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8-K - FORM 8-K - W. P. Carey Inc. | c21040e8vk.htm |
EXHIBIT 99.1
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
Supplemental Operating and Financial Data
As of June 30, 2011
Important Disclosures About this Supplemental Package
As used in this supplemental package, the terms W. P. Carey, WPC LLC, the Company, we,
us and our include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors,
unless otherwise indicated. GAAP means generally accepted accounting principles in the United
States. CPA® REITs means Corporate Property Associates 15 Incorporated (CPA®:15), Corporate
Property Associates 16 Global Incorporated (CPA®:16 Global) and Corporate Property
Associates 17 Global Incorporated (CPA®:17 Global). The REITs means the CPA® REITs and
Carey Watermark Investors Incorporated (CWI). Corporate Property Associates 14 Incorporated
(CPA®:14) was part of the CPA® REITs until its merger with a subsidiary of CPA®:16 Global on
May 2, 2011 (CPA®:14/16 Merger).
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 Securities and Exchange Commission,
including but not limited to our Annual Report on Form 10-K for the year ended December 31, 2010.
We do not undertake to revise or update any forward-looking statements.
2
W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
As of June 30, 2011
Supplemental Operating and Financial Data
As of June 30, 2011
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 | |||
2011 Investment Activity |
13 | |||
Portfolio Analysis Rent Contribution and Historical Occupancy |
15 | |||
Portfolio Diversification Analysis by Property Type |
16 | |||
Portfolio Diversification Analysis by Tenant Industry |
17 | |||
Portfolio Diversification Analysis by Geography |
18 | |||
Portfolio Lease Maturity Analysis |
19 | |||
Consolidated Balance Sheets |
20 | |||
Consolidated Statements of Income |
21 | |||
Consolidated Statements of Cash Flows |
22 | |||
Detailed Property Summary |
23 |
3
W. P. CAREY & CO. LLC
Company Overview
June 30, 2011
Company Overview
June 30, 2011
Key Company Contacts
|
Executive Offices | |||
Wm. Polk Carey
|
Chairman of the Board and Director | 50 Rockefeller Plaza | ||
Trevor P. Bond
|
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, 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 Mellon
|
Syndication Agent | |||
JPMorgan Chase Bank, N.A.
|
Syndication Agent | |||
PNC Bank, N.A.
|
Syndication Agent | |||
Analyst Coverage |
||||
Andrew T. DiZio
|
Janney Montgomery Scott LLC |
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Stock Data (NYSE: WPC) | 2011 | 2011 | 2010 | 2010 | 2010 | |||||||||||||||
High Price |
$ | 41.82 | $ | 38.00 | $ | 33.97 | $ | 30.86 | $ | 31.00 | ||||||||||
Low Price |
34.75 | 29.75 | 28.83 | 26.49 | 26.61 | |||||||||||||||
Closing Price |
40.50 | 35.70 | 31.29 | 28.95 | 27.64 | |||||||||||||||
Distributions declared per share annualized |
$ | 2.20 | $ | 2.05 | $ | 2.04 | $ | 2.03 | $ | 2.02 | ||||||||||
Distribution yield (annualized distribution / closing stock price) |
5.43 | % | 5.74 | % | 6.52 | % | 7.01 | % | 7.31 | % | ||||||||||
Shares outstanding at quarter end |
39,707,156 | 39,614,250 | 39,454,847 | 39,481,027 | 39,323,929 | |||||||||||||||
Market value of outstanding shares at quarter end (in thousands) |
$ | 1,608,140 | $ | 1,414,229 | $ | 1,234,542 | $ | 1,142,976 | $ | 1,086,913 |
4
W. P. CAREY & CO. LLC
Financial Highlights
(in thousands, except per share amounts)
Financial Highlights
(in thousands, except per share amounts)
These financial highlights include non-GAAP financial measures, including EBITDA, 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 | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2011 | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 | 2011 | 2010 | ||||||||||||||||||||||
EBITDA (a) |
||||||||||||||||||||||||||||
Investment management |
$ | 58,912 | $ | 21,359 | $ | 27,561 | $ | 10,296 | $ | 19,503 | $ | 80,271 | $ | 32,029 | ||||||||||||||
Real estate ownership |
57,673 | 19,513 | 14,173 | 19,837 | 20,407 | 77,187 | 36,593 | |||||||||||||||||||||
Total |
$ | 116,585 | $ | 40,872 | $ | 41,734 | $ | 30,133 | $ | 39,910 | $ | 157,458 | $ | 68,622 | ||||||||||||||
AFFO (a) |
||||||||||||||||||||||||||||
Investment management |
$ | 48,157 | $ | 20,650 | $ | 18,194 | $ | 7,230 | $ | 15,345 | $ | 68,807 | $ | 24,816 | ||||||||||||||
Real estate ownership |
24,611 | 18,492 | 18,083 | 20,377 | 23,575 | 43,011 | 42,170 | |||||||||||||||||||||
Total |
$ | 72,768 | $ | 39,142 | $ | 36,277 | $ | 27,607 | $ | 38,920 | $ | 111,818 | $ | 66,986 | ||||||||||||||
EBITDA Per Share (Diluted) (a) |
||||||||||||||||||||||||||||
Investment management |
$ | 1.46 | $ | 0.53 | $ | 0.69 | $ | 0.26 | $ | 0.49 | $ | 2.00 | $ | 0.81 | ||||||||||||||
Real estate ownership |
1.44 | 0.49 | 0.35 | 0.50 | 0.52 | 1.92 | 0.92 | |||||||||||||||||||||
Total |
$ | 2.90 | $ | 1.02 | $ | 1.04 | $ | 0.76 | $ | 1.01 | $ | 3.92 | $ | 1.73 | ||||||||||||||
AFFO Per Share (Diluted) (a) |
||||||||||||||||||||||||||||
Investment management |
$ | 1.20 | $ | 0.51 | $ | 0.45 | $ | 0.18 | $ | 0.39 | $ | 1.71 | $ | 0.63 | ||||||||||||||
Real estate ownership |
0.61 | 0.46 | 0.45 | 0.51 | 0.59 | 1.07 | 1.06 | |||||||||||||||||||||
Total |
$ | 1.81 | $ | 0.97 | $ | 0.90 | $ | 0.69 | $ | 0.98 | $ | 2.78 | $ | 1.69 | ||||||||||||||
Six months ended June 30, | ||||||||
2011 | 2010 | |||||||
Adjusted Cash Flow From Operating Activities |
||||||||
Adjusted cash flow |
$ | 55,917 | $ | 48,193 | ||||
Adjusted cash flow per share (diluted) |
$ | 1.39 | $ | 1.22 | ||||
Distributions declared per share |
$ | 1.062 | $ | 1.010 | ||||
Payout ratio (distributions per
share/adjusted cash flow per share) |
76 | % | 83 | % | ||||
(a) | Effective January 1, 2011, we include our equity investments in the REITs in our real estate ownership segment. The equity income (loss) from the REITs that is now included in our real estate ownership segment represents our proportionate share of the revenue less expenses of the properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31, September 30 and June 30, 2010 as well as the six months ended June 30, 2010 have been adjusted to reflect this reclassification. |
5
W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2011 | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 | 2011 | 2010 | ||||||||||||||||||||||
Investment Management |
||||||||||||||||||||||||||||
Net income from investment management attributable
to W. P. Carey members (a) |
$ | 31,989 | $ | 13,177 | $ | 15,731 | $ | 6,095 | $ | 11,968 | $ | 45,166 | $ | 19,748 | ||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||
Provision for income taxes |
26,056 | 7,380 | 10,667 | 3,045 | 6,373 | 33,436 | 9,948 | |||||||||||||||||||||
Depreciation and amortization |
867 | 802 | 1,163 | 1,156 | 1,162 | 1,669 | 2,333 | |||||||||||||||||||||
EBITDA investment management |
$ | 58,912 | $ | 21,359 | $ | 27,561 | $ | 10,296 | $ | 19,503 | $ | 80,271 | $ | 32,029 | ||||||||||||||
EBITDA per share (diluted) |
$ | 1.46 | $ | 0.53 | $ | 0.69 | $ | 0.26 | $ | 0.49 | $ | 2.00 | $ | 0.81 | ||||||||||||||
Real Estate Ownership |
||||||||||||||||||||||||||||
Net income from real estate ownership attributable to
W. P. Carey members (a) |
$ | 47,123 | $ | 10,166 | $ | 4,050 | $ | 10,251 | $ | 11,464 | $ | 57,289 | $ | 18,097 | ||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||
Interest expense |
5,396 | 4,440 | 4,460 | 4,298 | 3,765 | 9,836 | 7,476 | |||||||||||||||||||||
Provision for income taxes |
(1,296 | ) | 194 | 915 | 332 | 378 | (1,102 | ) | 915 | |||||||||||||||||||
Depreciation and amortization |
6,438 | 4,648 | 4,748 | 4,911 | 4,581 | 11,073 | 9,495 | |||||||||||||||||||||
Reconciling items attributable to discontinued
operations |
12 | 65 | | 45 | 219 | 91 | 610 | |||||||||||||||||||||
EBITDA real estate ownership |
$ | 57,673 | $ | 19,513 | $ | 14,173 | $ | 19,837 | $ | 20,407 | $ | 77,187 | $ | 36,593 | ||||||||||||||
EBITDA per share (diluted) |
$ | 1.44 | $ | 0.49 | $ | 0.35 | $ | 0.50 | $ | 0.52 | $ | 1.92 | $ | 0.92 | ||||||||||||||
Total Company |
||||||||||||||||||||||||||||
EBITDA |
$ | 116,585 | $ | 40,872 | $ | 41,734 | $ | 30,133 | $ | 39,910 | $ | 157,458 | $ | 68,622 | ||||||||||||||
EBITDA per share (diluted) |
$ | 2.90 | $ | 1.02 | $ | 1.04 | $ | 0.76 | $ | 1.01 | $ | 3.92 | $ | 1.73 | ||||||||||||||
Diluted weighted average shares outstanding |
40,243,548 | 40,242,706 | 40,104,715 | 39,717,931 | 39,510,231 | 40,192,418 | 39,567,583 | |||||||||||||||||||||
(a) | Effective January 1, 2011, we include our equity investments in the REITs in our real estate ownership segment. The equity income (loss) from the REITs that is now included in our real estate ownership segment represents our proportionate share of the revenue less expenses of the properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31, September 30 and June 30, 2010 as well as the six months ended June 30, 2010 have been adjusted to reflect this reclassification. |
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.
6
W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds from Operations as Adjusted (AFFO)
(in thousands, except share and per share amounts)
Reconciliation of Net Income to Funds from Operations as Adjusted (AFFO)
(in thousands, except share and per share amounts)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2011 | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 | 2011 | 2010 | ||||||||||||||||||||||
Investment Management |
||||||||||||||||||||||||||||
Net income from investment management attributable
to W. P. Carey members (a) |
$ | 31,989 | $ | 13,177 | $ | 15,731 | $ | 6,095 | $ | 11,968 | $ | 45,166 | $ | 19,748 | ||||||||||||||
Amortization, deferred taxes and other non-cash
charges |
17,583 | 7,473 | 2,463 | 1,135 | 3,377 | 25,056 | 5,068 | |||||||||||||||||||||
AFFO adjustments to earnings from equity investments |
(1,415 | ) | | | | | (1,415 | ) | | |||||||||||||||||||
AFFO investment management |
$ | 48,157 | $ | 20,650 | $ | 18,194 | $ | 7,230 | $ | 15,345 | $ | 68,807 | $ | 24,816 | ||||||||||||||
AFFO per share (diluted) |
$ | 1.20 | $ | 0.51 | $ | 0.45 | $ | 0.18 | $ | 0.39 | $ | 1.71 | $ | 0.63 | ||||||||||||||
Real Estate Ownership |
||||||||||||||||||||||||||||
Net income from real estate ownership attributable
to W. P. Carey members (a) |
$ | 47,123 | $ | 10,166 | $ | 4,050 | $ | 10,251 | $ | 11,464 | $ | 57,289 | $ | 18,097 | ||||||||||||||
Gain on sale of real estate, net |
121 | (781 | ) | | | (56 | ) | (660 | ) | (460 | ) | |||||||||||||||||
Gain on change in control of interests (b) |
(27,859 | ) | (27,859 | ) | | |||||||||||||||||||||||
Other gains (losses), net |
| | (755 | ) | | | | | ||||||||||||||||||||
Depreciation, amortization and other non-cash charges |
3,798 | 3,840 | 4,551 | 3,527 | 4,605 | 7,638 | 10,010 | |||||||||||||||||||||
Straight-line and other rent adjustments |
(1,020 | ) | (417 | ) | 128 | 148 | 99 | (1,437 | ) | 19 | ||||||||||||||||||
Impairment charges |
41 | | 6,763 | 481 | 985 | 41 | 8,137 | |||||||||||||||||||||
AFFO adjustments to earnings from equity investments
in real estate and the REITs |
2,457 | 5,794 | 3,503 | 6,042 | 6,692 | 8,159 | 6,749 | |||||||||||||||||||||
AFFO adjustments to Noncontrolling interests share
of earnings |
(50 | ) | (110 | ) | (157 | ) | (72 | ) | (214 | ) | (160 | ) | (382 | ) | ||||||||||||||
AFFO real estate ownership |
$ | 24,611 | $ | 18,492 | $ | 18,083 | $ | 20,377 | $ | 23,575 | $ | 43,011 | $ | 42,170 | ||||||||||||||
AFFO per share (diluted) |
$ | 0.61 | $ | 0.46 | $ | 0.45 | $ | 0.51 | $ | 0.59 | $ | 1.07 | $ | 1.06 | ||||||||||||||
Total Company |
||||||||||||||||||||||||||||
AFFO |
$ | 72,768 | $ | 39,142 | $ | 36,277 | $ | 27,607 | $ | 38,920 | $ | 111,818 | $ | 66,986 | ||||||||||||||
AFFO per share (diluted) |
$ | 1.81 | $ | 0.97 | $ | 0.90 | $ | 0.69 | $ | 0.98 | $ | 2.78 | $ | 1.69 | ||||||||||||||
Diluted weighted average shares outstanding |
40,243,548 | 40,242,706 | 40,104,715 | 39,717,931 | 39,510,231 | 40,192,418 | 39,567,583 | |||||||||||||||||||||
(a) | Effective January 1, 2011, we include our equity investments in the REITs in our real estate ownership segment. The equity income (loss) from the REITs that is now included in our real estate ownership segment represents our proportionate share of the revenue less expenses of the properties held by the REITs. This treatment is consistent with that of our directly-owned properties. Results for the three months ended December 31, September 30 and June 30, 2010 as well as the six months ended June 30, 2010 have been adjusted to reflect this reclassification. | |
(b) | Represents gain recognized on purchase of the remaining interests in two ventures from CPA®:14, which we had previously accounted for under the equity method. In connection with purchasing these properties, we recognized a net gain of $27.1 million during the three and six months ended June 30, 2011 to adjust the carrying value of our existing interests in these ventures to their estimated fair values. |
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 AFFO should not be considered as an alternative to net income as an
indication of a companys operating performance or to cash flow from operating activities as a
measure of its liquidity, but should be used in conjunction with GAAP net income. FFO or AFFO
disclosed by other real estate companies may not be comparable to our AFFO calculation.
NAREITs 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.
7
W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities
(in thousands, except share and per share amounts)
Adjusted Cash Flow from Operating Activities
(in thousands, except share and per share amounts)
Six months ended June 30, | ||||||||
2011 | 2010 | |||||||
Cash flow from operating activities |
$ | 45,987 | $ | 36,291 | ||||
Adjustments: |
||||||||
Distributions received from equity investments in real estate in excess of
equity income (a) |
12,384 | 4,004 | ||||||
Distributions paid to noncontrolling interests, net (b) |
(63 | ) | (161 | ) | ||||
Changes in working capital (c) |
21,043 | 8,059 | ||||||
CPA®:14/16 Merger revenue net of taxes (d) |
(21,268 | ) | | |||||
CPA®:14/16 Merger taxes on special distribution (c) |
(2,166 | ) | | |||||
Adjusted cash flow from operating activities |
$ | 55,917 | $ | 48,193 | ||||
Adjusted cash flow per share (diluted) |
$ | 1.39 | $ | 1.22 | ||||
Distributions declared per share |
$ | 1.062 | $ | 1.010 | ||||
Payout ratio (distributions per share/adjusted cash flow per share) |
76 | % | 83 | % | ||||
Diluted weighted average shares outstanding |
40,192,418 | 39,567,583 | ||||||
(a) | We take a substantial portion of our asset management revenue in shares of the CPA® REITs. 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 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. | |
(d) | Amounts represent termination and disposition revenue, net of costs and a 45% tax provision, earned in connection with the CPA®:14/16 Merger. This revenue is generally earned in connection with events that provide liquidity or alternatives to the CPA® REIT shareholders. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of the net revenue earned in connection with the CPA®:14/16 Merger. |
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.
8
W. P. CAREY & CO. LLC
Revenue Stability Analysis (Pro rata Basis)
(in thousands)
Revenue Stability Analysis (Pro rata Basis)
(in thousands)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2011 | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | |||||||||||||||||||||||||||||||||||||||||||
Asset management revenues |
$ | 16,619 | 16 | % | $ | 19,820 | 31 | % | $ | 19,127 | 28 | % | $ | 19,219 | 41 | % | $ | 19,080 | 33 | % | $ | 36,439 | 22 | % | $ | 37,900 | 33 | % | ||||||||||||||||||||||||||||
Incentive, termination and subordinated disposition
revenue (a) |
52,515 | 50 | % | | 0 | % | | 0 | % | | 0 | % | | 0 | % | 52,515 | 31 | % | | 0 | % | |||||||||||||||||||||||||||||||||||
Pro rata net lease revenues |
29,727 | 29 | % | 27,453 | 44 | % | 26,739 | 38 | % | 26,828 | 57 | % | 26,255 | 45 | % | 57,180 | 34 | % | 53,738 | 49 | % | |||||||||||||||||||||||||||||||||||
98,861 | 95 | % | 47,273 | 75 | % | 45,866 | 66 | % | 46,047 | 98 | % | 45,335 | 78 | % | 146,134 | 87 | % | 91,638 | 82 | % | ||||||||||||||||||||||||||||||||||||
Structuring revenue (b) |
5,735 | 5 | % | 15,945 | 25 | % | 23,881 | 34 | % | 708 | 2 | % | 13,102 | 22 | % | 21,680 | 13 | % | 19,936 | 18 | % | |||||||||||||||||||||||||||||||||||
Total Adjusted Revenue |
$ | 104,596 | 100 | % | $ | 63,218 | 100 | % | $ | 69,747 | 100 | % | $ | 46,755 | 100 | % | $ | 58,437 | 100 | % | $ | 167,814 | 100 | % | $ | 111,574 | 100 | % | ||||||||||||||||||||||||||||
Reconciliation of Total Adjusted Revenue |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue as reported |
$ | 118,398 | $ | 77,532 | $ | 81,969 | $ | 58,954 | $ | 70,001 | $ | 195,930 | $ | 132,266 | ||||||||||||||||||||||||||||||||||||||||||
Less: Reimbursed costs from affiliates (c) |
(17,059 | ) | (17,719 | ) | (13,713 | ) | (15,908 | ) | (14,838 | ) | (34,778 | ) | (29,440 | ) | ||||||||||||||||||||||||||||||||||||||||||
Less: Wholesaling revenue (c) |
(2,922 | ) | (3,280 | ) | (4,503 | ) | (2,260 | ) | (2,741 | ) | (6,202 | ) | (5,283 | ) | ||||||||||||||||||||||||||||||||||||||||||
Add: Pro rata share of revenues from equity investments |
6,844 | 7,760 | 6,889 | 6,918 | 6,895 | 14,604 | 15,836 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Pro rata share of revenues due to noncontrolling
interests |
(665 | ) | (1,075 | ) | (895 | ) | (949 | ) | (880 | ) | (1,740 | ) | (1,805 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Revenue |
$ | 104,596 | $ | 63,218 | $ | 69,747 | $ | 46,755 | $ | 58,437 | $ | 167,814 | $ | 111,574 | ||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Pro Rata Net Lease Revenues |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenues as reported |
$ | 17,839 | $ | 15,460 | $ | 15,403 | $ | 16,203 | $ | 15,444 | $ | 33,299 | $ | 31,135 | ||||||||||||||||||||||||||||||||||||||||||
Add: Pro rata share of revenues from equity investments |
6,844 | 7,760 | 6,889 | 6,918 | 6,895 | 14,604 | 15,836 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: Pro rata share of revenues due to noncontrolling
interests |
(665 | ) | (1,075 | ) | (895 | ) | (949 | ) | (880 | ) | (1,740 | ) | (1,805 | ) | ||||||||||||||||||||||||||||||||||||||||||
Add: Other real estate income (d) |
5,709 | 5,308 | 5,342 | 4,656 | 4,796 | 11,017 | 8,572 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Pro Rata Net Lease Revenues |
$ | 29,727 | $ | 27,453 | $ | 26,739 | $ | 26,828 | $ | 26,255 | $ | 57,180 | $ | 53,738 | ||||||||||||||||||||||||||||||||||||||||||
(a) | Upon consummation of the CPA®:14/16 Merger, we earned revenues of $31.2 million in connection with the termination of the advisory agreement with CPA®:14, which we received in the form of restricted shares of CPA®:16 Global common stock, and $21.3 million of subordinated disposition revenues. | |
(b) | We earn structuring revenue on acquisitions structured on behalf of the REITs we manage and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the REITs totaled approximately $249 million, $345 million, $593 million, $13 million and $291 million for the three months ended June 30, 2011, March 31, 2011, December 31, 2010, September 30, 2010 and June 30, 2010, respectively, and approximately $594 million and $440 million for the six months ended June 30, 2011 and June 30, 2010, respectively. | |
(c) | Total adjusted revenue excludes reimbursements of costs received from the affiliated REITs as they have no impact on net income. Also excluded is wholesaling revenue earned in connection with CPA®:17 Globals and CWIs initial public offering, which is substantially offset by underwriting costs incurred in connection with the offering. | |
(d) | Other real estate income generally consists of revenue from Carey Storage Management LLC (Carey Storage), a subsidiary that invests in domestic self-storage properties, and Livho, Inc., a subsidiary that operates a 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 subsequent adjustments to historical amounts presented 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.
9
W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Debt Overview (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Debt Maturity
Year of Maturity | Outstanding Balance | |||
2011 |
$ | 17,058 | ||
2012 |
262,775 | (a) | ||
2013 |
1,045 | |||
2014 |
69,013 | |||
2015 |
49,294 | |||
2016 |
55,347 | |||
2017 |
53,735 | |||
2018 |
31,291 | |||
2019 |
25,035 | |||
2020 |
93,392 | |||
2021 |
4,970 | |||
2022 |
| |||
2023 |
4,958 | |||
Total |
$ | 667,913 | ||
Fixed and Variable Rate Debt Analysis
Outstanding Balance | ||||
Non-Recourse Debt |
||||
Fixed |
$ | 259,398 | ||
Fixed Future Rate Reset |
86,201 | |||
Fixed Capped |
| |||
Variable Capped |
22,085 | |||
Variable Floating |
14,252 | |||
Fixed Swap Agreement |
48,337 | |||
Variable |
4,480 | |||
434,753 | ||||
Recourse Debt |
||||
Variable Line of Credit |
233,160 | |||
Total Debt |
$ | 667,913 | ||
(a) | Amount includes outstanding recourse debt on the unsecured line of credit, which expires in June 2012. |
10
W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata Basis)
As of June 30, 2011
(in thousands)
Detailed Debt Summary (Pro rata Basis)
As of June 30, 2011
(in thousands)
Current | ||||||||||||
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Outstanding Balance | ||||||||
Sprint Spectrum, LP (a) |
Fixed | 7.64 | % | Aug-2011 | $ | 7,783 | ||||||
24 Hour Fitness USA, Inc. |
Fixed | 7.50 | % | Aug-2011 | 2,728 | |||||||
Career Education Corporation |
Fixed | 7.58 | % | Dec-2011 | 6,547 | |||||||
Qwest Communications, Inc. |
Fixed | 7.50 | % | Jun-2012 | 1,330 | |||||||
AutoZone, Inc. Series C |
Fixed | 6.85 | % | Aug-2012 | 265 | |||||||
Anthonys Manufacturing Company |
Fixed | 5.11 | % | Oct-2012 | 8,139 | |||||||
BE Aerospace, Inc. |
Fixed | 6.11 | % | Nov-2012 | 8,075 | |||||||
Faurecia Exhaust Systems, Inc. |
Fixed | 5.16 | % | Nov-2012 | 2,347 | |||||||
Alstom Power, Inc. and Werner Co. |
Fixed | 5.18 | % | Dec-2012 | 9,459 | |||||||
AutoZone, Inc. Series D |
Fixed | 6.85 | % | Aug-2013 | 1,045 | |||||||
US Airways Group, Inc. (79%) |
Variable - Floating | 4.19 | % | Apr-2014 | 14,252 | |||||||
Billipp Portfolio |
Variable | 2.75 | % | May-2014 | 4,480 | |||||||
Carrefour France, SAS (46%) (b) |
Fixed - Future Rate Reset | 5.55 | % | Dec-2014 | 50,281 | |||||||
Hibbett Sports |
Fixed - Swap | 6.45 | % | May-2015 | 4,620 | |||||||
Lowes Home Improvement Warehouse |
Fixed | 4.87 | % | Sep-2015 | 8,660 | |||||||
Bouygues Telecom, S.A. (Tours) (95%) (b) |
Fixed - Future Rate Reset | 3.07 | % | Oct-2015 | 6,243 | |||||||
The American Bottling Company |
Fixed | 5.13 | % | Nov-2015 | 29,771 | |||||||
World Color Printing |
Fixed | 5.30 | % | May-2016 | 4,992 | |||||||
CheckFree Holdings, Inc. (c) |
Fixed | 6.18 | % | Jun-2016 | 28,946 | |||||||
Self-Storage Facility Bentonville, AR (40%) |
Fixed | 6.41 | % | Jul-2016 | 829 | |||||||
Self-Storage Facility Tallahassee, FL (40%) |
Fixed | 6.05 | % | Oct-2016 | 1,569 | |||||||
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)
(b) (d) |
Fixed - Future Rate Reset | 5.01 | % | Oct-2016 | 12,243 | |||||||
Consolidated Systems, Inc. (60%) |
Fixed | 5.87 | % | Nov-2016 | 6,768 | |||||||
Hellweg Die Profi-Baumärkte GmbH & Co. KG (5%) (b) |
Fixed | 5.49 | % | Jan-2017 | 1,004 | |||||||
Amylin Pharmaceuticals, Inc. (c) |
Fixed | 6.20 | % | Jul-2017 | 34,999 | |||||||
Medica France, S.A. (46%) (b) |
Fixed | 4.50 | % | Oct-2017 | 17,732 |
11
W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata Basis)
As of June 30, 2011
(in thousands)
Detailed Debt Summary (Pro rata Basis)
As of June 30, 2011
(in thousands)
Current | ||||||||||||
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Outstanding Balance | ||||||||
The New York Times Company (17.75%) |
Variable - Capped | 2.81 | % | Apr-2018 | $ | 22,085 | ||||||
OBI Wroclaw (b) |
Fixed - Swap | 5.48 | % | May-2018 | 9,206 | |||||||
Self-Storage Portfolio (40%) (d) |
Fixed - Future Rate Reset | 7.03 | % | Feb-2019/Mar-2019 | 12,057 | |||||||
Orbital Sciences Corporation |
Fixed | 7.75 | % | Jul-2019 | 12,978 | |||||||
JPMorgan Chase Bank, N.A. |
Fixed - Swap | 5.47 | % | Jul-2020 | 34,511 | |||||||
Self-Storage Facilities Chicago, IL (40%) |
Fixed - Future Rate Reset | 6.25 | % | Aug-2020 | 2,668 | |||||||
Self-Storage Facility Pensacola, FL |
Fixed - Future Rate Reset | 6.25 | % | Nov-2020 | 1,855 | |||||||
Self-Storage Facility Chicago, IL (40%) |
Fixed - Future Rate Reset | 6.62 | % | Dec-2020 | 854 | |||||||
Federal Express Corporation (c) |
Fixed | 5.48 | % | Dec-2020 | 53,504 | |||||||
Information Resources, Inc. (33%) |
Fixed | 5.92 | % | Feb-2021 | 4,970 | |||||||
Hologic, Inc. (36%) |
Fixed | 6.40 | % | May-2023 | 4,958 | |||||||
Total Non-Recourse Debt |
5.51 | %(b) | 434,753 | |||||||||
Unsecured Line of Credit |
Variable | 1.09 | %(b) | Jun-2012 | 233,160 | |||||||
Total Debt |
3.96 | % | $ | 667,913 | ||||||||
(a) | On August 1, 2011 we closed a $8.5 million mortgage refinancing with Wells Fargo encumbering the property. The existing $7.8 million loan balance was paid off at closing. | |
(b) | Debt balance calculated using an exchange rate of 1.4391 EUR/USD as of June 30, 2011. | |
(c) | In connection with the CPA®:14/16 Merger, we purchased the remaining interest in the property, in which we already had a joint interest, from CPA®:14. | |
(d) | Reflects weighted average interest rate for the applicable debt. |
12
W. P. CAREY & CO. LLC
2011 Investment Activity
As of June 30, 2011
(in thousands, except square footage)
2011 Investment Activity
As of June 30, 2011
(in thousands, except square footage)
Investment Activity
Acquisitions REITs
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Purchase Price | Closing Date | Property Type | Gross Square Footage | ||||||||||
CPA®:17 Global |
Terminal Freezers, LLC | Oxnard & Watsonville, CA | $ | 99,634 | January-11 | Warehouse/Distribution | 866,525 | |||||||||
CPA®:15 (15%), CPA®:17 Global (85%) |
C1000 Logistiek Vastgoed B.V. | various locations in The Netherlands | 207,635 | January-11 | Warehouse/Distribution | 2,046,858 | ||||||||||
CPA®:17 Global |
Harbor Freight Tools USA, Inc. | Dillon, SC | 32,060 | March-11 | Warehouse/Distribution | 1,010,859 | ||||||||||
CPA®:17 Global |
Dolgencorp, LLC (a) | Richwood, LA; Vass, NC & Hot Springs, VA | 2,852 | March-11 | Retail | BTS | ||||||||||
CPA®:17 Global |
Curtiss-Wright Flow Control Service | Middleburg Heights, OH | 2,586 | March-11 | Industrial | 28,185 | ||||||||||
CPA®:17 Global |
Flanders Corporation | Ardmore, OK; Smithfield, NC; Bartow, FL & Momence, IL | 50,790 | April-11 | Warehouse/Distribution | 722,108 | ||||||||||
CPA®:17 Global |
Berry Plastics Corporation | Evansville, IN | 2,723 | April-11 | Industrial | 263,088 | ||||||||||
CPA®:17 Global |
Dolgencorp, LLC (a) | Hopewell & Chesterfield, VA; Mount Hermon & Mangham, LA | 5,722 | April-11; May-11 & June-11 |
Retail | BTS | ||||||||||
CPA®:17 Global |
ICF International, Inc. | Martinsville, VA | 14,819 | May-11 | Office | BTS | ||||||||||
CPA®:15 (75%), CPA®:16 Global (25%) |
Hellweg Die Profi-Baumärkte GmbH & Co. KG | Bad Salzungen, Germany | 4,422 | May-11 | Retail | 72,490 | ||||||||||
CPA®:17 Global |
CRO San Luis Development, LLC (b) | Chicago, IL | 7,398 | June-11 | Retail | BTS | ||||||||||
Total Acquisitions Leased Properties |
430,641 | 5,010,113 | ||||||||||||||
Portfolio(s) | Property Type | Property Location(s) | Purchase Price | Closing Date | ||||||||||||
CPA®:17 Global |
Self-Storage Facility | Fort Worth, TX | 3,431 | April-11 | ||||||||||||
CWI |
Hospitality | Long Beach, CA | 43,600 | May-11 | ||||||||||||
CPA®:17 Global |
Self-Storage Facilities | various locations in California, Hawaii and Illinois | 86,857 | June-11 | ||||||||||||
Total
Acquisitions Hospitality/Self Storage Properties |
133,888 | |||||||||||||||
Notes Receivable |
||||||||||||||||
Portfolio | Borrower/Guarantor | Interest Rate | Note Amount | Closing Date | Maturity Date | |||||||||||
CPA®:17 Global |
BPS Partners | 8.00% | 30,000 | June-11 | June-16 | |||||||||||
Total Acquisitions |
$ | 594,529 | ||||||||||||||
(a) | Acquisition includes a build-to-suit (BTS) transaction. Gross square footage cannot be determined at this time. | |
(b) | The tenant is building an approximately 17,000 square foot restaurant on the property, which is expected to open on August 30, 2011. |
13
W. P. CAREY & CO. LLC
2011 Investment Activity
As of June 30, 2011
(in thousands, except square footage)
2011 Investment Activity
As of June 30, 2011
(in thousands, except square footage)
Disposition Activity
Dispositions CPA
® REITs
Disposition | ||||||||||||||||
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Gross Sale Price | Date | Property Type | Gross Square Footage | ||||||||||
CPA®:15 |
Childtime Childcare, Inc. | Centreville, VA | $ | 788 | February-11 | Other | 6,360 | |||||||||
CPA®:15 |
Childtime Childcare, Inc. | Century Oaks, VA | 1,700 | March-11 | Other | 6,360 | ||||||||||
CPA®:16 Global (50%), CPA®:15 (50%) |
Goertz & Schiele | Puttlingen, Germany | 438 | April-11 | Industrial | 33,314 | ||||||||||
CPA®:16 Global |
Production Resources Group | Burbank, CA | 6,785 | May-11 | Leisure, Amusement, Entertainment | 49,374 | ||||||||||
CPA®:15 |
Childtime Childcare, Inc. | Manassas, VA | 1,765 | May-11 | Other | 8,854 | ||||||||||
CPA®:16 Global |
International Garden | Lakewood, NJ | 6,000 | May-11 | Warehouse/Distribution | 218,201 | ||||||||||
CPA®:17 Global |
Carquest Canada Ltd. | New Brunswick and Quebec, Canada | 19,773 | May-11 | Warehouse/Distribution | 231,870 | ||||||||||
CPA®:16 Global |
NutraMax Products, Inc. | Houston, TX | 6,874 | June-11 | Industrial | 253,215 | ||||||||||
CPA®:15 (67%), WPC LLC (33%) |
Information Resources | Chicago, IL | 4,745 | June-11 | Office | 92,400 | ||||||||||
Total REIT Dispositions |
48,868 | 899,948 | ||||||||||||||
Dispositions Owned Portfolio |
||||||||||||||||
WPC LLC |
AT&T Corp. | Bridgeton, MO | 8,250 | February-11 | Industrial | 85,510 | ||||||||||
WPC LLC |
3E Trading LLC | West Mifflin, PA | 1,032 | February-11 | Retail | 121,054 | ||||||||||
WPC LLC |
Honeywell | Houston, TX | 1,595 | June-11 | Warehouse/Distribution | 32,320 | ||||||||||
Total Owned Portfolio Dispositions |
10,877 | 238,884 | ||||||||||||||
Total Dispositions |
$ | 59,745 | 1,138,832 | |||||||||||||
Foreclosure and Receivership Activity
Outstanding | ||||||||||||||||
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Mortgage Balance | Date | Event | Gross Square Footage | ||||||||||
CPA®:15 |
Vacant | Port Huron & Shelby Township, MI | $ | 6,143 | February-11 | Receivership | 294,883 | |||||||||
CPA®:14 |
Vacant | Duluth, GA | 7,141 | March-11 | Foreclosure | 221,374 | ||||||||||
CPA®:14 |
Vacant | Eagan, MN | 19,363 | April-11 | Foreclosure | 99,342 | ||||||||||
$ | 32,647 | 615,599 | ||||||||||||||
14
W. P. CAREY & CO. LLC
Portfolio Analysis Diversification by Rent and Historical Occupancy (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Analysis Diversification by Rent and Historical Occupancy (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Diversification by Annualized Contractual Minimum Base Rent
Annualized Contractual | ||||||||
Top Ten Tenants/Lease Guarantors | Minimum Base Rent | Percent | ||||||
Carrefour France, SAS (a) |
$ | 8,105 | 8 | % | ||||
Federal Express Corporation (b) |
7,456 | 8 | % | |||||
CheckFree Holdings, Inc. (b) |
5,216 | 5 | % | |||||
The American Bottling Company |
4,895 | 5 | % | |||||
The New York Times Company |
4,423 | 5 | % | |||||
JP Morgan Chase Bank, N.A. |
3,862 | 4 | % | |||||
Amylin Pharmaceuticals, Inc. (b) |
3,641 | 4 | % | |||||
Orbital Sciences Corporation |
3,307 | 3 | % | |||||
U.S. Airways Group, Inc. |
3,297 | 3 | % | |||||
Titan Corporation |
3,055 | 3 | % | |||||
Total |
$ | 47,257 | ||||||
(a) | Rent amounts are subject to fluctuations in foreign currency exchange rates. | |
(b) | Tenant is new to the portfolio this quarter. In connection with the CPA®:14/16 Merger, we purchased the remaining interest in the property, in which we already had a joint interest, from CPA®:14. | |
(c) | Percentage of the portfolios total pro rata square footage that was subject to lease. |
15
W. P. CAREY & CO. LLC
Portfolio Analysis Diversification by Property Type (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Analysis Diversification by Property Type (Pro rata Basis)
As of June 30, 2011
(in thousands)
Property Type | Square Footage | Percent | ||||||
Warehouse/Distribution |
5,112 | 36 | % | |||||
Industrial |
4,869 | 35 | % | |||||
Office |
2,678 | 19 | % | |||||
Retail |
874 | 6 | % | |||||
Other Properties (a) |
363 | 3 | % | |||||
Hospitality |
158 | 1 | % | |||||
Total (b) |
14,054 | 100 | % | |||||
Annualized Contractual | ||||||||
Property Type | Minimum Base Rent | Percent | ||||||
Office |
$ | 38,828 | 40 | % | ||||
Industrial |
25,738 | 26 | % | |||||
Warehouse/Distribution |
18,538 | 19 | % | |||||
Other Properties (a) |
6,727 | 7 | % | |||||
Retail |
5,478 | 6 | % | |||||
Hospitality |
2,100 | 2 | % | |||||
Total (b) |
$ | 97,409 | 100 | % | ||||
(a) | Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; and unoccupied land. | |
(b) | Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet. |
16
W. P. CAREY & CO. LLC
Portfolio Analysis Diversification by Tenant Industry (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Analysis Diversification by Tenant Industry (Pro rata Basis)
As of June 30, 2011
(in thousands)
Annualized Contractual | ||||||||
Industry Type (a) | Minimum Base Rent | Percent | ||||||
Retail Trade |
$ | 16,388 | 17 | % | ||||
Business and Commercial Services |
13,422 | 14 | % | |||||
Healthcare, Education and Childcare |
7,997 | 8 | % | |||||
Transportation Cargo |
7,484 | 8 | % | |||||
Media: Printing and Publishing |
6,779 | 7 | % | |||||
Telecommunications |
5,496 | 6 | % | |||||
Electronics |
4,971 | 5 | % | |||||
Beverages, Food, and Tobacco |
4,949 | 5 | % | |||||
Aerospace and Defense |
4,907 | 5 | % | |||||
Banking |
3,862 | 4 | % | |||||
Forest Products and Paper |
3,772 | 4 | % | |||||
Transportation Personal |
3,504 | 4 | % | |||||
Machinery |
2,623 | 3 | % | |||||
Hotels and Gaming |
2,110 | 2 | % | |||||
Mining, Metals, and Primary Metal
Industries |
1,513 | 1 | % | |||||
Consumer and Durable Goods |
1,463 | 1 | % | |||||
Chemicals, Plastics, Rubber, and
Glass |
1,179 | 1 | % | |||||
Leisure, Amusement, Entertainment |
927 | 1 | % | |||||
Construction and Building |
878 | 1 | % | |||||
Textiles, Leather, and Apparel |
851 | 1 | % | |||||
Other (b) |
2,334 | 2 | % | |||||
Total (c) |
$ | 97,409 | 100 | % | ||||
(a) | Based on the Moodys Classification System and information provided by the tenant. | |
(b) | Includes revenue from tenants in the following industries: federal, state and local government (0.7%), consumer non-durable goods (0.7%), automobile (0.7%), multi-tenant properties (0.2%) and grocery (0.04%). | |
(c) | Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet. |
17
W. P. CAREY & CO. LLC
Portfolio Analysis Diversification by Geography (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Analysis Diversification by Geography (Pro rata Basis)
As of June 30, 2011
(in thousands)
Region | Square Footage | Percent | ||||||
United States |
||||||||
South |
5,031 | 36 | % | |||||
East |
2,792 | 20 | % | |||||
West |
2,411 | 17 | % | |||||
Midwest |
1,638 | 11 | % | |||||
11,872 | 84 | % | ||||||
International |
||||||||
France |
1,683 | 12 | % | |||||
Germany |
246 | 2 | % | |||||
Spain |
139 | 1 | % | |||||
Poland |
114 | 1 | % | |||||
2,182 | 16 | % | ||||||
Total (a) |
14,054 | 100 | % | |||||
Annualized Contractual | ||||||||
Region | Minimum Base Rent | Percent | ||||||
United States |
||||||||
South |
$ | 32,013 | 33 | % | ||||
West |
23,064 | 24 | % | |||||
East |
12,333 | 12 | % | |||||
Midwest |
10,167 | 10 | % | |||||
77,577 | 79 | % | ||||||
International |
||||||||
France |
14,500 | 15 | % | |||||
Germany |
2,444 | 3 | % | |||||
Spain |
1,817 | 2 | % | |||||
Poland |
1,071 | 1 | % | |||||
19,832 | 21 | % | ||||||
Total (a) |
$ | 97,409 | 100 | % | ||||
(a) | Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet. |
18
W. P. CAREY & CO. LLC
Portfolio Analysis Lease Maturities (Pro rata Basis)
As of June 30, 2011
(in thousands)
Portfolio Analysis Lease Maturities (Pro rata Basis)
As of June 30, 2011
(in thousands)
Annualized | ||||||||
Contractual | ||||||||
Year of Lease | Minimum Base | |||||||
Expiration (a) | Rent | Percent | ||||||
2011 (b) |
$ | 4,608 | 5 | % | ||||
2012 |
9,577 | 10 | % | |||||
2013 |
4,448 | 5 | % | |||||
2014 |
11,145 | 11 | % | |||||
2015 |
13,431 | 14 | % | |||||
2016 |
6,861 | 7 | % | |||||
2017 |
5,915 | 6 | % | |||||
2018 |
3,799 | 4 | % | |||||
2019 |
14,121 | 14 | % | |||||
2020 |
3,273 | 3 | % | |||||
2021 |
3,801 | 4 | % | |||||
2022 |
1,657 | 2 | % | |||||
2023 |
| 0 | % | |||||
2024 |
4,423 | 4 | % | |||||
2025 |
1,279 | 1 | % | |||||
2026 |
948 | 1 | % | |||||
2027 |
2,444 | 3 | % | |||||
2028 |
| 0 | % | |||||
2029 |
| 0 | % | |||||
2030 |
5,679 | 6 | % | |||||
Total (c) |
$ | 97,409 | 100 | % | ||||
Weighted Average Years to Maturity: 6.63
(a) | Assumes tenant does not exercise renewal option. | |
(b) | Month-to-month properties are counted in 2011 revenue stream. | |
(c) | Excludes 21 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 1.5 million square feet. |
19
W. P. CAREY & CO. LLC
Consolidated Balance Sheets (Unaudited)
(in thousands, except share amounts)
Consolidated Balance Sheets (Unaudited)
(in thousands, except share amounts)
June 30, 2011 | December 31, 2010 | |||||||
Assets |
||||||||
Investments in real estate: |
||||||||
Real estate, at cost |
$ | 646,923 | $ | 560,592 | ||||
Operating real estate, at cost |
109,748 | 109,851 | ||||||
Accumulated depreciation |
(129,072 | ) | (122,312 | ) | ||||
Net investments in properties |
627,599 | 548,131 | ||||||
Net investment in direct financing leases |
76,114 | 76,550 | ||||||
Equity investments in real estate and the REITs |
528,012 | 322,294 | ||||||
Net investments in real estate |
1,231,725 | 946,975 | ||||||
Cash and cash equivalents |
26,461 | 64,693 | ||||||
Due from affiliates |
32,014 | 38,793 | ||||||
Intangible assets and goodwill, net |
130,122 | 87,768 | ||||||
Other assets, net |
39,384 | 34,097 | ||||||
Total assets |
$ | 1,459,706 | $ | 1,172,326 | ||||
Liabilities and Equity |
||||||||
Liabilities: |
||||||||
Non-recourse debt |
$ | 342,941 | $ | 255,232 | ||||
Line of credit |
233,160 | 141,750 | ||||||
Accounts payable, accrued expenses and other liabilities |
64,774 | 40,808 | ||||||
Income taxes, net |
58,239 | 41,443 | ||||||
Distributions payable |
21,784 | 20,073 | ||||||
Total liabilities |
720,898 | 499,306 | ||||||
Redeemable noncontrolling interest |
6,792 | 7,546 | ||||||
Commitments and contingencies |
||||||||
Equity: |
||||||||
W. P. Carey members equity: |
||||||||
Listed shares, no par value, 100,000,000 shares
authorized; 39,707,156 and 39,454,847 shares
issued and outstanding, respectively |
765,808 | 763,734 | ||||||
Distributions in excess of accumulated earnings |
(85,874 | ) | (145,769 | ) | ||||
Deferred compensation obligation |
10,511 | 10,511 | ||||||
Accumulated other comprehensive income (loss) |
2,904 | (3,463 | ) | |||||
Total W. P. Carey members equity |
693,349 | 625,013 | ||||||
Noncontrolling interests |
38,667 | 40,461 | ||||||
Total equity |
732,016 | 665,474 | ||||||
Total liabilities and equity |
$ | 1,459,706 | $ | 1,172,326 | ||||
20
W. P. CAREY & CO. LLC
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
||||||||||||||||
Asset management revenue |
$ | 16,619 | $ | 19,080 | $ | 36,439 | $ | 37,900 | ||||||||
Structuring revenue |
5,735 | 13,102 | 21,680 | 19,936 | ||||||||||||
Incentive, termination and subordinated disposition revenue |
52,515 | | 52,515 | | ||||||||||||
Wholesaling revenue |
2,922 | 2,741 | 6,202 | 5,283 | ||||||||||||
Reimbursed costs from affiliates |
17,059 | 14,838 | 34,778 | 29,440 | ||||||||||||
Lease revenues |
17,839 | 15,444 | 33,299 | 31,135 | ||||||||||||
Other real estate income |
5,709 | 4,796 | 11,017 | 8,572 | ||||||||||||
118,398 | 70,001 | 195,930 | 132,266 | |||||||||||||
Operating Expenses |
||||||||||||||||
General and administrative |
(24,585 | ) | (18,647 | ) | (45,908 | ) | (36,694 | ) | ||||||||
Reimbursable costs |
(17,059 | ) | (14,838 | ) | (34,778 | ) | (29,440 | ) | ||||||||
Depreciation and amortization |
(7,305 | ) | (5,743 | ) | (12,742 | ) | (11,828 | ) | ||||||||
Property expenses |
(3,066 | ) | (2,310 | ) | (6,204 | ) | (4,494 | ) | ||||||||
Other real estate expenses |
(2,942 | ) | (1,773 | ) | (5,499 | ) | (3,588 | ) | ||||||||
Impairment charges |
(41 | ) | | (41 | ) | | ||||||||||
(54,998 | ) | (43,311 | ) | (105,172 | ) | (86,044 | ) | |||||||||
Other Income and Expenses |
||||||||||||||||
Other interest income |
560 | 336 | 1,235 | 609 | ||||||||||||
Income from equity investments in real estate and the REITs |
12,465 | 7,638 | 18,681 | 16,780 | ||||||||||||
Gain on change in control of interests |
27,859 | | 27,859 | | ||||||||||||
Other income and (expenses) |
4,758 | 47 | 5,239 | (610 | ) | |||||||||||
Interest expense |
(5,396 | ) | (3,765 | ) | (9,836 | ) | (7,476 | ) | ||||||||
40,246 | 4,256 | 43,178 | 9,303 | |||||||||||||
Income from continuing operations before income taxes |
103,646 | 30,946 | 133,936 | 55,525 | ||||||||||||
Provision for income taxes |
(24,760 | ) | (6,751 | ) | (32,334 | ) | (10,863 | ) | ||||||||
Income from continuing operations |
78,886 | 24,195 | 101,602 | 44,662 | ||||||||||||
Discontinued Operations |
||||||||||||||||
(Loss) income from operations of discontinued properties |
(36 | ) | 455 | 83 | 1,038 | |||||||||||
(Loss) gain on sale of real estate |
(121 | ) | 56 | 660 | 460 | |||||||||||
Impairment charges |
| (985 | ) | | (8,137 | ) | ||||||||||
(Loss) income from discontinued operations |
(157 | ) | (474 | ) | 743 | (6,639 | ) | |||||||||
Net Income |
78,729 | 23,721 | 102,345 | 38,023 | ||||||||||||
Add: Net loss attributable to noncontrolling interests |
384 | 128 | 714 | 414 | ||||||||||||
Less: Net income attributable to redeemable noncontrolling interest |
(1 | ) | (417 | ) | (604 | ) | (592 | ) | ||||||||
Net Income Attributable to W. P. Carey Members |
$ | 79,112 | $ | 23,432 | $ | 102,455 | $ | 37,845 | ||||||||
Basic Earnings Per Share |
||||||||||||||||
Income from continuing operations attributable to W. P. Carey members |
$ | 1.96 | $ | 0.60 | $ | 2.52 | $ | 1.11 | ||||||||
(Loss) income from discontinued operations attributable to W. P.
Carey members |
| (0.01 | ) | 0.02 | (0.16 | ) | ||||||||||
Net income attributable to W. P. Carey members |
$ | 1.96 | $ | 0.59 | $ | 2.54 | $ | 0.95 | ||||||||
Diluted Earnings Per Share |
||||||||||||||||
Income from continuing operations attributable to W. P. Carey members |
$ | 1.94 | $ | 0.60 | $ | 2.50 | $ | 1.11 | ||||||||
(Loss) income from discontinued operations attributable to W. P.
Carey members |
| (0.01 | ) | 0.02 | (0.16 | ) | ||||||||||
Net income attributable to W. P. Carey members |
$ | 1.94 | $ | 0.59 | $ | 2.52 | $ | 0.95 | ||||||||
Weighted Average Shares Outstanding |
||||||||||||||||
Basic |
39,782,796 | 39,081,064 | 39,760,676 | 39,116,126 | ||||||||||||
Diluted |
40,243,548 | 39,510,231 | 40,192,418 | 39,567,583 | ||||||||||||
Amounts Attributable to W. P. Carey Members |
||||||||||||||||
Income from continuing operations, net of tax |
$ | 79,269 | $ | 23,906 | $ | 101,712 | $ | 44,484 | ||||||||
(Loss) income from discontinued operations, net of tax |
(157 | ) | (474 | ) | 743 | (6,639 | ) | |||||||||
Net income |
$ | 79,112 | $ | 23,432 | $ | 102,455 | $ | 37,845 | ||||||||
Distributions Declared Per Share |
$ | 0.550 | $ | 0.506 | $ | 1.062 | $ | 1.010 | ||||||||
21
W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six months ended June 30, | ||||||||
2011 | 2010 | |||||||
Cash Flows Operating Activities |
||||||||
Net income |
$ | 102,345 | $ | 38,023 | ||||
Adjustments to net income: |
||||||||
Depreciation and amortization including intangible assets and deferred financing costs |
12,782 | 12,377 | ||||||
Income from equity investments in real estate and the REITs in excess of
distributions received |
223 | (5,942 | ) | |||||
Straight-line rent and financing lease adjustments |
(1,386 | ) | 429 | |||||
Amortization of deferred revenue |
(1,573 | ) | | |||||
Gain on sale of real estate |
(660 | ) | (460 | ) | ||||
Unrealized (gain) loss on foreign currency transactions and others |
(371 | ) | 860 | |||||
Realized (gain) loss on foreign currency transactions and others |
(1,188 | ) | 143 | |||||
Allocation of loss to profit-sharing interest |
| (373 | ) | |||||
Management income received in shares of affiliates |
(52,142 | ) | (17,344 | ) | ||||
Gain on conversion of shares |
(3,806 | ) | | |||||
Gain on change in control of interests |
(27,859 | ) | | |||||
Impairment charges |
41 | 8,137 | ||||||
Stock-based compensation expense |
8,628 | 4,936 | ||||||
Deferred acquisition revenue received |
15,462 | 17,048 | ||||||
Increase in structuring revenue receivable |
(9,222 | ) | (9,352 | ) | ||||
Increase (decrease) in income taxes payable, net |
16,256 | (6,116 | ) | |||||
Net changes in other operating assets and liabilities |
(11,543 | ) | (6,075 | ) | ||||
Net cash provided by operating activities |
45,987 | 36,291 | ||||||
Cash Flows Investing Activities |
||||||||
Distributions received from equity investments in real estate and the REITs
in excess of equity income |
14,498 | 7,762 | ||||||
Capital contributions to equity investments |
(2,297 | ) | | |||||
Purchase of interests in affiliate |
(121,315 | ) | | |||||
Purchases of real estate and equity investments in real estate |
(24,323 | ) | (74,904 | ) | ||||
VAT paid in connection with acquisition of real estate |
| (4,222 | ) | |||||
Capital expenditures |
(1,375 | ) | (1,652 | ) | ||||
Cash acquired on acquisition of subsidiaries |
57 | | ||||||
Proceeds from sale of real estate |
10,643 | 9,200 | ||||||
Proceeds from sale of securities |
777 | | ||||||
Funding of short-term loans to affiliates |
(94,000 | ) | | |||||
Proceeds from repayment of short-term loans from affiliates |
94,000 | | ||||||
Funds released from escrow |
2,030 | 36,132 | ||||||
Funds placed in escrow |
(3,899 | ) | | |||||
Net cash used in investing activities |
(125,204 | ) | (27,684 | ) | ||||
Cash Flows Financing Activities |
||||||||
Distributions paid |
(40,849 | ) | (52,490 | ) | ||||
Contributions from noncontrolling interests |
1,459 | 11,180 | ||||||
Distributions to noncontrolling interests |
(2,822 | ) | (1,444 | ) | ||||
Purchase of noncontrolling interest |
(7,502 | ) | | |||||
Distributions to profit-sharing interest |
| (693 | ) | |||||
Scheduled payments of mortgage principal |
(9,897 | ) | (10,322 | ) | ||||
Proceeds from mortgage financing |
7,438 | 6,315 | ||||||
Proceeds from line of credit |
231,410 | 83,250 | ||||||
Payments of lines of credit |
(140,000 | ) | (22,500 | ) | ||||
Payment of financing costs |
(831 | ) | (301 | ) | ||||
Proceeds from issuance of shares |
1,018 | 799 | ||||||
Windfall tax benefits (provision) associated with stock-based compensation awards |
872 | (159 | ) | |||||
Net cash provided by financing activities |
40,296 | 13,635 | ||||||
Change in Cash and Cash Equivalents During the Period |
||||||||
Effect of exchange rate changes on cash |
689 | (1,243 | ) | |||||
Net (decrease) increase in cash and cash equivalents |
(38,232 | ) | 20,999 | |||||
Cash and cash equivalents, beginning of period |
64,693 | 18,450 | ||||||
Cash and cash equivalents, end of period |
$ | 26,461 | $ | 39,449 | ||||
22
W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Annualized Contractual | ||||||||||||||||||||||||||||||
Square Footage | Minimum Base Rent (in | Percentage of Total | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | (e) | thousands) | Rent (e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Nimes, France | Warehouse/Distribution | Retail Trade | Europe | 177,792 | $ | 1,112 | 1.14 | % | INSEE (b) | Jun-2016 | Jun-2019 | ||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 174,267 | 1,093 | 1.12 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Crepy en Valois, France | Warehouse/Distribution | Retail Trade | Europe | 152,370 | 997 | 1.02 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 126,929 | 796 | 0.82 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 134,942 | 736 | 0.76 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Ploufragan, France | Warehouse/Distribution | Retail Trade | Europe | 122,596 | 685 | 0.70 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Crepy en Valois, France | Warehouse/Distribution | Retail Trade | Europe | 101,252 | 663 | 0.68 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Thuit Hebert, France | Warehouse/Distribution | Retail Trade | Europe | 107,962 | 589 | 0.60 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Cholet, France | Warehouse/Distribution | Retail Trade | Europe | 99,265 | 555 | 0.57 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 60,294 | 378 | 0.39 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Thuit Hebert, France | Warehouse/Distribution | Retail Trade | Europe | 68,479 | 374 | 0.38 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 7,524 | 47 | 0.05 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 4,349 | 27 | 0.03 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 2,899 | 18 | 0.02 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 2,599 | 16 | 0.02 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 2,554 | 14 | 0.01 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS (a) |
46 | % | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 596 | 3 | 0.00 | % | INSEE (b) | Jun-2015 | Jun-2018 | |||||||||||||||||
Carrefour France, SAS Total |
1,346,669 | 8,105 | 8.32 | % | ||||||||||||||||||||||||||
Federal Express Corporation |
100 | % | Collierville, TN | Office | Transportation - Cargo | South | 97,595 | 1,793 | 1.84 | % | CPI | Nov-2019 | Aug-2039 | |||||||||||||||||
Federal Express Corporation |
100 | % | Collierville, TN | Office | Transportation - Cargo | South | 97,595 | 1,793 | 1.84 | % | CPI | Nov-2019 | Aug-2039 | |||||||||||||||||
Federal Express Corporation |
100 | % | Collierville, TN | Office | Transportation - Cargo | South | 97,595 | 1,793 | 1.84 | % | CPI | Nov-2019 | Aug-2039 | |||||||||||||||||
Federal Express Corporation |
100 | % | Collierville, TN | Office | Transportation - Cargo | South | 97,595 | 1,793 | 1.84 | % | CPI | Nov-2019 | Aug-2039 | |||||||||||||||||
Federal Express Corporation |
100 | % | Corpus Christi, TX | Warehouse/Distribution | Transportation - Cargo | South | 30,212 | 213 | 0.22 | % | Fixed | May-2012 | May-2017 | |||||||||||||||||
Federal Express Corporation |
100 | % | College Station, TX | Warehouse/Distribution | Transportation - Cargo | South | 12,080 | 70 | 0.07 | % | Fixed | Apr-2012 | Apr-2017 | |||||||||||||||||
Federal Express Corporation Total |
432,672 | 7,456 | 7.65 | % | ||||||||||||||||||||||||||
CheckFree Corporation |
100 | % | Norcross, GA | Office | Business and Commercial Services | South | 100,125 | 2,032 | 2.09 | % | CPI | Dec-2015 | Dec-2030 | |||||||||||||||||
CheckFree Corporation |
100 | % | Norcross, GA | Office | Business and Commercial Services | South | 68,300 | 1,724 | 1.77 | % | CPI | Dec-2015 | Dec-2030 | |||||||||||||||||
CheckFree Corporation |
100 | % | Norcross, GA | Office | Business and Commercial Services | South | 52,250 | 1,301 | 1.34 | % | CPI | Dec-2015 | Dec-2030 | |||||||||||||||||
CheckFree Corporation |
100 | % | Norcross, GA | Land | Business and Commercial Services | South | 1 | 159 | 0.16 | % | CPI | Dec-2015 | Dec-2030 | |||||||||||||||||
CheckFree Corporation Total |
220,676 | 5,216 | 5.35 | % | ||||||||||||||||||||||||||
The American Bottling Company |
100 | % | Irving, TX | Industrial | Beverages, Food, and Tobacco | South | 459,497 | 2,969 | 3.05 | % | CPI | Jul-2014 | Jul-2029 | |||||||||||||||||
The American Bottling Company |
100 | % | Houston, TX | Industrial | Beverages, Food, and Tobacco | South | 262,450 | 1,926 | 1.98 | % | CPI | Jul-2014 | Jul-2029 | |||||||||||||||||
The American Bottling Company Total |
721,947 | 4,895 | 5.03 | % | ||||||||||||||||||||||||||
The New York Times Company |
18 | % | New York, NY | Office | Media: Printing and Publishing | East | 126,420 | 4,423 | 4.54 | % | Fixed | Mar-2024 | Mar-2044 | |||||||||||||||||
JP Morgan Chase Bank, N.A. |
100 | % | Fort Worth, TX | Office | Banking | South | 384,246 | 3,862 | 3.96 | % | None | Feb-2030 | Feb-2050 | |||||||||||||||||
Amylin Pharmaceuticals, Inc. |
100 | % | San Diego, CA | Office | Business and Commercial Services | West | 71,902 | 1,820 | 1.87 | % | Fixed | Jul-2019 | Jul-2029 | |||||||||||||||||
Amylin Pharmaceuticals, Inc. |
100 | % | San Diego, CA | Industrial | Business and Commercial Services | West | 72,408 | 1,820 | 1.87 | % | Fixed | Jul-2019 | Jul-2029 | |||||||||||||||||
Amylin Pharmaceuticals, Inc. Total |
144,310 | 3,641 | 3.74 | % | ||||||||||||||||||||||||||
Orbital Sciences Corporation |
100 | % | Chandler, AZ | Industrial | Aerospace and Defense | West | 355,307 | 3,307 | 3.39 | % | CPI | Sep-2019 | Sep-2029 | |||||||||||||||||
US Airways Group, Inc. |
75 | % | Tempe, AZ | Office | Transportation - Personal | West | 167,890 | 3,297 | 3.38 | % | CPI | Apr-2014 | Nov-2029 | |||||||||||||||||
The Titan Corporation |
100 | % | San Diego, CA | Office | Electronics | West | 166,403 | 3,055 | 3.14 | % | CPI | Jul-2012 | Jul-2017 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Paris, France | Other | Healthcare, Education and Childcare | Europe | 24,770 | 669 | 0.69 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Sarcelles, France | Other | Healthcare, Education and Childcare | Europe | 34,621 | 669 | 0.69 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Chatou, France | Other | Healthcare, Education and Childcare | Europe | 24,667 | 418 | 0.43 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Poissy, France | Other | Healthcare, Education and Childcare | Europe | 24,593 | 418 | 0.43 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Rosny sous Bois, France | Other | Healthcare, Education and Childcare | Europe | 21,847 | 418 | 0.43 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. (a) |
46 | % | Rueil Malmaison, France | Other | Healthcare, Education and Childcare | Europe | 23,814 | 418 | 0.43 | % | INSEE (b) | Sep-2021 | Sep-2030 | |||||||||||||||||
Medica France S.A. Total |
154,312 | 3,011 | 3.09 | % | ||||||||||||||||||||||||||
Bouygues Telecom, S.A.(a) |
75 | % | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 45,459 | 1,849 | 1.90 | % | INSEE (b) | Feb-2013 | Feb-2013 | |||||||||||||||||
Bouygues Telecom, S.A.(a) |
95 | % | Tours, France | Office | Telecommunications | Europe | 57,264 | 1,008 | 1.03 | % | INSEE (b) | Sep-2012 | Sep-2012 | |||||||||||||||||
Bouygues Telecom, S.A.(a) |
75 | % | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 3,689 | | 0.00 | % | INSEE (b) | Dec-2015 | May-2020 | |||||||||||||||||
Bouygues Telecom, S.A. Total |
106,412 | 2,857 | 2.93 | % | ||||||||||||||||||||||||||
Schuler AG (a) |
33 | % | Göppingen, Germany | Industrial | Machinery | Europe | 246,380 | 2,444 | 2.51 | % | CPI | Oct-2027 | Oct-2047 | |||||||||||||||||
AutoZone, Inc. |
100 | % | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 56 | 0.06 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Albuquerque, NM | Retail | Retail Trade | West | 5,400 | 55 | 0.06 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 54 | 0.06 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Houston, TX | Retail | Retail Trade | South | 5,400 | 53 | 0.05 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Gastonia, NC | Retail | Retail Trade | East | 5,400 | 52 | 0.05 | % | None | Jan-2016 | Jan-2026 |
23
W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Annualized Contractual | ||||||||||||||||||||||||||||||
Square Footage | Minimum Base Rent (in | Percentage of Total | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | (e) | thousands) | Rent (e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
AutoZone, Inc. |
100 | % | Corpus Christi, TX | Retail | Retail Trade | South | 6,600 | 52 | 0.05 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Statesville, NC | Retail | Retail Trade | East | 5,400 | 51 | 0.05 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Lenoir, NC | Retail | Retail Trade | East | 5,400 | 51 | 0.05 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Corpus Christi, TX | Retail | Retail Trade | South | 6,480 | 51 | 0.05 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Victoria, TX | Retail | Retail Trade | South | 6,480 | 51 | 0.05 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Lexington, SC | Retail | Retail Trade | East | 5,400 | 50 | 0.05 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Macon, GA | Retail | Retail Trade | South | 5,400 | 50 | 0.05 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | St. Peters, MO | Retail | Retail Trade | Midwest | 5,400 | 49 | 0.05 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | St. Peters, MO | Retail | Retail Trade | Midwest | 6,660 | 49 | 0.05 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 48 | 0.05 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Decatur, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Phenix City, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Mobile, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Alton, IL | Retail | Retail Trade | Midwest | 5,400 | 45 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Belleville, IL | Retail | Retail Trade | Midwest | 5,400 | 45 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Breckenridge, MO | Retail | Retail Trade | Midwest | 5,400 | 44 | 0.05 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Chickasaw, AL | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Montgomery, AL | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Columbus, GA | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | West Monroe, LA | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Baton Rouge, LA | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Lake Charles, LA | Retail | Retail Trade | South | 6,480 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Lake Charles, LA | Retail | Retail Trade | South | 6,480 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Maplewood, MO | Retail | Retail Trade | Midwest | 6,480 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Overland, MO | Retail | Retail Trade | Midwest | 6,480 | 43 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Albany, GA | Retail | Retail Trade | South | 5,400 | 43 | 0.04 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Charlotte, NC | Retail | Retail Trade | East | 5,400 | 42 | 0.04 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 42 | 0.04 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Farmington, NM | Retail | Retail Trade | West | 5,400 | 41 | 0.04 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Hammond, LA | Retail | Retail Trade | South | 6,480 | 40 | 0.04 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Brunswick, GA | Retail | Retail Trade | South | 5,400 | 40 | 0.04 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Waco, TX | Retail | Retail Trade | South | 4,800 | 38 | 0.04 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Collinsville, IL | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Wood River, IL | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | St. Louis, MO | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Panama City, FL | Retail | Retail Trade | South | 5,401 | 35 | 0.04 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Jacksonville, FL | Retail | Retail Trade | South | 5,000 | 35 | 0.04 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Augusta, GA | Retail | Retail Trade | South | 5,400 | 34 | 0.04 | % | None | Aug-2013 | Aug-2038 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Bessemer, AL | Retail | Retail Trade | South | 5,400 | 32 | 0.03 | % | None | Feb-2016 | Feb-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Austin, TX | Retail | Retail Trade | South | 4,000 | 31 | 0.03 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Nederland, TX | Retail | Retail Trade | South | 4,000 | 31 | 0.03 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | West Orange, TX | Retail | Retail Trade | South | 4,000 | 31 | 0.03 | % | None | Jan-2016 | Jan-2026 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Shelby, NC | Retail | Retail Trade | East | 6,660 | 31 | 0.03 | % | Fixed | Aug-2012 | Aug-2037 | |||||||||||||||||
AutoZone, Inc. |
100 | % | Kannapolis, NC | Retail | Retail Trade | East | 6,408 | 24 | 0.02 | % | 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 | 2,217 | 2.28 | % | ||||||||||||||||||||||||||
LIVHO, Inc. |
100 | % | Livonia, MI | Hospitality | Hotels and Gaming | Midwest | 158,000 | 2,100 | 2.16 | % | Fixed | Jan-2012 | Jan-2012 | |||||||||||||||||
Brown Institute, Ltd. |
100 | % | Mendota Heights, MN | Other | Healthcare, Education and Childcare | Midwest | 136,400 | 2,069 | 2.12 | % | Fixed | Aug-2011 | Aug-2011 | |||||||||||||||||
Sybron Dental Specialties, Inc. |
100 | % | Romulus, MI | Industrial | Healthcare, Education and Childcare | Midwest | 220,000 | 1,454 | 1.49 | % | CPI | Dec-2018 | Dec-2043 | |||||||||||||||||
Sybron Dental Specialties, Inc. |
100 | % | Glendora, CA | Office | Healthcare, Education and Childcare | West | 25,000 | 555 | 0.57 | % | CPI | Dec-2018 | Dec-2043 | |||||||||||||||||
Sybron Dental Specialties, Inc. Total |
245,000 | 2,009 | 2.06 | % | ||||||||||||||||||||||||||
Unisource Worldwide, Inc. |
100 | % | Commerce, CA | Warehouse/Distribution | Forest Products and Paper | West | 411,561 | 1,564 | 1.61 | % | Fixed | Apr-2020 | Apr-2030 | |||||||||||||||||
Unisource Worldwide, Inc. |
100 | % | Anchorage, AK | Warehouse/Distribution | Forest Products and Paper | West | 44,712 | 362 | 0.37 | % | Fixed | Dec-2014 | Dec-2029 | |||||||||||||||||
Unisource Worldwide, Inc. Total |
456,273 | 1,926 | 1.98 | % | ||||||||||||||||||||||||||
Eroski Sociedad Cooperativa |
70 | % | Mallorca, Spain | Warehouse/Distribution | Retail Trade | Europe | 138,383 | 1,817 | 1.87 | % | 3% or CPI | Jun-2030 | Jun-2045 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Lenexa, KS | Industrial | Aerospace and Defense | Midwest | 130,094 | 666 | 0.68 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Winston-Salem, NC | Warehouse/Distribution | Aerospace and Defense | East | 90,800 | 268 | 0.28 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 74,026 | 218 | 0.22 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 50,200 | 148 | 0.15 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Winston-Salem, NC | Office | Aerospace and Defense | East | 43,788 | 129 | 0.13 | % | Fixed | Sep-2017 | Sep-2037 | |||||||||||||||||
BE Aerospace, Inc. |
100 | % | Dallas, TX | Industrial | Aerospace and Defense | South | 22,680 | 127 | 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 | 1,601 | 1.64 | % | ||||||||||||||||||||||||||
Sprint Spectrum Realty Company, L.P. |
100 | % | Rio Rancho, NM | Office | Telecommunications | West | 94,730 | 1,530 | 1.57 | % | Fixed | May-2016 | May-2021 | |||||||||||||||||
Lowes Home Improvement Warehouse |
100 | % | Bellevue, WA | Retail | Retail Trade | West | 143,352 | 1,524 | 1.56 | % | CPI | Aug-2018 | Aug-2018 |
24
W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Annualized Contractual | ||||||||||||||||||||||||||||||
Square Footage | Minimum Base Rent (in | Percentage of Total | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | (e) | thousands) | Rent (e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
World Color Printing (USA) Corp. |
100 | % | Doraville, GA | Industrial | Media: Printing and Publishing | South | 432,559 | 1,520 | 1.56 | % | CPI | Dec-2017 | Dec-2042 | |||||||||||||||||
Cleo, Inc. |
100 | % | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 614,274 | 891 | 0.91 | % | CPI | Dec-2011 | Dec-2011 | |||||||||||||||||
Cleo, Inc. |
100 | % | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 391,896 | 411 | 0.42 | % | CPI | Dec-2011 | Dec-2011 | |||||||||||||||||
Cleo, Inc. Total |
1,006,170 | 1,302 | 1.34 | % | ||||||||||||||||||||||||||
Hologic, Inc. |
36 | % | Bedford, MA | Industrial | Electronics | East | 74,520 | 1,035 | 1.06 | % | CPI | Aug-2022 | Aug-2042 | |||||||||||||||||
Hologic, Inc. |
36 | % | Danbury, CT | Industrial | Electronics | East | 22,335 | 235 | 0.24 | % | CPI | Aug-2022 | Aug-2042 | |||||||||||||||||
Hologic, Inc. Total |
96,855 | 1,270 | 1.30 | % | ||||||||||||||||||||||||||
Anthonys Manufacturing Company, Inc. |
100 | % | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 95,420 | 606 | 0.62 | % | CPI | May-2012 | May-2012 | |||||||||||||||||
Anthonys Manufacturing Company, Inc. |
100 | % | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 40,285 | 256 | 0.26 | % | CPI | May-2012 | May-2012 | |||||||||||||||||
Anthonys Manufacturing Company, Inc. |
100 | % | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 39,920 | 254 | 0.26 | % | CPI | May-2012 | May-2012 | |||||||||||||||||
Anthonys Manufacturing Company, Inc. |
100 | % | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 7,220 | 46 | 0.05 | % | CPI | May-2012 | May-2012 | |||||||||||||||||
Anthonys Manufacturing Company, Inc. Total |
182,845 | 1,162 | 1.19 | % | ||||||||||||||||||||||||||
Fiskars Brands, Inc. |
100 | % | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 260,160 | 1,108 | 1.14 | % | Fixed | Mar-2015 | Mar-2015 | |||||||||||||||||
Fiskars Brands, Inc. |
100 | % | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 109,377 | 71 | 0.07 | % | Fixed | Mar-2015 | Mar-2015 | |||||||||||||||||
Fiskars Brands, Inc. Total |
369,537 | 1,179 | 1.21 | % | ||||||||||||||||||||||||||
The United States Playing Card Company |
100 | % | Erlanger, KY | Warehouse/Distribution | Media: Printing and Publishing | East | 409,600 | 836 | 0.86 | % | Fixed | Jun-2017 | Jun-2020 | |||||||||||||||||
The United States Playing Card Company |
100 | % | Erlanger, KY | Warehouse/Distribution | Consumer and Durable Goods | East | 162,604 | 301 | 0.31 | % | Fixed | Jun-2017 | Jun-2020 | |||||||||||||||||
The United States Playing Card Company Total |
572,204 | 1,137 | 1.17 | % | ||||||||||||||||||||||||||
OBI Group (a) |
100 | % | Wroclaw, Poland | Retail | Retail Trade | Europe | 113,570 | 1,071 | 1.10 | % | CPI | Dec-2025 | Dec-2040 | |||||||||||||||||
Consolidated Systems, Inc. |
60 | % | Columbia, SC | Industrial | Mining, Metals, and Primary Metal Industries | East | 294,249 | 823 | 0.85 | % | 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 | 0.97 | % | ||||||||||||||||||||||||||
24 Hour Fitness USA, Inc. |
100 | % | Austin, TX | Other | Leisure, Amusement, Entertainment | South | 43,935 | 927 | 0.95 | % | CPI | Jun-2017 | Jun-2037 | |||||||||||||||||
Sports Wholesale, Inc. |
100 | % | Birmingham, AL | Warehouse/Distribution | Retail Trade | South | 219,312 | 924 | 0.95 | % | CPI | Dec-2014 | Dec-2029 | |||||||||||||||||
NVR, Inc. |
100 | % | Thurmont, MD | Industrial | Construction and Building | East | 150,468 | 735 | 0.75 | % | 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 | 0.90 | % | ||||||||||||||||||||||||||
The SI Organization, Inc. |
100 | % | King of Prussia, PA | Office | Business and Commercial Services | East | 88,578 | 864 | 0.89 | % | Fixed | Jul-2013 | Jul-2023 | |||||||||||||||||
Swat-Fame, Inc. |
100 | % | City of Industry, CA | Industrial | Textiles, Leather, and Apparel | West | 233,205 | 851 | 0.87 | % | CPI | Jun-2020 | Jun-2020 | |||||||||||||||||
SymphonyIRI Group, Inc. |
33 | % | Chicago, IL | Office | Business and Commercial Services | Midwest | 53,195 | 791 | 0.81 | % | CPI | Jan-2021 | Jan-2021 | |||||||||||||||||
United States Postal Service |
100 | % | Bloomingdale, IL | Office | Federal, State and Local Government | Midwest | 60,000 | 698 | 0.72 | % | Fixed | Apr-2016 | Apr-2016 | |||||||||||||||||
Juniper Networks, Inc. |
100 | % | Sunnyvale, CA | Industrial | Electronics | West | 50,311 | 646 | 0.66 | % | Fixed | Nov-2011 | Nov-2021 | |||||||||||||||||
BellSouth Telecommunications, Inc. |
100 | % | Fort Lauderdale, FL | Warehouse/Distribution | Telecommunications | South | 80,450 | 613 | 0.63 | % | 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 | 560 | 0.58 | % | ||||||||||||||||||||||||||
Common Area (c) |
75 | % | Illkirch-Graffens, France | Office | N/A | Europe | 7,637 | 527 | 0.54 | % | None | Mar-2020 | Mar-2020 | |||||||||||||||||
Jada Toys, Inc. |
100 | % | City of Industry, CA | Industrial | Consumer Non-durable Goods | West | 92,595 | 500 | 0.51 | % | Fixed | Apr-2012 | Apr-2017 | |||||||||||||||||
United Stationers Supply Company |
100 | % | San Antonio, TX | Warehouse/Distribution | Forest Products and Paper | South | 63,098 | 256 | 0.26 | % | CPI | Mar-2014 | Mar-2017 | |||||||||||||||||
United Stationers Supply Company |
100 | % | New Orleans, LA | Warehouse/Distribution | Forest Products and Paper | South | 59,560 | 241 | 0.25 | % | CPI | Sep-2012 | Sep-2012 | |||||||||||||||||
United Stationers Supply Company Total |
122,658 | 497 | 0.51 | % | ||||||||||||||||||||||||||
Alstom Power |
100 | % | Erlanger, KY | Warehouse/Distribution | Business and Commercial Services | East | 197,400 | 485 | 0.50 | % | Fixed | Jun-2017 | Jun-2020 |
25
W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Annualized Contractual | ||||||||||||||||||||||||||||||
Square Footage | Minimum Base Rent (in | Percentage of Total | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | (e) | thousands) | Rent (e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
Pioneer Credit Recovery, Inc. |
100 | % | Moorestown, NJ | Office | Business and Commercial Services | East | 30,000 | 405 | 0.42 | % | Fixed | Apr-2012 | Apr-2018 | |||||||||||||||||
Lockheed Martin Corporation |
100 | % | Webster, TX | Industrial | Business and Commercial Services | South | 30,176 | 309 | 0.32 | % | Fixed | Oct-2011 | Jul-2021 | |||||||||||||||||
Lockheed Martin Corporation |
100 | % | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 8,921 | 91 | 0.34 | % | Fixed | Dec-2011 | Dec-2011 | |||||||||||||||||
Lockheed Martin Corporation |
100 | % | Webster, TX | Industrial | Business and Commercial Services | South | 48,207 | | 0.00 | % | Fixed | May-2018 | May-2025 | |||||||||||||||||
Lockheed Martin Corporation Total |
87,304 | 400 | 0.66 | % | ||||||||||||||||||||||||||
Kmart Corporation |
100 | % | Drayton Plains, MI | Retail | Retail Trade | Midwest | 103,018 | 210 | 0.22 | % | None | Mar-2016 | Mar-2026 | |||||||||||||||||
Kmart Corporation |
100 | % | Citrus Heights, CA | Retail | Retail Trade | West | 89,760 | 180 | 0.18 | % | None | May-2016 | May-2026 | |||||||||||||||||
Kmart Corporation Total |
192,778 | 390 | 0.40 | % | ||||||||||||||||||||||||||
Faurecia Exhaust Systems |
100 | % | Toledo, OH | Office | Automobile | Midwest | 61,000 | 387 | 0.40 | % | CPI | Nov-2022 | Nov-2022 | |||||||||||||||||
S&ME, Inc. |
100 | % | Raleigh, NC | Office | Business and Commercial Services | East | 27,770 | 338 | 0.35 | % | Fixed | Jul-2016 | Jul-2026 | |||||||||||||||||
Wal-Mart Stores, Inc. |
100 | % | Greenfield, IN | Warehouse/Distribution | Retail Trade | Midwest | 82,620 | 331 | 0.34 | % | None | Jan-2020 | Jan-2025 | |||||||||||||||||
Penberthy, Inc. |
100 | % | Prophetstown, IL | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 161,878 | 300 | 0.31 | % | CPI | Apr-2016 | Apr-2026 | |||||||||||||||||
Richard Design Services, Inc. |
100 | % | Beaumont, TX | Office | Business and Commercial Services | South | 34,300 | 300 | 0.31 | % | Other | Feb-2012 | May-2012 | |||||||||||||||||
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 | 0.18 | % | 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 | 0.28 | % | ||||||||||||||||||||||||||
Deloro Satellite Company, Inc. |
100 | % | Goshen, IN | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 52,000 | 265 | 0.27 | % | Fixed | Feb-2018 | Feb-2023 | |||||||||||||||||
Multi-Tenant Building |
100 | % | Broomfield, CO | Office | Various | West | 63,771 | 227 | 0.23 | % | Various | Various | Various | |||||||||||||||||
Fairpoint Communications, Inc. |
100 | % | Milton, VT | Industrial | Telecommunications | East | 30,624 | 221 | 0.23 | % | Fixed | Feb-2013 | Feb-2013 | |||||||||||||||||
United Space Alliance, LLC |
100 | % | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 36,629 | 211 | 0.22 | % | None | Sep-2013 | Sep-2013 | |||||||||||||||||
United Space Alliance, LLC |
100 | % | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 32,503 | | 0.00 | % | None | Sep-2013 | Sep-2013 | |||||||||||||||||
United Space Alliance, LLC |
100 | % | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 69,132 | 211 | 0.22 | % | None | Sep-2013 | Sep-2013 | |||||||||||||||||
Lincoln Technical Institute, Inc. |
100 | % | Moorestown, NJ | Office | Healthcare, Education and Childcare | East | 35,567 | 209 | 0.21 | % | Fixed | Apr-2025 | Apr-2025 | |||||||||||||||||
Continental Airlines, Inc. |
100 | % | Houston, TX | Warehouse/Distribution | Transportation - Personal | South | 25,125 | 207 | 0.21 | % | Fixed | Jul-2013 | Jul-2013 | |||||||||||||||||
Candle Lamp Company, LLC |
100 | % | Memphis, TN | Warehouse/Distribution | Consumer Non-durable Goods | South | 75,000 | 190 | 0.19 | % | CPI | Mar-2014 | Mar-2014 | |||||||||||||||||
Xerox Corporation |
100 | % | Hot Springs, AR | Retail | Machinery | South | 36,850 | 179 | 0.18 | % | Fixed | Mar-2014 | Mar-2017 | |||||||||||||||||
Golder Associates Inc. |
100 | % | Houston, TX | Office | Business and Commercial Services | South | 8,066 | 56 | 0.06 | % | Fixed | Oct-2017 | Oct-2022 | |||||||||||||||||
Golder Associates Inc. |
100 | % | Houston, TX | Office | Business and Commercial Services | South | 7,730 | 54 | 0.06 | % | Fixed | Oct-2017 | Oct-2022 | |||||||||||||||||
Golder Associates Inc. Total |
15,796 | 110 | 0.11 | % | ||||||||||||||||||||||||||
Kenyon International Emergency Services |
100 | % | Houston, TX | Warehouse/Distribution | Healthcare, Education and Childcare | South | 17,725 | 96 | 0.10 | % | None | Oct-2014 | Oct-2019 | |||||||||||||||||
Raytheon Company |
100 | % | Webster, TX | Industrial | Business and Commercial Services | South | 9,138 | 89 | 0.09 | % | Fixed | Jul-2011 | Jul-2025 | |||||||||||||||||
Moran Foods, Inc. |
100 | % | Montgomery, AL | Retail | Beverages, Food, and Tobacco | South | 32,690 | 53 | 0.05 | % | None | Oct-2017 | Oct-2037 | |||||||||||||||||
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 | 46 | 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 | |||||||||||||||||
Jerry Prater Trucking Incorporated |
100 | % | Salisbury, NC | Industrial | Transportation - Cargo | East | 13,284 | 28 | 0.03 | % | Fixed | Sep-2011 | Sep-2012 | |||||||||||||||||
Classic Cuisines Catering |
100 | % | Bloomingdale, IL | Office | Hotels and Gaming | Midwest | 1,000 | 10 | 0.01 | % | None | Apr-2012 | Apr-2012 | |||||||||||||||||
Action Buys Cars, Inc. (c) |
100 | % | Montgomery, AL | Retail | Retail Trade | South | 1 | 10 | 0.01 | % | None | MTM | MTM | |||||||||||||||||
Google, Inc. |
100 | % | Venice, CA | Office | Telecommunications | West | 67,681 | | 0.00 | % | Fixed | Oct-2025 | Oct-2035 | |||||||||||||||||
Groupe SOFEMO |
100 | % | Illkirch-Graffenstaden, France | Office | Business and Commercial Services | Europe | 16,631 | | 0.00 | % | INSEE (b) | Jan-2014 | Jan-2020 | |||||||||||||||||
Common Area Space (c) |
100 | % | Bloomingdale, IL | Office | N/A | Midwest | 14,084 | | 0.00 | % | None | Apr-2016 | Apr-2016 |
26
W. P. CAREY & CO. LLC
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Detailed Property Summary (Pro rata Basis)
As of June 30, 2011
Annualized Contractual | ||||||||||||||||||||||||||||||
Square Footage | Minimum Base Rent (in | Percentage of Total | ||||||||||||||||||||||||||||
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | (e) | thousands) | Rent (e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||
SUPINFO International University |
100 | % | Illkirch-Graffenstaden, France | Office | N/A | Europe | 6,999 | | 0.00 | % | None | Mar-2019 | Mar-2019 | |||||||||||||||||
Common Area (c) |
95 | % | Tours, France | Office | N/A | Europe | 5,828 | | 0.00 | % | None | Sep-2012 | Sep-2012 | |||||||||||||||||
Vacant |
100 | % | Charlotte, NC | Industrial | N/A | East | 437,500 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Salisbury, NC | Warehouse/Distribution | N/A | East | 297,681 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Jacksonville, FL | Warehouse/Distribution | N/A | South | 240,000 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Bridgeton, MO | Office | N/A | Midwest | 78,080 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Webster, TX | Warehouse/Distribution & Industrial | N/A | South | 34,804 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Broomfield, CO | Office | N/A | West | 48,966 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
95 | % | Tours, France | Office | N/A | Europe | 38,940 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Bloomingdale, IL | Office | N/A | Midwest | 38,366 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Brewton, AL | Retail | N/A | South | 30,625 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Houston, TX | Warehouse/Distribution & Office | N/A | South | 28,213 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant |
100 | % | Beaumont, TX | Office | N/A | South | 8,580 | | | N/A | N/A | N/A | ||||||||||||||||||
Vacant Total |
1,281,755 | | | |||||||||||||||||||||||||||
Grand Total (d) |
14,054,395 | $ | 97,409 | 100 | % | |||||||||||||||||||||||||
(a) | Rents reflect a conversion rate of 1.4391 EUR/USD as of June 30, 2011. |
|
(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 21 domestic self-storage properties in our Carey Storage subsidiary, totaling
approximately 1.5 million square feet. |
|
(e) | Numbers may not add due to rounding. |
27