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

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8-K - FORM 8-K - W. P. Carey Inc.	d306999d8k.htm

Exhibit 99.1

Filed by W. P. Carey & Co. LLC

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934

Subject Company: W. P. Carey & Co. LLC

(Commission File Number: 001-13779)

LOGO

W. P. Carey & Co. LLC

Supplemental Operating and Financial Data

As of December 31, 2011

LOGO

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 (the “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.

Cautionary Statement Concerning Forward-Looking Statements:

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Act and the Exchange Act, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey & Co. LLC (“W. P. Carey”) and can be identified by the use of words such as “may,” “will,” “should,” “would,” “assume,” “outlook,” “seek,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” and other comparable terms. These forward-looking statements include, but are not limited to, statements regarding the anticipated future financial and operating performance and results, including estimates of growth. These statements are based on the current expectations of the management of W. P Carey. It is important to note that W. P. Carey’s actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks include, but are not limited to, the general economic climate, the supply of and demand for office and industrial properties, interest rate levels, the availability of financing, and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the company. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the Securities and Exchange Commission (the “SEC”) and are available at the SEC’s website at http://www.sec.gov, including: (a) Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2010 as filed with the SEC on February 25, 2011 and (b) in the Current Report on Form 8-K filed with the SEC on June 10, 2011. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.

W. P. CAREY & CO. LLC

Supplemental Unaudited Operating and Financial Data

As of December 31, 2011


Contents	Page No.
Company Overview		1
Financial Highlights		2
Reconciliation of Net Income to EBITDA		3
Reconciliation of Net Income to Funds from Operations — as Adjusted (AFFO)		4
Adjusted Cash Flow from Operating Activities		6
Revenue Stability Analysis		7
Portfolio Debt Overview		9
Detailed Debt Summary		10
2011 Investment Activity		11
Portfolio Analysis — Rent Contribution and Historical Occupancy		15
Portfolio and Diversification Analysis by Property Type		16
Portfolio and Diversification Analysis by Tenant Industry		17
Portfolio and 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

W. P. CAREY & CO. LLC

Company Overview

December 31, 2011


Key Company Contacts		Executive Offices
Trevor P. Bond	President, Chief Executive Officer and Director	50 Rockefeller Plaza
Mark J. DeCesaris	Managing Director, Chief Financial Officer	New York, NY 10020
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Susan C. Hyde	Managing Director, Director of Investor Relations	Fax: (212) 492-8922
		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

		September 30,			September 30,			September 30,			September 30,			September 30,
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Stock Data (NYSE: WPC)	2011			2011			2011			2011			2010
High Price	$	44.71		$	42.72		$	41.82		$	38.00		$	33.97
Low Price		34.50			32.76			34.75			29.75			28.83
Closing Price		40.94			36.43			40.50			35.70			31.29

Distributions declared per share — annualized	$	2.25		$	2.24		$	2.20		$	2.05		$	2.04

Distribution yield (annualized distribution / closing stock price)		5.50	%		6.15	%		5.43	%		5.74	%		6.52	%

Shares outstanding at quarter end		39,729,018			39,717,286			39,707,156			39,614,250			39,454,847

Market value of outstanding shares at quarter end (in thousands)	$	1,626,506		$	1,446,901		$	1,608,140		$	1,414,229		$	1,234,542

W. P. Carey 2011 Supplemental 8-K — 1

W. P. CAREY & CO. LLC

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										Years Ended December 31,
	December 31, 2011		September 30, 2011		June 30, 2011^(b)		March 31, 2011		December 31, 2010		2011 ^(b)			2010			2009
EBITDA^(a)
Investment management	$	10,531	$	21,631	$	58,912	$	21,359	$	27,562	$	112,433		$	69,886		$	56,679
Real estate ownership		13,098		23,017		57,673		19,513		14,172		115,908			70,603			75,174

Total	$	23,629	$	44,648	$	116,585	$	40,872	$	41,734	$	228,341		$	140,489		$	131,853


AFFO^(a)
Investment management	$	14,290	$	18,546	$	48,157	$	20,650	$	18,194	$	101,643		$	50,239		$	37,541
Real estate ownership		20,919		23,004		24,611		18,492		18,083		87,210			80,631			85,335

Total	$	35,209	$	41,550	$	72,768	$	39,142	$	36,277	$	188,853		$	130,870		$	122,876


EBITDA Per Share (Diluted)^(a)
Investment management	$	0.26	$	0.54	$	1.46	$	0.53	$	0.69	$	2.80		$	1.75		$	1.43
Real estate ownership		0.33		0.57		1.44		0.49		0.35		2.89			1.76			1.89

Total	$	0.59	$	1.11	$	2.90	$	1.02	$	1.04	$	5.69		$	3.51		$	3.32


AFFO Per Share (Diluted)^(a)
Investment management	$	0.36	$	0.46	$	1.20	$	0.51	$	0.45	$	2.54		$	1.26		$	0.94
Real estate ownership		0.52		0.57		0.61		0.46		0.45		2.17			2.01			2.15

Total	$	0.88	$	1.03	$	1.81	$	0.97	$	0.90	$	4.71		$	3.27		$	3.09


											Years Ended December 31,
											2011			2010			2009
Adjusted Cash Flow From Operating Activities
Adjusted cash flow											$	98,588		$	88,634		$	93,880

Adjusted cash flow per share (diluted)											$	2.46		$	2.22		$	2.36


Distributions declared per share											$	2.185		$	2.028		$	1.996

Payout ratio (distributions per share/adjusted cash flow per share)												89	%		91	%		85	%

(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, 2010 as well as the years ended December 31, 2010 and 2009 have been adjusted to reflect this reclassification.

(b)	Results for the three months ended June 30, 2011 and the year ended December 31, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

W. P. Carey 2011 Supplemental 8-K — 2

W. P. CAREY & CO. LLC

Reconciliation of Net Income to EBITDA

(in thousands, except share and per share amounts)


	Three Months Ended												Years Ended December 31,
	December 31, 2011			September 30, 2011		June 30, 2011^(b)			March 31, 2011		December 31, 2010		2011 ^(b)		2010		2009
Investment Management
Net income from investment management attributable to W.P. Carey members^(a)	$	13,095		$	15,737	$	31,989		$	13,177	$	15,731	$	73,998	$	41,573	$	31,059
Adjustments:
Provision for income taxes		(3,540	)		5,075		26,056			7,380		10,668		34,971		23,661		21,813
Depreciation and amortization		976			819		867			802		1,163		3,464		4,652		3,807

EBITDA — investment management	$	10,531		$	21,631	$	58,912		$	21,359	$	27,562	$	112,433	$	69,886	$	56,679

EBITDA per share (diluted)	$	0.26		$	0.54	$	1.46		$	0.53	$	0.69	$	2.80	$	1.75	$	1.43


Real Estate Ownership
Net (loss) income from real estate ownership attributable to W. P. Carey members^(a)	$	(4,004	)	$	9,465	$	47,123		$	10,166	$	4,050	$	65,081	$	32,399	$	37,964
Adjustments:
Interest expense		6,260			5,989		5,396			4,440		4,334		21,920		15,725		14,462
Provision for income taxes		2,227			856		(1,296	)		194		914		2,257		2,161		980
Depreciation and amortization		8,416			6,361		6,438			4,648		4,210		25,054		17,952		17,072
Reconciling items attributable to discontinued operations		199			346		12			65		664		1,596		2,366		4,696

EBITDA — real estate ownership	$	13,098		$	23,017	$	57,673		$	19,513	$	14,172	$	115,908	$	70,603	$	75,174

EBITDA per share (diluted)	$	0.33		$	0.57	$	1.44		$	0.49	$	0.35	$	2.89	$	1.76	$	1.89


Total Company
EBITDA	$	23,629		$	44,648	$	116,585		$	40,872	$	41,734	$	228,341	$	140,489	$	131,853

EBITDA per share (diluted)	$	0.59		$	1.11	$	2.90		$	1.02	$	1.04	$	5.69	$	3.51	$	3.32

Diluted weighted average shares outstanding		40,152,444			40,404,520		40,243,548			40,242,706		40,104,715		40,098,095		40,007,894		39,712,735

(a)

(b)	Results for the three months ended June 30, 2011 and the year ended December 31, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

Non-GAAP Financial Disclosure

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

W. P. Carey 2011 Supplemental 8-K — 3

W. P. CAREY & CO. LLC

Reconciliation of Net Income to Funds from Operations – as Adjusted (AFFO)

(in thousands, except share and per share amounts)


	Three Months Ended															Years Ended December 31,
	December 31, 2011			September 30, 2011			June 30, 2011^(d)			March 31, 2011			December 31, 2010			2011 ^(d)			2010			2009
Investment Management
Net Income from investment management attributable to W. P. Carey members^(a)	$	13,095		$	15,737		$	31,989		$	13,177		$	15,731		$	73,998		$	41,573		$	31,059

FFO — as defined by NAREIT^(b)		13,095			15,737			31,989			13,177			15,731			73,998			41,573			31,059

Adjustments:
Amortization and other non-cash charges		3,297			4,953			17,583			7,473			2,463			33,306			8,666			6,482
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO:
AFFO adjustments to equity earnings from equity investments		(2,102	)		(2,144	)		(1,415	)		—			—			(5,661	)		—			—

Total adjustments		1,195			2,809			16,168			7,473			2,463			27,645			8,666			6,482

AFFO — Investment Management	$	14,290		$	18,546		$	48,157		$	20,650		$	18,194		$	101,643		$	50,239		$	37,541


Real Estate Ownership
Net Income from real estate ownership attributable to W. P. Carey members^(a)	$	(4,004	)	$	9,465		$	47,123		$	10,166		$	4,050		$	65,081		$	32,399		$	37,964
Adjustments:
Depreciation and amortization of real property		8,415			6,194			6,240			4,475			4,565			25,324			19,022			18,948
Impairment charges		5,498			4,934			41			—			6,763			10,473			15,381			10,424
Loss (gain) on sale of real estate, net		3,655			396			121			(781	)		—			3,391			(460	)		(7,701	)
Proportionate share of adjustments to to equity in net income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property		1,208			1,173			1,328			1,548			1,550			5,257			6,477			10,598
Impairment charges		—			—			—			1,090			—			1,090			1,394			—
Loss (gain) on sale of real estate, net		—			—			34			—			—			34			(38	)		—
Proportionate share of adjustments for noncontrolling interests to arrive at FFO		(508	)		(1,157	)		(123	)		(196	)		(195	)		(1,984	)		(727	)		(586	)

Total adjustments		18,268			11,540			7,641			6,136			12,683			43,585			41,049			31,683

FFO — as defined by NAREIT^(b)		14,264			21,005			54,764			16,302			16,733			108,666			73,448			69,647

Adjustments:
Gain on change in control of interests ^(c)		—			—			(27,859	)		—			—			(27,859	)		—			—
Gain on deconsolidation of a subsidiary		—			(1,008	)		—			—			—			(1,008	)		—			—
Other gains, net		(1,118	)		135			—			—			(755	)		(983	)		(755	)		(2,796	)
Other depreciation, amortization and non-cash charges		853			168			(2,443	)		(635	)		(14	)		(1,780	)		(934	)		(4,122	)

W. P. Carey 2011 Supplemental 8-K — 4


	Three Months Ended															Years Ended December 31,
	December 31, 2011			September 30, 2011			June 30, 2011^(d)			March 31, 2011			December 31, 2010			2011 ^(d)			2010			2009
Straight-line and other rent adjustments		(1,804	)		(1,014	)		(1,020	)		(417	)		128			(4,255	)		295			1,273
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at AFFO:
Other depreciation, amortization and other non-cash charges		—			—			—			—			—			—			25			24
Straight-line and other rent adjustments		(414	)		(463	)		(142	)		(622	)		(532	)		(1,641	)		(2,260	)		(1,371	)
AFFO adjustments to equity earnings from equity investments		9,084			4,122			1,238			3,778			2,485			15,798			10,696			22,675
Proportionate share of adjustments for noncontrolling interests to arrive at AFFO		54			59			73			86			38			272			116			5

Total adjustments		6,655			1,999			(30,153	)		2,190			1,350			(21,456	)		7,183			15,688

AFFO — Real Estate Ownership	$	20,919			23,004			24,611			18,492			18,083			87,210			80,631			85,335


Total Company
FFO — as defined by NAREIT	$	27,359		$	36,742		$	86,753		$	29,479		$	32,464		$	182,664		$	115,021		$	100,706

FFO — as defined by NAREIT (diluted)	$	0.68		$	0.91		$	2.16		$	0.73		$	0.81		$	4.56		$	2.87		$	2.54

AFFO	$	35,209		$	41,550		$	72,768		$	39,142		$	36,277		$	188,853		$	130,870		$	122,876

AFFO per share (diluted)	$	0.88		$	1.03		$	1.81		$	0.97		$	0.90		$	4.71		$	3.27		$	3.09

Diluted weighted average shares outstanding		40,152,444			40,404,520			40,243,548			40,242,706			40,104,715			40,098,095			40,007,894			39,712,735

(a)

(b)

The SEC Staff has recently advised that they take no position on the inclusion or exclusion of impairment write-downs in arriving at Funds from Operations (“FFO”). Since 2003, the National Association of Real Estate Investment Trusts (“NAREIT”) has taken the position that the exclusion of impairment charges is consistent with its definition of FFO. Accordingly, we have revised our computation of FFO to exclude impairment charges, if any, in arriving at FFO for all periods presented.

(c)

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 $27.9 million during the year ended December 31, 2011 to adjust the carrying value of our existing interests in these ventures to their estimated fair values.

(d)	Results for the three months ended June 30, 2011 and the year ended December 31, 2011 include the impact of the CPA^®14/16 Merger in May 2011.

Non-GAAP Financial Disclosure

FFO is a non-GAAP measure defined by NAREIT. NAREIT defines FFO as net income or loss (as computed in accordance with GAAP) excluding: depreciation and amortization expense from real estate assets, impairment charges on real estate, gains or losses from sales of depreciated real estate assets and extraordinary items; however, FFO related to assets held for sale, sold or otherwise transferred and included in the results of discontinued operations are included. These adjustments also incorporate the pro rata share of unconsolidated subsidiaries. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers. Although NAREIT has published this definition of FFO, companies often modify this definition as they seek to provide financial measures that meaningfully reflect their distinctive operations.

We modify the NAREIT computation of FFO to 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, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. We refer to our modified definition of FFO as AFFO. 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 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. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations.

W. P. Carey 2011 Supplemental 8-K — 5

W. P. Carey & Co. LLC

Adjusted Cash Flow from Operating Activities

(in thousands, except share and per share amounts)

		September 30,			September 30,			September 30,
	Years Ended December 31,
	2011			2010			2009
Cash flow provided by operating activities	$	80,116		$	86,417		$	74,544
Adjustments:
Distributions received from equity investments in real estate in excess of equity income ^(a)		17,033			9,253			18,503
Distributions paid to noncontrolling interests, net ^(b)		(946	)		(614	)		(568	)
Changes in working capital ^(c)		12,718			(6,422	)		1,401
CPA^®:14/16 Merger - revenue net of costs/taxes ^(d)		(10,333	)		—			—

Adjusted cash flow from operating activities	$	98,588		$	88,634		$	93,880

Adjusted cash flow per share (diluted)	$	2.46		$	2.22		$	2.36


Distributions declared per share	$	2.185		$	2.028		$	1.996

Payout ratio (distributions per share/adjusted cash flow per share)		89	%		91	%		85	%


Diluted weighted average shares outstanding		40,098,095			40,007,894			39,712,735

(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 recognized.

(d)

Amounts represent termination and subordinated disposition revenue, net of 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 flow from operating activities (as computed in accordance with GAAP) adjusted, where applicable, primarily to: add cash distributions that we receive from our investments in unconsolidated real estate joint ventures in excess of our equity income; subtract cash distributions that we make to our noncontrolling partners in real estate joint ventures that we consolidate; and eliminate changes in working capital. We hold a number of interests in real estate joint ventures, and we believe that adjusting our GAAP cash flow provided by operating activities to reflect these actual cash receipts and cash payments, as well as eliminating the effect of timing differences between the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized may give investors additional information about our actual cash flow that is not incorporated in cash flow from operating activities as defined by GAAP.

We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations as it gives investors important information about our liquidity that is not provided within cash flow from operating activities as defined by GAAP, and we use this measure when evaluating distributions to shareholders. 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.

W. P. Carey 2011 Supplemental 8-K — 6

W. P. CAREY & CO. LLC

Revenue Stability Analysis (Pro rata Basis)

(in thousands)


	Three Months Ended																														Years Ended December 31,
	December 31, 2011						September 30, 2011						June 30, 2011						March 31, 2011						December 31, 2010						2011						2010						2009
	Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%			Revenue			%
Asset management revenue	$	15,529			30	%	$	14,840			22	%	$	16,619			16	%	$	19,820			31	%	$	19,127			28	%	$	66,808			23	%	$	76,246			34	%	$	76,621			38	%
Incentive, termination and subordinated disposition revenue^(a)		—			0	%		—			0	%		52,515			50	%		—			0	%		—			0	%		52,515			19	%		—			0	%		—			0	%
Pro rata net lease revenues		32,021			62	%		31,255			46	%		29,727			29	%		27,453			44	%		26,739			38	%		119,394			42	%		105,542			46	%		100,428			50	%

		47,550			92	%		46,095			68	%		98,861			95	%		47,273			75	%		45,866			66	%		238,717			84	%		181,788			80	%		177,049			88	%

Structuring revenue^(b)		3,930			8	%		21,221			32	%		5,735			5	%		15,945			25	%		23,881			34	%		46,831			16	%		44,525			20	%		23,273			12	%

Total Adjusted Revenue	$	51,480			100	%	$	67,316			100	%	$	104,596			100	%	$	63,218			100	%	$	69,747			100	%	$	285,548			100	%	$	226,313			100	%	$	200,322			100	%

Reconciliation of Total Adjusted Revenue
Total revenue — as reported	$	63,169					$	78,372					$	118,398					$	77,532					$	81,969					$	336,409					$	269,854					$	228,381
Less: Reimbursed costs from affiliates^(c)		(15,344	)					(14,707	)					(17,059	)					(17,719	)					(13,713	)					(64,829	)					(60,023	)					(47,534	)
Less: Wholesaling revenue^(c)		(2,876	)					(2,586	)					(2,922	)					(3,280	)					(4,503	)					(11,664	)					(11,096	)					(7,691	)
Add: Pro rata share of revenues from equity investments		6,967						6,689						6,844						7,760						6,889						28,260						31,291						31,124
Less: Pro rata share of revenues due to noncontrolling interests		(436	)					(452	)					(665	)					(1,075	)					(895	)					(2,628	)					(3,713	)					(3,958	)

Total Adjusted Revenue	$	51,480					$	67,316					$	104,596					$	63,218					$	69,747					$	285,548					$	226,313					$	200,322

Reconciliation of Total Pro Rata Net Lease Revenues
Lease revenues – as reported	$	19,360					$	18,609					$	17,839					$	15,460					$	15,403					$	70,206					$	59,881					$	58,564
Add: Pro rata share of revenues from equity investments		6,967						6,689						6,844						7,760						6,889						28,260						31,291						31,124
Less: Pro rata share of revenues due to noncontrolling interests		(436	)					(452	)					(665	)					(1,075	)					(895	)					(2,628	)					(3,713	)					(3,958	)
Add: Other real estate income^(d)		6,130						6,409						5,709						5,308						5,342						23,556						18,083						14,698

Total Pro Rata Net Lease Revenues	$	32,021					$	31,255					$	29,727					$	27,453					$	26,739					$	119,394					$	105,542					$	100,428

(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 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 $132 million, $498 million, $249 million, $345 million and $593 million for the three months ended December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively, and approximately $1.2 billion, $1.0 billion and $508 million for the years ended December 31, 2011, 2010 and 2009, 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 – Global’s and CWI’s public offerings, which is substantially offset by underwriting costs incurred in connection with the offerings.

(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.

W. P. Carey 2011 Supplemental 8-K — 7

Non-GAAP Financial Disclosure

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

W. P. Carey 2011 Supplemental 8-K — 8

W. P. CAREY & CO. LLC

Portfolio Debt Overview (Pro rata Basis)

As of December 31, 2011

(in thousands)

Portfolio Debt Maturity

		September 30,
Year of Maturity	Outstanding Balance
2012	$	29,104
2013		817
2014		295,566	^(a)
2015		47,718
2016		61,779
2017		54,598
2018		30,017
2019		25,399
2020		92,582
2021		4,927
2022		—
2023		4,823
2024		—
2025		24,000

Total	$	671,330

Debt Maturity Analysis

LOGO

Year of Maturity

Fixed and Variable Rate Debt Analysis

		September 30,
Non-Recourse Debt	Outstanding Balance
Fixed	$	288,816
Fixed — Future Rate Reset		62,155
Variable — Capped		21,775
Variable — Floating		14,047
Fixed — Swap Agreement		47,017
Variable		4,360

		438,170

Recourse Debt
Variable — Line of Credit		233,160

Total Debt	$	671,330

(a)	Amount includes outstanding recourse debt on the unsecured line of credit.

W. P. Carey 2011 Supplemental 8-K — 9

W. P. CAREY & CO. LLC

Detailed Debt Summary (Pro rata Basis)

As of December 31, 2011

(in thousands)

	000000		000000			000000		000000
Tenant/Lease Guarantor / Percent Ownership	Rate Type	Current Interest Rate			Maturity Date		Outstanding Balance
Qwest Communications, Inc.	Fixed		7.50	%		Jun-2012	$	1,304
AutoZone, Inc. — Series C	Fixed		6.85	%		Aug-2012		154
Anthony’s Manufacturing Company	Fixed		5.11	%		Oct-2012		8,020
BE Aerospace, Inc.	Fixed		6.11	%		Nov-2012		7,990
Faurecia Exhaust Systems, Inc.	Fixed		5.16	%		Nov-2012		2,313
Alstom Power, Inc. and Werner Co.	Fixed		5.18	%		Dec-2012		9,323
AutoZone, Inc. — Series D	Fixed		6.85	%		Aug-2013		817
US Airways Group, Inc. (75%)	Variable - Floating		4.27	%		Apr-2014		14,047
Billipp Portfolio	Variable		2.75	%		May-2014		4,360
Carrefour France, SAS (46%)^(a)	Fixed - Future Rate Reset		5.55	%		Dec-2014		43,999
Hibbett Sports	Fixed - Swap		6.45	%		May-2015		4,557
Lowe’s Home Improvement Warehouse	Fixed		4.87	%		Sep-2015		8,532
Bouygues Telecom, S.A. (Tours) (95%)^(a)	Fixed		3.07	%		Oct-2015		5,293
The American Bottling Company	Fixed		5.13	%		Nov-2015		29,336
World Color Printing	Fixed		5.30	%		May-2016		4,939
CheckFree Holdings, Inc.^(b)	Fixed		6.18	%		Jun-2016		28,752
Self-Storage Facility — Bentonville, AR (40%)	Fixed		6.41	%		Jul-2016		823
Sprint Spectrum, LP	Fixed		4.85	%		Aug-2016		8,418
Self-Storage Facility — Tallahassee, FL (40%)	Fixed		6.05	%		Oct-2016		1,559
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)^{(a) (c)}	Fixed		5.01	%		Oct-2016		10,574
Consolidated Systems, Inc. (60%)	Fixed		5.87	%		Nov-2016		6,714
Hellweg Die Profi-Baumärkte GmbH & Co. KG (5%)^(a)	Fixed		5.49	%		Jan-2017		896
24 Hour Fitness USA, Inc.	Fixed		5.50	%		Jun-2017		3,314
Amylin Pharmaceuticals, Inc.^(b)	Fixed		6.20	%		Jul-2017		34,800
Medica France, S.A. (46%)^(a)	Fixed		4.50	%		Oct-2017		15,588
The New York Times Company (17.75%)	Variable - Capped		2.87	%		Apr-2018		21,775
OBI Wroclaw^(a)	Fixed - Swap		5.48	%		May-2018		8,242
Self-Storage Portfolio (40%)^(c)	Fixed - Future Rate Reset		7.03	%		Feb-2019/Mar-2019		12,714
Orbital Sciences Corporation	Fixed		7.75	%		Jul-2019		12,685
JPMorgan Chase Bank, N.A.	Fixed - Swap		5.47	%		Jul-2020		34,218
Self-Storage Facilities — Chicago, IL (40%)	Fixed - Future Rate Reset		6.25	%		Aug-2020		2,757
Self-Storage Facility — Pensacola, FL	Fixed - Future Rate Reset		6.25	%		Nov-2020		1,838
Self-Storage Facility — Chicago, IL (40%)	Fixed - Future Rate Reset		6.62	%		Dec-2020		847
Federal Express Corporation^(b)	Fixed		5.48	%		Dec-2020		52,922
Information Resources, Inc. (33%)	Fixed		5.92	%		Feb-2021		4,927
Hologic, Inc. (36%)	Fixed		6.40	%		May-2023		4,823
Google, Inc.	Fixed		5.15	%		Nov-2025		24,000

Total Non-Recourse Debt			5.41	%^(c)				438,170


Unsecured Line of Credit	Variable		4.00	%		Dec-2014		233,160

Total Debt			4.92	%^(c)			$	671,330

(a)	Debt balance calculated using an exchange rate of 1.2950 EUR/USD as of December 31, 2011.

(b)	In connection with the CPA^®:14/16 Merger, we purchased the remaining interest in the property, in which we already had an equity interest, from CPA^®:14.

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

W. P. Carey 2011 Supplemental 8-K — 10

W. P. CAREY & CO. LLC

2011 Investment Activity

As of December 31, 2011

(in thousands, except square footage)

Investment Activity

Acquisitions—REITs^(a)

September 30,xxxxxxx

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.^(b)

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^(c)

Richwood, LA; Vass, NC & Hot Springs, VA

2,893

March-11

Retail

BTS

CPA^®:17 – Global

Curtiss-Wright Flow Control Service

Middleburg Heights, OH

2,585

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^(c)

Hopewell & Chesterfield, VA; Mount Hermon & Mangham, LA

4,311

April-11; May-11 & June-11

Retail

BTS

CPA^®:17 – Global

ICF International, Inc.^(c)

Martinsville, VA

14,819

May-11

Office

BTS

CPA^®:15 (75%), CPA^®:16 – Global (25%)

Hellweg Die Profi-Baumärkte GmbH & Co. KG^(b)

Bad Salzungen, Germany

4,394

May-11

Retail

72,490

CPA^®:17 – Global

CRO - San Luis Development, LLC

Chicago, IL

7,414

June-11

Retail

17,000

CPA^®:17 – Global

Dolgencorp, LLC^(c)

Choudrant, LA

882

July-11

Retail

BTS

CPA^®:17 – Global

Precision Printing and Packing, Inc.

Clarksville, TN

7,960

August-11

Industrial

189,300

CPA^®:17 – Global

Dolgencorp, LLC^(c)

Gardner, LA

979

August-11

Retail

BTS

CPA^®:17 – Global

Faurecia International System, Inc.

Fraser, MI

6,775

September-11

Industrial

164,153

CPA^®:17 – Global

Metro AG^(b)

Various locations in Italy

395,511

September-11

Retail

2,415,163

CPA^®:16 – Global

IDS Manufacturing Sdn. Bhd.^(b)

Shah Alam, Malaysia

3,475

October-11

Industrial

391,972

CPA^®:17 – Global

Agrokor d.d^{(b) (c)}

Various locations in Croatia

57,509

November-11

Retail

BTS

CPA^®:16 – Global

Mantsinen Group Ltd.^(b)

Ylämylly, Finland

1,519

November-11

Industrial

20,498

CPA^®:17 – Global

American Air Liquide Holdings, Inc.

Countryside, IL

2,250

December-11

Industrial

18,264

CPA^®:17 – Global

Flanders Corporation

Hudson, NY

5,217

December-11

Industrial

195,000

Total Acquisitions—Leased Properties

911,335

8,421,463

W. P. Carey 2011 Supplemental 8-K — 11

September 30,xxxxxxx

Portfolio(s)

Property Type

Property Location(s)

Purchase Price

Closing Date

CPA^®:17 – Global

Self-Storage Facility

Fort Worth, TX

3,400

April-11

CWI

Hospitality

Long Beach, CA

43,600

May-11

CPA^®:17 – Global

Self-Storage Facilities

Various locations in California, Hawaii and Illinois

86,015

June-11

CPA^®:17 – Global

Self-Storage Facility

Kihei, HI

11,069

August-11

CPA^®:17 – Global

Self-Storage Facilities

Various locations in California and Illinois

20,292

August-11

CPA^®:17 – Global

Self-Storage Facility

Pearl City, HI

6,064

August-11

CWI

Hospitality

New Orleans, LA

32,300

September-11

CPA^®:17 – Global

Self-Storage Facilities

Various locations in California and Illinois

8,428

September-11

CPA^®:17 – Global

Self-Storage Facility

Chicago, IL

7,891

September-11

CPA^®:17 – Global

Self-Storage Facilities

Various locations in California and Illinois

23,700

November-11

CPA^®:17 – Global

Self-Storage Facility

Hesperia, CA

2,414

December-11

Total Acquisitions—Hospitality/Self Storage Properties

245,173

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

CPA^®:17 – Global

IShops LLC

8.00%

43,000

December-11

December-14

73,000

Total Acquisitions

1,229,508

(a)	There were no acquisitions in our owned portfolio, except for those properties acquired in the CPA^®:14/16 Merger in May 2011.

(b)	Acquisition price reflects applicable foreign exchange rate.

(c)	Acquisition includes a build-to-suit (“BTS”) transaction. Gross square footage cannot be determined at this time.

W. P. Carey 2011 Supplemental 8-K — 12

Disposition Activity

Dispositions — CPA^® REITs

000000

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Gross Sale Price

Disposition

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^®:14

Metaldyne Company

Niles, IL

1,250

April-11

Industrial

125,880

CPA^®:14

Westell Technologies, Inc.

Aurora, IL

14,900

April-11

Industrial

204,235

CPA^®:14

Amerix Corp.

Columbia, MD

26,000

April-11

Office

154,394

CPA^®:16 – Global (50%), CPA^®:15 (50%)

Goertz & Schiele ^(a)

Puttlingen, Germany

438

April-11

Industrial

33,314

CPA^®:14

Special Devices, Inc.

Mesa, AZ

22,000

April-11

Industrial

79,275

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. ^(a)

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%)

Information Resources

Chicago, IL

3,170

June-11

Office

61,603

CPA^®:16 – Global

Celadon Group, Inc.

Indianapolis, IN

11,180

July-11

Industrial

76,326

CPA^®:16 – Global (70%), CPA^®:15 (30%)

PETsMART, Inc.

Various locations in California, Florida, Illinois, Massachusetts, Maryland, Michigan and Texas

74,000

July-11

Retail

209,964

CPA^®:15 (67%), CPA^®:16 – Global (33%)

Best Buy Stores, L.P.

Various locations in Colorado, Illinois, Massachusetts, New Hampshire, New Mexico, Texas and Virginia

53,250

September-11

Retail

322,737

CPA^®:15

Childtime Childcare, Inc.

Newport News, VA

1,685

September-11

Other

7,893

CPA^®:16 – Global

Tower Automotive

Kendallville, IN

1,175

October-11

Industrial

131,000

CPA^®:16 – Global

Fraikin SAS^(a)

Various locations in France

6,423

October-11

Industrial

90,943

CPA^®:16 – Global

International Aluminum Corp.^(a)

Langley, Canada

4,802

October-11

Industrial

60,134

CPA^®:16 – Global

McLane Foodservice, Inc.

Shawnee, KS

14,485

December-11

Warehouse/Distribution

244,272

CPA^®:15 (44%), CPA^®:16 – Global (56%)

Life Time Fitness, Inc.

Various locations in Florida and Minnesota

108,000

December-11

Other

428,750

CPA^®:15

Worthington Precious Metals

Mentor, OH

1,000

December-11

Industrial

123,960

Total REIT Dispositions

387,443

3,128,914

Dispositions — Owned Portfolio

WPC LLC

AT&T Corp.

Bridgeton, MO

8,250

February-11

Industrial

85,510

WPC LLC

Wal-Mart Stores, Inc.

West Mifflin, PA

1,032

February-11

Retail

121,054

WPC LLC (33%)

Information Resources

Chicago, IL

1,575

June-11

Office

30,797

WPC LLC

Honeywell

Houston, TX

1,595

June-11

Warehouse/Distribution

32,320

WPC LLC

Cypress Creek Partners, LLC

Little Rock, AR

350

August-11

Retail

21,932

WPC LLC

Penberthy, Inc.

Prophetstown, IL

September-11

Industrial

161,878

WPC LLC

Vacant

Salisbury, NC

1,600

December-11

Warehouse/Distribution

301,284

Total Owned Portfolio Dispositions

14,452

754,775

Total Dispositions

401,895

3,883,689

W. P. Carey 2011 Supplemental 8-K — 13

Foreclosure and Receivership Activity

September 30,

Portfolio(s)

Tenant/Lease Guarantor

Property Location(s)

Outstanding
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

CPA^®:16 – Global

Vacant

Various locations in Arizona, California, Illinois, South Carolina and Texas

38,668

August-11

Receivership

132,486

WPC LLC

GTM, Inc.

Mendota Heights, MN

6,311

September-11

Receivership

136,400

77,626

884,485

(a)	Disposition price reflects applicable foreign exchange rate.

(b)	Disposition activity did not include properties sold by CPA^®:14 to WPC LLC and CPA^®:17 – Global in connection with the CPA^®:14/16 Merger in May 2011.

W. P. Carey 2011 Supplemental 8-K — 14

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Rent and Historical Occupancy (Pro rata Basis)

As of December 31, 2011

(in thousands, except percentages)

Top Ten Tenants by Annualized Contractual Minimum Base Rent

		September 30,		September 30,
Tenant/Lease Guarantor	Annualized Contractual Minimum Base Rent		Percent
Federal Express Corporation^(a)	$	7,535		8	%
Carrefour France, SAS^(b)		7,419		8	%
CheckFree Holdings, Inc.^(a)		5,216		6	%
The American Bottling Company		4,972		5	%
The New York Times Company		4,423		5	%
JP Morgan Chase Bank, N.A.		3,862		4	%
Amylin Pharmaceuticals, Inc.^(a)		3,741		4	%
Orbital Sciences Corporation		3,307		4	%
U.S. Airways Group, Inc.		3,297		4	%
Titan Corporation		3,055		3	%

Total	$	46,827		51	%


Weighted Average Lease Term for Portfolio: 6.4 years

W. P. Carey & Co. LLC Historical Occupancy

LOGO

(a)	In connection with the CPA^®:14/16 Merger in May 2011, we purchased the remaining interest in the property, in which we already had a joint interest, from CPA^®:14.

(b)	Rent amounts are subject to fluctuations in foreign currency exchange rates.

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

W. P. Carey 2011 Supplemental 8-K — 15

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Property Type (Pro rata Basis)

As of December 31, 2011

(in thousands, except percentages)

		September 30,		September 30,
Property Type	Square Footage		Percent
Warehouse/Distribution		4,825		36	%
Industrial		4,694		35	%
Office		2,639		20	%
Retail		852		6	%
Other Properties^(a)		279		2	%
Hospitality		158		1	%

Total^(b)		13,447		100	%


Property Type	Annualized Contractual Minimum Base Rent		Percent
Office	$	38,613		42	%
Industrial		25,526		28	%
Warehouse/Distribution		17,994		19	%
Retail		5,412		6	%
Other Properties^(a)		4,557		5	%

Total^(b)	$	92,102		100	%


Portfolio Diversification by Property Type (based on square footage)		Portfolio Diversification by Property Type (based on annualized contractual minimum base rent)

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

(b)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 2011 Supplemental 8-K — 16

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Tenant Industry (Pro rata Basis)

As of December 31, 2011

(in thousands, except percentages)

		September 30,		September 30,
Industry Type^(a)	Annualized Contractual Minimum Base Rent		Percent
Business and Commercial Services	$	14,070		15	%
Retail Trade		13,854		15	%
Transportation — Cargo		7,535		8	%
Media: Printing and Publishing		7,003		8	%
Healthcare, Education and Childcare		5,628		6	%
Telecommunications		5,228		6	%
Beverages, Food, and Tobacco		5,025		5	%
Aerospace and Defense		4,931		5	%
Electronics		4,428		5	%
Banking		3,862		4	%
Forest Products and Paper		3,772		4	%
Transportation — Personal		3,505		4	%
Machinery		2,430		3	%
Grocery		1,686		2	%
Consumer and Durable Goods		1,471		2	%
Mining, Metals, and Primary Metal Industries		1,213		1	%
Chemicals, Plastics, Rubber, and Glass		1,179		1	%
Leisure, Amusement, Entertainment		952		1	%
Construction and Building		878		1	%
Textiles, Leather, and Apparel		872		1	%
Other^(b)		2,580		3	%

Total^(c)	$	92,102		100	%

(a)	Based on the Moody’s Investors Service, Inc. classification system and information provided by the tenant.

(b)	Includes revenue from tenants in the following industries: federal, state and local government (0.8%), consumer non-durable goods (0.7%), automobile (0.7%), multi-tenant properties (0.5%) and hotels and gaming (0.01%).

(c)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 2011 Supplemental 8-K — 17

W. P. Carey & Co. LLC

Owned Portfolio Analysis – Diversification by Geography (Pro rata basis)

As of December 31, 2011

(in thousands, except percentages)

		September 30,		September 30,
Region	Square Footage		Percent
U.S.
South		5,061		38	%
East		2,481		18	%
West		2,412		18	%
Midwest		1,325		10	%

U.S. Total		11,279		84	%

International
France		1,670		12	%
Germany		246		2	%
Spain		138		1	%
Poland		114		1	%

International Total		2,168		16	%


Total^(a)		13,447		100	%


Region	Annualized Contractual Minimum Base Rent		Percent
U.S.
South	$	33,357		36	%
West		22,568		25	%
East		12,453		14	%
Midwest		5,685		6	%

U.S. Total		74,063		81	%

International
France		13,111		14	%
Germany		2,251		2	%
Spain		1,686		2	%
Poland		991		1	%

International Total		18,039		19	%


Total^(a)	$	92,102		100	%


Portfolio Diversification by Geography (based on square footage)		Portfolio Diversification by Geography (based on annualized contractual minimum base rent)

(a)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 2011 Supplemental 8-K — 18

W. P. CAREY & CO. LLC

Owned Portfolio Analysis – Lease Maturities (Pro rata Basis)

As of December 31, 2011

(in thousands, except percentages)

		September 30,		September 30,
Year of Lease Expiration^(a)	Annualized Contractual Minimum Base Rent		Percent
2012^(b)	$	8,980		10	%
2013		3,791		4	%
2014		11,716		13	%
2015		13,100		14	%
2016		6,633		7	%
2017		6,435		7	%
2018		4,626		5	%
2019		14,414		16	%
2020		2,767		3	%
2021		3,500		4	%
2022		1,761		2	%
2023		—		0	%
2024		4,423		5	%
2025		1,200		1	%
2026		948		1	%
2027		2,251		2	%
2028		—		0	%
2029		—		0	%
2030		5,557		6	%

Total^(c)	$	92,102		100	%

Weighted Average Years to Maturity: 6.4

LOGO

(a)	Assumes tenant does not exercise renewal option.

(b)	Month-to-month properties are counted in 2011 revenue stream.

(c)	Excludes 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

W. P. Carey 2011 Supplemental 8-K — 19

W. P. CAREY & CO. LLC

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

		September 30,			September 30,
	December 31,
	2011			2010
Assets
Investments in real estate:
Real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $41,032 and $39,718, respectively)	$	646,482		$	560,592
Operating real estate, at cost (inclusive of amounts attributable to consolidated VIEs of $26,318 and $25,665, respectively)		109,875			109,851
Accumulated depreciation (inclusive of amounts attributable to consolidated VIEs of $22,350 and $20,431, respectively)		(135,175	)		(122,312	)

Net investments in properties		621,182			548,131
Net investments in direct financing leases		58,000			76,550
Equity investments in real estate and the REITs		538,749			322,294

Net investments in real estate		1,217,931			946,975
Cash and cash equivalents (inclusive of amounts attributable to consolidated VIEs of $230 and $86, respectively)		29,297			64,693
Due from affiliates		38,369			38,793
Intangible assets and goodwill, net		125,957			87,768
Other assets, net (inclusive of amounts attributable to consolidated VIEs of $2,773 and $1,845, respectively)		51,069			34,097

Total assets	$	1,462,623		$	1,172,326

Liabilities and Equity
Liabilities:
Non-recourse and limited-recourse debt (inclusive of amounts attributable to consolidated VIEs of $14,261 and $9,593, respectively)	$	356,209		$	255,232
Line of credit		233,160			141,750
Accounts payable, accrued expenses and other liabilities (inclusive of amounts attributable to consolidated VIEs of $1,651 and $2,275, respectively)		82,055			40,808
Income taxes, net		44,783			41,443
Distributions payable		22,314			20,073

Total liabilities		738,521			499,306

Redeemable noncontrolling interest		7,700			7,546


Equity:
W. P. Carey members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,717,286 and 39,454,847 shares issued and outstanding, respectively		779,071			763,734
Distributions in excess of accumulated earnings		(95,046	)		(145,769	)
Deferred compensation obligation		7,063			10,511
Accumulated other comprehensive loss		(8,507	)		(3,463	)

Total W. P. Carey members’ equity		682,581			625,013
Noncontrolling interests		33,821			40,461

Total equity		716,402			665,474

Total liabilities and equity	$	1,462,623		$	1,172,326

W. P. Carey 2011 Supplemental 8-K — 20

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)

		September 30,			September 30,			September 30,
	Years Ended December 31,
	2011			2010			2009
Revenues
Asset management revenue	$	66,808		$	76,246		$	76,621
Structuring revenue		46,831			44,525			23,273
Incentive, termination and subordinated disposition revenue		52,515			—			—
Wholesaling revenue		11,664			11,096			7,691
Reimbursed costs from affiliates		64,829			60,023			47,534
Lease revenues		70,206			59,881			58,564
Other real estate income		23,556			18,083			14,698

		336,409			269,854			228,381

Operating Expenses
General and administrative		(93,707	)		(73,429	)		(63,818	)
Reimbursable costs		(64,829	)		(60,023	)		(47,534	)
Depreciation and amortization		(28,518	)		(22,604	)		(20,879	)
Property expenses		(13,241	)		(10,416	)		(6,699	)
Other real estate expenses		(10,784	)		(8,121	)		(7,308	)
Impairment charges		(10,432	)		(1,140	)		(3,516	)

		(221,511	)		(175,733	)		(149,754	)

Other Income and Expenses
Other interest income		2,001			1,268			1,713
Income from equity investments in real estate and the REITs		51,228			30,992			13,425
Gain on change in control of interests		27,859			—			—
Other income and (expenses)		4,550			1,407			7,357
Interest expense		(21,920	)		(15,725	)		(14,462	)

		63,718			17,942			8,033

Income from continuing operations before income taxes		178,616			112,063			86,660
Provision for income taxes		(37,228	)		(25,822	)		(22,793	)

Income from continuing operations		141,388			86,241			63,867

Discontinued Operations
Income from operations of discontinued properties		174			2,491			5,908
Gain on deconsolidation of a subsidiary		1,008			—			—
(Loss) gain on sale of real estate		(3,391	)		460			7,701
Impairment charges		(41	)		(14,241	)		(6,908	)

(Loss) income from discontinued operations		(2,250	)		(11,290	)		6,701

Net Income		139,138			74,951			70,568
Add: Net loss attributable to noncontrolling interests		1,864			314			713
Less: Net income attributable to redeemable noncontrolling interest		(1,923	)		(1,293	)		(2,258	)

Net Income Attributable to W. P. Carey Members	$	139,079		$	73,972		$	69,023

Basic Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	3.50		$	2.14		$	1.57
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.06	)		(0.28	)		0.17

Net income attributable to W. P. Carey members	$	3.44		$	1.86		$	1.74

Diluted Earnings Per Share
Income from continuing operations attributable to W. P. Carey members	$	3.47		$	2.14		$	1.57
(Loss) income from discontinued operations attributable to W. P. Carey members		(0.05	)		(0.28	)		0.17

Net income attributable to W. P. Carey members	$	3.42		$	1.86		$	1.74

Weighted Average Shares Outstanding
Basic		39,819,475			39,514,746			39,019,709

Diluted		40,098,095			40,007,894			39,712,735

Amounts Attributable to W. P. Carey Members
Income from continuing operations, net of tax	$	141,329		$	85,262		$	62,322
(Loss) income from discontinued operations, net of tax		(2,250	)		(11,290	)		6,701

Net income	$	139,079		$	73,972		$	69,023

W. P. Carey 2011 Supplemental 8-K — 21

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

		September 30,			September 30,			September 30,
	Years Ended December 31,
	2011			2010			2009
Cash Flows — Operating Activities
Net income	$	139,138		$	74,951		$	70,568
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs		29,616			24,443			24,476
Loss (income) from equity investments in real estate and the REITs in excess of distributions received		310			(4,920	)		(2,258	)
Straight-line rent and financing lease adjustments		(3,698	)		286			2,223
Amortization of deferred revenue		(6,291	)		—			—
Gain on deconsolidation of a subsidiary		(1,008	)		—			—
Loss (gain) on sale of real estate		3,391			(460	)		(7,701	)
Gain on extinguishment of debt		—			—			(6,991	)
Unrealized loss (gain) on foreign currency transactions and others		138			300			(174	)
Realized gain on foreign currency transactions and others		(965	)		(731	)		(257	)
Allocation of (loss) earnings to profit-sharing interest		—			(781	)		3,900
Management and disposition income received in shares of affiliates		(73,936	)		(35,235	)		(31,721	)
Gain on conversion of shares		(3,806	)		—			—
Gain on change in control of interests		(27,859	)		—			—
Impairment charges		10,473			15,381			10,424
Stock-based compensation expense		17,716			7,082			9,336
Deferred acquisition revenue received		21,546			21,204			25,068
Increase in structuring revenue receivable		(19,537	)		(20,237	)		(11,672	)
Increase (decrease) in income taxes, net		244			(1,288	)		(9,276	)
Net changes in other operating assets and liabilities		(5,356	)		6,422			(1,401	)

Net cash provided by operating activities		80,116			86,417			74,544


Cash Flows — Investing Activities
Distributions received from equity investments in real estate and the REITs in excess of equity income		20,807			18,758			39,102
Capital contributions to equity investments		(2,297	)		—			(2,872	)
Purchase of interests in CPA^®:16 — Global		(121,315	)		—			—
Purchases of real estate and equity investments in real estate		(24,315	)		(96,884	)		(39,632	)
VAT paid in connection with acquisition of real estate		—			(4,222	)		—
VAT refunded in connection with acquisitions of real estate		5,035			—			—
Capital expenditures		(13,239	)		(5,135	)		(7,775	)
Cash acquired on acquisition of subsidiaries		57			—			—
Proceeds from sale of real estate		12,516			14,591			43,487
Proceeds from sale of securities		818			—			—
Proceeds from transfer of profit-sharing interest		—			—			21,928
Funding of short-term loans to affiliates		(96,000	)		—			—
Proceeds from repayment of short-term loans to affiliates		96,000			—			—
Funds released from escrow		2,584			36,620			—
Funds placed in escrow		(6,735	)		(1,571	)		(36,132	)

Net cash (used in) provided by investing activities		(126,084	)		(37,843	)		18,106


Cash Flows — Financing Activities
Distributions paid		(85,814	)		(92,591	)		(78,618	)
Contributions from noncontrolling interests		3,223			14,261			2,947
Distributions to noncontrolling interests		(7,258	)		(4,360	)		(5,505	)
Contributions from profit-sharing interest		—			3,694			—
Distributions to profit-sharing interest		—			(693	)		(5,645	)
Purchase of noncontrolling interest		(7,502	)		—			(15,380	)
Scheduled payments of mortgage principal		(25,327	)		(14,324	)		(9,534	)
Prepayments of mortgage principal		—			—			(13,974	)
Proceeds from mortgage financing		45,491			56,841			42,495
Proceeds from lines of credit		251,410			83,250			150,500
Repayments of lines of credit		(160,000	)		(52,500	)		(148,518	)
Proceeds from loans from affiliates		—			—			1,625
Repayments of loans from affiliates		—			—			(1,770	)
Payment of financing costs		(7,778	)		(1,204	)		(862	)
Proceeds from issuance of shares		1,488			3,724			1,507
Windfall tax benefit associated with stock-based compensation awards		2,569			2,354			143
Repurchase and retirement of shares		—			—			(10,686	)

Net cash provided by (used in) financing activities		10,502			(1,548	)		(91,275	)


Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash		70			(783	)		276

Net (decrease) increase in cash and cash equivalents		(35,396	)		46,243			1,651
Cash and cash equivalents, beginning of year		64,693			18,450			16,799

Cash and cash equivalents, end of year	$	29,297		$	64,693		$	18,450

W. P. Carey 2011 Supplemental 8-K — 22

W. P. CAREY & CO. LLC

Owned Portfolio Detailed Property Summary (Pro rata Basis)

As of December 31, 2011

September 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Federal Express Corporation

100

Collierville, TN

Office

Transportation - Cargo

South

97,595

1,813

1.97

CPI

Nov-2019

Aug-2039

Federal Express Corporation

100

Collierville, TN

Office

Transportation - Cargo

South

97,595

1,813

1.97

CPI

Nov-2019

Aug-2039

Federal Express Corporation

100

Collierville, TN

Office

Transportation - Cargo

South

97,595

1,813

1.97

CPI

Nov-2019

Aug-2039

Federal Express Corporation

100

Collierville, TN

Office

Transportation - Cargo

South

97,595

1,813

1.97

CPI

Nov-2019

Aug-2039

Federal Express Corporation

100

Corpus Christi, TX

Warehouse/Distribution

Transportation - Cargo

South

30,212

213

0.23

Fixed

May-2012

May-2017

Federal Express Corporation

100

College Station, TX

Warehouse/Distribution

Transportation - Cargo

South

12,080

0.08

Fixed

Apr-2012

Apr-2017

Federal Express Corporation Total

432,672

7,535

8.18

Carrefour France, SAS^(a)

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

174,267

1,003

1.09

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Nimes, France

Warehouse/Distribution

Retail Trade

Europe

177,792

1,001

1.09

INSEE^(b)

Jun-2016

Jun-2019

Carrefour France, SAS^(a)

Crepy en Valois, France

Warehouse/Distribution

Retail Trade

Europe

152,370

915

0.99

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Lens, France

Warehouse/Distribution

Retail Trade

Europe

126,929

731

0.79

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

134,942

676

0.73

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Ploufragan, France

Warehouse/Distribution

Retail Trade

Europe

122,596

629

0.68

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Crepy en Valois, France

Warehouse/Distribution

Retail Trade

Europe

101,252

608

0.66

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Thuit Hebert, France

Warehouse/Distribution

Retail Trade

Europe

107,962

541

0.59

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Cholet, France

Warehouse/Distribution

Retail Trade

Europe

99,265

509

0.55

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

60,294

347

0.38

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Thuit Hebert, France

Warehouse/Distribution

Retail Trade

Europe

68,479

343

0.37

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

7,524

0.05

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Lens, France

Warehouse/Distribution

Retail Trade

Europe

4,349

0.03

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Colomiers, France

Warehouse/Distribution

Retail Trade

Europe

2,899

0.02

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Lens, France

Warehouse/Distribution

Retail Trade

Europe

2,599

0.02

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

2,554

0.01

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS^(a)

Nîmes, France

Warehouse/Distribution

Retail Trade

Europe

596

0.00

INSEE^(b)

Jun-2015

Jun-2018

Carrefour France, SAS Total

1,346,669

7,419

8.05

CheckFree Corporation

100

Norcross, GA

Office

Business and Commercial
Services

South

100,125

2,032

2.21

CPI

Dec-2015

Dec-2030

CheckFree Corporation

100

Norcross, GA

Office

Business and Commercial
Services

South

68,300

1,724

1.87

CPI

Dec-2015

Dec-2030

CheckFree Corporation

100

Norcross, GA

Office

Business and Commercial
Services

South

52,250

1,301

1.41

CPI

Dec-2015

Dec-2030

CheckFree Corporation

100

Norcross, GA

Land

Business and Commercial
Services

South

159

0.17

CPI

Dec-2015

Dec-2030

CheckFree Corporation Total

220,676

5,216

5.66

W. P. Carey 2011 Supplemental 8-K — 23

September 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage^(e)

Annualized Contractual
Minimum
Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

The American Bottling Company

100

Irving, TX

Industrial

Beverages, Food, and Tobacco

South

459,497

3,016

3.27

CPI

Jul-2014

Jul-2029

The American Bottling Company

100

Houston, TX

Industrial

Beverages, Food, and Tobacco

South

262,450

1,956

2.12

CPI

Jul-2014

Jul-2029

The American Bottling Company Total

721,947

4,972

5.40

The New York Times Company

New York, NY

Office

Media: Printing and Publishing

East

126,420

4,423

4.80

Fixed

Mar-2024

Mar-2044

JP Morgan Chase Bank, N.A.

100

Fort Worth, TX

Office

Banking

South

384,246

3,862

4.19

None

Feb-2030

Feb-2050

Amylin Pharmaceuticals, Inc.

100

San Diego, CA

Office

Business and Commercial Services

West

71,902

1,870

2.03

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc.

100

San Diego, CA

Industrial

Business and Commercial Services

West

72,409

1,870

2.03

Fixed

Jul-2019

Jul-2029

Amylin Pharmaceuticals, Inc. Total

144,311

3,741

4.06

Orbital Sciences Corporation

100

Chandler, AZ

Industrial

Aerospace and Defense

West

355,307

3,307

3.59

CPI

Sep-2019

Sep-2029

US Airways Group, Inc.

Tempe, AZ

Office

Transportation - Personal

West

167,890

3,297

3.58

CPI

Apr-2014

Nov-2029

The Titan Corporation

100

San Diego, CA

Office

Electronics

West

166,403

3,055

3.32

CPI

Jul-2012

Jul-2017

Medica France S.A.^(a)

Paris, France

Other

Healthcare, Education and Childcare

Europe

24,770

602

0.65

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A.^(a)

Sarcelles, France

Other

Healthcare, Education and Childcare

Europe

34,621

602

0.65

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A.^(a)

Chatou, France

Other

Healthcare, Education and Childcare

Europe

24,667

376

0.41

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A.^(a)

Poissy, France

Other

Healthcare, Education and Childcare

Europe

24,593

376

0.41

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A.^(a)

Rosny sous Bois, France

Other

Healthcare, Education and Childcare

Europe

21,847

376

0.41

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A.^(a)

Rueil Malmaison, France

Other

Healthcare, Education and Childcare

Europe

23,814

376

0.41

INSEE^(b)

Sep-2021

Sep-2030

Medica France S.A. Total

154,312

2,708

2.94

Bouygues Telecom, S.A.^(a)

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

45,459

1,664

1.81

INSEE^(b)

Feb-2013

Bouygues Telecom, S.A.^(a)

Tours, France

Office

Telecommunications

Europe

57,264

907

0.98

INSEE^(b)

Sep-2012

Bouygues Telecom, S.A.^(a)

Illkirch-Graffenstaden, France

Office

Telecommunications

Europe

3,689

—

0.00

INSEE^(b)

Dec-2015

May-2020

Bouygues Telecom, S.A. Total

106,412

2,571

2.79

Schuler AG^(a)

Göppingen, Germany

Industrial

Machinery

Europe

246,380

2,251

2.44

CPI

Oct-2027

Oct-2047

W. P. Carey 2011 Supplemental 8-K — 24

		September 30,		September 30,	September 30,	September 30,	September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Tenant/Lease Guarantor	Percent Ownership			Property Location	Property Type	Tenant Industry	Region	Square Footage ^(e)		Annualized Contractual Minimum Base Rent (in thousands)		Percentage of Total Rent ^(e)			Increase Factor	Lease Expiration		Maximum Term
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		0.06	%	None		Aug-2013		Aug-2038
AutoZone, Inc.		100	%	Gastonia, NC	Retail	Retail Trade	East		5,400		52		0.06	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Trade	South		6,600		52		0.06	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Statesville, NC	Retail	Retail Trade	East		5,400		51		0.06	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Lenoir, NC	Retail	Retail Trade	East		5,400		51		0.06	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Trade	South		6,480		51		0.06	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Victoria, TX	Retail	Retail Trade	South		6,480		51		0.06	%	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		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Montgomery, AL	Retail	Retail Trade	South		5,400		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Columbus, GA	Retail	Retail Trade	South		5,400		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	West Monroe, LA	Retail	Retail Trade	South		5,400		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Trade	South		5,400		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Trade	South		6,480		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Trade	South		6,480		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Maplewood, MO	Retail	Retail Trade	Midwest		6,480		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Overland, MO	Retail	Retail Trade	Midwest		6,480		43		0.05	%	None		Feb-2016		Feb-2026
AutoZone, Inc.		100	%	Albany, GA	Retail	Retail Trade	South		5,400		43		0.05	%	None		Aug-2013		Aug-2038
AutoZone, Inc.		100	%	Charlotte, NC	Retail	Retail Trade	East		5,400		42		0.05	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	San Antonio, TX	Retail	Retail Trade	South		5,400		42		0.05	%	None		Jan-2016		Jan-2026
AutoZone, Inc.		100	%	Farmington, NM	Retail	Retail Trade	West		5,400		41		0.05	%	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

W. P. Carey 2011 Supplemental 8-K — 25

September 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

AutoZone, Inc.

100

Augusta, GA

Retail

Retail Trade

South

5,400

0.04

None

Aug-2013

Aug-2038

AutoZone, Inc.

100

Bessemer, AL

Retail

Retail Trade

South

5,400

0.03

None

Feb-2016

Feb-2026

AutoZone, Inc.

100

Austin, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

Nederland, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

West Orange, TX

Retail

Retail Trade

South

4,000

0.03

None

Jan-2016

Jan-2026

AutoZone, Inc.

100

Shelby, NC

Retail

Retail Trade

East

6,660

0.03

Fixed

Aug-2012

Aug-2037

AutoZone, Inc.

100

Kannapolis, NC

Retail

Retail Trade

East

6,408

0.03

Fixed

Oct-2015

Oct-2025

AutoZone, Inc.

100

Baton Rouge, LA

Retail

Retail Trade

South

5,401

0.03

Fixed

Apr-2014

Apr-2019

AutoZone, Inc.

100

Knoxville, TN

Retail

Retail Trade

South

6,660

0.02

Fixed

May-2014

May-2024

AutoZone, Inc.

100

Baton Rouge, LA

Retail

Retail Trade

South

6,600

0.02

Fixed

Mar-2014

Mar-2024

AutoZone, Inc.

100

East Ridge, TN

Retail

Retail Trade

South

6,480

0.02

Fixed

Oct-2013

Oct-2023

AutoZone, Inc.

100

Morgantown, NC

Retail

Retail Trade

East

5,400

0.02

Fixed

Oct-2015

Aug-2019

AutoZone, Inc. Total

302,230

2,217

2.41

Sybron Dental Specialties, Inc.

100

Romulus, MI

Industrial

Healthcare, Education and
Childcare

Midwest

220,000

1,454

1.58

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc.

100

Glendora, CA

Office

Healthcare, Education and
Childcare

West

25,000

555

0.60

CPI

Dec-2018

Dec-2043

Sybron Dental Specialties, Inc. Total

245,000

2,009

2.18

Unisource Worldwide, Inc.

100

Commerce, CA

Warehouse/Distribution

Forest Products and Paper

West

411,561

1,564

1.70

Fixed

Apr-2020

Apr-2030

Unisource Worldwide, Inc.

100

Anchorage, AK

Warehouse/Distribution

Forest Products and Paper

West

44,712

362

0.39

Fixed

Dec-2014

Dec-2029

Unisource Worldwide, Inc. Total

456,273

1,926

2.09

Eroski Sociedad Cooperativa

Mallorca, Spain

Warehouse/Distribution

Retail Trade

Europe

432,559

1,720

1.87

3% or CPI

Jun-2030

Jun-2045

World Color Printing (USA) Corp.

100

Doraville, GA

Industrial

Media: Printing and Publishing

South

138,383

1,686

1.83

CPI

Dec-2017

Dec-2042

BE Aerospace, Inc.

100

Lenexa, KS

Industrial

Aerospace and Defense

Midwest

130,094

676

0.73

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Warehouse/Distribution

Aerospace and Defense

East

90,800

272

0.30

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

74,026

221

0.24

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

50,200

150

0.16

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Office

Aerospace and Defense

East

43,788

131

0.14

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Dallas, TX

Industrial

Aerospace and Defense

South

22,680

129

0.14

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc.

100

Winston-Salem, NC

Industrial

Aerospace and Defense

East

15,402

0.05

Fixed

Sep-2017

Sep-2037

BE Aerospace, Inc. Total

426,990

1,625

1.76

Lowe’s Home Improvement Warehouse

100

Bellevue, WA

Retail

Retail Trade

West

143,352

1,572

1.71

CPI

Aug-2018

W. P. Carey 2011 Supplemental 8-K — 26

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Sprint Spectrum Realty Company, L.P.

100

Rio Rancho, NM

Office

Telecommunications

West

94,730

1,530

1.66

Fixed

May-2016

May-2021

Hologic, Inc.

Bedford, MA

Industrial

Electronics

East

74,520

1,119

1.22

CPI

Aug-2022

Aug-2042

Hologic, Inc.

Danbury, CT

Industrial

Electronics

East

22,335

255

0.28

CPI

Aug-2022

Aug-2042

Hologic, Inc. Total

96,855

1,374

1.49

Cleo, Inc.

100

Memphis, TN

Warehouse/Distribution

Forest Products and Paper

South

614,274

891

0.97

CPI

Dec-2011

Cleo, Inc.

100

Memphis, TN

Warehouse/Distribution

Forest Products and Paper

South

391,896

411

0.45

CPI

Dec-2011

Cleo, Inc. Total

1,006,170

1,302

1.41

Fiskars Brands, Inc.

100

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

260,160

1,108

1.20

Fixed

Mar-2015

Fiskars Brands, Inc.

100

Apopka, FL

Industrial

Chemicals, Plastics, Rubber, and Glass

South

109,377

0.08

Fixed

Mar-2015

Fiskars Brands, Inc. Total

369,537

1,179

1.28

The United States Playing Card Company

100

Erlanger, KY

Warehouse/Distribution

Media: Printing and Publishing

East

409,600

859

0.93

Fixed

Jun-2017

Jun-2020

The United States Playing Card Company

100

Erlanger, KY

Warehouse/Distribution

Consumer and Durable Goods

East

162,604

309

0.34

Fixed

Jun-2017

Jun-2020

The United States Playing Card Company Total

572,204

1,169

1.27

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

95,420

606

0.66

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

40,285

256

0.28

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

39,920

254

0.28

CPI

May-2012

Anthony’s Manufacturing Company, Inc.

100

San Fernando, CA

Industrial

Consumer and Durable Goods

West

7,220

0.05

CPI

May-2012

Anthony’s Manufacturing Company, Inc. Total

182,845

1,162

1.26

OBI Group^(a)

100

Wroclaw, Poland

Retail

Retail Trade

Europe

113,570

991

1.08

CPI

Dec-2025

Dec-2040

24 Hour Fitness USA, Inc.

100

Austin, TX

Other

Leisure, Amusement, Entertainment

South

43,935

952

1.03

CPI

Jun-2017

Jun-2037

Consolidated Systems, Inc.

Columbia, SC

Industrial

Mining, Metals, and Primary Metal Industries

East

294,249

823

0.89

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Office

Mining, Metals, and Primary Metal Industries

East

24,459

0.07

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Warehouse/Distribution

Mining, Metals, and Primary Metal Industries

East

13,791

0.04

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc.

Columbia, SC

Warehouse/Distribution

Mining, Metals, and Primary Metal Industries

East

6,266

0.02

Fixed

Oct-2026

Oct-2046

Consolidated Systems, Inc. Total

338,765

948

1.03

W. P. Carey 2011 Supplemental 8-K — 27

September 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Sports Wholesale, Inc.

100

Birmingham, AL

Warehouse/Distribution

Retail Trade

South

219,312

924

1.00

CPI

Dec-2014

Dec-2029

Lockheed Martin Corporation

100

Webster, TX

Industrial

Business and Commercial Services

South

48,207

482

0.52

Fixed

May-2018

May-2025

Lockheed Martin Corporation

100

Webster, TX

Industrial

Business and Commercial Services

South

30,176

309

0.34

Fixed

Jun-2012

Lockheed Martin Corporation

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

8,921

0.10

Fixed

Dec-2014

Dec-2017

Lockheed Martin Corporation Total

87,304

883

0.97

NVR, Inc.

100

Thurmont, MD

Industrial

Construction and Building

East

150,468

735

0.80

CPI

Apr-2014

Apr-2039

NVR, Inc.

100

Farmington, NY

Industrial

Construction and Building

East

29,273

143

0.16

CPI

Apr-2014

Apr-2039

NVR, Inc. Total

179,741

878

0.95

Swat-Fame, Inc.

100

City of Industry, CA

Industrial

Textiles, Leather, and Apparel

West

233,205

872

0.95

CPI

Jun-2020

The SI Organization, Inc.

100

King of Prussia, PA

Office

Business and Commercial Services

East

88,578

864

0.94

Fixed

Jul-2013

Jul-2023

SymphonyIRI Group, Inc.

Chicago, IL

Office

Business and Commercial Services

Midwest

53,195

791

0.86

CPI

Jan-2021

United States Postal Service

100

Bloomingdale, IL

Office

Federal, State and Local Government

Midwest

60,000

698

0.76

Fixed

Apr-2016

BellSouth Telecommunications, Inc.

100

Fort Lauderdale, FL

Warehouse/Distribution

Telecommunications

South

80,450

632

0.69

Fixed

Jun-2016

Jun-2021

Childtime Childcare, Inc.

Alhambra, CA

Other

Healthcare, Education and Childcare

West

2,262

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Tustin, CA

Other

Healthcare, Education and Childcare

West

2,264

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Canton, MI

Other

Healthcare, Education and Childcare

Midwest

2,311

0.06

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Chino, CA

Other

Healthcare, Education and Childcare

West

2,166

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Carrollton, TX

Other

Healthcare, Education and Childcare

South

2,438

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Duncanville, TX

Other

Healthcare, Education and Childcare

South

2,438

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Lewisville, TX

Other

Healthcare, Education and Childcare

South

2,440

0.05

CPI

Jan-2016

Jan-2041

W. P. Carey 2011 Supplemental 8-K — 28

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Childtime Childcare, Inc.

Garden Grove, CA

Other

Healthcare, Education and Childcare

West

2,848

0.05

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Tucson, AZ

Other

Healthcare, Education and Childcare

West

2,165

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Chandler, AZ

Other

Healthcare, Education and Childcare

West

2,026

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,787

0.04

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc.

Westland, MI

Other

Healthcare, Education and Childcare

Midwest

2,472

0.03

CPI

Jan-2016

Jan-2041

Childtime Childcare, Inc. Total

28,617

560

0.61

Jada Toys, Inc.

100

City of Industry, CA

Industrial

Consumer Non-durable Goods

West

92,595

500

0.54

Fixed

Apr-2012

Apr-2017

United Stationers Supply Company

100

San Antonio, TX

Warehouse/Distribution

Forest Products and Paper

South

63,098

256

0.28

CPI

Mar-2014

Mar-2017

United Stationers Supply Company

100

New Orleans, LA

Warehouse/Distribution

Forest Products and Paper

South

59,560

241

0.26

CPI

Sep-2012

United Stationers Supply Company Total

122,658

497

0.54

Alstom Power

100

Erlanger, KY

Warehouse/Distribution

Business and Commercial Services

East

197,400

485

0.53

Fixed

Jun-2017

Jun-2020

United Space Alliance, LLC

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

36,629

211

0.22

None

Sep-2013

United Space Alliance, LLC

100

Webster, TX

Warehouse/Distribution

Business and Commercial Services

South

32,503

219

0.24

None

Sep-2015

Sep-2020

United Space Alliance, LLC

69,132

430

0.45

Pioneer Credit Recovery, Inc.

100

Moorestown, NJ

Office

Business and Commercial Services

East

30,000

405

0.44

Fixed

Apr-2012

Apr-2018

Kmart Corporation

100

Drayton Plains, MI

Retail

Retail Trade

Midwest

103,018

210

0.23

None

Mar-2016

Mar-2026

Kmart Corporation

100

Citrus Heights, CA

Retail

Retail Trade

West

89,760

180

0.20

None

May-2016

May-2026

Kmart Corporation Total

192,778

390

0.42

Faurecia Exhaust Systems

100

Toledo, OH

Office

Automobile

Midwest

61,000

387

0.42

CPI

Nov-2022

S&ME, Inc.

100

Raleigh, NC

Office

Business and Commercial Services

East

27,770

338

0.37

Fixed

Jul-2016

Jul-2026

Wal-Mart Stores, Inc.

100

Greenfield, IN

Warehouse/Distribution

Retail Trade

Midwest

82,620

331

0.36

None

Jan-2020

Jan-2025

Richard Design Services, Inc.

100

Beaumont, TX

Office

Business and Commercial Services

South

34,300

300

0.33

Other

Feb-2012

May-2012

W. P. Carey 2011 Supplemental 8-K — 29

September 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Tubular Metal Systems

100

Pinconning, MI

Industrial

Automobile

Midwest

220,588

298

0.32

CPI

Jul-2013

Dec-2022

Groupe SOFEMO

Illkirch-Graffenstaden, France

Office

Business and Commercial Services

Europe

16,631

298

0.32

INSEE^(b)

Jan-2014

Jan-2020

Qwest Communications, Inc.

100

Scottsdale, AZ

Industrial

Telecommunications

West

2,900

178

0.19

Fixed

Feb-2012

Feb-2017

Qwest Communications, Inc.

100

Scottsdale, AZ

Industrial

Telecommunications

West

1,560

0.10

Fixed

Feb-2012

Feb-2017

Qwest Communications, Inc. Total

4,460

274

0.30

Deloro Satellite Company, Inc.

100

Goshen, IN

Industrial

Mining, Metals, and Primary Metal
Industries

Midwest

52,000

265

0.29

Fixed

Feb-2018

Feb-2023

Fairpoint Communications, Inc.

100

Milton, VT

Industrial

Telecommunications

East

30,624

221

0.24

Fixed

Feb-2013

Lincoln Technical Institute, Inc.

100

Moorestown, NJ

Office

Healthcare, Education and Childcare

East

35,567

209

0.23

Fixed

Apr-2025

Multi-Tenant Building

100

Broomfield, CO

Office

Various

West

80,692

208

0.23

Various

Continental Airlines, Inc.

100

Houston, TX

Warehouse/Distribution

Transportation - Personal

South

25,125

207

0.22

Fixed

Jul-2013

Continental Airlines, Inc.

100

Houston, TX

Land

Transportation - Personal

South

—

0.00

Fixed

Jul-2013

Continental Airlines, Inc.

25,126

207

0.22

Candle Lamp Company, LLC

100

Memphis, TN

Warehouse/Distribution

Consumer Non-durable Goods

South

75,000

190

0.21

CPI

Mar-2014

Xerox Corporation

100

Hot Springs, AR

Retail

Machinery

South

36,850

179

0.19

Fixed

Mar-2014

Mar-2017

USA Self Storage, LLC

100

Pensacola, FL

Self Storage

Buildings and Real Estate

South

51,867

176

0.19

Fixed

Dec-2012

SUPINFO International University

Illkirch-Graffenstaden, France

Office

N/A

Europe

6,999

114

0.12

None

Mar-2019

Golder Associates Inc.

100

Houston, TX

Office

Business and Commercial Services

South

8,066

0.06

Fixed

Oct-2017

Oct-2022

Golder Associates Inc.

100

Houston, TX

Office

Business and Commercial Services

South

7,730

0.06

Fixed

Oct-2017

Oct-2022

Golder Associates Inc. Total

15,796

110

0.12

Kenyon International Emergency Services

100

Houston, TX

Warehouse/Distribution

Healthcare, Education and Childcare

South

17,725

0.10

None

Oct-2014

Oct-2019

W. P. Carey 2011 Supplemental 8-K — 30

Sept 30,

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage ^(e)

Annualized Contractual
Minimum
Base Rent
(in thousands)

Percentage of Total
Rent ^(e)

Increase Factor

Lease Expiration

Maximum Term

Raytheon Company

100

Webster, TX

Industrial

Business and Commercial Services

South

9,138

0.10

Fixed

Jul-2012

Sep-2016

EnGlobal U.S.

100

Beaumont, TX

Office

N/A

South

8,580

0.09

N/A

Sep-2014

Sep-2024

Moran Foods, Inc.

100

Montgomery, AL

Retail

Beverages, Food, and Tobacco

South

32,690

0.06

None

Oct-2017

Oct-2037

Olmsted Kirk Paper Co.

100

Beaumont, TX

Office

Forest Products and Paper

South

5,760

0.05

Fixed

Dec-2017

Dec-2022

SBH Holdings, LLC

100

Houston, TX

Office

Healthcare, Education and Childcare

South

5,632

0.05

Fixed

Aug-2013

Aug-2016

RGIS, LLC

100

Bloomingdale, IL

Office

Business and Commercial Services

Midwest

2,550

0.02

Fixed

Nov-2014

Knight Security Systems

100

Houston, TX

Office

Business and Commercial Services

South

4,456

0.01

Fixed

Jun-2016

Jun-2021

Classic Cuisines Catering

100

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

0.01

None

Apr-2012

Action Buys Cars, Inc.^(c)

100

Montgomery, AL

Retail

Retail Trade

South

0.01

None

MTM

LIVHO, Inc.

100

Livonia, MI

Hospitality

Hotels and Gaming

Midwest

158,000

—

0.00

Fixed

Jan-2014

Google, Inc.

100

Venice, CA

Office

Telecommunications

West

67,681

—

0.00

Fixed

Oct-2025

Oct-2035

Juniper Networks, Inc.

100

Sunnyvale, CA

Industrial

Electronics

West

50,311

—

0.00

Fixed

Nov-2011

Nov-2021

Common Area^(c)

Tours, France

Office

N/A

Europe

10,655

—

0.00

None

Sep-2012

Vacant

100

Charlotte, NC

Industrial

N/A

East

437,500

—

N/A

Vacant

100

Jacksonville, FL

Warehouse/Distribution

N/A

South

240,000

—

N/A

Vacant

100

Bridgeton, MO

Office

N/A

Midwest

78,080

—

N/A

Vacant

100

Bloomingdale, IL

Office

N/A

Midwest

37,450

—

N/A

Vacant

100

Webster, TX

Warehouse/Distribution

N/A

South

34,804

—

N/A

Vacant

100

Broomfield, CO

Office

N/A

West

32,045

—

N/A

Vacant

100

Brewton, AL

Retail

N/A

South

30,625

—

N/A

Vacant

Tours, France

Office

N/A

Europe

28,284

—

N/A

Vacant

100

Houston, TX

Office

N/A

South

23,756

—

N/A

Vacant Total

942,545

—

Grand Total^(d)

13,446,622

92,102

100

(a)	Rents reflect a conversion rate of 1.2950 EUR/USD as of December 31, 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 20 domestic self-storage properties in our Carey Storage subsidiary, totaling approximately 0.5 million square feet (on a pro rata basis).

(e)	Numbers may not add due to rounding.

W. P. Carey 2011 Supplemental 8-K — 31

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