W. P. Carey (WPC) 8-K Regulation FD Disclosure

EXHIBIT 99.1

W. P. Carey & Co. LLC
Supplemental Operating and Financial Data

As of December 31, 2008

Important Disclosures About this Supplemental Package

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

Important Note Regarding Non-GAAP Financial Measures

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

Forward-Looking Statements

This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and forward-looking statements contained herein is included in our filings with the SEC, including but not limited to our Form 10-K for the year ended December 31, 2008. We do not undertake to revise or update any forward-looking statements.

2

W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
For the Year Ended December 31, 2008

Contents

Company Overview	4
Financial Highlights	5
Financial Results — Adjusted for Comparability	6
Reconciliation of Net Income to EBITDA	7
Reconciliation of Net Income to Funds From Operations (FFO)	8
Adjusted Cash Flow from Operating Activities	9
Revenue Diversification Analysis	10
Revenue Stability Analysis	11
Portfolio Debt Overview	12
Detailed Debt Summary	13
2008 Investment and Disposition Activity	15
Portfolio Analysis — Rent Contribution and Historical Occupancy	17
Portfolio Diversification Analysis by Property Type	18
Portfolio Diversification Analysis by Tenant Industry	19
Portfolio Diversification Analysis by Geography	20
Portfolio Lease Maturity Analysis	21
Consolidated Balance Sheets	22
Consolidated Statements of Income	23
Consolidated Statements of Cash Flows	24
Detailed Property Summary	25

3

W. P. CAREY & CO. LLC
Company Overview
December 31, 2008

Key Company Contacts		Executive Offices
Wm. Polk Carey	Chairman of the Board and Director	50 Rockefeller Plaza
Gordon F. Dugan	President, Chief Executive Officer and Director	New York, NY 10020
Thomas E. Zacharias	Managing Director, Chief Operating Officer	Tel: 1-800-WPCAREY or (212) 492-1100
Mark J. DeCesaris	Managing Director, Acting Chief Financial Officer	Fax: (212) 492-8922
Susan C. Hyde	Managing Director, Director of Investor Relations	Web Site Address: www.wpcarey.com
Banks
Bank of America, N.A.	Administrative and Documentation Agent
The Bank of New York	Syndication Agent
JPMorgan Chase Bank, N.A.	Syndication Agent
PNC Bank, N.A.	Syndication Agent
Analyst Coverage
David West	Davenport & Company, LLC
Stephanie M. Krewson	Janney Montgomery Scott LLC
Andrew T. DiZio	Janney Montgomery Scott LLC

	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
	2008			2008			2008			2008			2007
Stock Data (NYSE: WPC)
High Price	$	27.05		$	31.08		$	33.97		$	34.62		$	36.86
Low Price	$	16.50		$	23.44		$	27.67		$	25.79		$	31.02
Closing Price	$	23.43		$	26.10		$	28.71		$	29.97		$	33.20
Distributions declared per share — annualized(a)	$	1.98		$	1.97		$	1.95		$	1.93		$	1.91
Distribution yield (annualized distribution / closing stock price)		8.43	%		7.54	%		6.79	%		6.43	%		5.75	%
Shares outstanding at quarter end		39,589,594			40,024,035			39,656,675			39,536,581			39,216,493
Market value of outstanding shares at quarter end (in thousands)	$	927,584		$	1,044,627		$	1,138,543		$	1,184,911		$	1,301,988

(a) Fourth quarter 2007 excludes a special distribution of $0.27 per share that was paid in January 2008 to shareholders of record as of December 31, 2007. The special distribution was approved by our board of directors in connection with a corporate restructuring.

4

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

These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) 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, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007			2008			2007			2006
EBITDA
Investment management	$	13,079	$	18,207	$	15,774	$	14,745	$	(3,906	)	$	61,805		$	91,145		$	105,683
Real estate ownership		23,238		18,229		22,307		20,634		31,123			84,408			88,228			70,619
Total	$	36,317	$	36,436	$	38,081	$	35,379	$	27,217		$	146,213		$	179,373		$	176,302
FFO
Investment management	$	11,415	$	17,579	$	14,664	$	5,461	$	(14,281	)	$	49,119		$	69,169		$	70,008
Real estate ownership		22,412		15,963		20,887		16,069		17,192			75,331			64,097			58,529
Total	$	33,827	$	33,542	$	35,551	$	21,530	$	2,911		$	124,450		$	133,266		$	128,537
EBITDA Per Share (Diluted)
Investment management	$	0.32	$	0.45	$	0.39	$	0.37	$	(0.10	)	$	1.54		$	2.29		$	2.70
Real estate ownership		0.58		0.45		0.56		0.51		0.78			2.10			2.21			1.81
Total	$	0.90	$	0.90	$	0.95	$	0.88	$	0.68		$	3.64		$	4.50		$	4.51
FFO Per Share (Diluted)
Investment management	$	0.28	$	0.43	$	0.36	$	0.14	$	(0.36	)	$	1.22		$	1.73		$	1.79
Real estate ownership		0.56		0.40		0.52		0.40		0.43			1.87			1.61			1.50
Total	$	0.84	$	0.83	$	0.88	$	0.54	$	0.07		$	3.09		$	3.34		$	3.29
Adjusted Cash Flow From Operating Activities
Adjusted cash flow												$	89,385		$	84,241		$	70,159
Adjusted cash flow per share (diluted)												$	2.22		$	2.11		$	1.79
Distributions declared per share												$	1.955		$	1.878		$	1.820
Payout ratio (distributions per share/adjusted cash flow per share)													88	%		89	%		102	%

5

W. P. CAREY & CO. LLC
Financial Results — Adjusted for Comparability (Unaudited)
(in thousands, except share and per share amounts)

	Three months ended December 31,							Years ended December 31,
	2008		2007		2006			2008		2007			2006
Net Income
Net income — as reported	$	21,900	$	6,013	$	43,629		$	78,047	$	79,252		$	86,303
Net income per share (diluted) — as reported	$	0.55	$	0.15	$	1.12		$	1.96	$	2.05		$	2.22
Items that affect comparability:
SEC settlement(a)		—		21,012		—			—		21,012			—
CPA®:16 - Global performance adjustment, net(b)		—		—		—			—		(21,600	)		—
Out-of-period adjustment(c)		—		—		—			—		(3,500	)		—
CPA®:12/14 Merger(d)		—		—		(23,310	)		—		—			(23,310	)
		—		21,012		(23,310	)		—		(4,088	)		(23,310	)
Net income — adjusted for comparability	$	21,900	$	27,025	$	20,319		$	78,047	$	75,164		$	62,993
Net income per share (diluted) — adjusted for comparability	$	0.55	$	0.68	$	0.52		$	1.96	$	1.95		$	1.63
EBITDA
EBITDA — as reported	$	36,317	$	27,217	$	85,738		$	146,213	$	179,373		$	176,302
EBITDA per share (diluted) — as reported	$	0.90	$	0.68	$	2.18		$	3.64	$	4.50		$	4.51
Items that affect comparability:
SEC settlement(a)		—		29,979		—			—		29,979			—
CPA®:16 - Global performance adjustment, net(b)		—		—		—			—		(39,300	)		—
CPA®:12/14 Merger(d)		—		—		(44,018	)		—		—			(44,018	)
		—		29,979		(44,018	)		—		(9,321	)		(44,018	)
EBITDA — adjusted for comparability	$	36,317	$	57,196	$	41,720		$	146,213	$	170,052		$	132,284
EBITDA per share (diluted) — adjusted for comparability	$	0.90	$	1.44	$	1.06		$	3.64	$	4.27		$	3.38
FFO
FFO — as reported	$	33,827	$	2,911	$	54,883		$	124,450	$	133,266		$	128,537
FFO per share (diluted) — as reported	$	0.84	$	0.07	$	1.39		$	3.09	$	3.34		$	3.29
Items that affect comparability:
SEC settlement(a)		—		21,012		—			—		21,012			—
CPA®:16 - Global performance adjustment, net(b)		—		—		—			—		(42,300	)		—
CPA®:12/14 Merger(d)		—		—		(23,310	)		—		—			(23,310	)
		—		21,012		(23,310	)		—		(21,288	)		(23,310	)
FFO — adjusted for comparability	$	33,827	$	23,923	$	31,573		$	124,450	$	111,978		$	105,227
FFO per share (diluted) — adjusted for comparability	$	0.84	$	0.60	$	0.80		$	3.09	$	2.81		$	2.69
Diluted weighted average shares outstanding		40,466,930		39,815,933		39,414,532			40,221,112		39,868,208			39,093,897

Non-GAAP Financial Disclosure

The above table presents Net Income, EBITDA and FFO adjusted for items that affect comparability. We believe that these adjusted supplemental measures are useful for comparing our current financial performance with prior periods, although they do not represent net income that is computed in accordance with GAAP. Accordingly, Net Income, EBITDA and FFO adjusted for items that affect comparability should not be considered an alternative for Net Income as an indicator of our financial performance. Net Income, EBITDA and FFO adjusted for items that affect comparability may not be comparable to similarly titled measures of other companies. Net Income adjusted for items that affect comparability consists of net income in accordance with GAAP adjusted for amounts recognized on the achievement of CPA^®:16 — Global’s performance criterion, an out-of-period adjustment as well as amounts recognized on completion of the CPA^®:12 and CPA^®:14 merger transaction in December 2006 (the “CPA^®:12/14 Merger”). A description of EBITDA and FFO and reconciliations to the most directly comparable GAAP measures are provided on the respective pages of this supplemental package.

(a)	Includes a $30 million reserve taken in the fourth quarter of 2007 in connection with an SEC settlement.
(b)	CPA®:16 — Global performance adjustment, net represents the net of tax impact of previously deferred asset management revenue, structuring revenue and interest income less deferred compensation costs recognized during the second quarter of 2007 following the achievement of CPA®:16 — Global’s performance criterion. Adjustments to EBITDA and FFO eliminate the associated provision for income taxes and provision for deferred income taxes, respectively.
(c)	During the third quarter of 2007, we determined that a longer schedule of depreciation/amortization of assets in certain of our equity method investment holdings should appropriately be applied to reflect the lives of the underlying assets rather than the expected holding period of these investments. We concluded that these adjustments were not material to any prior periods’ consolidated financial statements. We also concluded that the cumulative adjustment was not material to the year ended December 31, 2007. As such, the cumulative effect was recorded in the consolidated statements of income as a one-time cumulative out-of-period adjustment in the third quarter of 2007. The effect of this adjustment for the year ended December 31, 2007 was to increase net income by approximately $3.5 million.
(d)	In December 2006, CPA®:12 and CPA®:14 completed the CPA®:12/14 Merger. In connection with providing this liquidity event for CPA®:12 shareholders, CPA®:12 paid us termination revenue of $25.4 million and subordinated disposition revenue of $24.4 million. Included in subordinated disposition revenue was $3.8 million payable by CPA®:12 related to properties we acquired from CPA®:12 that was not recognized as income for financial reporting purposes but reduced the cost of the properties we acquired from CPA®:12 prior to the CPA®:12/14 Merger. Net income recognized in connection with the CPA®:12/14 Merger in 2006 was $23.3 million, while merger costs and taxes totaled $2 million and $20.7 million, respectively.

6

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

	Three months ended														Years ended December 31,
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008		December 31, 2007			2008			2007		2006
Investment Management
Net income (loss)	$	9,603		$	11,201		$	7,123		$	6,931	$	(12,366	)	$	34,858		$	36,808	$	53,330
Adjustments:
Provision for income taxes		2,246			5,846			7,556			6,784		2,473			22,432			50,158		44,710
Depreciation and amortization		1,230			1,160			1,095			1,030		5,987			4,515			4,179		7,643
EBITDA — investment management	$	13,079		$	18,207		$	15,774		$	14,745	$	(3,906	)	$	61,805		$	91,145	$	105,683
EBITDA per share (diluted)	$	0.32		$	0.45		$	0.39		$	0.37	$	(0.10	)	$	1.54		$	2.29	$	2.70
Real Estate Ownership
Net income	$	12,297		$	7,997		$	12,725		$	10,170	$	18,379		$	43,189		$	42,444	$	32,973
Adjustments:
Interest expense		4,710			5,004			4,532			5,043		5,609			19,289			20,880		17,016
Provision for (benefit from) income taxes		870			(7	)		(134	)		360		453			1,089			1,581		646
Depreciation and amortization		5,669			5,235			5,184			5,061		6,536			21,149			21,364		17,494
Reconciling items attributable to discontinued operations		(308	)		—			—			—		146			(308	)		1,959		2,490
EBITDA — real estate ownership	$	23,238		$	18,229		$	22,307		$	20,634	$	31,123		$	84,408		$	88,228	$	70,619
EBITDA per share (diluted)	$	0.58		$	0.45		$	0.56		$	0.51	$	0.78		$	2.10		$	2.21	$	1.81
Total Company
EBITDA	$	36,317		$	36,436		$	38,081		$	35,379	$	27,217		$	146,213		$	179,373	$	176,302
EBITDA per share (diluted)	$	0.90		$	0.90		$	0.95		$	0.88	$	0.68		$	3.64		$	4.50	$	4.51
Diluted weighted average shares outstanding		40,466,930			40,299,073			40,256,658			40,202,798		39,815,933			40,221,112			39,868,208		39,093,897

Non-GAAP Financial Disclosure

EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP. Accordingly, EBITDA should not be considered an alternative for net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies.

7

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

	Three months ended															Years ended December 31,
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			2008			2007			2006
Investment Management
Net income (loss)	$	9,603		$	11,201		$	7,123		$	6,931		$	(12,366	)	$	34,858		$	36,808		$	53,330
Amortization, deferred taxes and other non-cash charges		(1,283	)		2,290			4,041			(2,554	)		(2,466	)		2,494			30,194			11,728
FFO from equity investments		3,095			4,088			3,500			1,084			551			11,767			2,167			4,950
FFO — investment management	$	11,415		$	17,579		$	14,664		$	5,461		$	(14,281	)	$	49,119		$	69,169		$	70,008
FFO per share (diluted)	$	0.28		$	0.43		$	0.36		$	0.14		$	(0.36	)	$	1.22		$	1.73		$	1.79
Real Estate Ownership
Net income	$	12,297		$	7,997		$	12,725		$	10,170		$	18,379		$	43,189		$	42,444		$	32,973
Gain on sale of investment in direct financing lease		—			(1,103	)		—			—			—			(1,103	)		—			—
Gain on sale of real estate, net		—			—			—			—			(14,865	)		—			(15,827	)		(3,452	)
Depreciation, amortization and other non-cash charges		7,594			6,764			5,389			3,561			4,929			23,308			20,272			17,294
Straight-line and other rent adjustments		172			(613	)		659			669			964			887			3,080			3,152
Impairment charges		473			538			—			—			1,017			1,011			3,334			4,504
FFO from equity investments		2,039			2,551			2,287			1,841			1,662			8,718			6,312			4,852
Minority investees’ share of FFO		(163	)		(171	)		(173	)		(172	)		5,106			(679	)		4,482			(794	)
FFO — real estate ownership	$	22,412		$	15,963		$	20,887		$	16,069		$	17,192		$	75,331		$	64,097		$	58,529
FFO per share (diluted)	$	0.56		$	0.40		$	0.52		$	0.40		$	0.43		$	1.87		$	1.61		$	1.50
Total Company
FFO	$	33,827		$	33,542		$	35,551		$	21,530		$	2,911		$	124,450		$	133,266		$	128,537
FFO per share (diluted)	$	0.84		$	0.83		$	0.88		$	0.54		$	0.07		$	3.09		$	3.34		$	3.29
Diluted weighted average shares outstanding		40,466,930			40,299,073			40,256,658			40,202,798			39,815,933			40,221,112			39,868,208			39,093,897

Non-GAAP Financial Disclosure

Funds from operations (FFO) is a non-GAAP financial measure that is commonly used 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 should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity. It should be used in conjunction with GAAP net income. FFO disclosed by other REITs may not be comparable to our FFO calculation.

NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate FFO 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.

8

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

	Years ended December 31,
	2008			2007			2006
Cash flow from operating activities — as reported	$	63,247		$	47,471		$	119,940
Adjustments:
CPA®:16 - Global performance adjustment, net(a)		(12,291	)		9,425			2,091
Settlement payment(b)		21,012			—			—
CPA®:12/14 Merger — revenue net of costs/taxes(c)		—			—			(23,310	)
CPA®:12/14 Merger — payment of taxes(d)		—			20,708			(20,708	)
Distributions received from equity investments in real estate in excess of equity income (e)		10,868			6,769			4,809
Distributions paid to minority partners, net(f)		(3,025	)		—			—
Changes in working capital(d)		9,574			(132	)		(12,663	)
Adjusted cash flow from operating activities	$	89,385		$	84,241		$	70,159
Adjusted cash flow per share (diluted)	$	2.22		$	2.11		$	1.79
Distributions declared per share	$	1.955		$	1.878		$	1.820
Payout ratio (distributions per share/adjusted cash flow per share)		88	%		89	%		102	%
Diluted weighted average shares outstanding		40,221,112			39,868,208			39,093,897

Non-GAAP Financial Disclosure

Adjusted cash flow from operating activities is a non-GAAP financial measure that represents cash flow from operating activities on a GAAP basis adjusted for certain timing differences and deferrals as described below. We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations and is used in evaluating distributions to shareholders. Adjusted cash flow from operating activities should not be considered as an alternative for cash flow from 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.

(a)	Amounts deferred in lieu of CPA®:16 — Global achieving its performance criterion, net of a 45% tax provision. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of CPA®:16 — Global achieving its performance criterion, rather than recognizing the entire deferred amount in the quarter in which the performance criterion was met, as this revenue was actually earned over a three year period.
(b)	In March 2008, we entered into a settlement with the SEC with respect to all matters relating to their investigation. As a result, we paid $30 million in the first quarter of 2008, and recognized an offsetting $9 million tax benefit in the same period.
(c)	Amounts represent termination and disposition revenue, net of costs and a 45% tax provision, earned in connection with the CPA®:12/14 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®:12/14 Merger.
(d)	Timing differences arising from the payment of certain liabilities in a period other than that in which the expense is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operations to record such amounts in the period in which the liability was actually incurred. We believe this is a fairer measure of determining our cash flow from core operations.
(e)	We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations.
(f)	Represents minority partners’ share of distributions made by ventures that we consolidate in our financial statements. This adjustment in the calculation of adjusted cash flow from operating activities was introduced during the fourth quarter of 2008 because we believe that it results in a more accurate presentation of this supplemental measure.

9

W. P. CAREY & CO. LLC
Revenue Diversification Analysis (Unaudited)
(in thousands)

	Three months ended															Years ended December 31,
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007			2008			2007			2006
Revenue from Investment Management
Asset management revenue	$	20,344		$	20,205		$	20,039		$	20,126		$	19,165		$	80,714		$	83,051		$	57,633
Structuring revenue		2,833			10,818			3,169			3,416			10,366			20,236			78,175			22,506
Incentive, termination and subordinated disposition revenue from mergers		—			—			—			—			—			—			—			46,018
Other interest income		594			586			548			533			1,057			2,261			6,031			2,853
Total investment management revenue	$	23,771		$	31,609		$	23,756		$	24,075		$	30,588		$	103,211		$	167,257		$	129,010
Percentage of total adjusted revenue		45	%		58	%		47	%		52	%		58	%		50	%		64	%		60	%
Revenue from Real Estate Ownership
Lease revenue — continuing and discontinued operations	$	18,658		$	18,959		$	23,247		$	19,254		$	20,196		$	80,118		$	82,104		$	76,159
Other real estate income		10,422			3,834			3,305			3,122			2,144			20,683			12,718			8,503
Other interest income		97			166			131			228			257			623			811			452
Total real estate revenue	$	29,177		$	22,959		$	26,683		$	22,604		$	22,597		$	101,424		$	95,633		$	85,114
Percentage of total adjusted revenue		55	%		42	%		53	%		48	%		42	%		50	%		36	%		40	%
Reconciliation of Total Revenue
Total revenue — as reported	$	61,362		$	66,636		$	58,503		$	57,372		$	51,607		$	243,873		$	263,156		$	267,487
Less: Reimbursed costs from affiliates(a)		(9,414	)		(12,820	)		(12,568	)		(11,506	)		(3,641	)		(46,308	)		(13,809	)		(63,630	)
Add: Other interest income		691			752			679			761			1,314			2,884			6,842			3,305
Add: Revenue from discontinued operations		309			—			3,825			52			3,905			4,186			6,701			6,962
Total Adjusted Revenue	$	52,948		$	54,568		$	50,439		$	46,679		$	53,185		$	204,635		$	262,890		$	214,124

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

10

W. P. CAREY & CO. LLC
Revenue Stability Analysis (Unaudited)
(in thousands)

	Three months ended																									Years ended December 31,
	December 31, 2008					September 30, 2008					June 30, 2008					March 31, 2008					December 31, 2007					2008					2007					2006
	Revenue		%			Revenue		%			Revenue		%			Revenue		%			Revenue		%			Revenue		%			Revenue		%			Revenue		%
Revenue Type
Rents (a)	$	18,755				$	19,125				$	23,378				$	19,482				$	20,453				$	80,741				$	82,915				$	76,611
Management revenue(b) (d)		20,938					20,791					20,587					20,659					20,222					82,975					89,082					60,486
Rents and Management Revenue		39,693		75	%		39,916		73	%		43,965		87	%		40,141		86	%		40,675		76	%		163,716		80	%		171,997		65	%		137,097		64	%
Structuring revenue(c) (d)		2,833					10,818					3,169					3,416					10,366					20,236					78,175					22,506
Disposition / termination revenue(e)		—					—					—					—					—					—					—					46,018
Other real estate income		10,422					3,834					3,305					3,122					2,144					20,683					12,718					8,503
Structuring Revenue & Other Income		13,255		25	%		14,652		27	%		6,474		13	%		6,538		14	%		12,510		24	%		40,919		20	%		90,893		35	%		77,027		36	%
Total Adjusted Revenue	$	52,948		100	%	$	54,568		100	%	$	50,439		100	%	$	46,679		100	%	$	53,185		100	%	$	204,635		100	%	$	262,890		100	%	$	214,124		100	%

(a)	Rents = lease revenue (continuing operations) + revenue from discontinued operations + other interest income from real estate ownership.
(b)	Management revenue includes asset management revenue and interest income earned from CPA®REITs under management.
(c)	Structuring revenue includes structuring fees and deferred structuring fees.
(d)	Management revenue for 2007 includes $19.3 million in performance revenue recognized as a result of CPA®:16 — Global meeting its performance criterion. Structuring revenue for 2007 includes $42.4 million in deferred structuring revenue also recognized as a result of CPA®:16 — Global meeting its performance criterion.
(e)	Disposition and termination revenue related to CPA®:12/14 Merger.

11

W. P. CAREY & CO. LLC
Portfolio Debt Overview as of December 31, 2008 (Pro rata basis) (Unaudited)
(in thousands)

Portfolio Debt Maturity

Year of Maturity	Outstanding Balance
2009	$	69,443
2010		11,364
2011		132,687
2012		31,964
2013		2,074
2014		55,231
2015		48,689
2016		36,319
2017		51,870
2018		9,221
2019		—
2020		—
2021		—
2022		—
2023		5,598
Total	$	454,460

Fixed and Variable Rate Debt Analysis

Non-Recourse Debt	Outstanding Balance
Fixed	$	246,975
Fixed — Swap Agreement		9,221
Fixed — Future Rate Reset		62,875
Variable		54,389
		373,460
Recourse Debt
Variable — Line of Credit		81,000
Total Debt	$	454,460

Debt Maturity Analysis

12

W. P. CAREY & CO. LLC
Detailed Debt Summary as of December 31, 2008 (Pro rata basis) (Unaudited)
(in thousands)

Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate	Maturity Date	Outstanding Balance
Orbital Sciences Corporation	Fixed	7.38%	Jun-2009	$	12,131
US Airways Group, Inc. (75%)	Fixed	7.23%	Aug-2009		15,111
The Retail Distribution Group, Inc. (40%)	Fixed	8.51%	Sep-2009		2,192
Self-Storage Credit Facility(a)	Variable	3.45%	Dec-2009		35,009
Billipp Portfolio(b)	Variable	1.76%	Dec-2009		5,000
Bell South Corporation	Fixed	8.11%	Jan-2010		2,814
Hibbett Sports	Fixed	7.50%	Apr-2010		4,556
Daimler Trucks North America LLC	Fixed	7.96%	Jun-2010		3,994
Federal Express Corporation (40%)	Fixed	7.50%	Jan-2011		16,274
AutoZone, Inc. — Series A	Fixed	6.85%	Jan-2011		1,004
Childtime Childcare, Inc. (34%)	Fixed	7.50%	Jan-2011		2,057
Information Resources, Inc. (33%)	Fixed	7.60%	Jan-2011		7,461
Pioneer Credit Recovery, Inc.	Fixed	7.34%	Jan-2011		5,475
AutoZone, Inc. — Series B	Fixed	6.85%	Feb-2011		1,590
Career Education Corporation	Fixed	7.58%	Jun-2011		6,821
24 Hour Fitness USA, Inc.	Fixed	7.50%	Aug-2011		2,901
Sprint Spectrum, LP	Fixed	7.64%	Aug-2011		8,104
Qwest Communications, Inc.	Fixed	7.50%	Jun-2012		1,439
AutoZone, Inc. — Series C	Fixed	6.85%	Aug-2012		765
BE Aerospace, Inc.	Fixed	6.11%	Nov-2012		8,467
Faurecia Exhaust Systems, Inc.	Fixed	5.16%	Nov-2012		2,506
Anthony’s Manufacturing Company	Fixed	5.11%	Nov-2012		8,694
Alstom Power, Inc. and Werner Co.	Fixed	5.18%	Dec-2012		10,093
AutoZone, Inc. — Series D	Fixed	6.85%	Aug-2013		2,074
Carrefour France, S.A. (46%)(c)	Fixed - Future Rate Reset	5.55%	Dec-2014		55,231
Lowe’s Home Improvement Warehouse	Fixed	4.87%	Sep-2015		9,251
Bouygues Telecom, S.A. (Tours) (95%)(c)	Fixed - Future Rate Reset	3.86%	Oct-2015		7,644
The American Bottling Company	Fixed	5.13%	Nov-2015		31,794
CheckFree Holdings, Inc. (50%)	Fixed	6.18%	Jun-2016		14,920
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(c) (d)	Variable	5.01%	Oct-2016		14,380
Consolidated Systems, Inc. (60%)	Fixed	5.87%	Nov-2016		7,019
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%)(c)	Fixed	5.49%	Jan-2017		15,046
SICOR, Inc. (50%)	Fixed	6.20%	Jul-2017		17,675
Medica France, S.A. (46%)(c)	Fixed	5.63%	Oct-2017		19,149

13

W. P. CAREY & CO. LLC
Detailed Debt Summary as of December 31, 2008 (Pro rata basis) (Unaudited)
(in thousands)

Tenant/Lease Guarantor / Percent Ownership	Rate Type	Interest Rate			Maturity Date	Outstanding Balance
OBI Wroclaw	Fixed - Swap		5.48	%	Mar-2018	$	9,221
Hologic, Inc. (36%)	Fixed		6.40	%	May-2023		5,598
Total Non-Recourse Debt			5.76	%(d)		$	373,460
Unsecured Credit Facility	Variable		2.57	%	Jun-2011	$	81,000
Total Debt			5.19	%(d)		$	454,460

(a)	In January 2009, Carey Storage completed a transaction with a third party, whereby it received cash proceeds of $21.6 million plus a commitment to invest up to a further $8.4 million of equity to fund the purchase of self-storage assets in the future in exchange for a 60% interest in its self-storage portfolio. In connection with this transaction, Carey Storage repaid, in full, the $35 million outstanding balance on its secured credit facility for $28 million, or a 20% discount, and the credit facility was terminated. The debt repayment was financed with a portion of the proceeds from the exchange of the 60% interest and new non-recourse debt totaling $18 million that is secured by individual mortgages on seven self-storage properties in the portfolio. In February 2009, Carey Storage received further new non-recourse debt totaling $7 million that is secured by individual mortgages on six self-storage properties on the same terms as the $18 million financing.
(b)	Debt was extended for additional year in December 2008.
(c)	Debt balance calculated using an exchange rate of 1.4097 USD/EUR as of December 31, 2008.
(d)	Reflects weighted average interest rate for the applicable debt.

14

W. P. CAREY & CO. LLC

2008 Investment and Disposition Activity as of December 31, 2008 (Unaudited)

(in thousands, except square footage)

Investment Activity

Investment Management Activity — Real Estate

Portfolio	Tenant/Lease Guarantor	Property Location(s)	Purchase Price		Closing Date	Property Type	Gross Square Footage
CPA®:16 — Global	Briggs Nursery, LLC	Elma, WA	$	6,545	Feb-08	Industrial		77,775
CPA®:16 — Global	Best Brands Corp.	Colton, CA; Dallas, TX; Bonner Springs, KS; Eagan, MN		50,638	Mar-08	Industrial		795,379
CPA®:16 — Global	Mantsinen Group Ltd. Oy	Ylamylly, Finland		18,113	Apr-08	Industrial		118,942
CPA®:16 — Global	Schoeller Arca System GmbH	Monheim, Germany		12,864	Apr-08	Industrial		100,018
CPA®:17 — Global	Flexmag Industries, Inc.	Norfolk, NE		2,618	Jun-08	Industrial		109,200
CPA®:16 — Global	Schoeller Arca Systems SAS	Nurieux, France		17,006	Jun-08	Industrial		196,743
CPA®:16 — Global	Leipold Inc.	Wolfach, Dransfekl, & Bunde, Germany		16,068	Jun-08	Industrial		196,023
CPA®:16 — Global	Leipold Inc.	Windsor, CT		1,585	Jun-08	Industrial		17,400
CPA®:17 — Global (70%), CPA®:16 — Global (30%)	Actebis Peacock GmbH	Soest and Bad Wunnenberg, Germany		69,391	Jul-08	Various		652,482
CPA®:17 — Global	Laureate Education, Inc.	Chicago, IL		29,319	Jul-08	Other		178,490
CPA®:17 — Global	Sabre Communaications Corporation and Cellxion, LLC	Alvarado, TX and Bossier City, LA		27,958	Aug-08	Industrial		598,908
CPA®:17 — Global (66.67%), CPA®:15 (33.33%)	Wagon Automotive GmbH and Wagon Automotive Nagold GmbH	Waldaschaff and Nagold, Germany		68,261	Aug-08	Industrial		842,858
CPA®:17 — Global	Life Time Fitness, Inc.	Scottsdale, AZ & Columbia, MD		63,365	Sep-08	Other		220,338
CPA®:16 — Global	Nordic Cold Storage, LLC(a)	Rockmart, GA		6,806	Dec-08	Warehouse/Distribution	BTS
CPA®:16 — Global	LifePort, Inc.(a)	Georgetown, TX and Woodland, WA		7,979	Dec-08	Office & Industrial	BTS
CPA®:17 — Global (60%), CPA®:16 — Global (40%)	Frontier Spinning Mills, Inc.	Mayodan, NC and Sanford, NC		38,866	Dec-08	Industrial		1,156,364
				437,382				5,260,920

Investment Management Activity — CMBS

Portfolio	Pool / Security Type	Face Value		Purchase Price		Closing Date	Rating	Implied Yield
CPA®:17 — Global	TOP29 Class H Securities	$	6,994	$	2,661	Apr-08	BBB-		22.69	%
CPA®:17 — Global	LBUBS 2008-C1 Class G		3,330		2,075	Apr-08	A-		13.43	%
CPA®:17 — Global	LBUBS 2008-C1 Class H		3,830		1,771	Apr-08	BBB+		17.54	%
CPA®:17 — Global	LB-UBS 2007-C7 Class G		9,517		6,621	Jun-08	A-		12.08	%
CPA®:17 — Global	MSC 2007 IQ16 Class E		5,300		3,842	Jun-08	A+		11.30	%
CPA®:17 — Global	MSC 2007 IQ16 Class G		2,343		1,534	Jun-08	A-		12.90	%
CPA®:17 — Global	BACM 2008-1 Class F		2,000		1,461	Jun-08	A		11.22	%
		$	33,314		19,965
Total Investment Management Acquisitions				$	457,347

15

W. P. CAREY & CO. LLC
2008 Investment and Disposition Activity as of December 31, 2008 (Unaudited)
(in thousands, except square footage)

Disposition Activity

Investment Management Activity

					Disposition
Portfolio(s)	Tenant/Lease Guarantor	Property Location(s)	Gross Sale Price		Date	Property Type	Gross Square Footage
CPA®:15	Meadowbrook Meat Company, Inc.	Macon, GA	$	1,010	Apr-08	Warehouse/Distribution		20,038
CPA®:14	Earle M. Jorgensen Company	Kansas City, MO		6,460	Jun-08	Warehouse/Distribution		120,855
CPA®:15	Worthington Precision Metals, Inc.	Franklin, TN		4,450	Oct-08	Industrial		121,855
CPA®:15	Warehouse Associates, L.P.	Lima, OH		8,750	Dec-08	Warehouse/Distribution		534,108
CPA®:14	Nexpak B.V.	Helmond, Netherlands		8,838	Dec-08	Industrial		117,000
Total Investment Management Dispositions			$	29,508				913,856
Principal Activity
WPC LLC	Brodart Company	Williamsport, PA		5,000	Aug-08	Industrial		521,240
Total Principal Dispositions			$	5,000				521,240

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

16

W. P. CAREY & CO. LLC

Portfolio Analysis as of December 31, 2008 (Unaudited)

(in thousands)

Portfolio Diversification by Rent (Pro rata basis)

			Percentage of		Percentage of
Top Ten Tenants/Lease Guarantors	Annualized Rent		Total Annualized Rent		Total Adjusted Revenue (a)
Carrefour France, S.A. — France	$	9,478		10%		5%
Bouygues Telecom, S.A. — France		4,842		5%		2%
The American Bottling Company		4,842		5%		2%
Daimler Trucks North America LLC		4,634		5%		2%
Medica — France S.A. — France		3,220		3%		2%
US Airways Group, Inc.		3,172		3%		2%
Federal Express Corporation		3,077		3%		2%
Orbital Sciences Corporation		2,771		3%		1%
Titan Corporation		2,707		3%		1%
CheckFree Holdings, Inc.		2,415		2%		1%
Total	$	41,158

(a) Total Adjusted Revenue = Total revenue as reported, less reimbursed costs from affiliates, plus other interest income, plus revenue from discontinued operations.

W. P. Carey & Co. LLC Historical Occupancy

Year

17

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Property Type as of December 31, 2008 (Unaudited)

(in thousands)

Property Type	Square Footage (a)		Percent
Industrial		8,154		48	%
Warehouse/Distribution		5,106		30	%
Office		2,030		12	%
Retail		1,125		7	%
Other Properties(c)		363		2	%
Hospitality		158		1	%
Total (d)		16,936		100	%

Property Type	Annualized Rent (b)		Percent
Industrial	$	34,981		36	%
Office		28,675		29	%
Warehouse/Distribution		20,294		21	%
Other Properties(c)		6,636		7	%
Retail		6,174		6	%
Hospitality		1,200		1	%
Total (d)	$	97,960		100	%

Portfolio Diversification by Property Type
(based on square footage)

Portfolio Diversification by Property Type
(based on annualized rents)

(a)	Square footage for jointly owned properties shown on a pro rata basis.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; unoccupied land.
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2008 (see page 14 of this supplemental package for subsequent transactions).

18

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Tenant Industry as of December 31, 2008 (Unaudited)

(in thousands)

	Annualized		Percentage of
Industry Type (a)	Rent (b)		Annualized Rent
Retail Stores	$	16,351		17	%
Business and Commercial Services		11,197		12	%
Telecommunications		10,600		11	%
Healthcare, Education and Childcare		9,242		10	%
Electronics		7,002		7	%
Automobile		5,319		5	%
Beverages, Food, and Tobacco		5,237		5	%
Aerospace and Defense		4,673		5	%
Forest Products and Paper		4,418		5	%
Transportation — Personal		3,335		3	%
Transportation — Cargo		3,134		3	%
Machinery		3,052		3	%
Media: Printing and Publishing		2,757		3	%
Mining, Metals, and Primary Metal Industries		1,860		2	%
Chemicals, Plastics, Rubber, and Glass		1,813		2	%
Consumer and Durable Goods		1,386		1	%
Hotels and Gaming		1,209		1	%
Federal, State and Local Government		1,170		1	%
Construction and Building		1,143		1	%
Other(c)		3,062		3	%
Total(d)	$	97,960		100	%

(a)	Based on the Moody’s Classification System and information provided by the tenant.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Includes revenue from tenants in the following industries: textiles, leather, and apparel (1%), leisure, amusement, entertainment (1%), grocery (0.5%) and consumer non-durable goods ( 0.5%).
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2008 (see page 14 of this supplemental package for subsequent transactions).

19

W. P. CAREY & CO. LLC

Portfolio Diversification Analysis by Geography as of December 31, 2008 (Unaudited)

(in thousands)

Region	Square Footage(a)		Percent
United States
South		5,016		30	%
Midwest		4,557		27	%
East		2,978		17	%
West		2,341		14	%
		14,892		88	%
International
Europe		2,044		12	%
Total(d)		16,936		100	%

Region	Annualized Rent(b)		Percent
United States
South	$	28,097		29	%
West		21,382		22	%
Midwest		17,353		18	%
East		10,212		10	%
		77,044		79	%
International
Europe(c)		20,916		21	%
Total(d)	$	97,960		100	%

Portfolio Diversification by Geography
(based on square footage)

Portfolio Diversification by Geography
(based on annualized rents)

(a)	Square footage for jointly owned properties shown on a pro rata basis.
(b)	Rents reflect current annualized rents on a pro rata basis.
(c)	Includes revenue from tenants in the following countries: France (18%), Germany (2%) and Poland (1%).
(d)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2008 (see page 14 of this supplemental package for subsequent transactions).

20

W. P. CAREY & CO. LLC

Portfolio Lease Maturity Analysis as of December 31, 2008 (Pro rata basis) (Unaudited)

(in thousands)

			Percentage of
Year of Lease	Annualized		Total Annualized
Expiration(a)	Rents		Rent
2008		58		0	%
2009(b)		5,503		6	%
2010		18,136		19	%
2011		17,685		18	%
2012		8,114		8	%
2013		7,432		8	%
2014		9,712		10	%
2015		2,415		2	%
2016		1,667		2	%
2017		5,512		6	%
2018		3,938		4	%
2019		7,249		6	%
2020		4,634		5	%
2021		—		0	%
2022		1,581		2	%
2023		—		0	%
2024		—		0	%
2025		1,004		1	%
2026		948		1	%
2027		2,372		2	%
Total (c)	$	97,960		100	%

Lease Expiration and Portfolio Maturity Analysis

Year of Expiration

Weighted Average Years to Maturity: 5.53

(a)	Assumes tenant does not exercise renewal option.
(b)	Month-to-month properties are counted in 2009 revenue stream.
(c)	Excludes our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2008 (see page 14 of this supplemental package for subsequent transactions).

21

W. P. CAREY & CO. LLC

Consolidated Balance Sheets

(in thousands, except share amounts)

	December 31, 2008			December 31, 2007
Assets
Real estate, net	$	499,795		$	513,405
Net investment in direct financing leases		83,792			89,463
Equity investments in real estate and CPA® REITs		260,620			242,677
Operating real estate, net		74,534			73,189
Cash and cash equivalents		16,799			12,137
Due from affiliates		53,074			88,329
Intangible assets and goodwill, net		93,310			99,873
Other assets, net		29,212			34,211
Total assets	$	1,111,136		$	1,153,284
Liabilities and Members’ Equity
Liabilities:
Non-recourse debt	$	245,874		$	254,051
Line of credit		81,000			62,700
Accounts payable, accrued expenses and other liabilities		42,422			59,076
Income taxes, net		57,972			65,152
Distributions payable		19,508			29,222
Settlement provision		—			29,979
Total liabilities		446,776			500,180
Minority interest in consolidated entities		16,224			18,833
Commitments and contingencies
Members’ equity:
Listed shares, no par value, 100,000,000 shares authorized; 39,589,594 and 39,216,493 shares issued and outstanding, respectively		765,954			748,584
Distributions in excess of accumulated earnings		(116,990	)		(117,051	)
Accumulated other comprehensive (loss) income		(828	)		2,738
Total members’ equity		648,136			634,271
Total liabilities and members’ equity	$	1,111,136		$	1,153,284

22

W. P. CAREY & CO. LLC

Consolidated Statements of Income

(in thousands, except share and per share amounts)

	Years ended December 31,
	2008			2007			2006
Revenues
Asset management revenue	$	80,714		$	83,051		$	57,633
Structuring revenue		20,236			78,175			22,506
Incentive, termination and subordinated disposition revenue from mergers		—			—			46,018
Wholesaling revenue		5,129			27			—
Reimbursed costs from affiliates		41,179			13,782			63,630
Lease revenues		75,932			75,403			69,197
Other real estate income		20,683			12,718			8,503
		243,873			263,156			267,487
Operating Expenses
General and administrative		(62,590	)		(61,848	)		(41,376	)
Provision for settlement		—			(29,979	)		—
Reimbursable costs		(41,179	)		(13,782	)		(63,630	)
Depreciation and amortization		(25,664	)		(25,543	)		(25,137	)
Property expenses		(7,620	)		(6,245	)		(5,984	)
Impairment charges		(1,011	)		(1,017	)		(1,147	)
Other real estate expenses		(8,196	)		(7,690	)		(5,881	)
		(146,260	)		(146,104	)		(143,155	)
Other Income and Expenses
Other interest income		2,884			6,842			3,305
Income from equity investments in real estate and CPA® REITs		14,198			18,357			7,608
Minority interest in income		(558	)		(4,143	)		(275	)
Gain on sale of investment in direct financing lease		1,103			—			—
Gain on sale of securities, foreign currency transactions and other, net		1,444			3,114			12,969
Interest expense		(19,289	)		(20,880	)		(17,016	)
		(218	)		3,290			6,591
Income from continuing operations before income taxes		97,395			120,342			130,923
Provision for income taxes		(23,521	)		(51,739	)		(45,356	)
Income from continuing operations		73,874			68,603			85,567
Discontinued Operations
Income from operations of discontinued properties		4,173			2,874			1,178
Gain on sale of real estate, net		—			15,486			3,452
Impairment charges		—			(2,317	)		(3,357	)
Minority interest in income		—			(5,394	)		(537	)
Income from discontinued operations		4,173			10,649			736
Net Income	$	78,047		$	79,252		$	86,303
Basic Earnings Per Share
Income from continuing operations	$	1.88		$	1.80		$	2.27
Income from discontinued operations		0.11			0.28			0.02
Net income	$	1.99		$	2.08		$	2.29
Diluted Earnings Per Share
Income from continuing operations	$	1.86		$	1.78		$	2.20
Income from discontinued operations		0.10			0.27			0.02
Net income	$	1.96		$	2.05		$	2.22
Weighted Average Shares Outstanding
Basic		39,202,520			38,113,857			37,668,920
Diluted		40,221,112			39,868,208			39,093,897
Distributions Declared Per Share	$	1.955		$	1.878		$	1.820

23

W. P. CAREY & CO. LLC

Consolidated Statements of Cash Flows

(in thousands)

	Years ended December 31,
	2008			2007			2006
Cash Flows — Operating Activities
Net income	$	78,047		$	79,252		$	86,303
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including intangible assets and deferred financing costs		27,197			27,321			27,207
Loss (income) from equity investments in real estate and CPA® REITs in excess of distributions received		1,866			(2,296	)		(160	)
Gain on sale of direct financing lease		(1,103	)		—			—
Gain on lease termination		(4,998	)		—			—
Gains on sale of real estate and investments, net		—			(15,827	)		(14,774	)
Minority interest in income		558			9,537			812
Straight-line rent adjustments		2,227			2,972			3,152
Management income received in shares of affiliates		(40,717	)		(55,535	)		(31,020	)
Unrealized loss (gain) on foreign currency transactions, warrants and securities		2,656			(1,659	)		(1,128	)
Realized gain on foreign currency transactions, warrants and securities		(2,250	)		(1,332	)		(488	)
Impairment charges		1,011			3,334			4,504
Stock-based compensation expense		7,278			5,551			3,453
Decrease in deferred acquisition revenue received		48,266			16,164			12,543
Increase in structuring revenue receivable		(10,512	)		(55,897	)		(3,459	)
(Decrease) increase in income taxes, net		(8,079	)		1,796			24,311
(Decrease) increase in settlement provision		(29,979	)		29,979			—
Net changes in other operating assets and liabilities		(8,221	)		4,111			8,684
Net cash provided by operating activities		63,247			47,471			119,940
Cash Flows — Investing Activities
Distributions received from equity investments in real estate and CPA® REITs in excess of equity income		19,852			17,441			13,286
Capital contributions made to equity investments in real estate		(1,769	)		(3,596	)		—
Purchases of real estate and equity investments in real estate		(201	)		(80,491	)		(102,199	)
Capital expenditures		(14,051	)		(15,987	)		(4,937	)
Loans to affiliate		—			(8,676	)		(108,000	)
Proceeds from repayment of loans to affiliate		—			8,676			108,000
VAT refunded on purchase of real estate		3,189			—			—
Proceeds from sales of real estate, net investment in direct financing lease and securities		5,062			42,214			50,053
Funds placed in escrow in connection with the sale of property		—			(19,515	)		(10,374	)
Funds released from escrow in connection with the sale of property		636			19,410			10,134
Payment of deferred acquisition revenue to affiliate		(120	)		(524	)		(524	)
Net cash provided by (used in) investing activities		12,598			(41,048	)		(44,561	)
Cash Flows — Financing Activities
Distributions paid		(87,700	)		(71,608	)		(68,615	)
Contributions from minority interests		2,582			1,703			2,345
Distributions to minority interests		(5,607	)		(8,168	)		(6,226	)
Scheduled payments of mortgage principal		(9,678	)		(16,072	)		(11,742	)
Proceeds from mortgages and credit facilities		139,437			189,383			174,501
Prepayments of mortgage principal and credit facilities		(111,572	)		(115,090	)		(166,660	)
Proceeds from loans from affiliates		—			7,569			—
Repayment of loan from affiliates		(7,569	)		—			—
Funds placed in escrow in connection with financing		(400	)		—			—
Release of funds from escrow in connection with the financing of properties		—			—			4,031
Payment of financing costs		(375	)		(1,350	)		(1,601	)
Proceeds from issuance of shares		23,350			20,682			8,660
Windfall tax benefits associated with stock-based compensation awards		2,156			1,939			626
Repurchase and retirement of shares		(15,413	)		(25,525	)		(1,937	)
Net cash used in financing activities		(70,789	)		(16,537	)		(66,618	)
Change in Cash and Cash Equivalents During the Year
Effect of exchange rate changes on cash		(394	)		143			333
Net increase (decrease) in cash and cash equivalents		4,662			(9,971	)		9,094
Cash and cash equivalents, beginning of year		12,137			22,108			13,014
Cash and cash equivalents, end of year	$	16,799		$	12,137		$	22,108

24

W. P. CAREY & CO. LLC
Detailed Property Summary (Unaudited)
December 31, 2008

												Percentage of
Tenant/Lease Guarantor	Percent Ownership			Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent(e)			Increase Factor	Lease Expiration	Maximum Term
Carrefour France, S.A.(a)		46	%	Crepy en Valois, France	Warehouse/Distribution	Retail Stores	Europe		101,255	$	807,928		0.82	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Crepy en Valois, France	Warehouse/Distribution	Retail Stores	Europe		152,374		1,215,822		1.24	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Lens, France	Warehouse/Distribution	Retail Stores	Europe		126,933		984,554		1.01	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Lens, France	Warehouse/Distribution	Retail Stores	Europe		2,599		20,156		0.02	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Lens, France	Warehouse/Distribution	Retail Stores	Europe		4,349		33,732		0.03	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Stores	Europe		134,945		864,218		0.88	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Stores	Europe		2,554		16,357		0.02	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Stores	Europe		596		3,819		0.00	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Stores	Europe		174,272		1,249,141		1.28	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Stores	Europe		60,296		432,189		0.44	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Stores	Europe		7,524		53,931		0.06	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Colomiers, France	Warehouse/Distribution	Retail Stores	Europe		2,899		20,780		0.02	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Thuit Hebert, France	Warehouse/Distribution	Retail Stores	Europe		107,965		621,591		0.63	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Thuit Hebert, France	Warehouse/Distribution	Retail Stores	Europe		68,481		394,268		0.40	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Ploufragan, France	Warehouse/Distribution	Retail Stores	Europe		122,599		753,528		0.77	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Cholet, France	Warehouse/Distribution	Retail Stores	Europe		99,268		647,102		0.66	%	INSEE(2)	Dec-2011	Dec-2011
Carrefour France, S.A.(a)		46	%	Nîmes, France	Warehouse/Distribution	Retail Stores	Europe		177,797		1,358,820		1.39	%	INSEE(2)	Nov-2012	Nov-2012
Carrefour France, S.A. Total									1,346,706		9,477,936		9.68	%
Bouygues Telecom, S.A.(a)		75	%	Illkirch-Graffenstaden, France	Office	Telecommunications	Europe		80,729		2,994,338		3.06	%	INSEE(2)	Feb-2013	Feb-2013
Bouygues Telecom, S.A.(a)		95	%	Tours, France	Office	Telecommunications	Europe		102,237		1,848,133		1.89	%	INSEE(2)	Sep-2009	Sep-2009
Bouygues Telecom, S.A. Total									182,966		4,842,471		4.94	%
The American Bottling Company		100	%	Irving, TX	Industrial	Beverages, Food, and Tobacco	South		459,497		2,937,278		3.00	%	CPI	Jun-2014	Jun-2014
The American Bottling Company		100	%	Houston, TX	Industrial	Beverages, Food, and Tobacco	South		262,450		1,904,924		1.94	%	CPI	Jun-2014	Jun-2014
The American Bottling Company Total									721,947		4,842,202		4.94	%
Daimler Trucks North America LLC		100	%	Detroit, MI	Industrial	Automobile	Midwest		2,730,750		4,634,253		4.73	%	PPI	Jun-2020	Jun-2030
Medica France S.A.(a)		46	%	Chatou, France	Other	Healthcare, Education and Childcare	Europe		24,668		434,762		0.44	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.(a)		46	%	Poissy, France	Other	Healthcare, Education and Childcare	Europe		24,593		475,521		0.49	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.(a)		46	%	Rosny sous Bois, France	Other	Healthcare, Education and Childcare	Europe		21,847		402,834		0.41	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.(a)		46	%	Paris, France	Other	Healthcare, Education and Childcare	Europe		24,771		611,384		0.62	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.(a)		46	%	Rueil Malmaison, France	Other	Healthcare, Education and Childcare	Europe		23,815		575,381		0.59	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.(a)		46	%	Sarcelles, France	Other	Healthcare, Education and Childcare	Europe		34,622		720,075		0.74	%	INSEE(2)	Jun-2010	Jun-2010
Medica France S.A.Total									154,316		3,219,957		3.29	%
US Airways Group, Inc.		75	%	Tempe, AZ	Office	Transportation - Personal	West		167,913		3,171,909		3.24	%	CPI	Apr-2014	Nov-2029
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation - Cargo	South		39,038		701,821		0.72	%	CPI	Aug-2019	Nov-2029
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation - Cargo	South		39,038		701,821		0.72	%	CPI	Aug-2019	Nov-2029
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation - Cargo	South		39,038		701,821		0.72	%	CPI	Aug-2019	Nov-2029
Federal Express Corporation		40	%	Collierville, TN	Office	Transportation - Cargo	South		39,038		701,821		0.72	%	CPI	Aug-2019	Nov-2029
Federal Express Corporation		100	%	College Station, TX	Warehouse/Distribution	Transportation - Cargo	South		12,080		68,400		0.07	%	Fixed	Apr-2012	Apr-2017
Federal Express Corporation		100	%	Corpus Christi, TX	Warehouse/Distribution	Transportation - Cargo	South		30,212		201,037		0.21	%	Fixed	May-2012	May-2017
Federal Express Corporation Total									198,444		3,076,721		3.14	%
Orbital Sciences Corporation		100	%	Chandler, AZ	Industrial	Aerospace and Defense	West		355,307		2,770,560		2.83	%	CPI	Sep-2019	Sep-2029
The Titan Corporation		100	%	San Diego, CA	Office	Electronics	West		166,403		2,706,799		2.76	%	CPI	Jul-2012	Jul-2017
CheckFree Holdings, Inc.		50	%	Norcross, GA	Office	Business and Commercial Services	South		50,063		945,443		0.97	%	CPI	Dec-2015	Dec-2030
CheckFree Holdings, Inc.		50	%	Norcross, GA	Office	Business and Commercial Services	South		34,150		800,384		0.82	%	CPI	Dec-2015	Dec-2030
CheckFree Holdings, Inc.		50	%	Norcross, GA	Office	Business and Commercial Services	South		26,125		606,943		0.62	%	CPI	Dec-2015	Dec-2030
CheckFree Holdings, Inc.		50	%	Norcross, GA	Land	Business and Commercial Services	South		1		62,368		0.06	%	CPI	Dec-2015	Dec-2030
CheckFree Holdings, Inc.Total									110,339		2,415,138		2.47	%
Schuler AG(a)		33	%	Göppingen, Germany	Industrial	Machinery	Europe		246,380		2,371,773		2.42	%	CPI	Oct-2027	Oct-2047
AutoZone, Inc.		100	%	Decatur, AL	Retail	Retail Stores	South		5,400		44,620		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Bessemer, AL	Retail	Retail Stores	South		5,400		32,158		0.03	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Phenix City, AL	Retail	Retail Stores	South		5,400		44,620		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Mobile, AL	Retail	Retail Stores	South		5,400		44,620		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Chickasaw, AL	Retail	Retail Stores	South		5,400		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Montgomery, AL	Retail	Retail Stores	South		5,400		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Panama City, FL	Retail	Retail Stores	South		5,401		35,345		0.04	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Stores	South		5,000		34,867		0.04	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Stores	South		5,400		47,772		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Jacksonville, FL	Retail	Retail Stores	South		5,400		54,379		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Columbus, GA	Retail	Retail Stores	South		5,400		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Albany, GA	Retail	Retail Stores	South		5,400		43,262		0.04	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Brunswick, GA	Retail	Retail Stores	South		5,400		39,854		0.04	%	None	Aug-2013	Dec-2038

25

												Percentage of
Tenant/Lease Guarantor	Percent Ownership			Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent(e)			Increase Factor	Lease Expiration	Maximum Term
AutoZone, Inc.		100	%	Augusta, GA	Retail	Retail Stores	South		5,400		34,138		0.03	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Macon, GA	Retail	Retail Stores	South		5,400		49,503		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Collinsville, IL	Retail	Retail Stores	Midwest		5,400		36,178		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Alton, IL	Retail	Retail Stores	Midwest		5,400		44,620		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Wood River, IL	Retail	Retail Stores	Midwest		5,400		36,178		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Belleville, IL	Retail	Retail Stores	Midwest		5,400		44,620		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	West Monroe, LA	Retail	Retail Stores	South		5,400		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Stores	South		5,400		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Stores	South		6,480		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Lake Charles, LA	Retail	Retail Stores	South		6,480		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Stores	South		6,600		21,567		0.02	%	Fixed	Mar-2009	Mar-2024
AutoZone, Inc.		100	%	Baton Rouge, LA	Retail	Retail Stores	South		5,401		23,124		0.02	%	Fixed	Apr-2009	Apr-2019
AutoZone, Inc.		100	%	Hammond, LA	Retail	Retail Stores	South		6,480		40,121		0.04	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Maplewood, MO	Retail	Retail Stores	Midwest		6,480		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Overland, MO	Retail	Retail Stores	Midwest		6,480		43,414		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	St. Louis, MO	Retail	Retail Stores	Midwest		5,400		36,178		0.04	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	Breckenridge, MO	Retail	Retail Stores	Midwest		5,400		44,151		0.05	%	None	Feb-2011	Feb-2026
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Stores	Midwest		5,400		48,957		0.05	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	St. Peters, MO	Retail	Retail Stores	Midwest		6,660		48,718		0.05	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Gastonia, NC	Retail	Retail Stores	East		5,400		52,149		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Charlotte, NC	Retail	Retail Stores	East		5,400		42,283		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Statesville, NC	Retail	Retail Stores	East		5,400		50,739		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Lenoir, NC	Retail	Retail Stores	East		5,400		50,739		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Shelby, NC	Retail	Retail Stores	East		6,660		30,807		0.03	%	Fixed	Aug-2012	Dec-2037
AutoZone, Inc.		100	%	Kannapolis, NC	Retail	Retail Stores	East		6,408		24,069		0.02	%	Fixed	Oct-2010	Oct-2025
AutoZone, Inc.		100	%	Morgantown, NC	Retail	Retail Stores	East		5,400		19,451		0.02	%	Fixed	Oct-2010	Aug-2019
AutoZone, Inc.		100	%	Albuquerque, NM	Retail	Retail Stores	West		5,400		54,642		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Farmington, NM	Retail	Retail Stores	West		5,400		41,479		0.04	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	Lexington, SC	Retail	Retail Stores	East		5,400		50,079		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	East Ridge, TN	Retail	Retail Stores	South		6,480		20,602		0.02	%	Fixed	Oct-2013	Oct-2023
AutoZone, Inc.		100	%	Knoxville, TN	Retail	Retail Stores	South		6,660		23,008		0.02	%	Fixed	May-2009	May-2024
AutoZone, Inc.		100	%	Austin, TX	Retail	Retail Stores	South		4,000		31,321		0.03	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Waco, TX	Retail	Retail Stores	South		4,800		37,585		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Stores	South		6,600		51,679		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Corpus Christi, TX	Retail	Retail Stores	South		6,480		50,739		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Victoria, TX	Retail	Retail Stores	South		6,480		50,739		0.05	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	San Antonio, TX	Retail	Retail Stores	South		5,400		42,283		0.04	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Nederland, TX	Retail	Retail Stores	South		4,000		31,321		0.03	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	West Orange, TX	Retail	Retail Stores	South		4,000		31,321		0.03	%	None	Jan-2011	Feb-2026
AutoZone, Inc.		100	%	Houston, TX	Retail	Retail Stores	South		5,400		53,488		0.05	%	None	Aug-2013	Dec-2038
AutoZone, Inc.		100	%	San Antonio, TX	Retail	Retail Stores	South		5,400		55,795		0.06	%	None	Aug-2013	Dec-2038
AutoZone, Inc. Total									302,230		2,216,594		2.26	%
Lucent Technologies, Inc.		100	%	Charlotte, NC	Industrial	Electronics	East		568,670		1,993,194		2.03	%	Fixed	Mar-2010	Mar-2016
BellSouth Telecommunications, Inc.		100	%	Ft. Lauderdale, FL	Warehouse/Distribution	Telecommunications	South		80,450		629,820		0.64	%	Fixed	Jun-2016	Jun-2021
BellSouth Telecommunications, Inc.		100	%	Lafayette, LA	Office	Telecommunications	South		66,846		1,351,150		1.38	%	Fixed	Dec-2009	Dec-2039
BellSouth Telecommunications, Inc. Total									147,296		1,980,970		2.02	%
Quebecor Printing USA		100	%	Doraville, GA	Industrial	Media: Printing and Publishing	South		432,559		1,940,625		1.98	%	CPI	Dec-2017	Dec-2034
Career Education Corporation		100	%	Mendota Heights, MN	Other	Healthcare, Education and Childcare	Midwest		136,400		1,892,831		1.93	%	Fixed	May-2011	May-2019
Information Resources, Inc.		33	%	Chicago, IL	Office	Business and Commercial Services	Midwest		30,797		683,141		0.70	%	CPI	Oct-2013	Oct-2023
Information Resources, Inc.		33	%	Chicago, IL	Office	Business and Commercial Services	Midwest		53,195		1,179,801		1.20	%	CPI	Oct-2013	Oct-2015
Information Resources, Inc. Total									83,992		1,862,942		1.90	%
Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		260,160		1,258,273		1.28	%	CPI	Mar-2010	Mar-2035
Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		109,377		528,979		0.54	%	CPI	Mar-2010	Mar-2035
Fiskars Brands, Inc.		100	%	Apopka, FL	Industrial	Chemicals, Plastics, Rubber, and Glass	South		5,292		25,561		0.03	%	CPI	Mar-2010	Mar-2035
Fiskars Brands, Inc. Total									374,829		1,812,813		1.85	%
Pharmaco International, Inc.		100	%	Austin, TX	Industrial	Business and Commercial Services	South		65,160		639,282		0.65	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Warehouse/Distribution	Business and Commercial Services	South		17,588		181,889		0.19	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,500		92,480		0.09	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,525		92,765		0.09	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		8,500		92,480		0.09	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		40,560		413,825		0.42	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc.		100	%	Austin, TX	Office	Business and Commercial Services	South		24,603		260,867		0.27	%	CPI	Nov-2010	Nov-2030
Pharmaco International, Inc. Total									173,436		1,773,588		1.81	%
Sybron Dental Specialties, Inc.		100	%	Romulus, MI	Industrial	Healthcare, Education and Childcare	Midwest		220,000		1,281,052		1.31	%	CPI	Dec-2018	Dec-2043
Sybron Dental Specialties, Inc.		100	%	Glendora, CA	Office	Healthcare, Education and Childcare	West		25,000		489,246		0.50	%	CPI	Dec-2018	Dec-2043
Sybron Dental Specialties, Inc. Total									245,000		1,770,298		1.81	%
Unisource Worldwide, Inc.		100	%	Anchorage, AK	Warehouse/Distribution	Forest Products and Paper	West		44,712		344,803		0.35	%	Fixed	Dec-2009	Dec-2029
Unisource Worldwide, Inc.		100	%	Commerce, CA	Warehouse/Distribution	Forest Products and Paper	West		411,561		1,422,080		1.45	%	Fixed	Apr-2010	Apr-2030
Unisource Worldwide, Inc. Total									456,273		1,766,883		1.80	%
Amylin Pharmaceuticals/SICOR, Inc.		50	%	San Diego, CA	Office	Healthcare, Education and Childcare	West		35,951		835,705		0.85	%	CPI	Jul-2019	Jul-2029
Amylin Pharmaceuticals/SICOR, Inc.		50	%	San Diego, CA	Industrial	Healthcare, Education and Childcare	West		36,205		835,705		0.85	%	CPI	Jul-2019	Jul-2029
Amylin Pharmaceuticals/SICOR, Inc. Total									72,156		1,671,410		1.71	%

26

												Percentage of
Tenant/Lease Guarantor	Percent Ownership			Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent(e)			Increase Factor	Lease Expiration	Maximum Term
Cleo, Inc.		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		614,274		958,496		0.98	%	CPI	Dec-2010	Dec-2015
Cleo, Inc.		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		391,896		611,504		0.62	%	CPI	Dec-2010	Dec-2015
Cleo, Inc. Total									1,006,170		1,570,000		1.60	%
BE Aerospace, Inc.		100	%	Lenexa, KS	Industrial	Aerospace and Defense	Midwest		130,094		646,020		0.66	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Warehouse/Distribution	Aerospace and Defense	East		90,800		259,807		0.27	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		74,026		211,805		0.22	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		50,200		143,638		0.15	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Office	Aerospace and Defense	East		43,788		125,286		0.13	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Winston-Salem, NC	Industrial	Aerospace and Defense	East		15,402		44,071		0.04	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc.		100	%	Dallas, TX	Industrial	Aerospace and Defense	South		22,680		123,051		0.13	%	Fixed	Sep-2017	Sep-2037
BE Aerospace, Inc. Total									426,990		1,553,678		1.59	%
Lowe’s Home Improvement Warehouse		100	%	Bellevue, WA	Retail	Retail Stores	West		143,352		1,524,347		1.56	%	CPI	Aug-2018	Aug-2018
Sprint Spectrum, L.P.		100	%	Rio Rancho, NM	Office	Telecommunications	West		94,730		1,424,561		1.45	%	Fixed	May-2011	May-2021
AT&T Corporation		100	%	Bridgeton, MO	Industrial	Telecommunications	Midwest		85,510		1,307,706		1.33	%	Fixed	Sep-2011	Jun-2021
Livho, Inc.		100	%	Livonia, MI	Hospitality	Hotels and Gaming	Midwest		158,000		1,200,000		1.22	%	Fixed	Jan-2012	Jan-2012
Hologic, Inc.		36	%	Danbury, CT	Industrial	Electronics	East		22,335		221,263		0.23	%	CPI	Aug-2022	Aug-2042
Hologic, Inc.		36	%	Bedford, MA	Industrial	Electronics	East		74,520		972,818		0.99	%	CPI	Aug-2022	Aug-2042
Hologic, Inc. Total									96,855		1,194,081		1.22	%
Omnicom Group, Inc.		100	%	Venice, CA	Office	Business and Commercial Services	West		77,719		1,193,661		1.22	%	CPI	Sep-2010	Sep-2030
United States Postal Service		100	%	Bloomingdale, IL	Office	Federal, State and Local Government	Midwest		60,000		1,170,000		1.19	%	Fixed	Apr-2011	Apr-2011
Lockheed Martin Corporation		100	%	Webster, TX	Industrial	Business and Commercial Services	South		30,176		294,216		0.30	%	Fixed	Jun-2010	Jun-2013
Lockheed Martin Corporation		100	%	King of Prussia, PA	Office	Business and Commercial Services	East		88,578		819,347		0.84	%	Fixed	Jul-2013	Jul-2023
Lockheed Martin Corporation Total									118,754		1,113,563		1.14	%
The United States Playing Card Company		100	%	Erlanger, KY	Warehouse/Distribution	Media: Printing and Publishing	East		409,600		816,480		0.83	%	Fixed	Jun-2017	Jun-2020
The United States Playing Card Company		100	%	Erlanger, KY	Warehouse/Distribution	Consumer and Durable Goods	East		162,604		293,962		0.30	%	Fixed	Jun-2017	Jun-2020
The United States Playing Card Company Total									572,204		1,110,442		1.13	%
Cree Microwave, LLC		100	%	Sunnyvale, CA	Industrial	Electronics	West		50,311		1,107,385		1.13	%	CPI	Nov-2011	Nov-2026
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		39,920		238,343		0.24	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		95,420		569,819		0.58	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		7,220		43,127		0.04	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc.		100	%	San Fernando, CA	Industrial	Consumer and Durable Goods	West		40,285		240,527		0.25	%	CPI	May-2012	May-2012
Anthony’s Manufacturing Company, Inc. Total									182,845		1,091,816		1.11	%
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		5,856		63,245		0.06	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		38,150		412,020		0.42	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC		100	%	Webster, TX	Industrial	Business and Commercial Services	South		2,044		22,075		0.02	%	None	Sep-2010	Sep-2011
United Space Alliance, LLC		100	%	Webster, TX	Warehouse/Distribution	Business and Commercial Services	South		91,800		572,832		0.58	%	None	Sep-2010	Sep-2012
United Space Alliance LLC Total									137,850		1,070,172		1.09	%
United Stationers Supply Company		100	%	New Orleans, LA	Warehouse/Distribution	Forest Products and Paper	South		59,000		366,539		0.37	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company		100	%	Memphis, TN	Warehouse/Distribution	Forest Products and Paper	South		75,000		317,385		0.32	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company		100	%	San Antonio, TX	Warehouse/Distribution	Forest Products and Paper	South		63,098		350,913		0.36	%	CPI	Mar-2010	Mar-2030
United Stationers Supply Company Total									197,098		1,034,837		1.06	%
OBI Group(a)		100	%	Wroclaw, Poland	Retail	Retail Stores	Europe		113,570		1,004,152		1.03	%	CPI	Dec-2025	Dec-2040
Swat-Fame, Inc.		100	%	City of Industry, CA	Industrial	Textiles, Leather, and Apparel	West		233,205		978,153		1.00	%	CPI	Dec-2010	Dec-2020
Consolidated Systems, Inc.		60	%	Columbia, SC	Office	Mining, Metals, and Primary Metal Industries	East		24,459		68,424		0.07	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Industrial	Mining, Metals, and Primary Metal Industries	East		294,249		823,165		0.84	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		13,792		38,582		0.04	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc.		60	%	Columbia, SC	Warehouse/Distribution	Mining, Metals, and Primary Metal Industries	East		6,266		17,529		0.02	%	Fixed	Oct-2026	Oct-2046
Consolidated Systems, Inc. Total									338,766		947,700		0.97	%
24 Hour Fitness USA, Inc.		100	%	Austin, TX	Other	Leisure, Amusement, Entertainment	South		43,935		907,245		0.93	%	CPI	Jun-2017	Jun-2033
Sports Wholesale, Inc.		100	%	Birmingham, AL	Warehouse/Distribution	Retail Stores	South		219,312		876,900		0.90	%	CPI	Dec-2014	Dec-2029
NVR, Inc.		100	%	Thurmont, MD	Industrial	Construction and Building	East		150,468		687,992		0.70	%	CPI	Mar-2014	Mar-2030
NVR, Inc.		100	%	Farmington, NY	Industrial	Construction and Building	East		29,273		132,805		0.14	%	CPI	Mar-2014	Mar-2030
NVR, Inc. Total									179,741		820,797		0.84	%
Deloro Satellite Company, Inc.		100	%	Goshen, IN	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		52,000		643,069		0.66	%	Fixed	Feb-2018	Feb-2023
Wal-Mart Stores, Inc.		100	%	Greenfield, IN	Warehouse/Distribution	Retail Stores	Midwest		82,620		567,745		0.58	%	None	Jan-2010	Jan-2020
Vertafore, Inc.		100	%	College Station, TX	Office	Telecommunications	South		33,400		548,741		0.56	%	Fixed	Dec-2009	Dec-2015

27

												Percentage of
Tenant/Lease Guarantor	Percent Ownership			Property Location	Property Type	Tenant Industry	Region	Square Footage		Annualized Rent		Total Rent(e)			Increase Factor	Lease Expiration	Maximum Term
Childtime Childcare, Inc.		34	%	Chandler, AZ	Other	Healthcare, Education and Childcare	West		2,026		35,254		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Tucson, AZ	Other	Healthcare, Education and Childcare	West		2,165		36,751		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Alhambra, CA	Other	Healthcare, Education and Childcare	West		2,262		53,011		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Chino, CA	Other	Healthcare, Education and Childcare	West		2,166		46,300		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Garden Grove, CA	Other	Healthcare, Education and Childcare	West		2,848		45,526		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Tustin, CA	Other	Healthcare, Education and Childcare	West		2,264		52,598		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Westland, MI	Other	Healthcare, Education and Childcare	Midwest		2,472		26,376		0.03	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Westland, MI	Other	Healthcare, Education and Childcare	Midwest		2,787		34,583		0.04	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Canton, MI	Other	Healthcare, Education and Childcare	Midwest		2,311		47,797		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Carrollton, TX	Other	Healthcare, Education and Childcare	South		2,438		45,991		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Duncanville, TX	Other	Healthcare, Education and Childcare	South		2,438		45,991		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc.		34	%	Lewisville, TX	Other	Healthcare, Education and Childcare	South		2,440		45,991		0.05	%	CPI	Jan-2016	Jan-2041
Childtime Childcare, Inc. Total									28,617		516,169		0.53	%
Alcoa, Inc.		100	%	Salisbury, NC	Warehouse/Distribution	Machinery	East		200,000		495,082		0.51	%	Fixed	Jun-2010	Jun-2020
Alstom Power		100	%	Erlanger, KY	Warehouse/Distribution	Business and Commercial Services	East		197,400		484,746		0.49	%	Fixed	May-2013	May-2013
Jada Toys, Inc.		100	%	City of Industry, CA	Industrial	Consumer Non-durable Goods	West		92,595		457,320		0.47	%	Fixed	Apr-2012	Apr-2017
Affiliated Foods Southwest, Inc.		100	%	Hope, AR	Retail	Grocery	South		35,784		75,144		0.08	%	CPI	Mar-2012	Mar-2037
Affiliated Foods Southwest, Inc.		100	%	Little Rock, AR	Retail	Grocery	South		21,932		34,745		0.04	%	CPI	Mar-2012	Mar-2022
Affiliated Foods Southwest, Inc.		100	%	Little Rock, AR	Retail	Grocery	South		64,358		295,611		0.30	%	Fixed	Jan-2009	Jan-2024
Affiliated Foods Southwest, Inc. Total									122,074		405,500		0.41	%
The Retail Distribution Group, Inc.		40	%	Grand Rapids, MI	Warehouse/Distribution	Beverages, Food, and Tobacco	Midwest		71,784		394,531		0.40	%	Fixed	Aug-2009	Aug-2013
Kmart Corporation		100	%	Citrus Heights, CA	Retail	Retail Stores	West		89,760		180,000		0.18	%	None	May-2011	May-2026
Kmart Corporation		100	%	Drayton Plains, MI	Retail	Retail Stores	Midwest		103,018		210,000		0.21	%	None	Mar-2011	Mar-2026
Kmart Corporation Total									192,778		390,000		0.40	%
Faurecia Exhaust Systems		100	%	Toledo, OH	Office	Automobile	Midwest		61,000		387,415		0.40	%	CPI	Nov-2022	Nov-2022
Petrocon Engineering, Inc.		100	%	Beaumont, TX	Office	Business and Commercial Services	South		8,580		76,362		0.08	%	Fixed	Dec-2011	Dec-2014
Petrocon Engineering, Inc.		100	%	Beaumont, TX	Office	Business and Commercial Services	South		34,300		304,584		0.31	%	Fixed	Dec-2011	Dec-2014
Petrocon Engineering, Inc. Total									42,880		380,946		0.39	%
Pioneer Credit Recovery, Inc.		100	%	Moorestown, NJ	Office	Business and Commercial Services	East		30,000		360,000		0.37	%	Fixed	Apr-2012	Apr-2018
S&ME, Inc.		100	%	Raleigh, NC	Office	Business and Commercial Services	East		27,770		308,940		0.32	%	Fixed	Jul-2016	Jul-2026
Tubular Metal Systems		100	%	Pinconning, MI	Industrial	Automobile	Midwest		220,588		297,684		0.30	%	CPI	Jul-2013	Dec-2022
The Roof Center, Inc.		100	%	Manassas, VA	Industrial	Construction and Building	East		60,446		293,732		0.30	%	Fixed	Jul-2009	Jul-2009
Qwest Communications, Inc.		100	%	Scottsdale, AZ	Industrial	Telecommunications	West		2,900		178,358		0.18	%	Fixed	Feb-2012	Feb-2017
Qwest Communications, Inc.		100	%	Scottsdale, AZ	Industrial	Telecommunications	West		1,560		95,946		0.10	%	Fixed	Feb-2012	Feb-2017
Qwest Communications, Inc. Total									4,460		274,304		0.28	%
Honeywell International, Inc.		100	%	Houston, TX	Warehouse/Distribution	Aerospace and Defense	South		32,320		235,680		0.24	%	None	Sep-2010	Sep-2010
Honeywell International, Inc.		100	%	Houston, TX	Land	Aerospace and Defense	South		1		37,200		0.04	%	None	Sep-2010	Sep-2010
Honeywell International, Inc. Total									32,321		272,880		0.28	%
Penberthy, Inc.		100	%	Prophetstown, IL	Industrial	Mining, Metals, and Primary Metal Industries	Midwest		161,878		268,890		0.27	%	CPI	Apr-2011	Apr-2026
Bell Atlantic Corporation		100	%	Milton, VT	Industrial	Telecommunications	East		30,624		221,438		0.23	%	Fixed	Feb-2013	Feb-2013
Ace Hardware		100	%	Houston, TX	Retail	Retail Stores	South		23,569		212,121		0.22	%	Fixed	Mar-2016	Mar-2026
Multi-Tenant Building		100	%	Broomfield, CO	Office	Various	West		52,040		207,680		0.21	%	Various	Various	Various
Xerox Corporation		100	%	Hot Springs, AR	Retail	Machinery	South		36,850		180,565		0.18	%	Fixed	May-2011	May-2021
Continental Airlines, Inc.		100	%	Houston, TX	Warehouse/Distribution	Transportation - Personal	South		25,125		163,500		0.17	%	Fixed	Jul-2013	Jul-2013
Winn-Dixie Stores, Inc.		100	%	Brewton, AL	Retail	Grocery	South		30,625		134,500		0.14	%	None	Oct-2010	Oct-2030
Golder Associates Inc.		100	%	Houston, TX	Office	Business and Commercial Services	South		3,330		31,572		0.03	%	Fixed	Oct-2010	Oct-2020
Golder Associates Inc.		100	%	Houston, TX	Office	Business and Commercial Services	South		8,066		74,760		0.08	%	Fixed	Oct-2010	Oct-2020
Golder Associates Inc. Total									11,396		106,332		0.11	%
Raytheon Company		100	%	Webster, TX	Industrial	Business and Commercial Services	South		9,138		82,248		0.08	%	Fixed	Jul-2010	Jul-2025
The Boeing Company		100	%	Houston, TX	Warehouse/Distribution	Aerospace and Defense	South		10,960		76,320		0.08	%	Fixed	Jan-2011	Jan-2013
Bike Barn Holding Company, Inc.		100	%	Houston, TX	Retail	Retail Stores	South		6,216		71,280		0.07	%	Fixed	Aug-2010	Aug-2015
Kenyon International Emergency Services		100	%	Houston, TX	Warehouse/Distribution	Healthcare, Education and Childcare	South		17,725		70,014		0.07	%	None	Oct-2009	Oct-2019
Custom Training Group, Inc.		100	%	Houston, TX	Office	Healthcare, Education and Childcare	South		7,248		58,200		0.06	%	Fixed	Dec-2008	Dec-2011

28

Percentage of

Tenant/Lease Guarantor

Percent Ownership

Property Location

Property Type

Tenant Industry

Region

Square Footage

Annualized Rent

Total Rent(e)

Increase Factor

Lease Expiration

Maximum Term

Olmsted Kirk Paper Co.

100

%

Beaumont, TX

Office

Forest Products and Paper

South

5,760

46,656

0.05

%

Fixed

Dec-2012

Dec-2012

RGIS, LLC

100

%

Bloomingdale, IL

Office

Business and Commercial Services

Midwest

2,550

44,625

0.05

%

Fixed

Nov-2011

Nov-2011

SBH Holdings, LLC

100

%

Houston, TX

Office

Healthcare, Education and Childcare

South

5,632

42,578

0.04

%

Fixed

Aug-2013

Aug-2016

Jerry Prater Trucking Incorporated

100

%

Salisbury, NC

Industrial

Transportation - Cargo

East

13,284

37,200

0.04

%

Fixed

Sep-2009

Sep-2012

Pittsburgh Institute of Aeronautics(c)

100

%

West Mifflin, PA

Retail

Transportation - Cargo

East

1

19,800

0.02

%

None

MTM

MTM

Action Buys Cars Inc.(c)

100

%

Montgomery, AL

Retail

Retail Stores

South

1

9,900

0.01

%

None

MTM

MTM

Classic Cuisines Catering(c)

100

%

Bloomingdale, IL

Office

Hotels and Gaming

Midwest

1,000

9,000

0.01

%

None

MTM

MTM

Photo Center(c)

100

%

Hot Springs, AR

Retail

Machinery

South

340

4,800

0.00

%

None

MTM

MTM

Vacant

100

%

Bloomingdale, IL

Office

N/A

Midwest

52,450

—

—

N/A

N/A

N/A

Vacant

100

%

Bridgeton, MO

Office

N/A

Midwest

78,080

—

—

N/A

N/A

N/A

Vacant

100

%

Broomfield, CO

Office

N/A

West

52,415

—

—

N/A

N/A

N/A

Vacant

100

%

Chattanooga, TN

Industrial

N/A

South

242,317

—

—

N/A

N/A

N/A

Vacant

100

%

College Station,TX

Office

N/A

South

19,152

—

—

N/A

N/A

N/A

Vacant

100

%

Houston, TX

Office

N/A

South

25,364

—

—

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

%

Montgomery, AL

Retail

N/A

South

32,690

—

—

N/A

N/A

N/A

Vacant

100

%

Moorestown, NJ

Office

N/A

East

35,567

—

—

N/A

N/A

N/A

Vacant

100

%

Salisbury, NC

Warehouse/Distribution

N/A

East

87,000

—

—

N/A

N/A

N/A

Vacant

100

%

Salisbury, NC

Office

N/A

East

10,681

—

—

N/A

N/A

N/A

Vacant

100

%

San Leandro, CA

Land

N/A

West

1

—

—

N/A

N/A

N/A

Vacant

100

%

Webster, TX

Industrial

N/A

South

23,214

—

—

N/A

N/A

N/A

Vacant

100

%

West Mifflin, PA

Retail

N/A

East

121,053

—

—

N/A

N/A

N/A

Vacant Total

1,019,984

—

—

Grand Total(d)

16,935,908

$

97,959,514

100

%

(a)	Rents reflect a conversion rate of 1.4097 USD/EUR as of December 31, 2008.
(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 our investment in 13 domestic self-storage properties totaling approximately 0.9 million square feet as of December 31, 2008 (see page 14 of this supplemental package for subsequent transactions).
(e)	Numbers may not add due to rounding.

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