W. P. Carey Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - W. P. Carey Inc.	c00233e8vk.htm

EXHIBIT 99.1

W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
As of March 31, 2010

Important Disclosures About this Supplemental Package

As used in this supplemental package, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated.

Important Note Regarding Non-GAAP Financial Measures

This supplemental package includes non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations — as adjusted (“AFFO”), adjusted cash flow from operating activities and revenue stability analysis. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided in this supplemental package.

Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and forward-looking statements contained herein is included in our filings with the SEC, including but not limited to our Form 10-K for the year ended December 31, 2009. We do not undertake to revise or update any forward-looking statements.

W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
As of March 31, 2010


Contents
Company Overview			4
Financial Highlights			5
Reconciliation of Net Income to EBITDA			6
Reconciliation of Net Income to Funds From Operations — as adjusted (AFFO)			7
Adjusted Cash Flow from Operating Activities			8
Revenue Stability Analysis			9
Portfolio Debt Overview			10
Detailed Debt Summary			11
2010 Investment and Disposition Activity			13
Portfolio Analysis — Rent Contribution and Historical Occupancy			14
Portfolio Diversification Analysis by Property Type			15
Portfolio Diversification Analysis by Tenant Industry			16
Portfolio Diversification Analysis by Geography			17
Portfolio Lease Maturity Analysis			18
Consolidated Balance Sheets			19
Consolidated Statements of Income			20
Consolidated Statements of Cash Flows			21
Detailed Property Summary			22

W. P. CAREY & CO. LLC
Company Overview
March 31, 2010


Key Company Contacts		Executive Offices
Wm. Polk Carey	Chairman of the Board and Director	50 Rockefeller Plaza
Gordon F. DuGan	President, Chief Executive Officer and Director	New York, NY 10020
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Mark J. DeCesaris	Managing Director, Acting Chief Financial Officer	Fax: (212) 492-8922
Susan C. Hyde	Managing Director, Director of Investor Relations	Web Site Address: www.wpcarey.com

Banks
Bank of America, N.A.	Administrative and Documentation Agent
The Bank of New York	Syndication Agent
JPMorgan Chase Bank, N.A.	Syndication Agent
PNC Bank, N.A.	Syndication Agent

Analyst Coverage
David M. West	Davenport & Company, LLC
Andrew T. DiZio	Janney Montgomery Scott LLC


	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Stock Data (NYSE: WPC)	2010			2009			2009			2009			2009
High Price	$	30.32		$	29.80		$	30.67		$	29.89		$	24.00
Low Price	$	24.69		$	25.50		$	22.50		$	19.75		$	16.15
Closing Price	$	29.38		$	27.68		$	28.31		$	24.98		$	22.19

Distributions declared per share — annualized ⁽¹⁾	$	2.02		$	2.01		$	2.00		$	1.99		$	1.98

Distribution yield (annualized distribution / closing stock price)		6.86	%		7.25	%		7.06	%		7.97	%		8.94	%

Shares outstanding at quarter end		39,220,182			39,204,605			39,193,174			39,158,020			39,117,568

Market value of outstanding shares at quarter end (in thousands)	$	1,152,289		$	1,085,183		$	1,109,559		$	978,167		$	868,019


(1)		Annualized distribution declared per share for the fourth quarter of 2009 excludes a special distribution of $0.30 per share paid in January 2010 to shareholders of record at December 31, 2009.

W. P. CAREY & CO. LLC
Financial Highlights
(in thousands, except per share amounts)

These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations — as adjusted (“AFFO”) and adjusted cash flow from operating activities. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009		June 30, 2009		March 31, 2009
EBITDA
Investment management	$	14,899		$	18,892		$	11,789	$	10,430	$	13,669
Real estate ownership		13,813			20,883			17,412		19,365		20,291

Total	$	28,712		$	39,775		$	29,201	$	29,795	$	33,960


AFFO
Investment management	$	12,089		$	16,802		$	12,788	$	11,627	$	13,679
Real estate ownership		15,977			16,871			17,445		18,486		15,178

Total	$	28,066		$	33,673		$	30,233	$	30,113	$	28,857


EBITDA Per Share (Diluted)
Investment management	$	0.38		$	0.47		$	0.29	$	0.26	$	0.34
Real estate ownership		0.35			0.52			0.43		0.48		0.51

Total	$	0.73		$	0.99		$	0.72	$	0.74	$	0.85


AFFO Per Share (Diluted)
Investment management	$	0.31		$	0.41		$	0.32	$	0.29	$	0.34
Real estate ownership		0.40			0.42			0.43		0.46		0.38

Total	$	0.71		$	0.83		$	0.75	$	0.75	$	0.72


	Three months ended March 31,
	2010			2009
Adjusted Cash Flow From Operating Activities
Adjusted cash flow	$	27,675		$	39,038

Adjusted cash flow per share (diluted)	$	0.70		$	0.98


Distributions declared per share	$	0.504		$	0.496

Payout ratio (distributions per share/adjusted cash flow per share)		72	%		51	%

W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)


	Three months ended
	March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009
Investment Management
Net income from investment management attributable to W. P. Carey members	$	9,850	$	11,616	$	5,059	$	5,954	$	7,306
Adjustments:
Provision for income taxes		3,878		6,227		5,606		3,440		5,765
Depreciation and amortization		1,171		1,049		1,124		1,036		598

EBITDA — investment management	$	14,899	$	18,892	$	11,789	$	10,430	$	13,669

EBITDA per share (diluted)	$	0.38	$	0.47	$	0.29	$	0.26	$	0.34


Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members	$	4,563	$	11,370	$	8,292	$	9,023	$	10,403
Adjustments:
Interest expense		3,711		3,589		3,889		3,923		4,195
Provision for income taxes		234		628		412		280		435
Depreciation and amortization		5,198		4,227		4,812		6,084		4,752
Reconciling items attributable to discontinued operations		107		1,069		7		55		506

EBITDA — real estate ownership	$	13,813	$	20,883	$	17,412	$	19,365	$	20,291

EBITDA per share (diluted)	$	0.35	$	0.52	$	0.43	$	0.48	$	0.51


Total Company
EBITDA	$	28,712	$	39,775	$	29,201	$	29,795	$	33,960

EBITDA per share (diluted)	$	0.73	$	0.99	$	0.72	$	0.74	$	0.85

Diluted weighted average shares outstanding		39,495,845		40,390,393		40,368,946		40,065,495		39,927,886

Non-GAAP Financial Disclosure

EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP, because it removes the impact of our capital structure and asset base from our operating results and because it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Accordingly, EBITDA should not be considered as an alternative to net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies. Therefore, we use EBITDA as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.

W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations — as adjusted (AFFO)
(in thousands, except share and per share amounts)


	Three months ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Investment Management
Net income from investment management attributable to W. P. Carey members	$	9,850		$	11,616		$	5,059		$	5,954		$	7,306

Amortization, deferred taxes and other non-cash charges		1,278			(3,370	)		1,247			2,607			1,312
AFFO from equity investments		961			8,556			6,482			3,066			5,061

AFFO — investment management	$	12,089		$	16,802		$	12,788		$	11,627		$	13,679

AFFO per share (diluted)	$	0.31		$	0.41		$	0.32		$	0.29		$	0.34


Real Estate Ownership
Net income from real estate ownership attributable to W. P. Carey members	$	4,563		$	11,370		$	8,292		$	9,023		$	10,403
(Gain) loss on sale of real estate, net		(404	)		(7,358	)		—			(478	)		135
Gain on extinguishment of debt, net ^(a)		—			—			—			—			(2,796	)
Depreciation, amortization and other non-cash charges		5,818			4,976			4,189			5,174			5,174
Straight-line and other rent adjustments		(80	)		465			396			232			180
Impairment charges		7,152			5,754			2,390			2,280			—
AFFO from equity investments		(904	)		1,818			2,274			2,411			2,257
Noncontrolling interests’ share of AFFO		(168	)		(154	)		(96	)		(156	)		(175	)

AFFO — real estate ownership	$	15,977		$	16,871		$	17,445		$	18,486		$	15,178

AFFO per share (diluted)	$	0.40		$	0.42		$	0.43		$	0.46		$	0.38


Total Company
AFFO	$	28,066		$	33,673		$	30,233		$	30,113		$	28,857

AFFO per share (diluted)	$	0.71		$	0.83		$	0.75		$	0.75		$	0.72

Diluted weighted average shares outstanding		39,495,845			40,390,393			40,368,946			40,065,495			39,927,886


(a)		In January 2009, Carey Storage repaid, in full, the $35.0 million outstanding balance on its secured credit facility for $28.0 million and recognized a gain of $7.0 million on the repayment of this debt at a discount, inclusive of the profit sharing interest of $4.2 million.

Non-GAAP Financial Disclosure

Funds from operations (FFO) is a non-GAAP financial measure that is commonly used by investors and analysts in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO or funds from operations — as adjusted (AFFO) should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity and should be used in conjunction with GAAP net income. FFO or AFFO disclosed by other REITs may not be comparable to our AFFO calculation.

NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate AFFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but that have no impact on cash flows, and we therefore use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation. As a result, we believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better understand and measure the performance of our business over time without the potentially distorting impact of these short-term fluctuations.

W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities
(in thousands, except share and per share amounts)


	Three months ended March 31,
	2010			2009
Cash flow from operating activities	$	13,623		$	24,282
Adjustments:
Distributions received from equity investments in real estate in excess of equity income^(a)		1,881			7,195
(Distributions paid to) contributions received from noncontrolling interests, net ^(b)		(177	)		222
Changes in working capital ^(c)		12,348			7,339

Adjusted cash flow from operating activities	$	27,675		$	39,038

Adjusted cash flow per share (diluted)	$	0.70		$	0.98


Distributions declared per share	$	0.504		$	0.496

Payout ratio (distributions per share/adjusted cash flow per share)		72	%		51	%

Diluted weighted average shares outstanding		39,495,845			39,927,886


(a)		We take a substantial portion of our asset management revenue in shares of the CPA^® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations.

(b)		Represents noncontrolling interests’ share of contributions/distributions made by ventures that we consolidate in our financial statements.

(c)		Timing differences arising from the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operating activities to record such amounts in the period in which the item was actually incurred. We believe this is a fairer measure of determining our cash flow from core operations.

Non-GAAP Financial Disclosure

Adjusted cash flow from operating activities refers to our cash provided by operating activities, as determined in accordance with GAAP, adjusted primarily to reflect timing differences between the period an expense is incurred and paid, to add cash distributions that we receive from our investments in unconsolidated real estate joint ventures in excess of our equity investment in the joint ventures, and to subtract cash distributions that we make to our noncontrolling partners in real estate joint ventures that we consolidate. We hold a number of interests in real estate joint ventures, and we believe that adjusting our GAAP cash provided by operating activities to reflect these actual cash receipts and cash payments may give investors a more accurate picture of our actual cash flow than GAAP cash provided by operating activities alone and that it is a useful supplemental measure for investors to consider. We also believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations, and we use this measure when evaluating distributions to shareholders and as one measure of our operating performance when we determine executive compensation. Adjusted cash flow from operating activities should not be considered as an alternative to cash provided by operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.

W. P. CAREY & CO. LLC
Revenue Stability Analysis (Pro rata basis)
(in thousands)


	Three months ended
	March 31, 2010						December 31, 2009						September 30, 2009						June 30, 2009						March 31, 2009
	Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%

Asset management revenues	$	18,820			36	%	$	19,180			39	%	$	19,106			37	%	$	19,227			39	%	$	19,108			34	%
Pro rata net lease revenues		26,654			51	%		23,246			47	%		27,605			53	%		29,747			60	%		27,286			48	%

		45,474			87	%		42,426			86	%		46,711			90	%		48,974			99	%		46,394			82	%


Structuring revenue ^(a)		6,834			13	%		7,023			14	%		5,476			10	%		365			1	%		10,409			18	%


Total Adjusted Revenue	$	52,308			100	%	$	49,449			100	%	$	52,187			100	%	$	49,339			100	%	$	56,803			100	%


Reconciliation of Total Adjusted Revenue
Total revenue — as reported	$	63,091					$	57,145					$	61,170					$	55,426					$	62,135
Less: Reimbursed costs from affiliates ^(b)		(15,048	)					(14,223	)					(13,503	)					(11,115	)					(9,874	)
Less: Wholesaling revenue		(2,103	)					(1,991	)					(1,869	)					(1,597	)					(1,093	)

Add: Pro rata share of revenues from equity investments		7,292						9,548						7,429						7,589						6,559

Less: Pro rata share of revenues due to noncontrolling interests		(924	)					(1,030	)					(1,040	)					(964	)					(924	)


Total Adjusted Revenue	$	52,308					$	49,449					$	52,187					$	49,339					$	56,803


Reconciliation of Total Pro Rata Net Lease Revenues
Lease revenues — as reported	$	16,465					$	11,181					$	17,448					$	18,473					$	18,391

Add: Pro rata share of revenues from equity investments		7,292						9,548						7,429						7,589						6,559

Less: Pro rata share of revenues due to noncontrolling interests		(924	)					(1,030	)					(1,040	)					(964	)					(924	)
Add: Other real estate income ^(c)		3,821						3,547						3,768						4,649						3,260

Total Pro Rata Net Lease Revenues	$	26,654					$	23,246					$	27,605					$	29,747					$	27,286


(a)		We earn structuring revenue on acquisitions structured on behalf of the CPA^® REITs and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the CPA^® REITs totaled approximately $149 million, $152 million, $121 million, $3 million and $232 million for the three months ended March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009, and March 31, 2009, respectively.

(b)		Total adjusted revenue excludes reimbursements of costs received from affiliated CPA^® REITs as they have no impact on net income. Also excluded is wholesaling revenue earned in connection with CPA^®:17 — Global’s initial public offering, which is substantially offset by underwriting costs incurred in connection with the offering.

(c)		Other real estate income generally consists of revenue from Carey Storage, a subsidiary that invests in domestic self-storage properties, and Livho, a subsidiary that operates a Radisson hotel franchise. Other real estate income also includes lease termination payments and other non-rent related revenues from real estate ownership, and as a result, we expect Other real estate income to fluctuate period-to-period.

Note:		Amounts presented for prior periods do not reflect adjustments made for assets reclassified as held for sale or sold.

Non-GAAP Financial Disclosure

Total adjusted revenue is a non-GAAP financial measure that represents revenues on a GAAP basis adjusted for our pro rata share of revenues from equity investments as well as the pro rata share of revenues due to noncontrolling interests. We believe that total adjusted revenue is useful to investors and analysts as a supplemental measure of revenues from our core operations, and we use it to evaluate the stability of our underlying revenue streams. Total adjusted revenue should not be considered as an alternative to revenues computed on a GAAP basis as a measure of our profitability. Total adjusted revenue may not be comparable to similarly titled measures of other companies.

W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata basis)
As of March 31, 2010
(in thousands)


Portfolio Debt Maturity
Year of Maturity	Outstanding Balance
2010	$	9,435
2011		199,256
2012		30,816
2013		1,581
2014		85,872
2015		46,369
2016		34,215
2017		49,367
2018		8,718
2019		24,887
2020		—
2021		—
2022		—
2023		5,281

Total	$	495,797


Fixed and Variable Rate Debt Analysis
Non-Recourse Debt	Outstanding Balance
Fixed	$	215,773
Fixed — Future Rate Reset		80,503
Fixed — Capped		35,803
Fixed — Swap Agreement		8,718
Variable		5,000

		345,797

Recourse Debt
Variable — Line of Credit		150,000

Total Debt	$	495,797

W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of March 31, 2010
(in thousands)


		Current
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Outstanding Balance

Hibbett Sports ^(a)	Fixed		7.50	%	Apr-2010	$	4,435
Billipp Portfolio	Variable		1.49	%	Dec-2010		5,000
Federal Express Corporation (40%)	Fixed		7.50	%	Jan-2011		15,896
AutoZone, Inc. — Series A	Fixed		6.85	%	Jan-2011		425
Childtime Childcare, Inc. (34%)	Fixed		7.50	%	Jan-2011		2,177
Information Resources, Inc. (33%)	Fixed		7.60	%	Jan-2011		7,240
Pioneer Credit Recovery, Inc.	Fixed		7.34	%	Jan-2011		5,358
AutoZone, Inc. — Series B	Fixed		6.85	%	Feb-2011		695
Career Education Corporation	Fixed		7.58	%	Jun-2011		6,682
24 Hour Fitness USA, Inc.	Fixed		7.50	%	Aug-2011		2,833
Sprint Spectrum, LP	Fixed		7.64	%	Aug-2011		7,950
Qwest Communications, Inc.	Fixed		7.50	%	Jun-2012		1,375
AutoZone, Inc. — Series C	Fixed		6.85	%	Aug-2012		526
BE Aerospace, Inc.	Fixed		6.11	%	Nov-2012		8,277
Faurecia Exhaust Systems, Inc.	Fixed		5.16	%	Nov-2012		2,429
Anthony’s Manufacturing Company	Fixed		5.11	%	Nov-2012		8,424
Alstom Power, Inc. and Werner Co.	Fixed		5.18	%	Dec-2012		9,785
AutoZone, Inc. — Series D	Fixed		6.85	%	Aug-2013		1,581
US Airways Group, Inc. (75%)	Fixed — Capped		4.23	%	Apr-2014		14,762
The New York Times Company (17.75%)	Fixed — Capped		5.01	%	Sep-2014		21,041
Carrefour France, SAS (46%) ^(b)	Fixed — Future Rate Reset		5.55	%	Dec-2014		50,069
Lowe’s Home Improvement Warehouse	Fixed		4.87	%	Sep-2015		8,964
Bouygues Telecom, S.A. (Tours) (95%) ^(b)	Fixed — Future Rate Reset		3.86	%	Oct-2015		6,594
The American Bottling Company	Fixed		5.13	%	Nov-2015		30,811
CheckFree Holdings, Inc. (50%)	Fixed		6.18	%	Jun-2016		14,703
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%) ^{(b) (c)}	Fixed — Future Rate Reset		5.01	%	Oct-2016		12,615
Consolidated Systems, Inc. (60%)	Fixed		5.87	%	Nov-2016		6,897
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%) ^(b)	Fixed		5.49	%	Jan-2017		14,217
Amylin Pharmaceuticals, Inc. (50%)	Fixed		6.20	%	Jul-2017		17,675
Medica France, S.A. (46%) ^(b)	Fixed		5.63	%	Oct-2017		17,475


		W. P. CAREY & CO. LLC
		Detailed Debt Summary (Pro rata basis)
		As of March 31, 2010
		(in thousands)


		Current
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Outstanding Balance

OBI Wroclaw ^(b)	Fixed — Swap		5.48	%	Mar-2018	$	8,718
Self-Storage Portfolio (40%) ^(c)	Fixed — Future Rate Reset		7.03	%	Feb-2019/Mar-2019		11,225
Orbital Sciences Corporation	Fixed		7.75	%	Jul-2019		13,662
Hologic, Inc. (36%)	Fixed		6.40	%	May-2023		5,281


Total Non-Recourse Debt			5.82	%^(c)		$	345,797

Unsecured Line of Credit	Variable		1.00	%	Jun-2011		150,000


Total Debt			4.36	%^(c)		$	495,797


(a)		In April 2010, we refinanced this loan with new non-recourse mortgage financing of $4.8 million that bears interest at a variable rate but has been effectively converted to a fixed rate of 6.45% through the use of an interest rate swap agreement and matures in five years.

(b)		Debt balance calculated using an exchange rate of 1.3455 USD/EUR as of March 31, 2010.

(c)		Reflects weighted average interest rate for the applicable debt.

W. P. CAREY & CO. LLC
2010 Investment and Disposition Activity
As of March 31, 2010
(in thousands, except square footage)

Investment Activity

Investment Management Activity — Real Estate

Portfolio

Tenant/Lease Guarantor

Property Location(s)

Purchase Price

Closing Date

Property Type

Gross Square Footage

CPA^®:17 — Global

Curtiss-Wright Flow Control

Middleburg Heights

Service Corporation

and Cincinnati, OH

13,777

Feb-10

Industrial

144,755

CPA^®:17 — Global

Eroski Sociedad Cooperativa

various locations in Spain

48,944

Feb-10

Retail

201,823

CPA^®:17 — Global

Angelica Textile Services, Inc.

locations in AZ, CA, FL,

57,592

Mar-10

Industrial

808,800

GA, NC, SC,TN and TX

CPA^®:17 — Global

Berry Plastics Corporation

Evansville, IN

28,811

Mar-10

Industrial

262,000

Total Investment Management Acquisitions

149,124

1,417,378

Principal Activity

WPC LLC

JP Morgan Chase Bank, N.A. ^(a)

Fort Worth, TX

47,583

Feb-10

Office

384,246

Total Acquisitions

196,707

1,801,624


(a)		Investment was funded with proceeds of $36.1 million from the disposition of a property in 2009 in an exchange transaction under Section 1031 of the Internal Revenue Code and $11.5 million from our line of credit.

Disposition Activity

Investment Management Activity

Disposition

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Gross Sale Price

Date

Property Type

Gross Square Footage

CPA^®:14 (60%)

The Retail Distribution Group, Inc.

Grand Rapids, MI

5,400

Mar-10

Warehouse/Distribution

107,677

CPA^®:15

Garden Ridge, Inc.

Round Rock, TX

6,400

Mar-10

152,500

Total Investment Management Dispositions

11,800

260,177

Principal Activity

WPC LLC

The Boeing Company

Houston, TX

725

Feb-10

Industrial

10,960

WPC LLC

BellSouth Telecommunications, Inc.

Lafayette, LA

3,800

Mar-10

Office

66,846

WPC LLC (40%)

The Retail Distribution Group, Inc.

Grand Rapids, MI

3,600

Mar-10

Warehouse/Distribution

71,784

WPC LLC

Multi-tenant property

Houston, TX

2,700

Mar-10

Retail

29,785

Total Principal Dispositions

10,825

179,375

Total Dispositions

22,625

439,552

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of March 31, 2010
(in thousands)

Portfolio Diversification by Rent (Pro rata basis)


			Percentage of
Top Ten Tenants/Lease Guarantors	Annualized Rent		Total Annualized Rent
Carrefour France, SAS	$	7,707		8	%
The American Bottling Company		4,842		5	%
The New York Times Company		4,293		4	%
JP Morgan Chase Bank, N.A.		3,862		4	%
U.S. Airways Group, Inc.		3,297		3	%
Bouygues Telecom, S.A. (France)		3,289		3	%
Federal Express Corporation		3,109		3	%
Titan Corporation		3,055		3	%
Medica France, S.A		2,772		3	%
Orbital Sciences Corporation		2,771		3	%


Total	$	38,997


(a)		Percentage of the portfolio’s total pro rata square footage that was subject to lease.

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of March 31, 2010
(in thousands)


Property Type	Square Footage		Percent			Property Type	Annualized Rent		Percent
Warehouse/Distribution		5,023		36	%	Office	$	34,426		36	%
Industrial		4,989		35	%	Industrial		29,576		31	%
Office		2,474		18	%	Warehouse/Distribution		17,837		19	%
Retail		1,060		7	%	Other Properties^(a)		6,390		6	%
Other Properties ^(a)		363		3	%	Retail		5,513		6	%
Hospitality		158		1	%	Hospitality		1,800		2	%
										^a^a^a ^a^a^a^a^a
Total^(b)		14,067		100	%	Total^(b)	$	95,542		100	%


(a)		Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; unoccupied land.

(b)		Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet.

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of March 31, 2010
(in thousands)


Industry Type^(a)	Annualized Rent		Percent
Retail Trade	$	14,100		15	%
Business and Commercial Services		12,931		13	%
Telecommunications		7,714		8	%
Healthcare, Education and Childcare		7,551		8	%
Electronics		7,025		7	%
Media: Printing and Publishing		6,611		7	%
Beverages, Food, and Tobacco		4,842		5	%
Forest Products and Paper		4,621		5	%
Aerospace and Defense		4,348		5	%
Banking		3,861		4	%
Transportation — Personal		3,481		4	%
Transportation — Cargo		3,135		3	%
Machinery		2,953		3	%
Mining, Metals, and Primary Metal Industries		1,860		2	%
Chemicals, Plastics, Rubber, and Glass		1,813		2	%
Hotels and Gaming		1,810		2	%
Consumer and Durable Goods		1,386		1	%
Federal, State and Local Government		1,170		1	%
Textiles, Leather, and Apparel		1,007		1	%
Leisure, Amusement, Entertainment		907		1	%
Other ^(b)		2,416		3	%

Total ^(c)	$	95,542		100	%


(a)		Based on the Moody’s Classification System and information provided by the tenant.

(b)		Includes revenue from tenants in the following industries: construction and building (0.9%), automobile (0.7%), consumer non-durable goods (0.5%) and grocery (0.4%).

(c)		Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet.

W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of March 31, 2010
(in thousands)


Region	Square Footage		Percent
United States
South		4,605		33	%
East		3,298		23	%
West		2,338		17	%
Midwest		1,754		12	%

		11,995		85	%

International
France		1,712		12	%
Germany		246		2	%
Poland		114		1	%

		2,072		15	%

Total ^(a)		14,067		100	%


Region	Annualized Rent		Percent
United States
South	$	25,420		27	%
West		21,644		23	%
East		18,356		19	%
Midwest		13,109		14	%

		78,529		83	%

International
France		13,769		14	%
Germany		2,261		2	%
Poland		983		1	%

		17,013		17	%

Total ^(a)	$	95,542		100	%


(a)		Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet.

W. P. CAREY & CO. LLC
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of March 31, 2010
(in thousands)


			Percentage of
Year of Lease	Annualized		Total Annualized
Expiration ^(a)	Rent		Rent
2010 ^(b)	$	10,605		11	%
2011		9,269		10	%
2012		8,872		9	%
2013		4,188		4	%
2014		11,256		12	%
2015		10,817		11	%
2016		1,483		2	%
2017		5,662		6	%
2018		7,480		8	%
2019		7,380		8	%
2020		1,753		2	%
2021		2,773		3	%
2022		1,657		2	%
2023		—		0	%
2024		4,293		4	%
2025		983		1	%
2026		948		1	%
2027		2,261		2	%
2028		—		0	%
2029		—		0	%
2030		3,862		4	%

Total^(c)	$	95,542		100	%

Weighted Average Years to Maturity: 6.48


(a)		Assumes tenant does not exercise renewal option.

(b)		Month-to-month properties are counted in 2010 revenue stream.

(c)		Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet.

W. P. CAREY & CO. LLC
Consolidated Balance Sheets
(in thousands, except share amounts)


	March 31, 2010			December 31, 2009
Assets
Investments in real estate:
Real estate, at cost	$	548,219		$	525,607
Operating real estate, at cost		85,947			85,927
Accumulated depreciation		(112,910	)		(112,286	)

Net investments in properties		521,256			499,248
Net investment in direct financing leases		79,999			80,222
Equity investments in real estate and CPA^® REITs		309,075			304,990

Net investments in real estate		910,330			884,460
Cash and cash equivalents		33,096			18,450
Due from affiliates		25,425			35,998
Intangible assets and goodwill, net		88,744			85,187
Other assets, net		32,562			69,241

Total assets	$	1,090,157		$	1,093,336


Liabilities and Equity
Liabilities:
Non-recourse debt	$	209,158		$	215,330
Line of credit		150,000			111,000
Accounts payable, accrued expenses and other liabilities		43,061			51,710
Income taxes, net		37,790			43,831
Distributions payable		19,718			31,365

Total liabilities		459,727			453,236

Redeemable noncontrolling interest		7,411			7,692

Commitments and contingencies
Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,220,182 and 39,204,605 shares issued and outstanding, respectively		755,661			754,507
Distributions in excess of accumulated earnings		(144,864	)		(138,442	)
Deferred compensation obligation		10,249			10,249
Accumulated other comprehensive loss		(4,532	)		(681	)

Total W. P. Carey members’ equity		616,514			625,633
Noncontrolling interests		6,505			6,775

Total equity		623,019			632,408

Total liabilities and equity	$	1,090,157		$	1,093,336

W. P. CAREY & CO. LLC
Consolidated Statements of Income
(in thousands, except share and per share amounts)


	Three months ended March 31,
	2010			2009
Revenues
Asset management revenue	$	18,820		$	19,108
Structuring revenue		6,834			10,409
Wholesaling revenue		2,103			1,093
Reimbursed costs from affiliates		15,048			9,874
Lease revenues		16,465			16,785
Other real estate income		3,821			3,213

		63,091			60,482

Operating Expenses
General and administrative		(17,601	)		(19,099	)
Reimbursable costs		(15,048	)		(9,874	)
Depreciation and amortization		(6,369	)		(5,350	)
Property expenses		(2,435	)		(1,667	)
Other real estate expenses		(1,815	)		(2,131	)
Impairment charges		(7,152	)		—

		(50,420	)		(38,121	)

Other Income and Expenses
Other interest income		273			407
Income from equity investments in real estate and CPA^® REITs		9,142			1,387
Other income and (expenses)		(664	)		3,154
Interest expense		(3,711	)		(4,195	)

		5,040			753

Income from continuing operations before income taxes		17,711			23,114
Provision for income taxes		(4,112	)		(6,200	)

Income from continuing operations		13,599			16,914

Discontinued Operations
Income from operations of discontinued properties		299			995
Gain (loss) on sale of real estate		404			(135	)

Income from discontinued operations		703			860

Net Income		14,302			17,774
Add: Net loss attributable to noncontrolling interests		286			170
Less: Net income attributable to redeemable noncontrolling interests		(175	)		(235	)

Net Income Attributable to W. P. Carey Members	$	14,413		$	17,709

Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.35		$	0.43
Income from discontinued operations attributable to W. P. Carey members		0.01			0.02

Net income attributable to W. P. Carey members	$	0.36		$	0.45

Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	0.35		$	0.42
Income from discontinued operations attributable to W. P. Carey members		0.01			0.02

Net income attributable to W. P. Carey members	$	0.36		$	0.44

Weighted Average Shares Outstanding
Basic		39,088,114			39,715,020

Diluted		39,495,845			39,927,886

Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	13,710		$	16,849
Income from discontinued operations, net of tax		703			860

Net income	$	14,413		$	17,709

Distributions Declared Per Share	$	0.504		$	0.496

W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows
(in thousands)


	Three months ended March 31,
	2010			2009
Cash Flows — Operating Activities
Net income	$	14,302		$	17,774
Adjustments to net income:
Depreciation and amortization including intangible assets and deferred financing costs		6,403			5,523
Income from equity investments in real estate and CPA^® REITs in excess of distributions received		(4,530	)		(1,760	)
Straight-line rent adjustments		251			494
(Gain) loss on sale of real estate		(404	)		135
Gain on extinguishment of debt		—			(6,991	)
Allocation of (loss) earnings to profit sharing interest		(171	)		3,698
Management income received in shares of affiliates		(8,532	)		(6,896	)
Unrealized loss on foreign currency transactions and others		608			208
Realized loss (gain) on foreign currency transactions and other		221			(69	)
Impairment charges		7,152			—
Stock-based compensation expense		2,461			1,725
Deferred acquisition revenue received		14,851			21,794
Increase in structuring revenue receivable		(3,244	)		(4,985	)
(Decrease) increase in income taxes, net		(6,682	)		971
Net changes in other operating assets and liabilities		(9,063	)		(7,339	)

Net cash provided by operating activities		13,623			24,282


Cash Flows — Investing Activities
Distributions received from equity investments in real estate and CPA^® REITs in excess of equity income		5,556			5,661
Purchases of real estate and equity investments in real estate		(47,583	)		(39,651	)
Capital expenditures		(620	)		(4,038	)
Proceeds from sale of real estate		6,632			1,925
Funds released from escrow in connection with the sale of property		36,132			—
Proceeds from transfer of profit sharing interest		—			21,928

Net cash provided by (used in) investing activities		117			(14,175	)


Cash Flows — Financing Activities
Distributions paid		(32,482	)		(19,587	)
Contributions from noncontrolling interests		620			1,024
Distributions to noncontrolling interests		(792	)		(2,973	)
Distributions to profit sharing interest		—			(3,434	)
Scheduled payments of mortgage principal		(4,059	)		(2,593	)
Proceeds from credit facility		51,500			65,000
Prepayments of credit facility		(12,500	)		—
Proceeds from mortgage financing		—			25,000
Proceeds from loans from affiliates		—			1,624
Payment of financing costs, net of deposits refunded		(195	)		—
Windfall tax provision associated with stock-based compensation awards		(523	)		(832	)
Repurchase and retirement of shares		—			(10,486	)

Net cash used in financing activities		1,569			52,743


Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		(663	)		(546	)

Net increase in cash and cash equivalents		14,646			62,304
Cash and cash equivalents, beginning of period		18,450			16,799

Cash and cash equivalents, end of period	$	33,096		$	79,103

W. P. CAREY & CO. LLC
Detailed Property Summary
March 31, 2010


										Annualized
	Percent							Square		Rent		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		(in thousands)		Total Rent^(e)			Factor	Expiration	Term
Carrefour France, SAS ^(a)		46	%	Nimes, FR	Warehouse/Distribution	Retail Trade	Europe		177,786	$	1,297		1.36	%	INSEE ⁽²⁾	Nov-2012	Nov-2012
Carrefour France, SAS ^(a)		46	%	Colomiers, FR	Warehouse/Distribution	Retail Trade	Europe		174,261		1,002		1.05	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Crepy en Valois, FR	Warehouse/Distribution	Retail Trade	Europe		152,365		914		0.96	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, FR	Warehouse/Distribution	Retail Trade	Europe		126,925		730		0.76	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, FR	Warehouse/Distribution	Retail Trade	Europe		134,937		675		0.71	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Ploufragan, FR	Warehouse/Distribution	Retail Trade	Europe		122,591		628		0.66	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Crepy en Valois, FR	Warehouse/Distribution	Retail Trade	Europe		101,248		607		0.64	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Thuit Hebert, FR	Warehouse/Distribution	Retail Trade	Europe		107,958		540		0.57	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Cholet, FR	Warehouse/Distribution	Retail Trade	Europe		99,261		509		0.53	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, FR	Warehouse/Distribution	Retail Trade	Europe		60,292		347		0.36	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Thuit Hebert, FR	Warehouse/Distribution	Retail Trade	Europe		68,476		342		0.36	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, FR	Warehouse/Distribution	Retail Trade	Europe		7,524		43		0.05	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, FR	Warehouse/Distribution	Retail Trade	Europe		4,349		25		0.03	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Colomiers, FR	Warehouse/Distribution	Retail Trade	Europe		2,899		17		0.02	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Lens, FR	Warehouse/Distribution	Retail Trade	Europe		2,598		15		0.02	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, FR	Warehouse/Distribution	Retail Trade	Europe		2,554		13		0.01	%	INSEE ⁽²⁾	Jun-2015	Jun-2018
Carrefour France, SAS ^(a)		46	%	Nîmes, FR	Warehouse/Distribution	Retail Trade	Europe		596		3		0.00	%	INSEE ⁽²⁾	Jun-2015	Jun-2018

Carrefour France, SAS Total									1,346,620		7,707		8.07	%

The American Bottling Company		100	%	Irving, TX	Industrial	Beverages, Food, and Tobacco	South		459,497		2,937		3.07	%	CPI	Jul-2014	Jul-2029
The American Bottling Company		100	%	Houston, TX	Industrial	Beverages, Food, and Tobacco	South		262,450		1,905		1.99	%	CPI	Jul-2014	Jul-2029

The American Bottling Company Total									721,947		4,842		5.07	%

The New York Times Company		18	%	New York, NY	Office	Media: Printing and Publishing	East		126,420		4,293		4.49	%	Fixed	Mar-2024	Mar-2044

JP Morgan Chase Bank, N.A.		100	%	Fort Worth, TX	Office	Banking	South		384,246		3,862		4.04	%	None	Feb-2030	Feb-2050

US Airways Group, Inc.		75	%	Tempe, AZ	Office	Transportation — Personal	West		167,890		3,297		3.45	%	CPI	Apr-2014	Nov-2029

Bouygues Telecom, S.A.^(a)		75	%	Illkirch-Graffenstaden, France	Office	Telecommunications	Europe		96,111		2,359		2.47	%	INSEE ⁽²⁾	Dec-2018	Dec-2018
Bouygues Telecom, S.A.^(a)		95	%	Tours, France	Office	Telecommunications	Europe		65,660		930		0.97	%	INSEE ⁽²⁾	Dec-2018	Dec-2018

Bouygues Telecom, S.A. Total									161,771		3,289		3.44	%

Federal Express Corporation		40	%	Collierville, TN	Office	Transportation — Cargo	South		39,038		710		0.74	%	CPI	Aug-2019	Nov-2039
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation — Cargo	South		39,038		710		0.74	%	CPI	Aug-2019	Nov-2039
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation — Cargo	South		39,038		710		0.74	%	CPI	Aug-2019	Nov-2039
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation — Cargo	South		39,038		710		0.74	%	CPI	Aug-2019	Nov-2039
Federal Express Corporation		100	%	Corpus Christi, TX	Warehouse/Distribution	Transportation — Cargo	South		30,212		201		0.21	%	Fixed	May-2012	May-2017
Federal Express Corporation		100	%	College Station, TX	Warehouse/Distribution	Transportation — Cargo	South		12,080		68		0.07	%	Fixed	Apr-2012	Apr-2017

Federal Express Corporation Total									198,444		3,109		3.25	%

The Titan Corporation		100	%	San Diego, CA	Office	Electronics	West		166,403		3,055		3.20	%	CPI	Jul-2012	Jul-2017

Medica France S.A. ^(a)		46	%	Paris, France	Other	Healthcare, Education and Childcare	Europe		24,770		616		0.64	%	INSEE ⁽²⁾	Sep-2021	Sep-2030
Medica France S.A. ^(a)		46	%	Sarcelles, France	Other	Healthcare, Education and Childcare	Europe		34,620		616		0.64	%	INSEE ⁽²⁾	Sep-2021	Sep-2030
Medica France S.A. ^(a)		46	%	Chatou, France	Other	Healthcare, Education and Childcare	Europe		24,666		385		0.40	%	INSEE ⁽²⁾	Sep-2021	Sep-2030
Medica France S.A. ^(a)		46	%	Poissy, France	Other	Healthcare, Education and Childcare	Europe		24,592		385		0.40	%	INSEE ⁽²⁾	Sep-2021	Sep-2030
Medica France S.A. ^(a)		46	%	Rosny sous Bois, France	Other	Healthcare, Education and Childcare	Europe		21,846		385		0.40	%	INSEE ⁽²⁾	Sep-2021	Sep-2030
Medica France S.A. ^(a)		46	%	Rueil Malmaison, France	Other	Healthcare, Education and Childcare	Europe		23,813		385		0.40	%	INSEE ⁽²⁾	Sep-2021	Sep-2030

Medica France S.A.Total									154,306		2,772		2.26	%

Orbital Sciences Corporation		100	%	Chandler, AZ	Industrial	Aerospace and Defense	West		355,307		2,771		2.90	%	CPI	Sep-2019	Sep-2029

CheckFree Corporation		50	%	Norcross, GA	Office	Business and Commercial Services	South		50,063		993		1.04	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		50	%	Norcross, GA	Office	Business and Commercial Services	South		34,150		843		0.88	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		50	%	Norcross, GA	Office	Business and Commercial Services	South		26,125		636		0.67	%	CPI	Dec-2015	Dec-2030
CheckFree Corporation		50	%	Norcross, GA	Land	Business and Commercial Services	South		1		80		0.08	%	CPI	Dec-2015	Dec-2030

CheckFree CorporationTotal									110,338		2,552		2.67	%

Schuler AG ^(a)		33	%	Göppingen, Germany	Industrial	Machinery	Europe		246,355		2,261		2.37	%	CPI	Oct-2027	Oct-2047

AutoZone, Inc.		100	%	San Antonio, TX	Retail	Retail Trade	South		5,400		56		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Albuquerque, NM	Retail	Retail Trade	West		5,400		55		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Trade	South		5,400		54		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Houston, TX	Retail	Retail Trade	South		5,400		53		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Gastonia, NC	Retail	Retail Trade	East		5,400		52		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Trade	South		6,600		52		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Statesville, NC	Retail	Retail Trade	East		5,400		51		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Lenoir, NC	Retail	Retail Trade	East		5,400		51		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Trade	South		6,480		51		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Victoria, TX	Retail	Retail Trade	South		6,480		51		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Macon, GA	Retail	Retail Trade	East		5,400		50		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Lexington, SC	Retail	Retail Trade	South		5,400		50		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Trade	Midwest		5,400		49		0.05	%	Fixed	Aug-2012	Dec-2037

W. P. CAREY & CO. LLC
Detailed Property Summary
March 31, 2010


										Annualized
	Percent							Square		Rent		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		(in thousands)		Total Rent^(e)			Factor	Expiration	Term
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Trade	Midwest		6,660		49		0.05	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Trade	South		5,400		48		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Decatur, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Phenix City, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Mobile, AL	Retail	Retail Trade	South		5,400		45		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Alton, IL	Retail	Retail Trade	Midwest		5,400		45		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Belleville, IL	Retail	Retail Trade	Midwest		5,400		45		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Breckenridge, MO	Retail	Retail Trade	Midwest		5,400		44		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Chickasaw, AL	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Montgomery, AL	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Columbus, GA	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Albany, GA	Retail	Retail Trade	South		5,400		43		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	West Monroe, LA	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Trade	South		5,400		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Trade	South		6,480		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Trade	Midwest		6,480		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Maplewood, MO	Retail	Retail Trade	Midwest		6,480		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Overland, MO	Retail	Retail Trade	South		6,480		43		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Charlotte, NC	Retail	Retail Trade	East		5,400		42		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	San Antonio, TX	Retail	Retail Trade	South		5,400		42		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Farmington, NM	Retail	Retail Trade	West		5,400		41		0.04	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Brunswick, GA	Retail	Retail Trade	South		5,400		40		0.04	%	Fixed	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Hammond, LA	Retail	Retail Trade	South		6,480		40		0.04	%	None	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Waco, TX	Retail	Retail Trade	South		4,800		38		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Collinsville, IL	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Wood River, IL	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	St. Louis, MO	Retail	Retail Trade	Midwest		5,400		36		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Panama City, FL	Retail	Retail Trade	South		5,401		35		0.04	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Trade	South		5,000		35		0.04	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Augusta, GA	Retail	Retail Trade	South		5,400		34		0.04	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Bessemer, AL	Retail	Retail Trade	South		5,400		32		0.03	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Shelby, NC	Retail	Retail Trade	South		6,660		31		0.03	%	None	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Austin, TX	Retail	Retail Trade	South		4,000		31		0.03	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Nederland, TX	Retail	Retail Trade	South		4,000		31		0.03	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	West Orange, TX	Retail	Retail Trade	East		4,000		31		0.03	%	Fixed	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Kannapolis, NC	Retail	Retail Trade	East		6,408		24		0.03	%	Fixed	Oct-2015	Oct-2025
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Trade	South		5,401		23		0.02	%	Fixed	Apr-2014	Apr-2019
AutoZone, Inc.		100	%	Knoxville, TN	Retail	Retail Trade	South		6,660		23		0.02	%	Fixed	May-2014	May-2024
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Trade	South		6,600		22		0.02	%	Fixed	Mar-2014	Mar-2024
AutoZone, Inc.		100	%	East Ridge, TN	Retail	Retail Trade	South		6,480		21		0.02	%	Fixed	Oct-2013	Oct-2023
AutoZone, Inc.		100	%	Morgantown, NC	Retail	Retail Trade	East		5,400		19		0.02	%	Fixed	Oct-2015	Aug-2019

AutoZone, Inc. Total									302,230		2,214		2.32	%

Lucent Technologies, Inc.		100	%	Charlotte, NC	Industrial	Electronics	East		437,500		2,073		2.17	%	Fixed	Mar-2010	Mar-2016

Career Education Corporation		100	%	Mendota Heights, MN	Other	Healthcare, Education and Childcare	Midwest		136,400		2,069		2.17	%	Fixed	May-2011	May-2019

Sybron Dental Specialties, Inc.		100	%	Romulus, MI	Industrial	Healthcare, Education and Childcare	Midwest		220,000		1,454		1.52	%	CPI	Dec-2018	Dec-2043
Sybron Dental Specialties, Inc.		100	%	Glendora, CA	Office	Healthcare, Education and Childcare	West		25,000		555		0.58	%	CPI	Dec-2018	Dec-2043

Sybron Dental Specialties, Inc. Total									245,000		2,009		2.10	%

Information Resources, Inc.		33	%	Chicago, IL	Office	Business and Commercial Services	Midwest		53,195		1,180		1.24	%	CPI	Oct-2013	Oct-2015
Information Resources, Inc.		33	%	Chicago, IL	Office	Business and Commercial Services	Midwest		30,797		683		0.71	%	CPI	Oct-2013	Oct-2023

Information Resources, Inc. Total									83,992		1,863		1.95	%

Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		260,160		1,258		1.32	%	CPI	Mar-2015	Mar-2015
Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		109,377		529		0.55	%	CPI	Mar-2015	Mar-2015
Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		5,292		26		0.03	%	CPI	Mar-2015	Mar-2015

Fiskars Brands, Inc. Total									374,829		1,813		1.90	%

LIVHO, Inc.		100	%	Livonia, MI	Hospitality	Hotels and Gaming	Midwest		158,000		1,800		1.88	%	Fixed	Jan-2012	Jan-2012

Unisource Worldwide, Inc.		100	%	Commerce, CA	Warehouse/Distribution	Forest Products and Paper	West		411,561		1,422		1.49	%	Fixed	Apr-2020	Apr-2030
Unisource Worldwide, Inc.		100	%	Anchorage, AK	Warehouse/Distribution	Forest Products and Paper	West		44,712		362		0.38	%	Fixed	Dec-2014	Dec-2029

Unisource Worldwide, Inc. Total									456,273		1,784		1.87	%

Amylin Pharmaceuticals, Inc.		50	%	San Diego, CA	Office	Business and Commercial Services	West		35,951		886		0.93	%	Fixed	Jul-2019	Jul-2029
Amylin Pharmaceuticals, Inc.		50	%	San Diego, CA	Industrial	Business and Commercial Services	West		36,205		886		0.93	%	Fixed	Jul-2019	Jul-2029

Amylin Pharmaceuticals, Inc. Total									72,156		1,772		1.85	%

W. P. CAREY & CO. LLC
Detailed Property Summary
March 31, 2010


										Annualized
	Percent							Square		Rent		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		(in thousands)		Total Rent^(e)			Factor	Expiration	Term
BE Aerospace, Inc.		100	%	Lenexa, KS	Industrial	Aerospace and Defense	Midwest		130,094		656		0.69	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Warehouse/Distribution	Aerospace and Defense	East		90,800		264		0.28	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		74,026		215		0.23	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		50,200		146		0.15	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Office	Aerospace and Defense	East		43,788		127		0.13	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Dallas, TX	Industrial	Aerospace and Defense	South		22,680		125		0.13	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		15,402		45		0.05	%	Fixed	Sep-2017	Sep-2037

BE Aerospace, Inc. Total									426,990		1,578		1.65	%

Cleo, Inc.		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		614,274		958		1.00	%	CPI	Dec-2010	Dec-2015
Cleo, Inc.		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		391,896		612		0.64	%	CPI	Dec-2010	Dec-2015

Cleo, Inc. Total									1,006,170		1,570		1.64	%

Lowe’s Home Improvement Warehouse		100	%	Bellevue, WA	Retail	Retail Trade	West		143,352		1,539		1.61	%	CPI	Aug-2018	Aug-2018

Pharmaco International, Inc.		100	%	Austin, TX	Industrial	Business and Commercial Services	South		65,160		639		0.67	%	CPI	Nov-2019	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		40,560		414		0.43	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Warehouse/Distribution	Business and Commercial Services	South		17,588		182		0.19	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,525		93		0.10	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,500		92		0.10	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,500		92		0.10	%	CPI	Nov-2010	Nov-2030

Pharmaco International, Inc. Total									148,833		1,512		1.58	%

World Color Printing (USA) Corp.		100	%	Doraville, GA	Industrial	Media: Printing and Publishing	South		432,559		1,501		1.57	%	CPI	Dec-2017	Dec-2042

Sprint Spectrum, L.P.		100	%	Rio Rancho, NM	Office	Telecommunications	West		94,730		1,425		1.49	%	Fixed	May-2011	May-2021

AT&T Corporation		100	%	Bridgeton, MO	Industrial	Telecommunications	Midwest		85,510		1,360		1.42	%	Fixed	Sep-2011	Jun-2021

Hologic, Inc.		36	%	Bedford, MA	Industrial	Electronics	East		74,520		1,035		1.08	%	CPI	Aug-2022	Aug-2042
Hologic, Inc.		36	%	Danbury, CT	Industrial	Electronics	East		22,335		235		0.25	%	CPI	Aug-2022	Aug-2042

Hologic, Inc. Total									96,855		1,270		1.33	%

United Stationers Supply Company		100	%	New Orleans, LA	Warehouse/Distribution	Forest Products and Paper	South		59,000		432		0.45	%	CPI	Sep-2012	Sep-2012
United Stationers Supply Company		100	%	San Antonio, TX	Warehouse/Distribution	Forest Products and Paper	South		63,098		414		0.43	%	CPI	Mar-2014	Mar-2030
United Stationers Supply Company		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		75,000		374		0.39	%	CPI	Mar-2014	Mar-2030

United Stationers Supply Company Total									197,098		1,220		1.28	%

Omnicom Group, Inc.		100	%	Venice, CA	Office	Business and Commercial Services	West		77,719		1,194		1.25	%	CPI	Sep-2010	Sep-2030

United States Postal Service		100	%	Bloomingdale, IL	Office	Federal, State and Local Government	Midwest		60,000		1,170		1.22	%	Fixed	Apr-2011	Apr-2011

Lockheed Martin Corporation		100	%	King of Prussia, PA	Office	Business and Commercial Services	South		88,578		841		0.88	%	Fixed	Jul-2013	Jul-2023
Lockheed Martin Corporation		100	%	Webster, TX	Industrial	Business and Commercial Services	East		30,176		309		0.32	%	Fixed	Jun-2010	Jun-2013

Lockheed Martin Corporation Total									118,754		1,150		1.20	%

The United States Playing Card Company		100	%	Erlanger, KY	Warehouse/Distribution	Media: Printing and Publishing	East		409,600		816		0.85	%	Fixed	Jun-2017	Jun-2020
The United States Playing Card Company		100	%	Erlanger, KY	Warehouse/Distribution	Consumer and Durable Goods	East		162,604		294		0.31	%	Fixed	Jun-2017	Jun-2020

The United States Playing Card Company Total									572,204		1,110		1.16	%

Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		95,420		570		0.60	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		40,285		241		0.25	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		39,920		238		0.25	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		7,220		43		0.05	%	CPI	May-2012	May-2012

Anthony’s Manufacturing Company, Inc. Total									182,845		1,092		1.14	%

United Space Alliance, LLC		100	%	Webster, TX	Warehouse/Distribution	Business and Commercial Services	South		91,800		573		0.60	%	None	Sep-2010	Sep-2012
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		38,150		412		0.43	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		5,856		63		0.07	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		2,044		22		0.02	%	None	Sep-2010	Sep-2011

United Space Alliance LLC Total									137,850		1,070		1.12	%

Swat-Fame, Inc.		100	%	City of Industry, CA	Industrial	Textiles, Leather, and Apparel	West		233,205		1,007		1.05	%	CPI	Dec-2010	Dec-2020

OBI Group ^(a)		100	%	Wroclaw, Poland	Retail	Retail Trade	Europe		113,559		983		1.03	%	CPI	Dec-2025	Dec-2040

Consolidated Systems, Inc.		60	%	Columbia, SC	Industrial	Mining, Metals, and Primary Metal Industries	East		294,249		823		0.86	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Office	Mining, Metals, and Primary Metal Industries	East		24,459		68		0.07	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		13,792		39		0.04	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		6,266		18		0.02	%	Fixed	Oct-2026	Oct-2046

Consolidated Systems, Inc. Total									338,765		948		0.99	%

Sports Wholesale, Inc.		100	%	Birmingham, AL	Warehouse/Distribution	Retail Trade	South		219,312		924		0.97	%	CPI	Dec-2014	Dec-2029

24 Hour Fitness USA, Inc.		100	%	Austin, TX	Other	Leisure, Amusement, Entertainment	South		43,935		907		0.95	%	CPI	Jun-2017	Jun-2037

NVR, Inc.		100	%	Thurmont, MD	Industrial	Construction and Building	East		150,468		735		0.77	%	CPI	Apr-2014	Apr-2039
NVR, Inc.		100	%	Farmington, NY	Industrial	Construction and Building	East		29,273		143		0.15	%	CPI	Apr-2014	Apr-2039

NVR, Inc. Total									179,741		878		0.92	%

W. P. CAREY & CO. LLC
Detailed Property Summary
March 31, 2010


										Annualized
	Percent							Square		Rent		Percentage of			Increase	Lease	Maximum
Tenant/Lease Guarantor	Ownership			Property Location	Property Type	Tenant Industry	Region	Footage^(e)		(in thousands)		Total Rent^(e)			Factor	Expiration	Term

Deloro Satellite Company, Inc.		100	%	Goshen, IN	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		52,000		643		0.67	%	Fixed	Feb-2018	Feb-2023

Juniper Networks, Inc.		100	%	Sunnyvale, CA	Industrial	Electronics	West		50,311		628		0.66	%	Fixed	Nov-2011	Nov-2021

BellSouth Telecommunications, Inc.		100	%	Fort Lauderdale, FL	Warehouse/Distribution	Telecommunications	South		80,450		595		0.62	%	Fixed	Jun-2016	Jun-2021

Childtime Childcare, Inc.		34	%	Alhambra, CA	Other	Healthcare, Education and Childcare	West		2,262		58		0.06	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Tustin, CA	Other	Healthcare, Education and Childcare	West		2,264		57		0.06	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Canton, MI	Other	Healthcare, Education and Childcare	Midwest		2,311		52		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Chino, CA	Other	Healthcare, Education and Childcare	West		2,166		50		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Carrollton, TX	Other	Healthcare, Education and Childcare	South		2,438		50		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Duncanville, TX	Other	Healthcare, Education and Childcare	South		2,438		50		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Lewisville, TX	Other	Healthcare, Education and Childcare	South		2,440		50		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Garden Grove, CA	Other	Healthcare, Education and Childcare	West		2,848		49		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Tucson, AZ	Other	Healthcare, Education and Childcare	West		2,165		40		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Chandler, AZ	Other	Healthcare, Education and Childcare	West		2,026		38		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Westland, MI	Other	Healthcare, Education and Childcare	Midwest		2,787		38		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Westland, MI	Other	Healthcare, Education and Childcare	Midwest		2,472		29		0.03	%	CPI	Jan-2016	Jan-2041

Childtime Childcare, Inc. Total									28,617		561		0.59	%

Vertafore, Inc.		100	%	College Station, TX	Office	Telecommunications	South		33,400		549		0.57	%	Fixed	Jun-2010	Jun-2010

Alcoa, Inc.		100	%	Salisbury, NC	Warehouse/Distribution	Machinery	East		200,000		507		0.53	%	Fixed	Jun-2010	Jun-2020

Alstom Power		100	%	Erlanger, KY	Warehouse/Distribution	Business and Commercial Services	East		197,400		485		0.51	%	Fixed	Jun-2017	Jun-2020

Jada Toys, Inc.		100	%	City of Industry, CA	Industrial	Consumer Non-durable Goods	West		92,595		471		0.49	%	Fixed	Apr-2012	Apr-2017

Petrocon Engineering, Inc.		100	%	Beaumont, TX	Office	Business and Commercial Services	South		34,300		317		0.33	%	Fixed	Dec-2011	Dec-2014
Petrocon Engineering, Inc.		100	%	Beaumont, TX	Office	Business and Commercial Services	South		8,580		79		0.08	%	Fixed	Dec-2011	Dec-2014

Petrocon Engineering, Inc. Total									42,880		396		0.41	%

Kmart Corporation		100	%	Drayton Plains, MI	Retail	Retail Trade	Midwest		103,018		210		0.22	%	None	Mar-2011	Mar-2026
Kmart Corporation		100	%	Citrus Heights, CA	Retail	Retail Trade	West		89,760		180		0.19	%	None	May-2011	May-2026

Kmart Corporation Total									192,778		390		0.41	%

Faurecia Exhaust Systems		100	%	Toledo, OH	Office	Automobile	Midwest		61,000		387		0.41	%	CPI	Nov-2022	Nov-2022

Pioneer Credit Recovery, Inc.		100	%	Moorestown, NJ	Office	Business and Commercial Services	East		30,000		375		0.39	%	Fixed	Apr-2012	Apr-2018

Wal-Mart Stores, Inc.		100	%	Greenfield, IN	Warehouse/Distribution	Retail Trade	Midwest		82,620		331		0.35	%	None	Jan-2020	Jan-2025

S&ME, Inc.		100	%	Raleigh, NC	Office	Business and Commercial Services	East		27,770		328		0.34	%	Fixed	Jul-2016	Jul-2026

Tubular Metal Systems		100	%	Pinconning, MI	Industrial	Automobile	Midwest		220,588		298		0.31	%	CPI	Jul-2013	Dec-2022

Qwest Communications, Inc.		100	%	Scottsdale, AZ	Industrial	Telecommunications	West		2,900		178		0.19	%	Fixed	Feb-2012	Feb-2017
Qwest Communications, Inc.		100	%	Scottsdale, AZ	Industrial	Telecommunications	West		1,560		96		0.10	%	Fixed	Feb-2012	Feb-2017

Qwest Communications, Inc. Total									4,460		274		0.29	%

Penberthy, Inc.		100	%	Prophetstown, IL	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		161,878		269		0.28	%	CPI	Apr-2011	Apr-2026

Fairpoint Communications, Inc.		100	%	Milton, VT	Industrial	Telecommunications	East		30,624		221		0.23	%	Fixed	Feb-2013	Feb-2013

Multi-Tenant Building		100	%	Broomfield, CO	Office	Various	West		40,296		212		0.22	%	Various	Nov-2013	Nov-2013

Xerox Corporation		100	%	Hot Springs, AR	Retail	Machinery	South		36,850		185		0.19	%	Fixed	May-2011	May-2021

Continental Airlines, Inc.		100	%	Houston, TX	Warehouse/Distribution	Transportation — Personal	South		25,125		164		0.17	%	Fixed	Jul-2013	Jul-2013

Winn-Dixie Stores, Inc.		100	%	Brewton, AL	Retail	Grocery	South		30,625		134		0.14	%	None	Oct-2010	Oct-2030

Golder Associates Inc.		100	%	Houston, TX	Office	Business and Commercial Services	South		8,066		75		0.08	%	Fixed	Oct-2010	Oct-2020
Golder Associates Inc.		100	%	Houston, TX	Office	Business and Commercial Services	South		3,330		32		0.03	%	Fixed	Oct-2010	Oct-2020

Golder Associates Inc. Total									11,396		107		0.11	%

Raytheon Company		100	%	Webster, TX	Industrial	Business and Commercial Services	South		9,138		82		0.09	%	Fixed	Jul-2010	Jul-2025

Kenyon International Emergency Services		100	%	Houston, TX	Warehouse/Distribution	Healthcare, Education and Childcare	South		17,725		96		0.10	%	None	Oct-2014	Oct-2019

Olmsted Kirk Paper Co.		100	%	Beaumont, TX	Office	Forest Products and Paper	South		5,760		47		0.05	%	Fixed	Dec-2017	Dec-2022

RGIS, LLC		100	%	Bloomingdale, IL	Office	Business and Commercial Services	Midwest		2,550		45		0.05	%	Fixed	Nov-2011	Nov-2011

SBH Holdings, LLC		100	%	Houston, TX	Office	Healthcare, Education and Childcare	South		5,632		44		0.05	%	Fixed	Aug-2013	Aug-2016

Cypress Creek Partners, LLC		100	%	Little Rock, AR	Retail	Grocery	South		21,932		35		0.04	%	None	Mar-2017	Mar-2022

W. P. CAREY & CO. LLC
Detailed Property Summary
March 31, 2010

Annualized

Percent

Square

Rent

Percentage of

Increase

Lease

Maximum

Tenant/Lease Guarantor

Ownership

Property Location

Property Type

Tenant Industry

Region

Footage^(e)

(in thousands)

Total Rent^(e)

Factor

Expiration

Term

Jerry Prater Trucking Incorporated

100

Salisbury, NC

Industrial

Transportation — Cargo

East

13,284

0.03

Fixed

Sep-2010

Sep-2012

Pittsburgh Institute of Aeronautics ^(c)

100

West Mifflin, PA

Retail

Transportation — Personal

East

0.02

None

MTM

Classic Cuisines Catering

100

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

0.01

None

Apr-2011

Action Buys Cars, Inc.

100

Montgomery, AL

Retail

Retail Trade

South

0.01

None

MTM

Common Area Space

100

Bloomingdale, IL

Office

N/A

Midwest

14,084

—

0.00

None

Nov-2010

Vacant

100

Jacksonville, FL

Warehouse/Distribution

N/A

South

240,000

—

N/A

Vacant

100

West Mifflin, PA

Retail

N/A

East

121,053

—

N/A

Vacant

100

Salisbury, NC

Warehouse/Distribution

N/A

East

87,000

—

N/A

Vacant

100

Bridgeton, MO

Office

N/A

Midwest

78,080

—

N/A

Vacant

100

Little Rock, AR

Retail

N/A

South

64,358

—

N/A

Vacant

100

Broomfield, CO

Office

N/A

West

61,489

—

N/A

Vacant

100

Bloomingdale, IL

Office

N/A

Midwest

38,366

—

N/A

Vacant

Tours, France

Office

N/A

Europe

37,910

—

N/A

Vacant

100

Moorestown, NJ

Office

N/A

East

35,567

—

N/A

Vacant

100

Montgomery, AL

Retail

N/A

South

32,690

—

N/A

Vacant

100

Houston, TX

Office

N/A

South

32,613

—

N/A

Vacant

100

Houston, TX

Warehouse/Distribution

N/A

South

32,320

—

N/A

Vacant

100

Webster, TX

Industrial

N/A

South

23,214

—

N/A

Vacant

100

College Station,TX

Office

N/A

South

19,152

—

N/A

Vacant

Illkirch-Graffenstaden, France

Office

N/A

Europe

11,108

—

N/A

Vacant

100

Salisbury, NC

Office

N/A

East

10,681

—

N/A

Vacant Total

925,602

—

Grand Total ^(d)

14,066,785

95,542

100


(a)		Rents reflect a conversion rate of 1.3455 USD/EUR as of March 31, 2010.

(b)		INSEE construction index, an index published quarterly by the French Government.

(c)		Tenant is occupying property on a month-to-month (MTM) basis.

(d)		Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet.

(e)		Numbers may not add due to rounding.

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