EXHIBIT 99.1
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
As of June 30, 2009
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
As of June 30, 2009
Supplemental Operating and Financial Data
As of June 30, 2009
Contents | ||||
Company Overview | 4 | |||
Financial Highlights | 5 | |||
Reconciliation of Net Income to EBITDA | 6 | |||
Reconciliation of Net Income to Funds From Operations (FFO) | 7 | |||
Adjusted Cash Flow from Operating Activities | 8 | |||
Revenue Diversification Analysis | 9 | |||
Revenue Stability Analysis | 10 | |||
Portfolio Debt Overview | 11 | |||
Detailed Debt Summary | 12 | |||
2009 Investment and Disposition Activity | 13 | |||
Portfolio Analysis — Diversification by Rent and Historical Occupancy | 14 | |||
Portfolio Analysis — Diversification by Property Type | 15 | |||
Portfolio Analysis — Diversification by Tenant Industry | 16 | |||
Portfolio Analysis — Diversification by Geography | 17 | |||
Portfolio Analysis — Lease Maturities | 18 | |||
Consolidated Balance Sheets | 19 | |||
Consolidated Statements of Income | 20 | |||
Consolidated Statements of Cash Flows | 21 | |||
Detailed Property Summary | 22 |
3
W. P. CAREY & CO. LLC
Company Overview
Company Overview
June 30, 2009
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 | |||
Andrew T. DiZio | Janney Montgomery Scott LLC |
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Stock Data (NYSE: WPC) | 2009 | 2009 | 2008 | 2008 | 2008 | |||||||||||||||
High Price | $ | 29.89 | $ | 24.00 | $ | 27.05 | $ | 31.08 | $ | 33.97 | ||||||||||
Low Price | $ | 19.75 | $ | 16.15 | $ | 16.50 | $ | 23.44 | $ | 27.67 | ||||||||||
Closing Price | $ | 24.98 | $ | 22.19 | $ | 23.43 | $ | 26.10 | $ | 28.71 | ||||||||||
Distributions declared per share — annualized | $ | 1.99 | $ | 1.98 | $ | 1.98 | $ | 1.97 | $ | 1.95 | ||||||||||
Distribution yield (annualized distribution / closing stock price) | 7.97 | % | 8.94 | % | 8.43 | % | 7.54 | % | 6.79 | % | ||||||||||
Shares outstanding at quarter end | 39,158,020 | 39,117,568 | 39,589,594 | 40,024,035 | 39,656,675 | |||||||||||||||
Market value of outstanding shares at quarter end (in thousands) | $ | 978,167 | $ | 868,019 | $ | 927,584 | $ | 1,044,627 | $ | 1,138,543 |
4
W. P. CAREY & CO. LLC
Financial Highlights
(in thousands, except per share amounts)
Financial Highlights
(in thousands, except per share amounts)
These financial highlights include non-GAAP financial measures, including 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 | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | June 30, 2008 | 2009 | 2008 | ||||||||||||||||||||||
EBITDA | ||||||||||||||||||||||||||||
Investment management | $ | 10,430 | $ | 13,694 | $ | 13,079 | $ | 18,207 | $ | 15,774 | $ | 23,498 | $ | 30,519 | ||||||||||||||
Real estate ownership | 19,365 | 20,266 | 23,238 | 18,229 | 22,307 | 40,257 | 42,941 | |||||||||||||||||||||
Total | $ | 29,795 | $ | 33,960 | $ | 36,317 | $ | 36,436 | $ | 38,081 | $ | 63,755 | $ | 73,460 | ||||||||||||||
FFO | ||||||||||||||||||||||||||||
Investment management | $ | 11,627 | $ | 13,704 | $ | 11,415 | $ | 17,579 | $ | 14,664 | $ | 25,960 | $ | 20,125 | ||||||||||||||
Real estate ownership | 18,486 | 15,153 | 22,412 | 15,963 | 20,887 | 33,010 | 36,956 | |||||||||||||||||||||
Total | $ | 30,113 | $ | 28,857 | $ | 33,827 | $ | 33,542 | $ | 35,551 | $ | 58,970 | $ | 57,081 | ||||||||||||||
EBITDA Per Share (Diluted) | ||||||||||||||||||||||||||||
Investment management | $ | 0.26 | $ | 0.34 | $ | 0.32 | $ | 0.45 | $ | 0.39 | $ | 0.59 | $ | 0.76 | ||||||||||||||
Real estate ownership | 0.48 | 0.51 | 0.58 | 0.45 | 0.56 | 1.01 | 1.06 | |||||||||||||||||||||
Total | $ | 0.74 | $ | 0.85 | $ | 0.90 | $ | 0.90 | $ | 0.95 | $ | 1.60 | $ | 1.82 | ||||||||||||||
FFO Per Share (Diluted) | ||||||||||||||||||||||||||||
Investment management | $ | 0.29 | $ | 0.34 | $ | 0.28 | $ | 0.43 | $ | 0.36 | $ | 0.65 | $ | 0.50 | ||||||||||||||
Real estate ownership | 0.46 | 0.38 | 0.56 | 0.40 | 0.52 | 0.83 | 0.92 | |||||||||||||||||||||
Total | $ | 0.75 | $ | 0.72 | $ | 0.84 | $ | 0.83 | $ | 0.88 | $ | 1.48 | $ | 1.42 | ||||||||||||||
Adjusted Cash Flow From Operating Activities | ||||||||||||||||||||||||||||
Adjusted cash flow | $ | 50,019 | $ | 53,789 | ||||||||||||||||||||||||
Adjusted cash flow per share (diluted) | $ | 1.26 | $ | 1.34 | ||||||||||||||||||||||||
Distributions declared per share | $ | 0.994 | $ | 0.969 | ||||||||||||||||||||||||
Payout ratio (distributions per share/adjusted cash flow per share) | 79 | % | 72 | % | ||||||||||||||||||||||||
5
W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)
Reconciliation of Net Income to EBITDA
(in thousands, except share and per share amounts)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | June 30, 2008 | 2009 | 2008 | ||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||
Net income from investment management attributable to W. P. Carey members | $ | 5,954 | $ | 7,331 | $ | 9,603 | $ | 11,201 | $ | 7,123 | $ | 12,659 | $ | 14,054 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Provision for income taxes | 3,440 | 5,765 | 2,246 | 5,846 | 7,556 | 9,205 | 14,340 | |||||||||||||||||||||
Depreciation and amortization | 1,036 | 598 | 1,230 | 1,160 | 1,095 | 1,634 | 2,125 | |||||||||||||||||||||
EBITDA — investment management | $ | 10,430 | $ | 13,694 | $ | 13,079 | $ | 18,207 | $ | 15,774 | $ | 23,498 | $ | 30,519 | ||||||||||||||
EBITDA per share (diluted) | $ | 0.26 | $ | 0.34 | $ | 0.32 | $ | 0.45 | $ | 0.39 | $ | 0.59 | $ | 0.76 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||||||||||||||
Net income from real estate ownership attributable to W. P. Carey members | $ | 9,023 | $ | 10,378 | $ | 12,297 | $ | 7,997 | $ | 12,725 | $ | 20,027 | $ | 22,895 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Interest expense | 3,923 | 4,329 | 4,710 | 5,004 | 4,532 | 8,252 | 9,575 | |||||||||||||||||||||
Provision for (benefit from) income taxes | 280 | 435 | 870 | (7 | ) | (134 | ) | 715 | 226 | |||||||||||||||||||
Depreciation and amortization | 6,084 | 5,085 | 5,669 | 5,235 | 5,083 | 11,115 | 10,042 | |||||||||||||||||||||
Reconciling items attributable to discontinued operations | 55 | 39 | (308 | ) | — | 101 | 148 | 203 | ||||||||||||||||||||
EBITDA — real estate ownership | $ | 19,365 | $ | 20,266 | $ | 23,238 | $ | 18,229 | $ | 22,307 | $ | 40,257 | $ | 42,941 | ||||||||||||||
EBITDA per share (diluted) | $ | 0.48 | $ | 0.51 | $ | 0.58 | $ | 0.45 | $ | 0.56 | $ | 1.01 | $ | 1.06 | ||||||||||||||
Total Company | ||||||||||||||||||||||||||||
EBITDA | $ | 29,795 | $ | 33,960 | $ | 36,317 | $ | 36,436 | $ | 38,081 | $ | 63,755 | $ | 73,460 | ||||||||||||||
EBITDA per share (diluted) | $ | 0.74 | $ | 0.85 | $ | 0.90 | $ | 0.90 | $ | 0.95 | $ | 1.60 | $ | 1.82 | ||||||||||||||
Diluted weighted average shares outstanding | 40,065,495 | 39,927,886 | 40,466,930 | 40,299,073 | 40,256,658 | 39,780,708 | 40,271,185 | |||||||||||||||||||||
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.
6
W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations (FFO)
(in thousands, except share and per share amounts)
Reconciliation of Net Income to Funds From Operations (FFO)
(in thousands, except share and per share amounts)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | June 30, 2008 | 2009 | 2008 | ||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||
Net income from investment management attributable to W. P. Carey members | $ | 5,954 | $ | 7,331 | $ | 9,603 | $ | 11,201 | $ | 7,123 | $ | 12,659 | $ | 14,054 | ||||||||||||||
Amortization, deferred taxes and other non-cash charges | 2,607 | 1,312 | (1,283 | ) | 2,290 | 4,041 | 3,919 | 1,487 | ||||||||||||||||||||
FFO from equity investments | 3,066 | 5,061 | 3,095 | 4,088 | 3,500 | 9,382 | 4,584 | |||||||||||||||||||||
FFO — investment management | $ | 11,627 | $ | 13,704 | $ | 11,415 | $ | 17,579 | $ | 14,664 | $ | 25,960 | $ | 20,125 | ||||||||||||||
FFO per share (diluted) | $ | 0.29 | $ | 0.34 | $ | 0.28 | $ | 0.43 | $ | 0.36 | $ | 0.65 | $ | 0.50 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||||||||||||||
Net income from real estate ownership attributable to W. P. Carey members | $ | 9,023 | $ | 10,378 | $ | 12,297 | $ | 7,997 | $ | 12,725 | $ | 20,027 | $ | 22,895 | ||||||||||||||
Gain on sale of investment in direct financing lease | — | — | — | (1,103 | ) | — | — | — | ||||||||||||||||||||
Loss on sale of real estate, net | (478 | ) | 135 | — | — | — | (343 | ) | — | |||||||||||||||||||
Gain on extinguishment of debt, net(a) | — | (2,796 | ) | — | — | — | (2,796 | ) | — | |||||||||||||||||||
Depreciation, amortization and other non-cash charges | 5,174 | 5,174 | 7,594 | 6,764 | 5,389 | 10,348 | 8,950 | |||||||||||||||||||||
Straight-line and other rent adjustments | 232 | 180 | 172 | (613 | ) | 659 | 412 | 1,328 | ||||||||||||||||||||
Impairment charge | 2,280 | — | 473 | 538 | — | 2,280 | — | |||||||||||||||||||||
FFO from equity investments | 2,411 | 2,257 | 2,039 | 2,551 | 2,287 | 3,413 | 4,128 | |||||||||||||||||||||
Noncontrolling interests’ share of FFO | (156 | ) | (175 | ) | (163 | ) | (171 | ) | (173 | ) | (331 | ) | (345 | ) | ||||||||||||||
FFO — real estate ownership | $ | 18,486 | $ | 15,153 | $ | 22,412 | $ | 15,963 | $ | 20,887 | $ | 33,010 | $ | 36,956 | ||||||||||||||
FFO per share (diluted) | $ | 0.46 | $ | 0.38 | $ | 0.56 | $ | 0.40 | $ | 0.52 | $ | 0.83 | $ | 0.92 | ||||||||||||||
Total Company | ||||||||||||||||||||||||||||
FFO | $ | 30,113 | $ | 28,857 | $ | 33,827 | $ | 33,542 | $ | 35,551 | $ | 58,970 | $ | 57,081 | ||||||||||||||
FFO per share (diluted) | $ | 0.75 | $ | 0.72 | $ | 0.84 | $ | 0.83 | $ | 0.88 | $ | 1.48 | $ | 1.42 | ||||||||||||||
Diluted weighted average shares outstanding | 40,065,495 | 39,927,886 | 40,466,930 | 40,299,073 | 40,256,658 | 39,780,708 | 40,271,185 | |||||||||||||||||||||
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.
(a) | In January 2009, Carey Storage repaid, in full, the $35 million outstanding balance on its secured credit facility for $28 million and recognized a gain of $7 million on the repayment of this debt at a discount, inclusive of profit sharing interest of $4.2 million. |
7
W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities
(in thousands, except share and per share amounts)
Adjusted Cash Flow from Operating Activities
(in thousands, except share and per share amounts)
Six months ended June 30, | ||||||||
2009 | 2008 | |||||||
Cash flow from operating activities — as reported | $ | 34,683 | $ | 27,219 | ||||
Adjustments: | ||||||||
Distributions received from equity investments in real estate in excess of equity income (a) | 9,040 | 3,223 | ||||||
Contributions received from noncontrolling interests, net(b) | 252 | — | ||||||
Changes in working capital(c) | 6,044 | 14,626 | ||||||
CPA®:16 — Global performance adjustment, net(d) | — | (12,291 | ) | |||||
Settlement payment(e) | — | 21,012 | ||||||
Adjusted cash flow from operating activities | $ | 50,019 | $ | 53,789 | ||||
Adjusted cash flow per share (diluted) | $ | 1.26 | $ | 1.34 | ||||
Distributions declared per share | $ | 0.994 | $ | 0.969 | ||||
Payout ratio (distributions per share/adjusted cash flow per share) | 79 | % | 72 | % | ||||
Diluted weighted average shares outstanding | 39,780,708 | 40,271,185 | ||||||
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) | We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations. | |
(b) | Represents noncontrolling interests’ share of contributions/distributions made by ventures that we consolidate in our financial statements. 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. | |
(c) | 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 operating activities 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. | |
(d) | 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 (second quarter of 2007), as this revenue was actually earned over a three year period. | |
(e) | 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. |
8
W. P. CAREY & CO. LLC
Revenue Diversification Analysis
(in thousands)
Revenue Diversification Analysis
(in thousands)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | June 30, 2008 | 2009 | 2008 | ||||||||||||||||||||||
Revenue from Investment Management | ||||||||||||||||||||||||||||
Asset management revenue | $ | 19,227 | $ | 19,108 | $ | 20,344 | $ | 20,205 | $ | 20,039 | $ | 38,335 | $ | 40,165 | ||||||||||||||
Structuring revenue(a) | 365 | 10,409 | 2,833 | 10,818 | 3,169 | 10,774 | 6,585 | |||||||||||||||||||||
Other interest income | 377 | 356 | 594 | 586 | 548 | 733 | 1,081 | |||||||||||||||||||||
Total investment management revenue | $ | 19,969 | $ | 29,873 | $ | 23,771 | $ | 31,609 | $ | 23,756 | $ | 49,842 | $ | 47,831 | ||||||||||||||
Percentage of total adjusted revenue | 46 | % | 58 | % | 45 | % | 58 | % | 47 | % | 53 | % | 49 | % | ||||||||||||||
Revenue from Real Estate Ownership | ||||||||||||||||||||||||||||
Lease revenue — continuing and discontinued operations(b) | $ | 18,551 | $ | 18,513 | $ | 18,658 | $ | 18,959 | $ | 23,247 | $ | 37,069 | $ | 42,448 | ||||||||||||||
Other real estate income(c) | 4,649 | 3,260 | 10,422 | 3,834 | 3,305 | 7,904 | 6,427 | |||||||||||||||||||||
Other interest income | 24 | 51 | 97 | 166 | 131 | 75 | 359 | |||||||||||||||||||||
Total real estate revenue | $ | 23,224 | $ | 21,824 | $ | 29,177 | $ | 22,959 | $ | 26,683 | $ | 45,048 | $ | 49,234 | ||||||||||||||
Percentage of total adjusted revenue | 54 | % | 42 | % | 55 | % | 42 | % | 53 | % | 47 | % | 51 | % | ||||||||||||||
Reconciliation of Total Revenue | ||||||||||||||||||||||||||||
Total revenue — as reported | $ | 55,426 | $ | 62,135 | $ | 61,362 | $ | 66,636 | $ | 58,377 | $ | 116,642 | $ | 115,622 | ||||||||||||||
Less: Reimbursed costs from affiliates(d) | (12,712 | ) | (10,967 | ) | (9,414 | ) | (12,820 | ) | (12,568 | ) | (22,801 | ) | (24,074 | ) | ||||||||||||||
Add: Other interest income | 401 | 407 | 691 | 752 | 679 | 808 | 1,440 | |||||||||||||||||||||
Add: Revenue from discontinued operations | 78 | 122 | 309 | — | 3,951 | 241 | 4,077 | |||||||||||||||||||||
Total Adjusted Revenue | $ | 43,193 | $ | 51,697 | $ | 52,948 | $ | 54,568 | $ | 50,439 | $ | 94,890 | $ | 97,065 | ||||||||||||||
(a) | We earn structuring revenue on acquisitions structured on behalf of the CPA® REITs and expect significant period-to-period variation in such revenue based on changes in investment volume. Investments structured on behalf of the CPA REITs totaled approximately $2 million, $231 million, $53 million, $259 million and $68 million for the three months ended June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008, respectively. | |
(b) | Included in Lease revenue — continuing and discontinued operations for the three and six months ended June 30, 2008 is $3.8 million received from a former tenant in connection with the resolution of a lawsuit. | |
(c) | Other real estate income generally consists of revenue from Carey Storage, a subsidiary that invests in domestic self-storage properties, and Livho, a subsidiary that operates a Radisson hotel franchise. Other real estate income also includes lease termination payments and other non-rent related revenues from real estate ownership, and as a result, we expect Other real estate income to fluctuate period-to-period. For the three months ended December 31, 2008, Other real estate income included a $6.5 million gain recognized on a lease termination in October 2008. | |
(d) | 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. |
9
W. P. CAREY & CO. LLC
Revenue Stability Analysis
(in thousands)
Revenue Stability Analysis
(in thousands)
Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2009 | March 31, 2009 | December 31, 2008 | September 30, 2008 | June 30, 2008 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | |||||||||||||||||||||||||||||||||||||||||||
Revenue Type | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rents (a) | $ | 18,575 | $ | 18,564 | $ | 18,755 | $ | 19,125 | $ | 23,378 | $ | 37,144 | $ | 42,807 | ||||||||||||||||||||||||||||||||||||||||||
Management revenue(b) | 19,604 | 19,464 | 20,938 | 20,791 | 20,587 | 39,068 | 41,246 | |||||||||||||||||||||||||||||||||||||||||||||||||
Rents and Management Revenue | 38,179 | 88 | % | 38,028 | 74 | % | 39,693 | 75 | % | 39,916 | 73 | % | 43,965 | 87 | % | 76,212 | 80 | % | 84,053 | 87 | % | |||||||||||||||||||||||||||||||||||
Structuring revenue(c) | 365 | 10,409 | 2,833 | 10,818 | 3,169 | 10,774 | 6,585 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate income | 4,649 | 3,260 | 10,422 | 3,834 | 3,305 | 7,904 | 6,427 | |||||||||||||||||||||||||||||||||||||||||||||||||
Structuring Revenue & Other Income | 5,014 | 12 | % | 13,669 | 26 | % | 13,255 | 25 | % | 14,652 | 27 | % | 6,474 | 13 | % | 18,678 | 20 | % | 13,012 | 13 | % | |||||||||||||||||||||||||||||||||||
Total Adjusted Revenue | $ | 43,193 | 100 | % | $ | 51,697 | 100 | % | $ | 52,948 | 100 | % | $ | 54,568 | 100 | % | $ | 50,439 | 100 | % | $ | 94,890 | 100 | % | $ | 97,065 | 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. |
10
W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Debt Overview (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Debt Maturity
Year of Maturity | Outstanding Balance | |||
2009 | $ | 22,025 | ||
2010 | 9,741 | |||
2011 | 176,348 | |||
2012 | 31,504 | |||
2013 | 1,882 | |||
2014 | 53,964 | |||
2015 | 47,870 | |||
2016 | 35,678 | |||
2017 | 51,384 | |||
2018 | 9,154 | |||
2019 | 23,954 | |||
2020 | — | |||
2021 | — | |||
2022 | — | |||
2023 | 5,482 | |||
Total | $ | 468,986 | ||
Fixed and Variable Rate Debt Analysis
Non-Recourse Debt | Outstanding Balance | |||
Fixed | $ | 244,218 | ||
Fixed — Swap Agreement | 9,154 | |||
Fixed — Future Rate Reset | 71,242 | |||
Variable | 18,872 | |||
343,486 | ||||
Recourse Debt | ||||
Variable — Line of Credit | 125,500 | |||
Total Debt | $ | 468,986 | ||
11
W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of June 30, 2009
(in thousands)
Detailed Debt Summary (Pro rata basis)
As of June 30, 2009
(in thousands)
Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Outstanding Balance | ||||||||||||
US Airways Group, Inc. (75%)(a) | Fixed | 7.23 | % | Aug-2009 | $ | 14,846 | ||||||||||
The Retail Distribution Group, Inc. (40%) | Fixed | 8.51 | % | Sep-2009 | 2,179 | |||||||||||
Billipp Portfolio(b) | Variable | 1.57 | % | Dec-2009 | 5,000 | |||||||||||
Bell South Corporation | Fixed | 8.11 | % | Jan-2010 | 2,502 | |||||||||||
Hibbett Sports | Fixed | 7.50 | % | Apr-2010 | 4,524 | |||||||||||
Daimler Trucks North America LLC | Fixed | 7.96 | % | Jun-2010 | 2,715 | |||||||||||
Federal Express Corporation (40%) | Fixed | 7.50 | % | Jan-2011 | 16,127 | |||||||||||
AutoZone, Inc. — Series A | Fixed | 6.85 | % | Jan-2011 | 781 | |||||||||||
Childtime Childcare, Inc. (34%) | Fixed | 7.50 | % | Jan-2011 | 2,206 | |||||||||||
Information Resources, Inc. (33%) | Fixed | 7.60 | % | Jan-2011 | 7,369 | |||||||||||
Pioneer Credit Recovery, Inc. | Fixed | 7.34 | % | Jan-2011 | 5,429 | |||||||||||
AutoZone, Inc. — Series B | Fixed | 6.85 | % | Feb-2011 | 1,239 | |||||||||||
Career Education Corporation | Fixed | 7.58 | % | Jun-2011 | 6,763 | |||||||||||
24 Hour Fitness USA, Inc. | Fixed | 7.50 | % | Aug-2011 | 2,890 | |||||||||||
Sprint Spectrum, LP | Fixed | 7.64 | % | Aug-2011 | 8,044 | |||||||||||
Qwest Communications, Inc. | Fixed | 7.50 | % | Jun-2012 | 1,403 | |||||||||||
AutoZone, Inc. — Series C | Fixed | 6.85 | % | Aug-2012 | 672 | |||||||||||
BE Aerospace, Inc. | Fixed | 6.11 | % | Nov-2012 | 8,393 | |||||||||||
Faurecia Exhaust Systems, Inc. | Fixed | 5.16 | % | Nov-2012 | 2,476 | |||||||||||
Anthony’s Manufacturing Company | Fixed | 5.11 | % | Nov-2012 | 8,588 | |||||||||||
Alstom Power, Inc. and Werner Co. | Fixed | 5.18 | % | Dec-2012 | 9,972 | |||||||||||
AutoZone, Inc. — Series D | Fixed | 6.85 | % | Aug-2013 | 1,882 | |||||||||||
Carrefour France, S.A. (46%)(c) | Fixed — Future Rate Reset | 5.55 | % | Dec-2014 | 53,964 | |||||||||||
Lowe’s Home Improvement Warehouse | Fixed | 4.87 | % | Sep-2015 | 9,138 | |||||||||||
Bouygues Telecom, S.A. (Tours) (95%)(c) | Fixed — Future Rate Reset | 3.86 | % | Oct-2015 | 7,324 | |||||||||||
The American Bottling Company | Fixed | 5.13 | % | Nov-2015 | 31,408 | |||||||||||
CheckFree Holdings, Inc. (50%) | Fixed | 6.18 | % | Jun-2016 | 14,835 | |||||||||||
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(c) (d) | Variable | 5.01 | % | Oct-2016 | 13,872 | |||||||||||
Consolidated Systems, Inc. (60%) | Fixed | 5.87 | % | Nov-2016 | 6,971 | |||||||||||
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%)(c) | Fixed | 5.49 | % | Jan-2017 | 14,956 | |||||||||||
SICOR, Inc. (50%) | Fixed | 6.20 | % | Jul-2017 | 17,675 | |||||||||||
Medica France, S.A. (46%)(c) | Fixed | 5.63 | % | Oct-2017 | 18,753 | |||||||||||
OBI Wroclaw(c) | Fixed — Swap | 5.48 | % | Mar-2018 | $ | 9,154 | ||||||||||
Self-Storage Portfolio (40%) | Fixed — Future Rate Reset | 7.00 | % | Feb-2019/Mar-2019 | 9,954 | |||||||||||
Orbital Sciences Corporation | Fixed | 7.75 | % | Jun-2019 | 14,000 | |||||||||||
Hologic, Inc. (36%) | Fixed | 6.40 | % | May-2023 | 5,482 | |||||||||||
Total Non-Recourse Debt | 6.04 | % (d) | $ | 343,486 | ||||||||||||
Unsecured Line of Credit | Variable | 1.06 | % | Jun-2011 | $ | 125,500 | ||||||||||
Total Debt | 4.71 | % (d) | $ | 468,986 | ||||||||||||
(a) | Loan was paid off in August 2009 and refinanced for $15 million (pro rata share) with a floating rate capped at 7.00% and maturing in April 2014. | |
(b) | Loan was extended for one year in December 2008. There is an additional one-year extension option on this loan. | |
(c) | Debt balance calculated using an exchange rate of 1.4048 USD/EUR as of June 30, 2009. | |
(d) | Reflects weighted average interest rate for the applicable debt. |
12
W. P. CAREY & CO. LLC
2009 Investment and Disposition Activity
As of June 30, 2009
(in thousands, except square footage)
2009 Investment and Disposition Activity
As of June 30, 2009
(in thousands, except square footage)
Investment Activity
Investment Management Activity — Real Estate
Portfolio | Tenant/Lease Guarantor | Property Location(s) | Purchase Price | Closing Date | Property Type | Gross Square Footage | ||||||||||||||
CPA®:17 — Global | Kronos Products, Inc.(a) | Glendale Heights, IL | $ | 32,461 | Jan-09 | Industrial | 207,778 | |||||||||||||
CPA®:17 — Global (55%), CPA®:16 — Global (27.25%) | The New York Times Company | New York, NY | 193,783 | Mar-09 | Office | 616,875 | ||||||||||||||
CPA®:16 — Global | Holopack International Corp.(b) | Columbia, SC | 5,081 | Mar-09 | Industrial | BTS | ||||||||||||||
CPA®:14 | Silgan Containers Manufacturing Corporation | Fort Dodge, IA | 2,513 | Apr-09 | Industrial | 40,500 | ||||||||||||||
Total Investment Management Acquisitions | 233,838 | 865,153 | ||||||||||||||||||
Principal Activity | ||||||||||||||||||||
WPC LLC (17.75%) | The New York Times Company | New York, NY | 39,937 | Mar-09 | Office | 133,125 | ||||||||||||||
Total Acquisitions | $ | 273,775 | 998,278 | |||||||||||||||||
Disposition Activity
Investment Management Activity
Disposition | ||||||||||||||||||||
Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Gross Sale Price | Date | Property Type | Gross Square Footage | ||||||||||||||
CPA®:14 | Moonlight Molds | Gardena, CA | $ | 3,850 | Feb-09 | Industrial | 87,693 | |||||||||||||
CPA®:15 | American Pad & Paper LLC | Holyoke, MA | 4,250 | Mar-09 | Industrial | 267,640 | ||||||||||||||
CPA®:14 | Career Education Corporation | Allentown, PA | 27,500 | May-09 | Office | 92,782 | ||||||||||||||
Total Investment Management Dispositions | 35,600 | 448,115 | ||||||||||||||||||
Principal Activity | ||||||||||||||||||||
WPC LLC | Self-Storage Portfolio Interest(c) | Various locations throughout the U.S. | 21,900 | Jan-09 | Self-Storage | 554,063 | ||||||||||||||
WPC LLC | PPD Development, L.P. | Austin, TX | 2,050 | Mar-09 | Industrial | 26,594 | ||||||||||||||
Total Principal Dispositions | 23,950 | 580,657 | ||||||||||||||||||
Total Dispositions | $ | 59,550 | 1,028,772 | |||||||||||||||||
(a) | Includes CPA®:17 — Global’s commitment to renovate the facility at a total cost of approximately $17.5 million, of which $1.5 million was funded as of June 30, 2009. | |
(b) | Acquisition includes a build-to-suit transaction; gross square footage cannot be determined at this time. | |
(c) | In January 2009, Carey Storage, a subsidiary of W. P. Carey & Co. LLC, completed a transaction with a third party whereby Carey Storage received cash proceeds of $21.9 million plus a commitment to invest up to a further $8.1 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 of 13 properties. Square footage reflects net rentable square feet for the pro rata interest of the portfolio sold. |
13
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Diversification by Rent (Pro rata basis)
Percentage of | Percentage of Total | |||||||||||
Top Ten Tenants/Lease Guarantors | Annualized Rent | Total Annualized Rent | Annualized Adjusted Revenue (a) | |||||||||
Carrefour France, SAS | $ | 10,160 | 10 | % | 5 | % | ||||||
Bouygues Telecom, S.A. (France) | 5,238 | 5 | % | 3 | % | |||||||
The American Bottling Company | 4,842 | 5 | % | 3 | % | |||||||
Daimler Trucks North America LLC | 4,634 | 4 | % | 2 | % | |||||||
The New York Times Company | 4,293 | 4 | % | 2 | % | |||||||
Medica — France S.A | 3,209 | 3 | % | 2 | % | |||||||
US Airways Group, Inc. | 3,171 | 3 | % | 2 | % | |||||||
Federal Express Corporation | 3,077 | 3 | % | 2 | % | |||||||
Orbital Sciences Corporation | 2,771 | 3 | % | 1 | % | |||||||
Titan Corporation | 2,707 | 3 | % | 1 | % | |||||||
Total | $ | 44,102 | ||||||||||
W. P. Carey & Co. LLC Historical Occupancy
(a) | Total Adjusted Revenue = Total revenue as reported, less reimbursed costs from affiliates, plus other interest income, plus revenue from discontinued operations. | |
(b) | Percentage of the portfolio’s total pro rata square footage that was subject to lease. |
14
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of June 30, 2009
(in thousands)
Property Type | Square Footage | Percent | ||||||
Industrial | 8,093 | 48 | % | |||||
Warehouse/Distribution | 5,106 | 30 | % | |||||
Office | 2,129 | 12 | % | |||||
Retail | 1,125 | 7 | % | |||||
Other Properties(a) | 363 | 2 | % | |||||
Hospitality | 158 | 1 | % | |||||
Total(b) | 16,974 | 100 | % | |||||
Portfolio Diversification by Property Type
(based on square footage)
(based on square footage)
Property Type | Annualized Rent | Percent | ||||||
Industrial | $ | 34,748 | 34 | % | ||||
Office | 33,146 | 32 | % | |||||
Warehouse/Distribution | 21,189 | 21 | % | |||||
Other Properties(a) | 6,631 | 6 | % | |||||
Retail | 5,863 | 6 | % | |||||
Hospitality | 1,500 | 1 | % | |||||
Total(b) | $ | 103,077 | 100 | % | ||||
Portfolio Diversification by Property Type
(based on annualized rent)
(based on annualized rent)
(a) | Reflects properties used for health care; education, child care and social services; leisure, amusement and recreation; unoccupied land. | |
(b) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
15
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of June 30, 2009
(in thousands)
Annualized | Percentage of | |||||||
Industry Type (a) | Rent | Annualized Rent | ||||||
Retail Trade | $ | 17,043 | 17 | % | ||||
Business and Commercial Services | 11,243 | 11 | % | |||||
Telecommunications | 10,996 | 11 | % | |||||
Healthcare, Education and Childcare | 9,457 | 9 | % | |||||
Media: Printing and Publishing | 7,050 | 7 | % | |||||
Electronics | 6,583 | 6 | % | |||||
Automobile | 5,319 | 5 | % | |||||
Beverages, Food, and Tobacco | 5,249 | 5 | % | |||||
Aerospace and Defense | 4,639 | 5 | % | |||||
Forest Products and Paper | 4,605 | 4 | % | |||||
Transportation — Personal | 3,355 | 3 | % | |||||
Transportation — Cargo | 3,102 | 3 | % | |||||
Machinery | 3,055 | 3 | % | |||||
Mining, Metals, and Primary Metal Industries | 1,860 | 2 | % | |||||
Chemicals, Plastics, Rubber, and Glass | 1,813 | 2 | % | |||||
Hotels and Gaming | 1,510 | 1 | % | |||||
Consumer and Durable Goods | 1,386 | 1 | % | |||||
Federal, State and Local Government | 1,170 | 1 | % | |||||
Textiles, Leather, and Apparel | 1,007 | 1 | % | |||||
Other(b) | 2,635 | 3 | % | |||||
Total(c) | $ | 103,077 | 100 | % | ||||
(a) | Based on the Moody’s Classification System and information provided by the tenant. | |
(b) | Includes revenue from tenants in the following industries: leisure, amusement, entertainment (1%), construction and building (1%), consumer non-durable goods (0.5%) and grocery (0.5%). | |
(c) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
16
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of June 30, 2009
(in thousands)
Region | Square Footage | Percent | ||||||
United States | ||||||||
South | 4,991 | 29 | % | |||||
Midwest | 4,557 | 27 | % | |||||
East | 3,044 | 18 | % | |||||
West | 2,338 | 14 | % | |||||
14,930 | 88 | % | ||||||
International | ||||||||
Europe | 2,044 | 12 | % | |||||
Total(b) | 16,974 | 100 | % | |||||
Portfolio Diversification by Geography
(based on square footage)
(based on square footage)
Region | Annualized Rent | Percent | ||||||
United States | ||||||||
South | $ | 27,905 | 27 | % | ||||
West | 20,966 | 21 | % | |||||
Midwest | 17,850 | 17 | % | |||||
East | 14,372 | 14 | % | |||||
81,093 | 79 | % | ||||||
International | ||||||||
Europe(a) | 21,984 | 21 | % | |||||
Total(b) | $ | 103,077 | 100 | % | ||||
Portfolio Diversification by Geography
(based on annualized rent)
(based on annualized rent)
(a) | Includes revenue from tenants in the following countries: France (18%), Germany (2%) and Poland (1%). | |
(b) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
17
W. P. CAREY & CO. LLC
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of June 30, 2009
(in thousands)
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of June 30, 2009
(in thousands)
Percentage of | ||||||||
Year of Lease | Annualized | Total Annualized | ||||||
Expiration(a) | Rent | Rent | ||||||
2009(b) | $ | 4,124 | 4 | % | ||||
2010 | 17,550 | 17 | % | |||||
2011 | 19,242 | 19 | % | |||||
2012 | 8,415 | 8 | % | |||||
2013 | 7,765 | 7 | % | |||||
2014 | 10,902 | 11 | % | |||||
2015 | 2,474 | 2 | % | |||||
2016 | 1,720 | 2 | % | |||||
2017 | 4,056 | 4 | % | |||||
2018 | 4,179 | 4 | % | |||||
2019 | 7,249 | 7 | % | |||||
2020 | 5,202 | 5 | % | |||||
2021 | — | 0 | % | |||||
2022 | 1,582 | 2 | % | |||||
2023 | — | 0 | % | |||||
2024 | 4,293 | 4 | % | |||||
2025 | 1,013 | 1 | % | |||||
2026 | 948 | 1 | % | |||||
2027 | 2,363 | 2 | % | |||||
Total(c) | $ | 103,077 | 100 | % | ||||
Weighted Average Years to Maturity:5.48
(a) | Assumes tenant does not exercise renewal option. | |
(b) | Month-to-month properties are counted in 2009 revenue stream. | |
(c) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
18
W. P. CAREY & CO. LLC
Consolidated Balance Sheets
(in thousands, except share amounts)
Consolidated Balance Sheets
(in thousands, except share amounts)
June 30, 2009 | December 31, 2008 | |||||||
(NOTE) | ||||||||
Assets | ||||||||
Real estate, net | $ | 488,457 | $ | 499,795 | ||||
Net investment in direct financing leases | 83,323 | 83,792 | ||||||
Equity investments in real estate and CPA® REITs | 309,498 | 260,620 | ||||||
Assets held for sale | 3,092 | — | ||||||
Operating real estate, net | 74,566 | 74,534 | ||||||
Cash and cash equivalents | 23,469 | 16,799 | ||||||
Due from affiliates | 31,059 | 53,423 | ||||||
Intangible assets and goodwill, net | 88,525 | 93,398 | ||||||
Other assets, net | 35,056 | 28,775 | ||||||
Total assets | $ | 1,137,045 | $ | 1,111,136 | ||||
Liabilities and Equity | ||||||||
Liabilities: | ||||||||
Non-recourse debt | $ | 232,565 | $ | 245,874 | ||||
Line of credit | 125,500 | 81,000 | ||||||
Accounts payable, accrued expenses and other liabilities | 46,602 | 42,323 | ||||||
Income taxes, net | 52,817 | 58,011 | ||||||
Distributions payable | 19,454 | 19,508 | ||||||
Total liabilities | 476,938 | 446,716 | ||||||
Redeemable noncontrolling interests | 15,126 | 18,085 | ||||||
Commitments and contingencies | ||||||||
Equity: | ||||||||
W. P. Carey members’ equity: | ||||||||
Listed shares, no par value, 100,000,000 shares authorized; 39,158,020 and 39,589,594 shares issued and outstanding, respectively | 752,884 | 757,921 | ||||||
Distributions in excess of accumulated earnings | (123,310 | ) | (116,990 | ) | ||||
Deferred compensation obligation | 9,799 | — | ||||||
Accumulated other comprehensive loss | (1,072 | ) | (828 | ) | ||||
Total W. P. Carey members’ equity | 638,301 | 640,103 | ||||||
Noncontrolling interests | 6,680 | 6,232 | ||||||
Total equity | 644,981 | 646,335 | ||||||
Total liabilities and equity | $ | 1,137,045 | $ | 1,111,136 | ||||
Note: | The consolidated balance sheet at December 31, 2008 has been derived from the consolidated financial statements at that date as adjusted. |
19
W. P. CAREY & CO. LLC
Consolidated Statements of Income
(in thousands, except share and per share amounts)
Consolidated Statements of Income
(in thousands, except share and per share amounts)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Revenues | ||||||||||||||||
Asset management revenue | $ | 19,227 | $ | 20,039 | $ | 38,335 | $ | 40,165 | ||||||||
Structuring revenue | 365 | 3,169 | 10,774 | 6,585 | ||||||||||||
Wholesaling revenue | 1,597 | 1,488 | 2,690 | 2,628 | ||||||||||||
Reimbursed costs from affiliates | 11,115 | 11,080 | 20,111 | 21,446 | ||||||||||||
Lease revenues | 18,473 | 19,296 | 36,828 | 38,371 | ||||||||||||
Other real estate income | 4,649 | 3,305 | 7,904 | 6,427 | ||||||||||||
55,426 | 58,377 | 116,642 | 115,622 | |||||||||||||
Operating Expenses | ||||||||||||||||
General and administrative | (14,310 | ) | (15,816 | ) | (33,409 | ) | (31,229 | ) | ||||||||
Reimbursable costs | (11,115 | ) | (11,080 | ) | (20,111 | ) | (21,446 | ) | ||||||||
Depreciation and amortization | (7,120 | ) | (6,178 | ) | (12,749 | ) | (12,167 | ) | ||||||||
Property expenses | (2,180 | ) | (1,245 | ) | (4,026 | ) | (3,532 | ) | ||||||||
Impairment charges | (1,700 | ) | — | (1,700 | ) | — | ||||||||||
Other real estate expenses | (1,707 | ) | (2,146 | ) | (3,838 | ) | (4,215 | ) | ||||||||
(38,132 | ) | (36,465 | ) | (75,833 | ) | (72,589 | ) | |||||||||
Other Income and Expenses | ||||||||||||||||
Other interest income | 401 | 679 | 808 | 1,440 | ||||||||||||
Income from equity investments in real estate and CPA® REITs | 4,875 | 3,934 | 6,262 | 8,645 | ||||||||||||
Other income and expenses | 127 | 1,848 | 3,281 | 4,659 | ||||||||||||
Interest expense | (3,923 | ) | (4,532 | ) | (8,252 | ) | (9,575 | ) | ||||||||
1,480 | 1,929 | 2,099 | 5,169 | |||||||||||||
Income from continuing operations before income taxes | 18,774 | 23,841 | 42,908 | 48,202 | ||||||||||||
Provision for income taxes | (3,720 | ) | (7,422 | ) | (9,920 | ) | (14,566 | ) | ||||||||
Income from continuing operations | 15,054 | 16,419 | 32,988 | 33,636 | ||||||||||||
Discontinued Operations | ||||||||||||||||
(Loss) income from operations of discontinued properties | (75 | ) | 3,733 | (100 | ) | 3,706 | ||||||||||
Gain on sale of real estate | 478 | — | 343 | — | ||||||||||||
Impairment charge | (580 | ) | — | (580 | ) | — | ||||||||||
(Loss) income from discontinued operations | (177 | ) | 3,733 | (337 | ) | 3,706 | ||||||||||
Net Income | 14,877 | 20,152 | 32,651 | 37,342 | ||||||||||||
Add: Net loss attributable to noncontrolling interests | 203 | 168 | 373 | 340 | ||||||||||||
Less: Net income attributable to redeemable noncontrolling interests | (103 | ) | (472 | ) | (338 | ) | (733 | ) | ||||||||
Net Income Attributable to W. P. Carey Members | $ | 14,977 | $ | 19,848 | $ | 32,686 | $ | 36,949 | ||||||||
Basic Earnings Per Share | ||||||||||||||||
Income from continuing operations attributable to W. P. Carey members | $ | 0.37 | $ | 0.41 | $ | 0.83 | $ | 0.85 | ||||||||
(Loss) income from discontinued operations attributable to W. P. Carey members | — | 0.10 | (0.01 | ) | 0.09 | |||||||||||
Net income attributable to W. P. Carey members | $ | 0.37 | $ | 0.51 | $ | 0.82 | $ | 0.94 | ||||||||
Diluted Earnings Per Share | ||||||||||||||||
Income from continuing operations attributable to W. P. Carey members | $ | 0.37 | $ | 0.41 | $ | 0.82 | $ | 0.83 | ||||||||
(Loss) income from discontinued operations attributable to W. P. Carey members | — | 0.09 | (0.01 | ) | 0.09 | |||||||||||
Net income attributable to W. P. Carey members | $ | 0.37 | $ | 0.50 | $ | 0.81 | $ | 0.92 | ||||||||
Weighted Average Shares Outstanding | ||||||||||||||||
Basic | 39,350,684 | 39,204,221 | 39,067,391 | 39,039,617 | ||||||||||||
Diluted | 40,065,495 | 40,256,658 | 39,780,708 | 40,271,185 | ||||||||||||
Amounts Attributable to W. P. Carey Members | ||||||||||||||||
Income from continuing operations, net of tax | $ | 15,154 | $ | 16,115 | $ | 33,023 | $ | 33,243 | ||||||||
(Loss) income from discontinued operations, net of tax | (177 | ) | 3,733 | (337 | ) | 3,706 | ||||||||||
Net income | $ | 14,977 | $ | 19,848 | $ | 32,686 | $ | 36,949 | ||||||||
Distributions Declared Per Share | $ | 0.498 | $ | 0.487 | $ | 0.994 | $ | 0.969 | ||||||||
20
W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows
(in thousands)
Consolidated Statements of Cash Flows
(in thousands)
Six months ended June 30, | ||||||||
2009 | 2008 | |||||||
Cash Flows — Operating Activities | ||||||||
Net income | $ | 32,651 | $ | 37,342 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization including intangible assets and deferred financing costs | 12,757 | 13,506 | ||||||
Income from equity investments in real estate and CPA® REITs in excess of distributions received | (3,157 | ) | (1,924 | ) | ||||
Straight-line rent adjustments | 967 | 1,252 | ||||||
Management income received in shares of affiliates | (15,414 | ) | (20,053 | ) | ||||
Gain on sale of real estate | (343 | ) | — | |||||
Gain on extinguishment of debt | (6,991 | ) | — | |||||
Allocation of income to profit sharing interest | 3,875 | — | ||||||
Impairment charges | 2,280 | — | ||||||
Unrealized gain on foreign currency transactions, warrants and securities | (39 | ) | (1,203 | ) | ||||
Realized gain on foreign currency transactions and other | (126 | ) | (1,565 | ) | ||||
Stock-based compensation expense | 5,260 | 3,922 | ||||||
Decrease in deferred acquisition revenue received | 22,877 | 46,695 | ||||||
Increase in structuring revenue receivable | (5,416 | ) | (3,538 | ) | ||||
Decrease in income taxes, net | (8,454 | ) | (3,963 | ) | ||||
Decrease in settlement provision | — | (29,979 | ) | |||||
Net changes in other operating assets and liabilities | (6,044 | ) | (13,273 | ) | ||||
Net cash provided by operating activities | 34,683 | 27,219 | ||||||
Cash Flows — Investing Activities | ||||||||
Distributions received from equity investments in real estate and CPA® REITs in excess of equity income | 7,606 | 3,425 | ||||||
Capital contributions to equity investments | — | (837 | ) | |||||
Purchases of real estate and equity investments in real estate | (39,677 | ) | (184 | ) | ||||
Capital expenditures | (6,929 | ) | (6,455 | ) | ||||
VAT refunded on purchase of real estate | — | 3,189 | ||||||
Proceeds from sale of real estate | 3,835 | — | ||||||
Proceeds from transfer of profit sharing interest | 21,928 | — | ||||||
Funds released from escrow in connection with the sale of property | — | 636 | ||||||
Payment of deferred acquisition revenue to affiliate | — | (120 | ) | |||||
Net cash used in investing activities | (13,237 | ) | (346 | ) | ||||
Cash Flows — Financing Activities | ||||||||
Distributions paid | (39,060 | ) | (48,668 | ) | ||||
Contributions from noncontrolling interests | 1,583 | 1,320 | ||||||
Distributions to noncontrolling interests | (3,474 | ) | (1,329 | ) | ||||
Distributions to profit sharing interest | (3,434 | ) | — | |||||
Scheduled payments of mortgage principal | (5,241 | ) | (4,698 | ) | ||||
Proceeds from mortgages and credit facilities | 127,500 | 101,937 | ||||||
Prepayments of mortgage principal and credit facilities | (83,936 | ) | (73,729 | ) | ||||
Proceeds from loan from affiliates | 1,624 | — | ||||||
Repayment of loan from affiliates | — | (7,569 | ) | |||||
Payment of financing costs, net of deposits refunded | (806 | ) | (370 | ) | ||||
Proceeds from issuance of shares | 874 | 12,743 | ||||||
Windfall tax benefits associated with stock-based compensation awards | 242 | 608 | ||||||
Repurchase and retirement of shares | (10,686 | ) | (5,134 | ) | ||||
Net cash used in financing activities | (14,814 | ) | (24,889 | ) | ||||
Change in Cash and Cash Equivalents During the Period | ||||||||
Effect of exchange rate changes on cash | 38 | 298 | ||||||
Net increase in cash and cash equivalents | 6,670 | 2,282 | ||||||
Cash and cash equivalents, beginning of period | 16,799 | 12,137 | ||||||
Cash and cash equivalents, end of period | $ | 23,469 | $ | 14,419 | ||||
21
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2009
Detailed Property Summary
June 30, 2009
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage(e) | Annualized Rent(e) | Percentage of Total Rent(e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Crepy en Valois, France | Warehouse/Distribution | Retail Trade | Europe | 101,248 | $ | 876,320 | 0.85 | % | INSEE(2) | Dec-2011 | Dec-2011 | |||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Crepy en Valois, France | Warehouse/Distribution | Retail Trade | Europe | 152,365 | 1,318,741 | 1.28 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 126,925 | 1,067,897 | 1.04 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 2,598 | 21,862 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, France | Warehouse/Distribution | Retail Trade | Europe | 4,349 | 36,587 | 0.04 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 134,937 | 937,374 | 0.91 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 2,554 | 17,742 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 596 | 4,143 | 0.00 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 174,261 | 1,354,881 | 1.31 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 60,292 | 468,774 | 0.45 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 7,524 | 58,497 | 0.06 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, France | Warehouse/Distribution | Retail Trade | Europe | 2,899 | 22,539 | 0.02 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Thuit Hebert, France | Warehouse/Distribution | Retail Trade | Europe | 107,958 | 674,209 | 0.65 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Thuit Hebert, France | Warehouse/Distribution | Retail Trade | Europe | 68,476 | 427,643 | 0.41 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Ploufragan, France | Warehouse/Distribution | Retail Trade | Europe | 122,591 | 817,315 | 0.79 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Cholet, France | Warehouse/Distribution | Retail Trade | Europe | 99,261 | 701,879 | 0.68 | % | INSEE(2) | Dec-2011 | Dec-2011 | ||||||||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, France | Warehouse/Distribution | Retail Trade | Europe | 177,786 | 1,354,012 | 1.31 | % | INSEE(2) | Nov-2012 | Nov-2012 | ||||||||||||||||||||||
Carrefour France, SAS Total | 1,346,620 | 10,160,416 | 9.86 | % | ||||||||||||||||||||||||||||||
Bouygues Telecom, S.A.(a) | 75% | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 80,721 | 3,247,688 | 3.15 | % | INSEE(2) | Feb-2013 | Feb-2013 | ||||||||||||||||||||||
Bouygues Telecom, S.A.(a) | 95% | Tours, France | Office | Telecommunications | Europe | 102,227 | 1,990,443 | 1.93 | % | INSEE(2) | Sep-2009 | Sep-2009 | ||||||||||||||||||||||
Bouygues Telecom, S.A. Total | 182,948 | 5,238,130 | 5.08 | % | ||||||||||||||||||||||||||||||
The American Bottling Company | 100% | Irving, TX | Industrial | Beverages, Food, and Tobacco | South | 459,497 | 2,937,278 | 2.85 | % | CPI | Jun-2014 | Jun-2014 | ||||||||||||||||||||||
The American Bottling Company | 100% | Houston, TX | Industrial | Beverages, Food, and Tobacco | South | 262,450 | 1,904,924 | 1.85 | % | CPI | Jun-2014 | Jun-2014 | ||||||||||||||||||||||
The American Bottling Company Total | 721,947 | 4,842,202 | 4.70 | % | ||||||||||||||||||||||||||||||
Daimler Trucks North America LLC | 100% | Detroit, MI | Industrial | Automobile | Midwest | 2,730,750 | 4,634,253 | 4.50 | % | PPI | Jun-2020 | Jun-2030 | ||||||||||||||||||||||
The New York Times Company | 18% | New York, NY | Office | Media: Printing and Publishing | East | 126,420 | 4,293,281 | 4.17 | % | Fixed | Mar-2024 | Mar-2044 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Chatou, France | Other | Healthcare, Education and Childcare | Europe | 24,666 | 433,224 | 0.42 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Poissy, France | Other | Healthcare, Education and Childcare | Europe | 24,592 | 473,839 | 0.46 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Rosny sous Bois, France | Other | Healthcare, Education and Childcare | Europe | 21,846 | 401,409 | 0.39 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Paris, France | Other | Healthcare, Education and Childcare | Europe | 24,770 | 609,221 | 0.59 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Rueil Malmaison, France | Other | Healthcare, Education and Childcare | Europe | 23,813 | 573,345 | 0.56 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.(a) | 46% | Sarcelles, France | Other | Healthcare, Education and Childcare | Europe | 34,620 | 717,527 | 0.70 | % | INSEE(2) | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Medica France S.A.Total | 154,306 | 3,208,565 | 3.11 | % | ||||||||||||||||||||||||||||||
US Airways Group, Inc. | 75% | Tempe, AZ | Office | Transportation - Personal | West | 167,890 | 3,171,483 | 3.08 | % | CPI | Apr-2014 | Nov-2029 | ||||||||||||||||||||||
Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 701,821 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | ||||||||||||||||||||||
Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 701,821 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | ||||||||||||||||||||||
Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 701,821 | 0.68 | % | CPI | Aug-2019 | Nov-2029 | ||||||||||||||||||||||
Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 701,821 | 0.68 | % | 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 | 0.20 | % | Fixed | May-2012 | May-2017 | ||||||||||||||||||||||
Federal Express Corporation Total | 198,444 | 3,076,722 | 2.98 | % | ||||||||||||||||||||||||||||||
Orbital Sciences Corporation | 100% | Chandler, AZ | Industrial | Aerospace and Defense | West | 355,307 | 2,770,560 | 2.69 | % | CPI | Sep-2019 | Sep-2029 | ||||||||||||||||||||||
The Titan Corporation | 100% | San Diego, CA | Office | Electronics | West | 166,403 | 2,706,799 | 2.63 | % | CPI | Jul-2012 | Jul-2017 | ||||||||||||||||||||||
CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 50,063 | 969,079 | 0.94 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||||||||
CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 34,150 | 822,231 | 0.80 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||||||||
CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 26,125 | 620,279 | 0.60 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||||||||
CheckFree Corporation | 50% | Norcross, GA | Land | Business and Commercial Services | South | 1 | 62,368 | 0.06 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||||||||
CheckFree CorporationTotal | 110,338 | 2,473,956 | 2.40 | % | ||||||||||||||||||||||||||||||
Schuler AG(a) | 33% | Göppingen, Germany | Industrial | Machinery | Europe | 246,355 | 2,363,293 | 2.29 | % | CPI | Oct-2027 | Oct-2047 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Decatur, AL | Retail | Retail Trade | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Bessemer, AL | Retail | Retail Trade | South | 5,400 | 32,158 | 0.03 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Phenix City, AL | Retail | Retail Trade | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Mobile, AL | Retail | Retail Trade | South | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Chickasaw, AL | Retail | Retail Trade | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Montgomery, AL | Retail | Retail Trade | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Panama City, FL | Retail | Retail Trade | South | 5,401 | 35,345 | 0.03 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,000 | 34,867 | 0.03 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 47,772 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 54,379 | 0.05 | % | None | Aug-2013 | Dec-2038 |
22
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage(e) | Annualized Rent(e) | Percentage of Total Rent(e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||||||
AutoZone, Inc. | 100% | Columbus, GA | Retail | Retail Trade | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Albany, GA | Retail | Retail Trade | South | 5,400 | 43,262 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Brunswick, GA | Retail | Retail Trade | South | 5,400 | 39,854 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Augusta, GA | Retail | Retail Trade | South | 5,400 | 34,138 | 0.03 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Macon, GA | Retail | Retail Trade | South | 5,400 | 49,503 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Collinsville, IL | Retail | Retail Trade | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Alton, IL | Retail | Retail Trade | Midwest | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Wood River, IL | Retail | Retail Trade | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Belleville, IL | Retail | Retail Trade | Midwest | 5,400 | 44,620 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | West Monroe, LA | Retail | Retail Trade | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 5,400 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Lake Charles, LA | Retail | Retail Trade | South | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Lake Charles, LA | Retail | Retail Trade | South | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 6,600 | 21,567 | 0.02 | % | Fixed | Mar-2014 | Mar-2024 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 5,401 | 23,124 | 0.02 | % | Fixed | Apr-2014 | Apr-2019 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Hammond, LA | Retail | Retail Trade | South | 6,480 | 40,121 | 0.04 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Maplewood, MO | Retail | Retail Trade | Midwest | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Overland, MO | Retail | Retail Trade | Midwest | 6,480 | 43,414 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | St. Louis, MO | Retail | Retail Trade | Midwest | 5,400 | 36,178 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Breckenridge, MO | Retail | Retail Trade | Midwest | 5,400 | 44,151 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | St. Peters, MO | Retail | Retail Trade | Midwest | 5,400 | 48,957 | 0.05 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | St. Peters, MO | Retail | Retail Trade | Midwest | 6,660 | 48,718 | 0.05 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Gastonia, NC | Retail | Retail Trade | East | 5,400 | 52,149 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Charlotte, NC | Retail | Retail Trade | East | 5,400 | 42,283 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Statesville, NC | Retail | Retail Trade | East | 5,400 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Lenoir, NC | Retail | Retail Trade | East | 5,400 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Shelby, NC | Retail | Retail Trade | East | 6,660 | 30,807 | 0.03 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Kannapolis, NC | Retail | Retail Trade | East | 6,408 | 24,069 | 0.02 | % | Fixed | Oct-2010 | Oct-2025 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Morgantown, NC | Retail | Retail Trade | East | 5,400 | 19,451 | 0.02 | % | Fixed | Oct-2010 | Aug-2019 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Albuquerque, NM | Retail | Retail Trade | West | 5,400 | 54,642 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Farmington, NM | Retail | Retail Trade | West | 5,400 | 41,479 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Lexington, SC | Retail | Retail Trade | East | 5,400 | 50,079 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | East Ridge, TN | Retail | Retail Trade | South | 6,480 | 20,602 | 0.02 | % | Fixed | Oct-2013 | Oct-2023 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Knoxville, TN | Retail | Retail Trade | South | 6,660 | 23,008 | 0.02 | % | Fixed | May-2014 | May-2024 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Austin, TX | Retail | Retail Trade | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Waco, TX | Retail | Retail Trade | South | 4,800 | 37,585 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Corpus Christi, TX | Retail | Retail Trade | South | 6,600 | 51,679 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Corpus Christi, TX | Retail | Retail Trade | South | 6,480 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Victoria, TX | Retail | Retail Trade | South | 6,480 | 50,739 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 42,283 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Nederland, TX | Retail | Retail Trade | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | West Orange, TX | Retail | Retail Trade | South | 4,000 | 31,321 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | Houston, TX | Retail | Retail Trade | South | 5,400 | 53,488 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. | 100% | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 55,795 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||||||||
AutoZone, Inc. Total | 302,230 | 2,216,594 | 2.15 | % | ||||||||||||||||||||||||||||||
Lucent Technologies, Inc. | 100% | Charlotte, NC | Industrial | Electronics | East | 568,670 | 2,072,735 | 2.01 | % | Fixed | Mar-2010 | Mar-2016 | ||||||||||||||||||||||
Sybron Dental Specialties, Inc. | 100% | Romulus, MI | Industrial | Healthcare, Education and Childcare | Midwest | 220,000 | 1,456,610 | 1.41 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||||||||
Sybron Dental Specialties, Inc. | 100% | Glendora, CA | Office | Healthcare, Education and Childcare | West | 25,000 | 555,148 | 0.54 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||||||||
Sybron Dental Specialties, Inc. Total | 245,000 | 2,011,758 | 1.95 | % | ||||||||||||||||||||||||||||||
BellSouth Telecommunications, Inc. | 100% | Ft. Lauderdale, FL | Warehouse/Distribution | Telecommunications | South | 80,450 | 629,820 | 0.61 | % | Fixed | Jun-2016 | Jun-2021 | ||||||||||||||||||||||
BellSouth Telecommunications, Inc. | 100% | Lafayette, LA | Office | Telecommunications | South | 66,846 | 1,351,150 | 1.31 | % | Fixed | Dec-2011 | Jun-2013 | ||||||||||||||||||||||
BellSouth Telecommunications, Inc. Total | 147,296 | 1,980,970 | 1.92 | % | ||||||||||||||||||||||||||||||
Quebecor Printing Atlanta, Inc. | 100% | Doraville, GA | Industrial | Media: Printing and Publishing | South | 432,559 | 1,940,625 | 1.88 | % | CPI | Dec-2009 | Dec-2042 | ||||||||||||||||||||||
Career Education Corporation | 100% | Mendota Heights, MN | Other | Healthcare, Education and Childcare | Midwest | 136,400 | 1,892,831 | 1.84 | % | Fixed | May-2011 | May-2019 | ||||||||||||||||||||||
Information Resources, Inc. | 33% | Chicago, IL | Office | Business and Commercial Services | Midwest | 30,797 | 683,141 | 0.66 | % | CPI | Oct-2013 | Oct-2023 | ||||||||||||||||||||||
Information Resources, Inc. | 33% | Chicago, IL | Office | Business and Commercial Services | Midwest | 53,195 | 1,179,801 | 1.14 | % | CPI | Oct-2013 | Oct-2015 | ||||||||||||||||||||||
Information Resources, Inc. Total | 83,992 | 1,862,942 | 1.81 | % | ||||||||||||||||||||||||||||||
Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 260,160 | 1,258,273 | 1.22 | % | CPI | Mar-2010 | Mar-2035 | ||||||||||||||||||||||
Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 109,377 | 528,979 | 0.51 | % | CPI | Mar-2010 | Mar-2035 | ||||||||||||||||||||||
Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 5,292 | 25,561 | 0.02 | % | CPI | Mar-2010 | Mar-2035 | ||||||||||||||||||||||
Fiskars Brands, Inc. Total | 374,829 | 1,812,813 | 1.76 | % | ||||||||||||||||||||||||||||||
Unisource Worldwide, Inc. | 100% | Anchorage, AK | Warehouse/Distribution | Forest Products and Paper | West | 44,712 | 344,803 | 0.33 | % | Fixed | Dec-2014 | Dec-2029 | ||||||||||||||||||||||
Unisource Worldwide, Inc. | 100% | Commerce, CA | Warehouse/Distribution | Forest Products and Paper | West | 411,561 | 1,422,080 | 1.38 | % | Fixed | Apr-2010 | Apr-2030 | ||||||||||||||||||||||
Unisource Worldwide, Inc. Total | 456,273 | 1,766,883 | 1.71 | % | ||||||||||||||||||||||||||||||
Amylin Pharmaceuticals/SICOR, Inc. | 50% | San Diego, CA | Office | Healthcare, Education and Childcare | West | 35,951 | 835,705 | 0.81 | % | CPI | Jul-2019 | Jul-2029 | ||||||||||||||||||||||
Amylin Pharmaceuticals/SICOR, Inc. | 50% | San Diego, CA | Industrial | Healthcare, Education and Childcare | West | 36,205 | 835,705 | 0.81 | % | CPI | Jul-2019 | Jul-2029 | ||||||||||||||||||||||
Amylin Pharmaceuticals/SICOR, Inc. Total | 72,156 | 1,671,410 | 1.62 | % |
23
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage(e) | Annualized Rent(e) | Percentage of 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 | 0.93 | % | CPI | Dec-2010 | Dec-2015 | ||||||||||||||||||||||
Cleo, Inc. | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 391,896 | 611,504 | 0.59 | % | CPI | Dec-2010 | Dec-2015 | ||||||||||||||||||||||
Cleo, Inc. Total | 1,006,170 | 1,570,000 | 1.52 | % | ||||||||||||||||||||||||||||||
BE Aerospace, Inc. | 100% | Lenexa, KS | Industrial | Aerospace and Defense | Midwest | 130,094 | 646,020 | 0.63 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||||||||
BE Aerospace, Inc. | 100% | Winston-Salem, NC | Warehouse/Distribution | Aerospace and Defense | East | 90,800 | 259,807 | 0.25 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||||||||
BE Aerospace, Inc. | 100% | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 74,026 | 211,805 | 0.21 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||||||||
BE Aerospace, Inc. | 100% | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 50,200 | 143,638 | 0.14 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||||||||
BE Aerospace, Inc. | 100% | Winston-Salem, NC | Office | Aerospace and Defense | East | 43,788 | 125,286 | 0.12 | % | 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 | 0.12 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||||||||
BE Aerospace, Inc. Total | 426,990 | 1,553,679 | 1.51 | % | ||||||||||||||||||||||||||||||
Lowe’s Home Improvement Warehouse | 100% | Bellevue, WA | Retail | Retail Trade | West | 143,352 | 1,524,347 | 1.48 | % | CPI | Aug-2018 | Aug-2018 | ||||||||||||||||||||||
Pharmaco International, Inc. | 100% | Austin, TX | Industrial | Business and Commercial Services | South | 65,160 | 639,282 | 0.62 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||||||||
Pharmaco International, Inc. | 100% | Austin, TX | Warehouse/Distribution | Business and Commercial Services | South | 17,588 | 181,889 | 0.18 | % | 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 | 0.40 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||||||||
Pharmaco International, Inc. Total | 148,833 | 1,512,721 | 1.47 | % | ||||||||||||||||||||||||||||||
LIVHO, Inc. | 100% | Livonia, MI | Hospitality | Hotels and Gaming | Midwest | 158,000 | 1,500,000 | 1.46 | % | Fixed | Jan-2012 | Jan-2012 | ||||||||||||||||||||||
Sprint Spectrum, L.P. | 100% | Rio Rancho, NM | Office | Telecommunications | West | 94,730 | 1,424,561 | 1.38 | % | Fixed | May-2011 | May-2021 | ||||||||||||||||||||||
AT&T Corporation | 100% | Bridgeton, MO | Industrial | Telecommunications | Midwest | 85,510 | 1,307,706 | 1.27 | % | Fixed | Sep-2011 | Jun-2021 | ||||||||||||||||||||||
United Stationers Supply Company | 100% | New Orleans, LA | Warehouse/Distribution | Forest Products and Paper | South | 59,000 | 432,330 | 0.42 | % | CPI | Mar-2010 | Mar-2030 | ||||||||||||||||||||||
United Stationers Supply Company | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 75,000 | 374,352 | 0.36 | % | CPI | Mar-2014 | Mar-2030 | ||||||||||||||||||||||
United Stationers Supply Company | 100% | San Antonio, TX | Warehouse/Distribution | Forest Products and Paper | South | 63,098 | 413,899 | 0.40 | % | CPI | Mar-2014 | Mar-2030 | ||||||||||||||||||||||
United Stationers Supply Company Total | 197,098 | 1,220,581 | 1.18 | % | ||||||||||||||||||||||||||||||
Hologic, Inc. | 36% | Danbury, CT | Industrial | Electronics | East | 22,335 | 221,263 | 0.21 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||||||||
Hologic, Inc. | 36% | Bedford, MA | Industrial | Electronics | East | 74,520 | 972,818 | 0.94 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||||||||
Hologic, Inc. Total | 96,855 | 1,194,081 | 1.16 | % | ||||||||||||||||||||||||||||||
Omnicom Group, Inc. | 100% | Venice, CA | Office | Business and Commercial Services | West | 77,719 | 1,193,661 | 1.16 | % | CPI | Sep-2010 | Sep-2030 | ||||||||||||||||||||||
United States Postal Service | 100% | Bloomingdale, IL | Office | Federal, State and Local Government | Midwest | 60,000 | 1,170,000 | 1.14 | % | Fixed | Apr-2011 | Apr-2011 | ||||||||||||||||||||||
Lockheed Martin Corporation | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 30,176 | 301,760 | 0.29 | % | Fixed | Jun-2010 | Jun-2013 | ||||||||||||||||||||||
Lockheed Martin Corporation | 100% | King of Prussia, PA | Office | Business and Commercial Services | East | 88,578 | 819,347 | 0.79 | % | Fixed | Jul-2013 | Jul-2023 | ||||||||||||||||||||||
Lockheed Martin Corporation Total | 118,754 | 1,121,107 | 1.09 | % | ||||||||||||||||||||||||||||||
The United States Playing Card Company | 100% | Erlanger, KY | Warehouse/Distribution | Media: Printing and Publishing | East | 409,600 | 816,480 | 0.79 | % | 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 | 0.29 | % | Fixed | Jun-2017 | Jun-2020 | ||||||||||||||||||||||
The United States Playing Card Company Total | 572,204 | 1,110,442 | 1.08 | % | ||||||||||||||||||||||||||||||
Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 39,920 | 238,343 | 0.23 | % | CPI | May-2012 | May-2012 | ||||||||||||||||||||||
Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 95,420 | 569,819 | 0.55 | % | 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 | 0.23 | % | CPI | May-2012 | May-2012 | ||||||||||||||||||||||
Anthony’s Manufacturing Company, Inc. Total | 182,845 | 1,091,816 | 1.06 | % | ||||||||||||||||||||||||||||||
United Space Alliance, LLC | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 38,150 | 412,020 | 0.40 | % | None | Sep-2010 | Sep-2011 | ||||||||||||||||||||||
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 | 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 | 0.56 | % | None | Sep-2010 | Sep-2012 | ||||||||||||||||||||||
United Space Alliance LLC Total | 137,850 | 1,070,172 | 1.04 | % | ||||||||||||||||||||||||||||||
OBI Group(a) | 100% | Wroclaw, Poland | Retail | Retail Trade | Europe | 113,559 | 1,013,469 | 0.98 | % | CPI | Dec-2025 | Dec-2040 | ||||||||||||||||||||||
Swat-Fame, Inc. | 100% | City of Industry, CA | Industrial | Textiles, Leather, and Apparel | West | 233,205 | 1,007,497 | 0.98 | % | 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 | 0.80 | % | 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 | 338,765 | 947,700 | 0.92 | % | ||||||||||||||||||||||||||||||
24 Hour Fitness USA, Inc. | 100% | Austin, TX | Other | Leisure, Amusement, Entertainment | South | 43,935 | 907,245 | 0.88 | % | CPI | Jun-2017 | Jun-2033 | ||||||||||||||||||||||
NVR, Inc. | 100% | Thurmont, MD | Industrial | Construction and Building | East | 150,468 | 735,353 | 0.71 | % | CPI | Mar-2014 | Mar-2030 | ||||||||||||||||||||||
NVR, Inc. | 100% | Farmington, NY | Industrial | Construction and Building | East | 29,273 | 143,060 | 0.14 | % | CPI | Mar-2014 | Mar-2030 |
24
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage(e) | Annualized Rent(e) | Percentage of Total Rent(e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||||||
NVR, Inc. Total | 179,741 | 878,413 | 0.85 | % | ||||||||||||||||||||||||||||||
Sports Wholesale, Inc. | 100% | Birmingham, AL | Warehouse/Distribution | Retail Trade | South | 219,312 | 876,900 | 0.85 | % | CPI | Dec-2014 | Dec-2029 | ||||||||||||||||||||||
Deloro Satellite Company, Inc. | 100% | Goshen, IN | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 52,000 | 643,069 | 0.62 | % | Fixed | Feb-2018 | Feb-2023 | ||||||||||||||||||||||
Juniper Networks, Inc. | 100% | Sunnyvale, CA | Industrial | Electronics | West | 50,311 | 609,796 | 0.59 | % | Fixed | Nov-2011 | Nov-2021 | ||||||||||||||||||||||
Wal-Mart Stores, Inc. | 100% | Greenfield, IN | Warehouse/Distribution | Retail Trade | Midwest | 82,620 | 567,745 | 0.55 | % | None | Jan-2020 | Jan-2025 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Chandler, AZ | Other | Healthcare, Education and Childcare | West | 2,026 | 38,260 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Tucson, AZ | Other | Healthcare, Education and Childcare | West | 2,165 | 39,885 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Alhambra, CA | Other | Healthcare, Education and Childcare | West | 2,262 | 57,530 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Chino, CA | Other | Healthcare, Education and Childcare | West | 2,166 | 50,248 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Garden Grove, CA | Other | Healthcare, Education and Childcare | West | 2,848 | 49,408 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Tustin, CA | Other | Healthcare, Education and Childcare | West | 2,264 | 57,082 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Westland, MI | Other | Healthcare, Education and Childcare | Midwest | 2,472 | 28,625 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Westland, MI | Other | Healthcare, Education and Childcare | Midwest | 2,787 | 37,532 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Canton, MI | Other | Healthcare, Education and Childcare | Midwest | 2,311 | 51,872 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Carrollton, TX | Other | Healthcare, Education and Childcare | South | 2,438 | 49,912 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Duncanville, TX | Other | Healthcare, Education and Childcare | South | 2,438 | 49,912 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. | 34% | Lewisville, TX | Other | Healthcare, Education and Childcare | South | 2,440 | 49,912 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||||||||
Childtime Childcare, Inc. Total | 28,617 | 560,176 | 0.54 | % | ||||||||||||||||||||||||||||||
Vertafore, Inc. | 100% | College Station, TX | Office | Telecommunications | South | 33,400 | 548,741 | 0.53 | % | Fixed | Jun-2010 | Jun-2010 | ||||||||||||||||||||||
Alcoa, Inc. | 100% | Salisbury, NC | Warehouse/Distribution | Machinery | East | 200,000 | 507,082 | 0.49 | % | Fixed | Jun-2010 | Jun-2020 | ||||||||||||||||||||||
Alstom Power | 100% | Erlanger, KY | Warehouse/Distribution | Business and Commercial Services | East | 197,400 | 484,746 | 0.47 | % | Fixed | Jun-2017 | May-2013 | ||||||||||||||||||||||
Jada Toys, Inc. | 100% | City of Industry, CA | Industrial | Consumer Non-durable Goods | West | 92,595 | 471,036 | 0.46 | % | Fixed | Apr-2012 | Apr-2017 | ||||||||||||||||||||||
The Retail Distribution Group, Inc. | 40% | Grand Rapids, MI | Warehouse/Distribution | Beverages, Food, and Tobacco | Midwest | 71,784 | 406,367 | 0.39 | % | Fixed | Aug-2013 | Aug-2013 | ||||||||||||||||||||||
Kmart Corporation | 100% | Citrus Heights, CA | Retail | Retail Trade | West | 89,760 | 180,000 | 0.17 | % | None | May-2011 | May-2026 | ||||||||||||||||||||||
Kmart Corporation | 100% | Drayton Plains, MI | Retail | Retail Trade | Midwest | 103,018 | 210,000 | 0.20 | % | None | Mar-2011 | Mar-2026 | ||||||||||||||||||||||
Kmart Corporation Total | 192,778 | 390,000 | 0.38 | % | ||||||||||||||||||||||||||||||
Faurecia Exhaust Systems | 100% | Toledo, OH | Office | Automobile | Midwest | 61,000 | 387,415 | 0.38 | % | CPI | Nov-2022 | Nov-2022 | ||||||||||||||||||||||
Petrocon Engineering, Inc. | 100% | Beaumont, TX | Office | Business and Commercial Services | South | 8,580 | 76,362 | 0.07 | % | Fixed | Dec-2011 | Dec-2014 | ||||||||||||||||||||||
Petrocon Engineering, Inc. | 100% | Beaumont, TX | Office | Business and Commercial Services | South | 34,300 | 304,584 | 0.30 | % | Fixed | Dec-2011 | Dec-2014 | ||||||||||||||||||||||
Petrocon Engineering, Inc. Total | 42,880 | 380,946 | 0.37 | % | ||||||||||||||||||||||||||||||
Pioneer Credit Recovery, Inc. | 100% | Moorestown, NJ | Office | Business and Commercial Services | East | 30,000 | 375,000 | 0.36 | % | Fixed | Apr-2012 | Apr-2018 | ||||||||||||||||||||||
S&ME, Inc. | 100% | Raleigh, NC | Office | Business and Commercial Services | East | 27,770 | 318,204 | 0.31 | % | Fixed | Jul-2016 | Jul-2026 | ||||||||||||||||||||||
Tubular Metal Systems | 100% | Pinconning, MI | Industrial | Automobile | Midwest | 220,588 | 297,684 | 0.29 | % | CPI | Jul-2013 | Dec-2022 | ||||||||||||||||||||||
Qwest Communications, Inc. | 100% | Scottsdale, AZ | Industrial | Telecommunications | West | 2,900 | 178,358 | 0.17 | % | Fixed | Feb-2012 | Feb-2017 | ||||||||||||||||||||||
Qwest Communications, Inc. | 100% | Scottsdale, AZ | Industrial | Telecommunications | West | 1,560 | 95,946 | 0.09 | % | Fixed | Feb-2012 | Feb-2017 | ||||||||||||||||||||||
Qwest Communications, Inc. Total | 4,460 | 274,304 | 0.27 | % | ||||||||||||||||||||||||||||||
Penberthy, Inc. | 100% | Prophetstown, IL | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 161,878 | 268,890 | 0.26 | % | CPI | Apr-2011 | Apr-2026 | ||||||||||||||||||||||
Honeywell International, Inc. | 100% | Houston, TX | Warehouse/Distribution | Aerospace and Defense | South | 32,320 | 235,680 | 0.23 | % | None | Sep-2010 | Sep-2010 | ||||||||||||||||||||||
Fairpoint Communications, Inc. | 100% | Milton, VT | Industrial | Telecommunications | East | 30,624 | 221,438 | 0.21 | % | Fixed | Feb-2013 | Feb-2013 | ||||||||||||||||||||||
Tranco Logistics, LLC | 100% | Chattanooga, TN | Industrial | Business and Commercial Services | South | 80,000 | 216,000 | 0.21 | % | None | Jan-2010 | Jan-2011 | ||||||||||||||||||||||
Ace Hardware | 100% | Houston, TX | Retail | Retail Trade | South | 23,569 | 212,121 | 0.21 | % | Fixed | Mar-2016 | Mar-2026 | ||||||||||||||||||||||
Xerox Corporation | 100% | Hot Springs, AR | Retail | Machinery | South | 36,850 | 184,987 | 0.18 | % | Fixed | May-2011 | May-2021 |
25
Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Square Footage(e) | Annualized Rent(e) | Percentage of Total Rent(e) | Increase Factor | Lease Expiration | Maximum Term | |||||||||||||||||||||||
Continental Airlines, Inc. | 100% | Houston, TX | Warehouse/Distribution | Transportation - Personal | South | 25,125 | 163,500 | 0.16 | % | Fixed | Jul-2013 | Jul-2013 | ||||||||||||||||||||||
Multi-Tenant Building | 100% | Broomfield, CO | Office | Various | West | 42,349 | 158,042 | 0.15 | % | Various | Various | Various | ||||||||||||||||||||||
Winn-Dixie Stores, Inc. | 100% | Brewton, AL | Retail | Grocery | South | 30,625 | 134,500 | 0.13 | % | 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 | 0.07 | % | Fixed | Oct-2010 | Oct-2020 | ||||||||||||||||||||||
Golder Associates Inc. Total | 11,396 | 106,332 | 0.10 | % | ||||||||||||||||||||||||||||||
Affiliated Foods Southwest, Inc. | 100% | Hope, AR | Retail | Grocery | South | 35,784 | 85,882 | 0.08 | % | CPI | Mar-2012 | Mar-2037 | ||||||||||||||||||||||
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 | 78,600 | 0.08 | % | Fixed | Jan-2011 | Jan-2013 | ||||||||||||||||||||||
Bike Barn Holding Company, Inc. | 100% | Houston, TX | Retail | Retail Trade | 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 | ||||||||||||||||||||||
Olmsted Kirk Paper Co. | 100% | Beaumont, TX | Office | Forest Products and Paper | South | 5,760 | 48,038 | 0.05 | % | Fixed | Dec-2012 | Dec-2012 | ||||||||||||||||||||||
RGIS, LLC | 100% | Bloomingdale, IL | Office | Business and Commercial Services | Midwest | 2,550 | 44,625 | 0.04 | % | 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 | 25,200 | 0.02 | % | Fixed | Sep-2009 | Sep-2012 | ||||||||||||||||||||||
Pittsburgh Institute of Aeronautics(c) | 100% | West Mifflin, PA | Retail | Transportation - Personal | East | 1 | 19,800 | 0.02 | % | None | MTM | MTM | ||||||||||||||||||||||
Classic Cuisines Catering | 100% | Bloomingdale, IL | Office | Hotels and Gaming | Midwest | 1,000 | 10,000 | 0.01 | % | None | Apr-2011 | Apr-2011 | ||||||||||||||||||||||
Action Buys Cars Inc.(c) | 100% | Montgomery, AL | Retail | Retail Trade | South | 1 | 9,900 | 0.01 | % | 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 | 59,436 | — | — | N/A | N/A | N/A | |||||||||||||||||||||||
Vacant | 100% | Chattanooga, TN | Industrial | N/A | South | 162,317 | — | — | 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 | 32,613 | — | — | 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% | Little Rock, AR | Retail | N/A | South | 86,290 | — | — | 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% | 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 | 1,040,543 | — | — | |||||||||||||||||||||||||||||||
Grand Total(d) | 16,974,094 | $ | 103,077,284 | 100 | % | |||||||||||||||||||||||||||||
(a) | Rents reflect a conversion rate of 1.4048 USD/EUR as of June 30, 2009. | |
(b) | INSEE construction index, an index published quarterly by the French Government. | |
(c) | Tenant is occupying property on a month-to-month (MTM) basis. | |
(d) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. | |
(e) | Numbers may not add due to rounding. |
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