addition, the firm also sold six properties on behalf of its affiliated income generating non-traded CPA® REITs for a total purchase price of approximately $48.4 million in 2005. The proceeds from these sales were received by the CPA REITs. "Since the introduction of the first CPA fund in 1979, WP Carey and its affiliates have paid to investors over $1.9 billion in quarterly cash distributions. Barring unforeseen circumstances, total distributions paid to investors are expected to exceed $2 billion in April 2006."
WP Carey currently has $4.5 billion in equity capital. The group owns more than 675 commercial and industrial properties in 14 countries, representing over 95 million square feet, valued at more than $7.4 billion.
WP Carey Looks to International Arena
By Barbara Jarvie
Last updated: March 5, 2006 09:17pm
NEW YORK CITY-"Our pipeline is very strong," said Gordon F. DuGan, president and chief executive officer of WP Carey & Co. LLC, during the company’s fourth-quarter and full-year results conference call. "Despite particularly competitive environment, we find attractive opportunities due to our differentiated and disciplined investment process.
The firm reported revenues of $41.9 million and $174.1 million and net income of $11.5 million and $48.6 million for the three- and twelve-month periods ended December 31, 2005. "Our most important asset in a very competitive process. Market presence and brand reputation--built up over many years," added DuGan. "International investment sale/leaseback is most transferable discipline in arena. it’s a complementary part of business and accounted for over 50% of our investment for the first time last year. The company also made its first investments in Mexico and Canada last year. The primary driver of our business is our investment perspective."
WP Carey’s financial results for the twelve-month period of 2005 were lower than those for the year 2004 primarily as a result of revenues earned from the merger of two of its managed affiliated REITs in 2004. In addition, prior to the merger, W. P. Carey acquired approximately $142 million of net leased properties from CIP, income from which is fully reflected in the 2005 results. FFO for the 12-month period were $2.53 per diluted share, or $98.6 million, as compared to $3.47 per diluted share, or $135.1 million, for 2004. In 2005, the company sold nine domestic properties, three of which were vacant, for combined net proceeds of $45.4 million and recognized a net gain of $10.5 million. In addition, the firm also sold six properties on behalf of its affiliated income generating non-traded CPA® REITs for a total purchase price of approximately $48.4 million in 2005. The proceeds from these sales were received by the CPA REITs. "Since the introduction of the first CPA fund in 1979, WP Carey and its affiliates have paid to investors over $1.9 billion in quarterly cash distributions. Barring unforeseen circumstances, total distributions paid to investors are expected to exceed $2 billion in April 2006."
WP Carey currently has $4.5 billion in equity capital. The group owns more than 675 commercial and industrial properties in 14 countries, representing over 95 million square feet, valued at more than $7.4 billion.
posted by Jones Lang LaSalle NJ News Blog at 3:08 PM
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