EXHIBIT 99.1
W. P. Carey & Co. LLC
Supplemental Operating and Financial Data
Supplemental Operating and Financial Data
As of June 30, 2010
Important Disclosures About this Supplemental Package
As used in this supplemental package, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated.
Important Note Regarding Non-GAAP Financial Measures
This supplemental package includes non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations — as adjusted (“AFFO”), adjusted cash flow from operating activities and revenue stability analysis. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures are provided in this supplemental package.
Forward-Looking Statements
This supplemental package contains forward-looking statements within the meaning of the Federal securities laws. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and forward-looking statements contained herein is included in our filings with the SEC, including but not limited to our Form 10-K for the year ended December 31, 2009. We do not undertake to revise or update any forward-looking statements.
2
W. P. CAREY & CO. LLC
Supplemental Operating and Financial Data
As of June 30, 2010
Supplemental Operating and Financial Data
As of June 30, 2010
| Contents | ||||
| Company Overview | 4 | |||
| Financial Highlights | 5 | |||
| Reconciliation of Net Income to EBITDA | 6 | |||
| Reconciliation of Net Income to Funds From Operations — as adjusted (AFFO) | 7 | |||
| Adjusted Cash Flow from Operating Activities | 8 | |||
| Revenue Stability Analysis | 9 | |||
| Portfolio Debt Overview | 10 | |||
| Detailed Debt Summary | 11 | |||
| 2010 Investment Activity | 13 | |||
| Portfolio Analysis — Rent Contribution and Historical Occupancy | 15 | |||
| Portfolio Diversification Analysis by Property Type | 16 | |||
| Portfolio Diversification Analysis by Tenant Industry | 17 | |||
| Portfolio Diversification Analysis by Geography | 18 | |||
| Portfolio Lease Maturity Analysis | 19 | |||
| Consolidated Balance Sheets | 20 | |||
| Consolidated Statements of Income | 21 | |||
| Consolidated Statements of Cash Flows | 22 | |||
| Detailed Property Summary | 23 |
3
W. P. CAREY & CO. LLC
Company Overview
June 30, 2010
Company Overview
June 30, 2010
Key Company Contacts | Executive Offices | |||
| Wm. Polk Carey | Chairman of the Board and Director | 50 Rockefeller Plaza | ||
| Trevor P. Bond | Interim Chief Executive Officer and Director | New York, NY 10020 | ||
| Thomas E. Zacharias | Managing Director, Chief Operating Officer | Tel: 1-800-WPCAREY or (212) 492-1100 | ||
| Mark J. DeCesaris | Managing Director, Chief Financial Officer | Fax: (212) 492-8922 | ||
| Susan C. Hyde | Managing Director, Director of Investor Relations | Web Site Address: www.wpcarey.com | ||
Banks | ||||
| Bank of America, N.A. | Administrative and Documentation Agent | |||
| The Bank of New York | Syndication Agent | |||
| JPMorgan Chase Bank, N.A. | Syndication Agent | |||
| PNC Bank, N.A. | Syndication Agent | |||
Analyst Coverage | ||||
| David M. West | Davenport & Company, LLC | |||
| Andrew T. DiZio | Janney Montgomery Scott LLC |
| Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
| Stock Data (NYSE: WPC) | 2010 | 2010 | 2009 | 2009 | 2009 | |||||||||||||||
| High Price | $ | 31.00 | $ | 30.32 | $ | 29.80 | $ | 30.67 | $ | 29.89 | ||||||||||
| Low Price | $ | 26.61 | $ | 24.69 | $ | 25.50 | $ | 22.50 | $ | 19.75 | ||||||||||
| Closing Price | $ | 27.64 | $ | 29.38 | $ | 27.68 | $ | 28.31 | $ | 24.98 | ||||||||||
Distributions declared per share — annualized(1) | $ | 2.02 | $ | 2.02 | $ | 2.01 | $ | 2.00 | $ | 1.99 | ||||||||||
| Distribution yield (annualized distribution / closing stock price) | 7.31 | % | 6.86 | % | 7.25 | % | 7.06 | % | 7.97 | % | ||||||||||
| Shares outstanding at quarter end | 39,323,929 | 39,220,182 | 39,204,605 | 39,193,174 | 39,158,020 | |||||||||||||||
| Market value of outstanding shares at quarter end (in thousands) | $ | 1,086,913 | $ | 1,152,289 | $ | 1,085,183 | $ | 1,109,559 | $ | 978,167 | ||||||||||
| (1) | Annualized distribution declared per share for the fourth quarter of 2009 excludes a special distribution of $0.30 per share paid in January 2010 to shareholders of record at December 31, 2009. |
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 — as adjusted (“AFFO”) and adjusted cash flow from operating activities. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.
| Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
| June 30, 2010 | March 31, 2010 | December 31, 2009 | September 30, 2009 | June 30, 2009 | 2010 | 2009 | ||||||||||||||||||||||
EBITDA | ||||||||||||||||||||||||||||
| Investment management | $ | 22,273 | $ | 14,899 | $ | 18,892 | $ | 11,789 | $ | 10,430 | $ | 37,172 | $ | 23,498 | ||||||||||||||
| Real estate ownership | 17,637 | 13,813 | 20,883 | 17,412 | 19,365 | 31,450 | 40,257 | |||||||||||||||||||||
Total | $ | 39,910 | $ | 28,712 | $ | 39,775 | $ | 29,201 | $ | 29,795 | $ | 68,622 | $ | 63,755 | ||||||||||||||
AFFO | ||||||||||||||||||||||||||||
| Investment management | $ | 22,670 | $ | 12,089 | $ | 16,802 | $ | 12,788 | $ | 11,627 | $ | 34,759 | $ | 25,960 | ||||||||||||||
| Real estate ownership | 16,250 | 15,977 | 16,871 | 17,445 | 18,486 | 32,227 | 33,010 | |||||||||||||||||||||
Total | $ | 38,920 | $ | 28,066 | $ | 33,673 | $ | 30,233 | $ | 30,113 | $ | 66,986 | $ | 58,970 | ||||||||||||||
EBITDA Per Share (Diluted) | ||||||||||||||||||||||||||||
| Investment management | $ | 0.56 | $ | 0.38 | $ | 0.47 | $ | 0.29 | $ | 0.26 | $ | 0.94 | $ | 0.59 | ||||||||||||||
| Real estate ownership | 0.45 | 0.35 | 0.52 | 0.43 | 0.48 | 0.79 | 1.01 | |||||||||||||||||||||
Total | $ | 1.01 | $ | 0.73 | $ | 0.99 | $ | 0.72 | $ | 0.74 | $ | 1.73 | $ | 1.60 | ||||||||||||||
AFFO Per Share (Diluted) | ||||||||||||||||||||||||||||
| Investment management | $ | 0.57 | $ | 0.31 | $ | 0.41 | $ | 0.32 | $ | 0.29 | $ | 0.88 | $ | 0.65 | ||||||||||||||
| Real estate ownership | 0.41 | 0.40 | 0.42 | 0.43 | 0.46 | 0.81 | 0.83 | |||||||||||||||||||||
Total | $ | 0.98 | $ | 0.71 | $ | 0.83 | $ | 0.75 | $ | 0.75 | $ | 1.69 | $ | 1.48 | ||||||||||||||
| Six months ended June 30, | ||||||||
| 2010 | 2009 | |||||||
Adjusted Cash Flow From Operating Activities | ||||||||
| Adjusted cash flow | $ | 48,193 | $ | 50,019 | ||||
| Adjusted cash flow per share (diluted) | $ | 1.22 | $ | 1.26 | ||||
| Distributions declared per share | $ | 1.010 | $ | 0.994 | ||||
| Payout ratio (distributions per share/adjusted cash flow per share) | 83 | % | 79 | % | ||||
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, 2010 | March 31, 2010 | December 31, 2009 | September 30, 2009 | June 30, 2009 | 2010 | 2009 | ||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||
| Net income from investment management attributable to W. P. Carey members | $ | 14,331 | $ | 9,850 | $ | 11,616 | $ | 5,059 | $ | 5,954 | $ | 24,181 | $ | 12,659 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||
| Provision for income taxes | 6,780 | 3,878 | 6,227 | 5,606 | 3,440 | 10,658 | 9,205 | |||||||||||||||||||||
| Depreciation and amortization | 1,162 | 1,171 | 1,049 | 1,124 | 1,036 | 2,333 | 1,634 | |||||||||||||||||||||
| EBITDA — investment management | $ | 22,273 | $ | 14,899 | $ | 18,892 | $ | 11,789 | $ | 10,430 | $ | 37,172 | $ | 23,498 | ||||||||||||||
| EBITDA per share (diluted) | $ | 0.56 | $ | 0.38 | $ | 0.47 | $ | 0.29 | $ | 0.26 | $ | 0.94 | $ | 0.59 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||||||||||||||
| Net income from real estate ownership attributable to W. P. Carey members | $ | 9,101 | $ | 4,563 | $ | 11,370 | $ | 8,292 | $ | 9,023 | $ | 13,664 | $ | 20,027 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||
| Interest expense | 3,765 | 3,711 | 3,589 | 3,889 | 3,805 | 7,476 | 8,000 | |||||||||||||||||||||
| Provision for income taxes | (29 | ) | 234 | 628 | 412 | 280 | 205 | 715 | ||||||||||||||||||||
| Depreciation and amortization | 4,653 | 5,198 | 4,227 | 4,812 | 5,538 | 9,658 | 10,060 | |||||||||||||||||||||
| Reconciling items attributable to discontinued operations | 147 | 107 | 1,069 | 7 | 719 | 447 | 1,455 | |||||||||||||||||||||
| EBITDA — real estate ownership | $ | 17,637 | $ | 13,813 | $ | 20,883 | $ | 17,412 | $ | 19,365 | $ | 31,450 | $ | 40,257 | ||||||||||||||
| EBITDA per share (diluted) | $ | 0.45 | $ | 0.35 | $ | 0.52 | $ | 0.43 | $ | 0.48 | $ | 0.79 | $ | 1.01 | ||||||||||||||
Total Company | ||||||||||||||||||||||||||||
| EBITDA | $ | 39,910 | $ | 28,712 | $ | 39,775 | $ | 29,201 | $ | 29,795 | $ | 68,622 | $ | 63,755 | ||||||||||||||
| EBITDA per share (diluted) | $ | 1.01 | $ | 0.73 | $ | 0.99 | $ | 0.72 | $ | 0.74 | $ | 1.73 | $ | 1.60 | ||||||||||||||
| Diluted weighted average shares outstanding | 39,510,231 | 39,495,845 | 40,390,393 | 40,368,946 | 40,065,495 | 39,567,583 | 39,780,708 | |||||||||||||||||||||
Non-GAAP Financial Disclosure
EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP, because it removes the impact of our capital structure and asset base from our operating results and because it is helpful when comparing our operating performance to that of companies in our industry without regard to such items, which can vary substantially from company to company. Accordingly, EBITDA should not be considered as an alternative to net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies. Therefore, we use EBITDA as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.
6
W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations – as adjusted (AFFO)
(in thousands, except share and per share amounts)
Reconciliation of Net Income to Funds From Operations – as adjusted (AFFO)
(in thousands, except share and per share amounts)
| Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||
| June 30, 2010 | March 31, 2010 | December 31, 2009 | September 30, 2009 | June 30, 2009 | 2010 | 2009 | ||||||||||||||||||||||
Investment Management | ||||||||||||||||||||||||||||
| Net income from investment management attributable to W. P. Carey members | $ | 14,331 | $ | 9,850 | $ | 11,616 | $ | 5,059 | $ | 5,954 | $ | 24,181 | $ | 12,659 | ||||||||||||||
| Amortization, deferred taxes and other non-cash charges | 3,095 | 1,278 | (3,370 | ) | 1,247 | 2,607 | 4,373 | 3,919 | ||||||||||||||||||||
| AFFO from equity investments | 5,244 | 961 | 8,556 | 6,482 | 3,066 | 6,205 | 9,382 | |||||||||||||||||||||
| AFFO — investment management | $ | 22,670 | $ | 12,089 | $ | 16,802 | $ | 12,788 | $ | 11,627 | $ | 34,759 | $ | 25,960 | ||||||||||||||
| AFFO per share (diluted) | $ | 0.57 | $ | 0.31 | $ | 0.41 | $ | 0.32 | $ | 0.29 | $ | 0.88 | $ | 0.65 | ||||||||||||||
Real Estate Ownership | ||||||||||||||||||||||||||||
| Net income from real estate ownership attributable to W. P. Carey members | $ | 9,101 | $ | 4,563 | $ | 11,370 | $ | 8,292 | $ | 9,023 | $ | 13,664 | $ | 20,027 | ||||||||||||||
| Gain on sale of real estate, net | (56 | ) | (404 | ) | (7,358 | ) | — | (478 | ) | (460 | ) | (343 | ) | |||||||||||||||
Gain on extinguishment of debt, net(a) | — | — | — | — | — | — | (2,796 | ) | ||||||||||||||||||||
| Depreciation, amortization and other non-cash charges | 4,887 | 5,818 | 4,976 | 4,189 | 5,174 | 10,705 | 10,348 | |||||||||||||||||||||
| Straight-line and other rent adjustments | 99 | (80 | ) | 465 | 396 | 232 | 19 | 412 | ||||||||||||||||||||
| Impairment charges | 985 | 7,152 | 5,754 | 2,390 | 2,280 | 8,137 | 2,280 | |||||||||||||||||||||
| AFFO from equity investments | 1,448 | (904 | ) | 1,818 | 2,274 | 2,411 | 544 | 3,413 | ||||||||||||||||||||
| Noncontrolling interests’ share of AFFO | (214 | ) | (168 | ) | (154 | ) | (96 | ) | (156 | ) | (382 | ) | (331 | ) | ||||||||||||||
| AFFO — real estate ownership | $ | 16,250 | $ | 15,977 | $ | 16,871 | $ | 17,445 | $ | 18,486 | $ | 32,227 | $ | 33,010 | ||||||||||||||
| AFFO per share (diluted) | $ | 0.41 | $ | 0.40 | $ | 0.42 | $ | 0.43 | $ | 0.46 | $ | 0.81 | $ | 0.83 | ||||||||||||||
Total Company | ||||||||||||||||||||||||||||
| AFFO | $ | 38,920 | $ | 28,066 | $ | 33,673 | $ | 30,233 | $ | 30,113 | $ | 66,986 | $ | 58,970 | ||||||||||||||
| AFFO per share (diluted) | $ | 0.98 | $ | 0.71 | $ | 0.83 | $ | 0.75 | $ | 0.75 | $ | 1.69 | $ | 1.48 | ||||||||||||||
| Diluted weighted average shares outstanding | 39,510,231 | 39,495,845 | 40,390,393 | 40,368,946 | 40,065,495 | 39,567,583 | 39,780,708 | |||||||||||||||||||||
| (a) | In January 2009, Carey Storage repaid, in full, the $35.0 million outstanding balance on its secured credit facility for $28.0 million and recognized a gain of $7.0 million on the repayment of this debt at a discount, inclusive of the profit sharing interest of $4.2 million. |
Non-GAAP Financial Disclosure
Funds from operations (FFO) is a non-GAAP financial measure that is commonly used by investors and analysts in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO or funds from operations — as adjusted (AFFO) should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity but should be used in conjunction with GAAP net income. FFO or AFFO disclosed by other REITs may not be comparable to our AFFO calculation.
NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate AFFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long-term sustainability and not on such non-cash items, which may cause short-term fluctuations in net income but that have no impact on cash flows, and we therefore use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation. As a result, we believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better understand and measure the performance of our business over time without the potentially distorting impact of these short-term fluctuations.
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, | ||||||||
| 2010 | 2009 | |||||||
| Cash flow from operating activities | $ | 36,291 | $ | 34,683 | ||||
| Adjustments: | ||||||||
Distributions received from equity investments in real estate in excess of equity income (a) | 4,004 | 9,040 | ||||||
(Distributions paid to) contributions received from noncontrolling interests, net(b) | (161 | ) | 252 | |||||
Changes in working capital(c) | 8,059 | 6,044 | ||||||
| Adjusted cash flow from operating activities | $ | 48,193 | $ | 50,019 | ||||
| Adjusted cash flow per share (diluted) | $ | 1.22 | $ | 1.26 | ||||
| Distributions declared per share | $ | 1.010 | $ | 0.994 | ||||
| Payout ratio (distributions per share/adjusted cash flow per share) | 83 | % | 79 | % | ||||
| Diluted weighted average shares outstanding | 39,567,583 | 39,780,708 | ||||||
| (a) | We take a substantial portion of our asset management revenue in shares of the CPA® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations. | |
| (b) | Represents noncontrolling interests’ share of contributions/distributions made by ventures that we consolidate in our financial statements. | |
| (c) | Timing differences arising from the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operating activities to record such amounts in the period in which the item was actually incurred. |
Non-GAAP Financial Disclosure
Adjusted cash flow from operating activities refers to our cash provided by operating activities, as determined in accordance with GAAP, adjusted primarily to reflect timing differences between the period an expense is incurred and paid, to add cash distributions that we receive from our investments in unconsolidated real estate joint ventures in excess of our equity investment in the joint ventures, and to subtract cash distributions that we make to our noncontrolling partners in real estate joint ventures that we consolidate. We hold a number of interests in real estate joint ventures, and we believe that adjusting our GAAP cash provided by operating activities to reflect these actual cash receipts and cash payments may give investors a more accurate picture of our actual cash flow than GAAP cash provided by operating activities alone and that it is a useful supplemental measure for investors to consider. We also believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations, and we use this measure when evaluating distributions to shareholders and as one measure of our operating performance when we determine executive compensation. Adjusted cash flow from operating activities should not be considered as an alternative to cash provided by operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.
8
W. P. CAREY & CO. LLC
Revenue Stability Analysis (Pro rata basis)
(in thousands)
Revenue Stability Analysis (Pro rata basis)
(in thousands)
| Three months ended | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2010 | March 31, 2010 | December 31, 2009 | September 30, 2009 | June 30, 2009 | 2010 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | Revenue | % | |||||||||||||||||||||||||||||||||||||||||||
| Asset management revenues | $ | 19,080 | 33 | % | $ | 18,820 | 36 | % | $ | 19,180 | 39 | % | $ | 19,106 | 37 | % | $ | 19,227 | 39 | % | $ | 37,900 | 34 | % | $ | 38,335 | 37 | % | ||||||||||||||||||||||||||||
| Pro rata net lease revenues | 26,679 | 45 | % | 26,654 | 51 | % | 23,246 | 47 | % | 27,605 | 53 | % | 29,747 | 60 | % | 54,481 | 48 | % | 53,373 | 52 | % | |||||||||||||||||||||||||||||||||||
| 45,759 | 78 | % | 45,474 | 87 | % | 42,426 | 86 | % | 46,711 | 90 | % | 48,974 | 99 | % | 92,381 | 82 | % | 91,708 | 89 | % | ||||||||||||||||||||||||||||||||||||
Structuring revenue(a) | 13,102 | 22 | % | 6,834 | 13 | % | 7,023 | 14 | % | 5,476 | 10 | % | 365 | 1 | % | 19,936 | 18 | % | 10,774 | 11 | % | |||||||||||||||||||||||||||||||||||
Total Adjusted Revenue | $ | 58,861 | 100 | % | $ | 52,308 | 100 | % | $ | 49,449 | 100 | % | $ | 52,187 | 100 | % | $ | 49,339 | 100 | % | $ | 112,317 | 100 | % | $ | 102,482 | 100 | % | ||||||||||||||||||||||||||||
Reconciliation of Total Adjusted Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue — as reported | $ | 70,430 | $ | 63,091 | $ | 57,145 | $ | 61,170 | $ | 55,426 | $ | 133,021 | $ | 112,425 | ||||||||||||||||||||||||||||||||||||||||||
Less: Reimbursed costs from affiliates(b) | (15,354 | ) | (15,048 | ) | (14,223 | ) | (13,503 | ) | (11,115 | ) | (30,402 | ) | (20,111 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Less: Wholesaling revenue | (2,230 | ) | (2,103 | ) | (1,991 | ) | (1,869 | ) | (1,597 | ) | (4,333 | ) | (2,690 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Add: Pro rata share of revenues from equity investments | 6,895 | 7,292 | 9,548 | 7,429 | 7,589 | 15,836 | 14,746 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Pro rata share of revenues due to noncontrolling interests | (880 | ) | (924 | ) | (1,030 | ) | (1,040 | ) | (964 | ) | (1,805 | ) | (1,888 | ) | ||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Revenue | $ | 58,861 | $ | 52,308 | $ | 49,449 | $ | 52,187 | $ | 49,339 | $ | 112,317 | $ | 102,482 | ||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Total Pro Rata Net Lease Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease revenues — as reported | $ | 15,833 | $ | 16,465 | $ | 11,181 | $ | 17,448 | $ | 18,473 | $ | 31,844 | $ | 32,745 | ||||||||||||||||||||||||||||||||||||||||||
| Add: Pro rata share of revenues from equity investments | 6,895 | 7,292 | 9,548 | 7,429 | 7,589 | 15,836 | 14,746 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Pro rata share of revenues due to noncontrolling interests | (880 | ) | (924 | ) | (1,030 | ) | (1,040 | ) | (964 | ) | (1,805 | ) | (1,888 | ) | ||||||||||||||||||||||||||||||||||||||||||
Add: Other real estate income(c) | 4,831 | 3,821 | 3,547 | 3,768 | 4,649 | 8,606 | 7,770 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Pro Rata Net Lease Revenues | $ | 26,679 | $ | 26,654 | $ | 23,246 | $ | 27,605 | $ | 29,747 | $ | 54,481 | $ | 53,373 | ||||||||||||||||||||||||||||||||||||||||||
| (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 $291 million, $149 million, $152 million, $121 million, $3 million and $232 million for the three months ended June 30, 2010, March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively. | |
| (b) | Total adjusted revenue excludes reimbursements of costs received from affiliated CPA® REITs as they have no impact on net income. Also excluded is wholesaling revenue earned in connection with CPA®:17 — Global’s initial public offering, which is substantially offset by underwriting costs incurred in connection with the offering. | |
| (c) | Other real estate income generally consists of revenue from Carey Storage, a subsidiary that invests in domestic self-storage properties, and Livho, a subsidiary that operates a Radisson hotel franchise. Other real estate income also includes lease termination payments and other non-rent related revenues from real estate ownership, and as a result, we expect Other real estate income to fluctuate period-to-period. | |
| Note: Amounts presented for prior periods do not reflect adjustments made for assets reclassified as held for sale or sold. |
Non-GAAP Financial Disclosure
Total adjusted revenue is a non-GAAP financial measure that represents revenues on a GAAP basis adjusted for our pro rata share of revenues from equity investments as well as the pro rata share of revenues due to noncontrolling interests. We believe that total adjusted revenue is useful to investors and analysts as a supplemental measure of revenues from our core operations, and we use it to evaluate the stability of our underlying revenue streams. Total adjusted revenue should not be considered as an alternative to revenues computed on a GAAP basis as a measure of our profitability. Total adjusted revenue may not be comparable to similarly titled measures of other companies.
9
W. P. CAREY & CO. LLC
Portfolio Debt Overview (Pro rata basis)
As of June 30, 2010
Portfolio Debt Overview (Pro rata basis)
As of June 30, 2010
(in thousands)
| Portfolio Debt Maturity | ||||
| Year of Maturity | Outstanding Balance | |||
| 2010 | $ | 5,000 | ||
| 2011 | 220,447 | |||
| 2012 | 30,584 | |||
| 2013 | 1,478 | |||
| 2014 | 80,487 | |||
| 2015 | 50,112 | |||
| 2016 | 32,766 | |||
| 2017 | 46,242 | |||
| 2018 | 7,890 | |||
| 2019 | 25,335 | |||
| 2020 | — | |||
| 2021 | — | |||
| 2022 | — | |||
| 2023 | 5,218 | |||
Total | $ | 505,559 | ||
| Fixed and Variable Rate Debt Analysis | ||||
| Outstanding Balance | ||||
Non-Recourse Debt | ||||
| Fixed | $ | 206,797 | ||
| Fixed — Future Rate Reset | 73,791 | |||
| Fixed — Capped | 35,591 | |||
| Fixed — Swap Agreement | 12,630 | |||
| Variable | 5,000 | |||
| 333,809 | ||||
Recourse Debt | ||||
| Variable — Line of Credit | 171,750 | |||
Total Debt | $ | 505,559 | ||
10
W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of June 30, 2010
(in thousands)
Detailed Debt Summary (Pro rata basis)
As of June 30, 2010
(in thousands)
| Current | ||||||||||||
| Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Outstanding Balance | ||||||||
| Billipp Portfolio | Variable | 1.49 | % | Dec-2010 | $ | 5,000 | ||||||
| Federal Express Corporation (40%) | Fixed | 7.50 | % | Jan-2011 | 15,816 | |||||||
| AutoZone, Inc. — Series A | Fixed | 6.85 | % | Jan-2011 | 303 | |||||||
| Childtime Childcare, Inc. (34%) | Fixed | 7.50 | % | Jan-2011 | 2,162 | |||||||
| Information Resources, Inc. (33%) | Fixed | 7.60 | % | Jan-2011 | 7,187 | |||||||
| Pioneer Credit Recovery, Inc. | Fixed | 7.34 | % | Jan-2011 | 5,335 | |||||||
| AutoZone, Inc. — Series B | Fixed | 6.85 | % | Feb-2011 | 508 | |||||||
| Career Education Corporation | Fixed | 7.58 | % | Jun-2011 | 6,655 | |||||||
| 24 Hour Fitness USA, Inc. | Fixed | 7.50 | % | Aug-2011 | 2,813 | |||||||
| Sprint Spectrum, LP | Fixed | 7.64 | % | Aug-2011 | 7,918 | |||||||
| Qwest Communications, Inc. | Fixed | 7.50 | % | Jun-2012 | 1,366 | |||||||
| AutoZone, Inc. — Series C | Fixed | 6.85 | % | Aug-2012 | 475 | |||||||
| BE Aerospace, Inc. | Fixed | 6.11 | % | Nov-2012 | 8,239 | |||||||
| Faurecia Exhaust Systems, Inc. | Fixed | 5.16 | % | Nov-2012 | 2,413 | |||||||
| Anthony’s Manufacturing Company | Fixed | 5.11 | % | Nov-2012 | 8,369 | |||||||
| Alstom Power, Inc. and Werner Co. | Fixed | 5.18 | % | Dec-2012 | 9,722 | |||||||
| AutoZone, Inc. — Series D | Fixed | 6.85 | % | Aug-2013 | 1,478 | |||||||
| US Airways Group, Inc. (75%) | Fixed - Capped | 4.23 | % | Apr-2014 | 14,660 | |||||||
| The New York Times Company (17.75%) | Fixed - Capped | 5.01 | % | Sep-2014 | 20,931 | |||||||
Carrefour France, SAS (46%)(a) | Fixed - Future Rate Reset | 5.55 | % | Dec-2014 | 44,896 | |||||||
| Hibbett Sports | Fixed - Swap | 6.45 | % | May-2015 | 4,740 | |||||||
| Lowe’s Home Improvement Warehouse | Fixed | 4.87 | % | Sep-2015 | 8,905 | |||||||
Bouygues Telecom, S.A. (Tours) (95%)(a) | Fixed - Future Rate Reset | 3.86 | % | Oct-2015 | 5,856 | |||||||
| The American Bottling Company | Fixed | 5.13 | % | Nov-2015 | 30,611 | |||||||
| CheckFree Holdings, Inc. (50%) | Fixed | 6.18 | % | Jun-2016 | 14,660 | |||||||
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (75%)(a) (b) | Fixed - Future Rate Reset | 5.01 | % | Oct-2016 | 11,234 | |||||||
| Consolidated Systems, Inc. (60%) | Fixed | 5.87 | % | Nov-2016 | 6,872 | |||||||
Hellweg Die Profi-Baumärkte GmbH & Co KG (5%)(a) | Fixed | 5.49 | % | Jan-2017 | 12,867 | |||||||
| Amylin Pharmaceuticals, Inc. (50%) | Fixed | 6.20 | % | Jul-2017 | 17,675 | |||||||
Medica France, S.A. (46%)(a) | Fixed | 5.63 | % | Oct-2017 | 15,700 | |||||||
11
W. P. CAREY & CO. LLC
Detailed Debt Summary (Pro rata basis)
As of June 30, 2010
(in thousands)
Detailed Debt Summary (Pro rata basis)
As of June 30, 2010
(in thousands)
| Current | ||||||||||||
| Tenant/Lease Guarantor / Percent Ownership | Rate Type | Interest Rate | Maturity Date | Outstanding Balance | ||||||||
OBI Wroclaw(a) | Fixed - Swap | 5.48 | % | Mar-2018 | $ | 7,890 | ||||||
Self-Storage Portfolio (40%)(b) | Fixed - Future Rate Reset | 7.03 | % | Feb-2019/Mar-2019 | 11,805 | |||||||
| Orbital Sciences Corporation | Fixed | 7.75 | % | Jul-2019 | 13,530 | |||||||
| Hologic, Inc. (36%) | Fixed | 6.40 | % | May-2023 | 5,218 | |||||||
Total Non-Recourse Debt | 5.82 | %(b) | $ | 333,809 | ||||||||
| Unsecured Line of Credit | Variable | 1.25 | % | Jun-2011 | 171,750 | |||||||
Total Debt | 4.27 | %(b) | $ | 505,559 | ||||||||
| (a) | Debt balance calculated using an exchange rate of 1.2208 USD/EUR as of June 30, 2010. | |
| (b) | Reflects weighted average interest rate for the applicable debt. |
12
W. P. CAREY & CO. LLC
2010 Investment Activity
As of June 30, 2010
(in thousands, except square footage)
2010 Investment Activity
As of June 30, 2010
(in thousands, except square footage)
Investment Activity
Investment Management Activity — Real Estate
| Portfolio | Tenant/Lease Guarantor | Property Location(s) | Purchase Price | Closing Date | Property Type | Gross Square Footage | ||||||||||||||
CPA®:17 - Global | Curtiss-Wright Flow Control Service Corporation | Middleburg Heights and Cincinnati, OH | $ | 13,777 | Feb-10 | Industrial | 144,755 | |||||||||||||
CPA®:17 - Global | Eroski Sociedad Cooperativa | various locations in Spain | 48,944 | Feb-10 | Retail | 201,823 | ||||||||||||||
CPA®:17 - Global | Angelica Textile Services, Inc. | locations in AZ, CA, FL, GA, NC, SC, TN and TX | 57,592 | Mar-10 | Industrial | 808,800 | ||||||||||||||
CPA®:17 - Global | Berry Plastics Corporation | Evansville, IN | 28,811 | Mar-10 | Industrial | 262,000 | ||||||||||||||
CPA®:17 - Global | TDG (UK) Limited | various locations in the United Kingdom | 36,619 | Apr-10 & May-10 | Warehouse/Distribution | 553,679 | ||||||||||||||
CPA®:17 - Global | Agrokor d.d. | Zagreb, Croatia | 101,546 | Apr-10 | Warehouse/Distribution | 840,826 | ||||||||||||||
CPA®:17 - Global | Hillsboro Hotel Operator TRS, Inc. | Hillsboro, OR | 14,641 | May-10 | Hospitality | 59,398 | ||||||||||||||
CPA®:17 - Global | JP Morgan Chase Bank, N.A. | Tampa, FL | 57,167 | May-10 | Office | 312,872 | ||||||||||||||
CPA®:17 - Global | The Sun Products Corporation(a) | Bowling Green, KY | 42,982 | Jun-10 | Industrial | BTS | ||||||||||||||
CPA®:17 - Global | Eroski Sociedad Cooperativa | Elorrio, Spain | 27,860 | Jun-10 | Warehouse/Distribution | 399,949 | ||||||||||||||
CPA®:17 - Global (30%) | Eroski Sociedad Cooperativa | Mallorca, Spain | 8,440 | Jun-10 | Warehouse/Distribution | 59,285 | ||||||||||||||
CPA®:17 - Global | Sabre Communications Corporation and Cellxion, LLC | Alvarado, TX | 1,832 | Jun-10 | Office & Industrial | 206,616 | ||||||||||||||
| Total Investment Management Acquisitions | 440,211 | 3,850,003 | ||||||||||||||||||
Principal Activity | ||||||||||||||||||||
| WPC LLC | JP Morgan Chase Bank, N.A.(b) | Fort Worth, TX | 47,583 | Feb-10 | Office | 384,246 | ||||||||||||||
| WPC LLC (70%) | Eroski Sociedad Cooperativa | Mallorca, Spain | 18,807 | Jun-10 | Warehouse/Distribution | 138,333 | ||||||||||||||
Total Principal Acquisitions | 66,390 | 522,579 | ||||||||||||||||||
Total Acquisitions | $ | 506,601 | 4,372,582 | |||||||||||||||||
| (a) | Investment represents a build-to-suit transaction, of which $4.5 million has been funded as of the date of this report. | |
| (b) | Investment was funded with proceeds of $36.1 million from the disposition of a property in 2009 in an exchange transaction under Section 1031 of the Internal Revenue Code and $11.5 million from our line of credit. |
13
W. P. CAREY & CO. LLC
2010 Investment Activity
As of June 30, 2010
(in thousands, except square footage)
2010 Investment Activity
As of June 30, 2010
(in thousands, except square footage)
Disposition Activity
Investment Management Activity
| Disposition | ||||||||||||||||||||
| Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Gross Sale Price | Date | Property Type | Gross Square Footage | ||||||||||||||
CPA®:14 (60%) | The Retail Distribution Group, Inc. | Grand Rapids, MI | $ | 5,400 | Mar-10 | Warehouse/Distribution | 107,677 | |||||||||||||
CPA®:15 | Garden Ridge, Inc. | Round Rock, TX | 6,400 | Mar-10 | Retail | 152,500 | ||||||||||||||
CPA®:15, CPA®:16 - Global | Wagon Automotive Nagold GmbH Land Sale | Nagold, Germany | 2,009 | Apr-10 | Land | 286,957 | ||||||||||||||
CPA®:14 | PETsMART, Inc. | Fridley, MN | 2,272 | Jun-10 | Retail | 26,040 | ||||||||||||||
| Total Investment Management Dispositions | 16,081 | 573,174 | ||||||||||||||||||
Principal Activity | ||||||||||||||||||||
| WPC LLC | The Boeing Company | Houston, TX | 725 | Feb-10 | Industrial | 10,960 | ||||||||||||||
| WPC LLC | BellSouth Telecommunications, Inc. | Lafayette, LA | 3,800 | Mar-10 | Office | 66,846 | ||||||||||||||
| WPC LLC (40%) | The Retail Distribution Group, Inc. | Grand Rapids, MI | 3,600 | Mar-10 | Warehouse/Distribution | 71,784 | ||||||||||||||
| WPC LLC | Multi-tenant property | Houston, TX | 2,700 | Mar-10 | Retail | 29,785 | ||||||||||||||
| WPC LLC | Vertafore, Inc. | College Station, TX | 2,600 | Jun-10 | Office | 33,400 | ||||||||||||||
Total Principal Dispositions | 13,425 | 212,775 | ||||||||||||||||||
Total Dispositions | $ | 29,506 | 785,949 | |||||||||||||||||
| Foreclosures and Receiverships | ||||||||||||||||||||
| Outstanding | ||||||||||||||||||||
| Portfolio(s) | Tenant/Lease Guarantor | Property Location(s) | Mortgage Balance | Date | Event | Gross Square Footage | ||||||||||||||
CPA®:15 (50%), CPA®:16 - Global (50%) | Goertz & Schiele Corporation | Auburn Hills, MI | $ | 13,336 | Jan-10 | Receivership | 218,174 | |||||||||||||
CPA®:14 | Nortel Networks, Inc. | Richardson, TX | 27,262 | Mar-10 | Foreclosure | 281,758 | ||||||||||||||
CPA®:14 | Buffets, Inc. | Eagan, MN | 19,363 | Jun-10 | Receivership | 99,342 | ||||||||||||||
| $ | 59,961 | 599,274 | ||||||||||||||||||
14
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Analysis — Diversification by Rent and Historical Occupancy (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Diversification by Rent (Pro rata basis)
| Percentage of | ||||||||
| Top Ten Tenants/Lease Guarantors | Annualized Rent | Total Annualized Rent | ||||||
| Carrefour France, SAS | $ | 6,994 | 8 | % | ||||
| The American Bottling Company | 4,842 | 5 | % | |||||
| The New York Times Company | 4,358 | 5 | % | |||||
| JP Morgan Chase Bank, N.A. | 3,862 | 4 | % | |||||
| Orbital Sciences Corporation | 3,307 | 4 | % | |||||
| U.S. Airways Group, Inc. | 3,297 | 4 | % | |||||
| Federal Express Corporation | 3,123 | 3 | % | |||||
| Titan Corporation | 3,055 | 3 | % | |||||
| Bouygues Telecom, S.A. (France) | 2,984 | 3 | % | |||||
| CheckFree Corporation | 2,552 | 3 | % | |||||
Total | $ | 38,374 | ||||||
W. P. Carey & Co. LLC Historical Occupancy
| (a) | Percentage of the portfolio’s total pro rata square footage that was subject to lease. |
15
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Analysis — Diversification by Property Type (Pro rata basis)
As of June 30, 2010
(in thousands)
| Property Type | Square Footage | Percent | ||||||
| Warehouse/Distribution | 5,161 | 37 | % | |||||
| Industrial | 4,989 | 35 | % | |||||
| Office | 2,390 | 17 | % | |||||
| Retail | 1,060 | 7 | % | |||||
Other Properties(a) | 363 | 3 | % | |||||
| Hospitality | 158 | 1 | % | |||||
Total (b) | 14,121 | 100 | % | |||||
Portfolio Diversification by Property Type
(based on square footage)
(based on square footage)
| Property Type | Annualized Rent | Percent | ||||||
| Office | $ | 33,848 | 36 | % | ||||
| Industrial | 26,883 | 29 | % | |||||
| Warehouse/Distribution | 18,184 | 20 | % | |||||
Other Properties(a) | 6,133 | 7 | % | |||||
| Retail | 5,729 | 6 | % | |||||
| Hospitality | 1,800 | 2 | % | |||||
Total(b) | $ | 92,577 | 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. |
16
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Analysis — Diversification by Tenant Industry (Pro rata basis)
As of June 30, 2010
(in thousands)
| Industry Type (a) | Annualized Rent | Percent | ||||||
| Retail Trade | $ | 14,836 | 16 | % | ||||
| Business and Commercial Services | 12,946 | 14 | % | |||||
| Healthcare, Education and Childcare | 7,497 | 8 | % | |||||
| Telecommunications | 6,860 | 8 | % | |||||
| Media: Printing and Publishing | 6,675 | 7 | % | |||||
| Electronics | 4,953 | 5 | % | |||||
| Aerospace and Defense | 4,884 | 5 | % | |||||
| Beverages, Food, and Tobacco | 4,842 | 5 | % | |||||
| Forest Products and Paper | 3,891 | 4 | % | |||||
| Banking | 3,862 | 4 | % | |||||
| Transportation — Personal | 3,518 | 4 | % | |||||
| Transportation — Cargo | 3,163 | 4 | % | |||||
| Machinery | 2,760 | 3 | % | |||||
| Hotels and Gaming | 1,810 | 2 | % | |||||
| Mining, Metals, and Primary Metal Industries | 1,477 | 2 | % | |||||
| Consumer and Durable Goods | 1,456 | 2 | % | |||||
| Federal, State and Local Government | 1,170 | 1 | % | |||||
| Chemicals, Plastics, Rubber, and Glass | 1,150 | 1 | % | |||||
| Textiles, Leather, and Apparel | 1,007 | 1 | % | |||||
| Consumer Non-durable Goods | 975 | 1 | % | |||||
Other(b) | 2,845 | 3 | % | |||||
Total(c) | $ | 92,577 | 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 (0.9%), automobile (0.7%), multi-tenant properties (0.2%) and grocery (0.2%). | |
| (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. |
17
W. P. CAREY & CO. LLC
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Analysis — Diversification by Geography (Pro rata basis)
As of June 30, 2010
(in thousands)
| Region | Square Footage | Percent | ||||||
United States | ||||||||
| South | 4,937 | 35 | % | |||||
| East | 2,913 | 21 | % | |||||
| West | 2,338 | 16 | % | |||||
| Midwest | 1,754 | 12 | % | |||||
| 11,942 | 84 | % | ||||||
International | ||||||||
| France | 1,680 | 12 | % | |||||
| Germany | 246 | 2 | % | |||||
| Spain | 139 | 1 | % | |||||
| Poland | 114 | 1 | % | |||||
| 2,179 | 16 | % | ||||||
Total(a) | 14,121 | 100 | % | |||||
Portfolio Diversification by Geography
(based on square footage)
(based on square footage)
| Region | Annualized Rent | Percent | ||||||
United States | ||||||||
| South | $ | 27,598 | 30 | % | ||||
| West | 22,257 | 24 | % | |||||
| East | 13,018 | 14 | % | |||||
| Midwest | 12,726 | 14 | % | |||||
| 75,599 | 82 | % | ||||||
International | ||||||||
| France | 12,493 | 13 | % | |||||
| Germany | 2,051 | 2 | % | |||||
| Spain | 1,542 | 2 | % | |||||
| Poland | 892 | 1 | % | |||||
| 16,978 | 18 | % | ||||||
Total(a) | $ | 92,577 | 100 | % | ||||
Portfolio Diversification by Geography
(based on annualized rent)
(based on annualized rent)
| (a) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
18
W. P. CAREY & CO. LLC
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of June 30, 2010
(in thousands)
Portfolio Analysis — Lease Maturities (Pro rata basis)
As of June 30, 2010
(in thousands)
| Percentage of | ||||||||
| Year of Lease | Annualized | Total Annualized | ||||||
| Expiration(a) | Rent | Rent | ||||||
2010(b) | $ | 7,474 | 8 | % | ||||
| 2011 | 8,285 | 9 | % | |||||
| 2012 | 9,947 | 11 | % | |||||
| 2013 | 6,359 | 7 | % | |||||
| 2014 | 10,907 | 12 | % | |||||
| 2015 | 9,561 | 10 | % | |||||
| 2016 | 2,863 | 3 | % | |||||
| 2017 | 5,662 | 6 | % | |||||
| 2018 | 3,808 | 4 | % | |||||
| 2019 | 7,916 | 8 | % | |||||
| 2020 | 1,768 | 2 | % | |||||
| 2021 | 2,516 | 3 | % | |||||
| 2022 | 1,657 | 2 | % | |||||
| 2023 | — | 0 | % | |||||
| 2024 | 4,358 | 5 | % | |||||
| 2025 | 1,095 | 1 | % | |||||
| 2026 | 948 | 1 | % | |||||
| 2027 | 2,051 | 2 | % | |||||
| 2028 | — | 0 | % | |||||
| 2029 | 1,541 | 2 | % | |||||
| 2030 | 3,861 | 4 | % | |||||
Total (c) | $ | 92,577 | 100 | % | ||||
Weighted Average Years to Maturity: 6.53
| (a) | Assumes tenant does not exercise renewal option. | |
| (b) | Month-to-month properties are counted in 2010 revenue stream. | |
| (c) | Excludes the 13 domestic self-storage properties held by an entity that is 40% owned by our subsidiary, Carey Storage, totaling approximately 0.4 million square feet. |
19
W. P. CAREY & CO. LLC
Consolidated Balance Sheets
(in thousands, except share amounts)
Consolidated Balance Sheets
(in thousands, except share amounts)
| June 30, 2010 | December 31, 2009 | |||||||
Assets | ||||||||
| Investments in real estate: | ||||||||
| Real estate, at cost | $ | 559,441 | $ | 525,607 | ||||
| Operating real estate, at cost | 85,960 | 85,927 | ||||||
| Accumulated depreciation | (113,348 | ) | (112,286 | ) | ||||
| Net investments in properties | 532,053 | 499,248 | ||||||
| Net investment in direct financing leases | 78,087 | 80,222 | ||||||
| Assets held for sale | 5,390 | — | ||||||
Equity investments in real estate and CPA® REITs | 313,080 | 304,990 | ||||||
| Net investments in real estate | 928,610 | 884,460 | ||||||
| Cash and cash equivalents | 39,449 | 18,450 | ||||||
| Due from affiliates | 29,234 | 35,998 | ||||||
| Intangible assets and goodwill, net | 89,359 | 85,187 | ||||||
| Other assets, net | 37,754 | 69,241 | ||||||
| Total assets | $ | 1,124,406 | $ | 1,093,336 | ||||
Liabilities and Equity | ||||||||
| Liabilities: | ||||||||
| Non-recourse debt | $ | 206,247 | $ | 215,330 | ||||
| Line of credit | 171,750 | 111,000 | ||||||
| Accounts payable, accrued expenses and other liabilities | 45,891 | 51,710 | ||||||
| Income taxes, net | 40,447 | 43,831 | ||||||
| Distributions payable | 19,849 | 31,365 | ||||||
| Total liabilities | 484,184 | 453,236 | ||||||
| Redeemable noncontrolling interest | 7,119 | 7,692 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| W. P. Carey members’ equity: | ||||||||
| Listed shares, no par value, 100,000,000 shares authorized; 39,323,929 and 39,204,605 shares issued and outstanding, respectively | 758,080 | 754,507 | ||||||
| Distributions in excess of accumulated earnings | (141,571 | ) | (138,442 | ) | ||||
| Deferred compensation obligation | 10,249 | 10,249 | ||||||
| Accumulated other comprehensive loss | (9,859 | ) | (681 | ) | ||||
| Total W. P. Carey members’ equity | 616,899 | 625,633 | ||||||
| Noncontrolling interests | 16,204 | 6,775 | ||||||
| Total equity | 633,103 | 632,408 | ||||||
| Total liabilities and equity | $ | 1,124,406 | $ | 1,093,336 | ||||
20
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, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues | ||||||||||||||||
| Asset management revenue | $ | 19,080 | $ | 19,227 | $ | 37,900 | $ | 38,335 | ||||||||
| Structuring revenue | 13,102 | 365 | 19,936 | 10,774 | ||||||||||||
| Wholesaling revenue | 2,230 | 1,597 | 4,333 | 2,690 | ||||||||||||
| Reimbursed costs from affiliates | 15,354 | 11,115 | 30,402 | 20,111 | ||||||||||||
| Lease revenues | 15,833 | 16,374 | 31,844 | 32,745 | ||||||||||||
| Other real estate income | 4,797 | 4,557 | 8,572 | 7,770 | ||||||||||||
| 70,396 | 53,235 | 132,987 | 112,425 | |||||||||||||
Operating Expenses | ||||||||||||||||
| General and administrative | (18,131 | ) | (14,334 | ) | (35,732 | ) | (33,433 | ) | ||||||||
| Reimbursable costs | (15,354 | ) | (11,115 | ) | (30,402 | ) | (20,111 | ) | ||||||||
| Depreciation and amortization | (5,815 | ) | (6,574 | ) | (11,991 | ) | (11,694 | ) | ||||||||
| Property expenses | (2,379 | ) | (1,921 | ) | (4,628 | ) | (3,371 | ) | ||||||||
| Other real estate expenses | (1,773 | ) | (1,707 | ) | (3,588 | ) | (3,838 | ) | ||||||||
| Impairment charges | — | (900 | ) | (2,268 | ) | (900 | ) | |||||||||
| (43,452 | ) | (36,551 | ) | (88,609 | ) | (73,347 | ) | |||||||||
Other Income and Expenses | ||||||||||||||||
| Other interest income | 336 | 416 | 609 | 823 | ||||||||||||
Income from equity investments in real estate and CPA® REITs | 7,638 | 4,875 | 16,780 | 6,262 | ||||||||||||
| Other income and (expenses) | 42 | 127 | (622 | ) | 3,281 | |||||||||||
| Interest expense | (3,765 | ) | (3,805 | ) | (7,476 | ) | (8,000 | ) | ||||||||
| 4,251 | 1,613 | 9,291 | 2,366 | |||||||||||||
| Income from continuing operations before income taxes | 31,195 | 18,297 | 53,669 | 41,444 | ||||||||||||
| Provision for income taxes | (6,751 | ) | (3,720 | ) | (10,863 | ) | (9,920 | ) | ||||||||
| Income from continuing operations | 24,444 | 14,577 | 42,806 | 31,524 | ||||||||||||
Discontinued Operations | ||||||||||||||||
| Income from operations of discontinued properties | 206 | 1,202 | 626 | 2,164 | ||||||||||||
| Gain on sale of real estate | 56 | 478 | 460 | 343 | ||||||||||||
| Impairment charges | (985 | ) | (1,380 | ) | (5,869 | ) | (1,380 | ) | ||||||||
| (Loss) income from discontinued operations | (723 | ) | 300 | (4,783 | ) | 1,127 | ||||||||||
Net Income | 23,721 | 14,877 | 38,023 | 32,651 | ||||||||||||
| Add: Net loss attributable to noncontrolling interests | 128 | 203 | 414 | 373 | ||||||||||||
| Less: Net income attributable to redeemable noncontrolling interests | (417 | ) | (103 | ) | (592 | ) | (338 | ) | ||||||||
Net Income Attributable to W. P. Carey Members | $ | 23,432 | $ | 14,977 | $ | 37,845 | $ | 32,686 | ||||||||
Basic Earnings Per Share | ||||||||||||||||
| Income from continuing operations attributable to W. P. Carey members | $ | 0.62 | $ | 0.36 | $ | 1.08 | $ | 0.79 | ||||||||
| Loss (income) from discontinued operations attributable to W. P. Carey members | (0.03 | ) | 0.01 | (0.12 | ) | 0.03 | ||||||||||
| Net income attributable to W. P. Carey members | $ | 0.59 | $ | 0.37 | $ | 0.96 | $ | 0.82 | ||||||||
Diluted Earnings Per Share | ||||||||||||||||
| Income from continuing operations attributable to W. P. Carey members | $ | 0.62 | $ | 0.36 | $ | 1.06 | $ | 0.78 | ||||||||
| (Loss) income from discontinued operations attributable to W. P. Carey members | (0.03 | ) | 0.01 | (0.12 | ) | 0.03 | ||||||||||
| Net income attributable to W. P. Carey members | $ | 0.59 | $ | 0.37 | $ | 0.94 | $ | 0.81 | ||||||||
Weighted Average Shares Outstanding | ||||||||||||||||
| Basic | 39,081,064 | 39,350,684 | 39,116,126 | 39,067,391 | ||||||||||||
| Diluted | 39,510,231 | 40,065,495 | 39,567,583 | 39,780,708 | ||||||||||||
Amounts Attributable to W. P. Carey Members | ||||||||||||||||
| Income from continuing operations, net of tax | $ | 24,155 | $ | 14,677 | $ | 42,628 | $ | 31,559 | ||||||||
| (Loss) income from discontinued operations, net of tax | (723 | ) | 300 | (4,783 | ) | 1,127 | ||||||||||
| Net income | $ | 23,432 | $ | 14,977 | $ | 37,845 | $ | 32,686 | ||||||||
Distributions Declared Per Share | $ | 0.506 | $ | 0.498 | $ | 1.010 | $ | 0.994 | ||||||||
21
W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows
(in thousands)
Consolidated Statements of Cash Flows
(in thousands)
| Six months ended June 30, | ||||||||
| 2010 | 2009 | |||||||
Cash Flows — Operating Activities | ||||||||
| Net income | $ | 38,023 | $ | 32,651 | ||||
| Adjustments to net income: | ||||||||
| Depreciation and amortization including intangible assets and deferred financing costs | 12,377 | 12,757 | ||||||
Income from equity investments in real estate and CPA® REITs in excess of distributions received | (5,942 | ) | (3,157 | ) | ||||
| Straight-line rent and financing lease adjustments | 429 | 967 | ||||||
| Gain on sale of real estate | (460 | ) | (343 | ) | ||||
| Gain on extinguishment of debt | — | (6,991 | ) | |||||
| Allocation of (loss) earnings to profit sharing interest | (373 | ) | 3,875 | |||||
| Management income received in shares of affiliates | (17,344 | ) | (15,414 | ) | ||||
| Unrealized loss (gain) on foreign currency transactions and others | 860 | (39 | ) | |||||
| Realized loss (gain) on foreign currency transactions and others | 143 | (126 | ) | |||||
| Impairment charges | 8,137 | 2,280 | ||||||
| Stock-based compensation expense | 4,936 | 5,260 | ||||||
| Deferred acquisition revenue received | 17,048 | 22,877 | ||||||
| Increase in structuring revenue receivable | (9,352 | ) | (5,416 | ) | ||||
| Decrease in income taxes, net | (6,116 | ) | (8,454 | ) | ||||
| Net changes in other operating assets and liabilities | (6,075 | ) | (6,044 | ) | ||||
Net cash provided by operating activities | 36,291 | 34,683 | ||||||
Cash Flows — Investing Activities | ||||||||
Distributions received from equity investments in real estate and CPA® REITs in excess of equity income | 7,762 | 7,606 | ||||||
| Purchases of real estate and equity investments in real estate | (74,904 | ) | (39,677 | ) | ||||
| VAT paid in connection with acquisition of real estate | (4,222 | ) | — | |||||
| Capital expenditures | (1,652 | ) | (6,929 | ) | ||||
| Proceeds from sale of real estate | 9,200 | 3,835 | ||||||
| Funds released from escrow in connection with the sale of property | 36,132 | — | ||||||
| Proceeds from transfer of profit sharing interest | — | 21,928 | ||||||
Net cash used in investing activities | (27,684 | ) | (13,237 | ) | ||||
Cash Flows — Financing Activities | ||||||||
| Distributions paid | (52,490 | ) | (39,060 | ) | ||||
| Contributions from noncontrolling interests | 11,180 | 1,583 | ||||||
| Distributions to noncontrolling interests | (1,444 | ) | (3,474 | ) | ||||
| Distributions to profit sharing interest | (693 | ) | (3,434 | ) | ||||
| Scheduled payments of mortgage principal | (10,322 | ) | (5,241 | ) | ||||
| Prepayments of mortgage principal | — | (11,918 | ) | |||||
| Proceeds from mortgage financing | 6,315 | 39,000 | ||||||
| Proceeds from line of credit | 83,250 | 88,500 | ||||||
| Prepayments of line of credit | (22,500 | ) | (72,018 | ) | ||||
| Proceeds from loans from affiliates | — | 1,624 | ||||||
| Payment of financing costs | (301 | ) | (806 | ) | ||||
| Proceeds from issuance of shares | 799 | 874 | ||||||
| Windfall tax (provision) benefits associated with stock-based compensation awards | (159 | ) | 242 | |||||
| Repurchase and retirement of shares | — | (10,686 | ) | |||||
Net cash provided by (used in) financing activities | 13,635 | (14,814 | ) | |||||
Change in Cash and Cash Equivalents During the Period | ||||||||
| Effect of exchange rate changes on cash | (1,243 | ) | 38 | |||||
| Net increase in cash and cash equivalents | 20,999 | 6,670 | ||||||
| Cash and cash equivalents, beginning of period | 18,450 | 16,799 | ||||||
| Cash and cash equivalents, end of period | $ | 39,449 | $ | 23,469 | ||||
22
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2010
Detailed Property Summary
June 30, 2010
| Square | Annualized Rent | Percentage of Total | Increase | Lease | Maximum | |||||||||||||||||||||||
| Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage(f) | (in thousands) | Rent(f) | Factor | Expiration | Term | |||||||||||||||||
Carrefour France, SAS(a) | 46% | Nimes, FR | Warehouse/Distribution | Retail Trade | Europe | 177,786 | $ | 1,177 | 1.27 | % | INSEE(b) | Nov-2012 | Nov-2012 | |||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, FR | Warehouse/Distribution | Retail Trade | Europe | 174,261 | 909 | 0.98 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Crepy en Valois, FR | Warehouse/Distribution | Retail Trade | Europe | 152,365 | 829 | 0.90 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, FR | Warehouse/Distribution | Retail Trade | Europe | 126,925 | 662 | 0.72 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, FR | Warehouse/Distribution | Retail Trade | Europe | 134,937 | 612 | 0.66 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Ploufragan, FR | Warehouse/Distribution | Retail Trade | Europe | 122,591 | 570 | 0.62 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Crepy en Valois, FR | Warehouse/Distribution | Retail Trade | Europe | 101,248 | 551 | 0.60 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Thuit Hebert, FR | Warehouse/Distribution | Retail Trade | Europe | 107,958 | 490 | 0.53 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Cholet, FR | Warehouse/Distribution | Retail Trade | Europe | 99,261 | 462 | 0.50 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, FR | Warehouse/Distribution | Retail Trade | Europe | 60,292 | 315 | 0.34 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Thuit Hebert, FR | Warehouse/Distribution | Retail Trade | Europe | 68,477 | 311 | 0.34 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, FR | Warehouse/Distribution | Retail Trade | Europe | 7,524 | 39 | 0.04 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, FR | Warehouse/Distribution | Retail Trade | Europe | 4,349 | 23 | 0.02 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Colomiers, FR | Warehouse/Distribution | Retail Trade | Europe | 2,899 | 15 | 0.02 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Lens, FR | Warehouse/Distribution | Retail Trade | Europe | 2,598 | 14 | 0.02 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, FR | Warehouse/Distribution | Retail Trade | Europe | 2,554 | 12 | 0.01 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS(a) | 46% | Nîmes, FR | Warehouse/Distribution | Retail Trade | Europe | 596 | 3 | 0.00 | % | INSEE(b) | Jun-2015 | Jun-2018 | ||||||||||||||||
Carrefour France, SAS Total | 1,346,621 | 6,994 | 7.55 | % | ||||||||||||||||||||||||
| The American Bottling Company | 100% | Irving, TX | Industrial | Beverages, Food, and Tobacco | South | 459,497 | 2,937 | 3.17 | % | CPI | Jul-2014 | Jul-2029 | ||||||||||||||||
| The American Bottling Company | 100% | Houston, TX | Industrial | Beverages, Food, and Tobacco | South | 262,450 | 1,905 | 2.06 | % | CPI | Jul-2014 | Jul-2029 | ||||||||||||||||
The American Bottling Company Total | 721,947 | 4,842 | 5.23 | % | ||||||||||||||||||||||||
The New York Times Company | 18% | New York, NY | Office | Media: Printing and Publishing | East | 126,420 | 4,358 | 4.71 | % | Fixed | Mar-2024 | Mar-2044 | ||||||||||||||||
JP Morgan Chase Bank, N.A. | 100% | Fort Worth, TX | Office | Banking | South | 384,246 | 3,862 | 4.17 | % | None | Feb-2030 | Feb-2050 | ||||||||||||||||
Orbital Sciences Corporation | 100% | Chandler, AZ | Industrial | Aerospace and Defense | West | 355,307 | 3,307 | 3.57 | % | CPI | Sep-2019 | �� | Sep-2029 | |||||||||||||||
US Airways Group, Inc. | 75% | Tempe, AZ | Office | Transportation - Personal | West | 167,890 | 3,297 | 3.56 | % | CPI | Apr-2014 | Nov-2029 | ||||||||||||||||
| Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 710 | 0.77 | % | CPI | Aug-2019 | Nov-2039 | ||||||||||||||||
| Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 710 | 0.77 | % | CPI | Aug-2019 | Nov-2039 | ||||||||||||||||
| Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 710 | 0.77 | % | CPI | Aug-2019 | Nov-2039 | ||||||||||||||||
| Federal Express Corporation | 40% | Collierville, TN | Office | Transportation - Cargo | South | 39,038 | 710 | 0.77 | % | CPI | Aug-2019 | Nov-2039 | ||||||||||||||||
| Federal Express Corporation | 100% | Corpus Christi, TX | Warehouse/Distribution | Transportation - Cargo | South | 30,212 | 213 | 0.23 | % | Fixed | May-2012 | May-2017 | ||||||||||||||||
| Federal Express Corporation | 100% | College Station, TX | Warehouse/Distribution | Transportation - Cargo | South | 12,080 | 70 | 0.08 | % | Fixed | Apr-2012 | Apr-2017 | ||||||||||||||||
Federal Express Corporation Total | 198,444 | 3,123 | 3.37 | % | ||||||||||||||||||||||||
The Titan Corporation | 100% | San Diego, CA | Office | Electronics | West | 166,403 | 3,055 | 3.30 | % | CPI | Jul-2012 | Jul-2017 | ||||||||||||||||
Bouygues Telecom, S.A.(a) | 75% | Illkirch-Graffenstaden, France | Office | Telecommunications | Europe | 72,076 | 2,140 | 2.31 | % | INSEE(b) | Feb-2013 | Feb-2013 | ||||||||||||||||
Bouygues Telecom, S.A.(a) | 95% | Tours, France | Office | Telecommunications | Europe | 62,371 | 844 | 0.91 | % | INSEE(b) | Sep-2012 | Sep-2012 | ||||||||||||||||
Bouygues Telecom, S.A. Total | 134,447 | 2,984 | 3.22 | % | ||||||||||||||||||||||||
| CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 50,062 | 993 | 1.07 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||
| CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 34,150 | 843 | 0.91 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||
| CheckFree Corporation | 50% | Norcross, GA | Office | Business and Commercial Services | South | 26,125 | 636 | 0.69 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||
| CheckFree Corporation | 50% | Norcross, GA | Land | Business and Commercial Services | South | 1 | 80 | 0.09 | % | CPI | Dec-2015 | Dec-2030 | ||||||||||||||||
CheckFree CorporationTotal | 110,338 | 2,552 | 2.76 | % | ||||||||||||||||||||||||
Medica France S.A.(a) | 46% | Paris, France | Other | Healthcare, Education and Childcare | Europe | 24,769 | 559 | 0.60 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.(a) | 46% | Sarcelles, France | Other | Healthcare, Education and Childcare | Europe | 34,620 | 559 | 0.60 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.(a) | 46% | Chatou, France | Other | Healthcare, Education and Childcare | Europe | 24,666 | 349 | 0.38 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.(a) | 46% | Poissy, France | Other | Healthcare, Education and Childcare | Europe | 24,592 | 349 | 0.38 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.(a) | 46% | Rosny sous Bois, France | Other | Healthcare, Education and Childcare | Europe | 21,846 | 349 | 0.38 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.(a) | 46% | Rueil Malmaison, France | Other | Healthcare, Education and Childcare | Europe | 23,813 | 349 | 0.38 | % | INSEE(b) | Sep-2021 | Sep-2030 | ||||||||||||||||
Medica France S.A.Total | 154,306 | 2,514 | 2.11 | % | ||||||||||||||||||||||||
Schuler AG(a) | 33% | Göppingen, Germany | Industrial | Machinery | Europe | 246,355 | 2,051 | 2.22 | % | CPI | Oct-2027 | Oct-2047 | ||||||||||||||||
| AutoZone, Inc. | 100% | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 56 | 0.06 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Albuquerque, NM | Retail | Retail Trade | West | 5,400 | 55 | 0.06 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 54 | 0.06 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Houston, TX | Retail | Retail Trade | South | 5,400 | 53 | 0.06 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Gastonia, NC | Retail | Retail Trade | East | 5,400 | 52 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Corpus Christi, TX | Retail | Retail Trade | South | 6,600 | 52 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Statesville, NC | Retail | Retail Trade | East | 5,400 | 51 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Lenoir, NC | Retail | Retail Trade | East | 5,400 | 51 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Corpus Christi, TX | Retail | Retail Trade | South | 6,480 | 51 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Victoria, TX | Retail | Retail Trade | South | 6,480 | 51 | 0.06 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Macon, GA | Retail | Retail Trade | East | 5,400 | 50 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Lexington, SC | Retail | Retail Trade | South | 5,400 | 50 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | St. Peters, MO | Retail | Retail Trade | Midwest | 5,400 | 49 | 0.05 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
23
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2010
Detailed Property Summary
June 30, 2010
| Square | Annualized Rent | Percentage of Total | Increase | Lease | Maximum | |||||||||||||||||||||||
| Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage(f) | (in thousands) | Rent(f) | Factor | Expiration | Term | |||||||||||||||||
| AutoZone, Inc. | 100% | St. Peters, MO | Retail | Retail Trade | Midwest | 6,660 | 49 | 0.05 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
| AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,400 | 48 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Decatur, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Phenix City, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Mobile, AL | Retail | Retail Trade | South | 5,400 | 45 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Alton, IL | Retail | Retail Trade | Midwest | 5,400 | 45 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Belleville, IL | Retail | Retail Trade | Midwest | 5,400 | 45 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Breckenridge, MO | Retail | Retail Trade | Midwest | 5,400 | 44 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Chickasaw, AL | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Montgomery, AL | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Columbus, GA | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Albany, GA | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | West Monroe, LA | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 5,400 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Lake Charles, LA | Retail | Retail Trade | South | 6,480 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Lake Charles, LA | Retail | Retail Trade | Midwest | 6,480 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Maplewood, MO | Retail | Retail Trade | Midwest | 6,480 | 43 | 0.05 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Overland, MO | Retail | Retail Trade | South | 6,480 | 43 | 0.05 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Charlotte, NC | Retail | Retail Trade | East | 5,400 | 42 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | San Antonio, TX | Retail | Retail Trade | South | 5,400 | 42 | 0.05 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Farmington, NM | Retail | Retail Trade | West | 5,400 | 41 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Brunswick, GA | Retail | Retail Trade | South | 5,400 | 40 | 0.04 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
| AutoZone, Inc. | 100% | Hammond, LA | Retail | Retail Trade | South | 6,480 | 40 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Waco, TX | Retail | Retail Trade | South | 4,800 | 38 | 0.04 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Collinsville, IL | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Wood River, IL | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | St. Louis, MO | Retail | Retail Trade | Midwest | 5,400 | 36 | 0.04 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Panama City, FL | Retail | Retail Trade | South | 5,401 | 35 | 0.04 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
| AutoZone, Inc. | 100% | Jacksonville, FL | Retail | Retail Trade | South | 5,000 | 35 | 0.04 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
| AutoZone, Inc. | 100% | Augusta, GA | Retail | Retail Trade | South | 5,400 | 34 | 0.04 | % | None | Aug-2013 | Dec-2038 | ||||||||||||||||
| AutoZone, Inc. | 100% | Bessemer, AL | Retail | Retail Trade | South | 5,400 | 32 | 0.03 | % | None | Feb-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Shelby, NC | Retail | Retail Trade | South | 6,660 | 31 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Austin, TX | Retail | Retail Trade | South | 4,000 | 31 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | Nederland, TX | Retail | Retail Trade | South | 4,000 | 31 | 0.03 | % | None | Jan-2011 | Feb-2026 | ||||||||||||||||
| AutoZone, Inc. | 100% | West Orange, TX | Retail | Retail Trade | East | 4,000 | 31 | 0.03 | % | Fixed | Aug-2012 | Dec-2037 | ||||||||||||||||
| AutoZone, Inc. | 100% | Kannapolis, NC | Retail | Retail Trade | East | 6,408 | 24 | 0.03 | % | Fixed | Oct-2015 | Oct-2025 | ||||||||||||||||
| AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 5,401 | 23 | 0.02 | % | Fixed | Apr-2014 | Apr-2019 | ||||||||||||||||
| AutoZone, Inc. | 100% | Knoxville, TN | Retail | Retail Trade | South | 6,660 | 23 | 0.02 | % | Fixed | May-2014 | May-2024 | ||||||||||||||||
| AutoZone, Inc. | 100% | Baton Rouge, LA | Retail | Retail Trade | South | 6,600 | 22 | 0.02 | % | Fixed | Mar-2014 | Mar-2024 | ||||||||||||||||
| AutoZone, Inc. | 100% | East Ridge, TN | Retail | Retail Trade | South | 6,480 | 21 | 0.02 | % | Fixed | Oct-2013 | Oct-2023 | ||||||||||||||||
| AutoZone, Inc. | 100% | Morgantown, NC | Retail | Retail Trade | East | 5,400 | 19 | 0.02 | % | Fixed | Oct-2015 | Aug-2019 | ||||||||||||||||
AutoZone, Inc. Total | 302,230 | 2,214 | 2.39 | % | ||||||||||||||||||||||||
Career Education Corporation | 100% | Mendota Heights, MN | Other | Healthcare, Education and Childcare | Midwest | 136,400 | 2,069 | 2.23 | % | Fixed | May-2011 | May-2019 | ||||||||||||||||
| Sybron Dental Specialties, Inc. | 100% | Romulus, MI | Industrial | Healthcare, Education and Childcare | Midwest | 220,000 | 1,454 | 1.57 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||
| Sybron Dental Specialties, Inc. | 100% | Glendora, CA | Office | Healthcare, Education and Childcare | West | 25,000 | 555 | 0.60 | % | CPI | Dec-2018 | Dec-2043 | ||||||||||||||||
Sybron Dental Specialties, Inc. Total | 245,000 | 2,009 | 2.17 | % | ||||||||||||||||||||||||
| Information Resources, Inc. | 33% | Chicago, IL | Office | Business and Commercial Services | Midwest | 53,195 | 1,180 | 1.27 | % | CPI | Oct-2013 | Oct-2015 | ||||||||||||||||
| Information Resources, Inc. | 33% | Chicago, IL | Office | Business and Commercial Services | Midwest | 30,797 | 683 | 0.74 | % | CPI | Oct-2013 | Oct-2023 | ||||||||||||||||
Information Resources, Inc. Total | 83,992 | 1,863 | 2.01 | % | ||||||||||||||||||||||||
LIVHO, Inc. | 100% | Livonia, MI | Hospitality | Hotels and Gaming | Midwest | 158,000 | 1,800 | 1.94 | % | Fixed | Jan-2012 | Jan-2012 | ||||||||||||||||
| Unisource Worldwide, Inc. | 100% | Commerce, CA | Warehouse/Distribution | Forest Products and Paper | West | 411,561 | 1,422 | 1.54 | % | Fixed | Apr-2020 | Apr-2030 | ||||||||||||||||
| Unisource Worldwide, Inc. | 100% | Anchorage, AK | Warehouse/Distribution | Forest Products and Paper | West | 44,712 | 362 | 0.39 | % | Fixed | Dec-2014 | Dec-2029 | ||||||||||||||||
Unisource Worldwide, Inc. Total | 456,273 | 1,784 | 1.93 | % | ||||||||||||||||||||||||
| Amylin Pharmaceuticals, Inc. | 50% | San Diego, CA | Office | Business and Commercial Services | West | 35,951 | 886 | 0.96 | % | Fixed | Jul-2019 | Jul-2029 | ||||||||||||||||
| Amylin Pharmaceuticals, Inc. | 50% | San Diego, CA | Industrial | Business and Commercial Services | West | 36,204 | 886 | 0.96 | % | Fixed | Jul-2019 | Jul-2029 | ||||||||||||||||
Amylin Pharmaceuticals, Inc. Total | 72,155 | 1,772 | 1.91 | % | ||||||||||||||||||||||||
24
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2010
Detailed Property Summary
June 30, 2010
| Square | Annualized Rent | Percentage of Total | Increase | Lease | Maximum | |||||||||||||||||||||||
| Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage(f) | (in thousands) | Rent(f) | Factor | Expiration | Term | |||||||||||||||||
| BE Aerospace, Inc. | 100% | Lenexa, KS | Industrial | Aerospace and Defense | Midwest | 130,094 | 656 | 0.71 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Winston-Salem, NC | Warehouse/Distribution | Aerospace and Defense | East | 90,800 | 264 | 0.29 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 74,026 | 215 | 0.23 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 50,200 | 146 | 0.16 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Winston-Salem, NC | Office | Aerospace and Defense | East | 43,788 | 127 | 0.14 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Dallas, TX | Industrial | Aerospace and Defense | South | 22,680 | 125 | 0.14 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
| BE Aerospace, Inc. | 100% | Winston-Salem, NC | Industrial | Aerospace and Defense | East | 15,402 | 45 | 0.05 | % | Fixed | Sep-2017 | Sep-2037 | ||||||||||||||||
BE Aerospace, Inc. Total | 426,990 | 1,578 | 1.70 | % | ||||||||||||||||||||||||
| Cleo, Inc. | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 614,274 | 958 | 1.03 | % | CPI | Dec-2010 | Dec-2015 | ||||||||||||||||
| Cleo, Inc. | 100% | Memphis, TN | Warehouse/Distribution | Forest Products and Paper | South | 391,896 | 612 | 0.66 | % | CPI | Dec-2010 | Dec-2015 | ||||||||||||||||
Cleo, Inc. Total | 1,006,170 | 1,570 | 1.70 | % | ||||||||||||||||||||||||
Eroski Sociedad Cooperativa | 70% | Mallorca, Spain | Warehouse/Distribution | Retail Trade | Europe | 138,333 | 1,542 | 1.67 | % | 3% or CPI | Dec-2029 | Dec-2059 | ||||||||||||||||
Lowe’s Home Improvement Warehouse | 100% | Bellevue, WA | Retail | Retail Trade | West | 143,352 | 1,539 | 1.66 | % | CPI | Aug-2018 | Aug-2018 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Industrial | Business and Commercial Services | South | 65,160 | 639 | 0.69 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Office | Business and Commercial Services | South | 40,560 | 414 | 0.45 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Warehouse/Distribution | Business and Commercial Services | South | 17,588 | 182 | 0.20 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Office | Business and Commercial Services | South | 8,525 | 93 | 0.10 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Office | Business and Commercial Services | South | 8,500 | 92 | 0.10 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc.(c) | 100% | Austin, TX | Office | Business and Commercial Services | South | 8,500 | 92 | 0.10 | % | CPI | Nov-2010 | Nov-2030 | ||||||||||||||||
Pharmaco International, Inc. Total | 148,833 | 1,512 | 1.63 | % | ||||||||||||||||||||||||
World Color Printing (USA) Corp. | 100% | Doraville, GA | Industrial | Media: Printing and Publishing | South | 432,559 | 1,501 | 1.62 | % | CPI | Dec-2017 | Dec-2042 | ||||||||||||||||
Sprint Spectrum, L.P. | 100% | Rio Rancho, NM | Office | Telecommunications | West | 94,730 | 1,424 | 1.54 | % | Fixed | May-2011 | May-2021 | ||||||||||||||||
AT&T Corporation | 100% | Bridgeton, MO | Industrial | Telecommunications | Midwest | 85,510 | 1,360 | 1.47 | % | Fixed | Sep-2011 | Jun-2021 | ||||||||||||||||
| Hologic, Inc. | 36% | Bedford, MA | Industrial | Electronics | East | 74,520 | 1,035 | 1.12 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||
| Hologic, Inc. | 36% | Danbury, CT | Industrial | Electronics | East | 22,335 | 235 | 0.25 | % | CPI | Aug-2022 | Aug-2042 | ||||||||||||||||
Hologic, Inc. Total | 96,855 | 1,270 | 1.37 | % | ||||||||||||||||||||||||
Omnicom Group, Inc. | 100% | Venice, CA | Office | Business and Commercial Services | West | 77,719 | 1,194 | 1.29 | % | CPI | Sep-2010 | Sep-2030 | ||||||||||||||||
United States Postal Service | 100% | Bloomingdale, IL | Office | Federal, State and Local Government | Midwest | 60,000 | 1,170 | 1.26 | % | Fixed | Apr-2016 | Apr-2016 | ||||||||||||||||
| Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 95,420 | 606 | 0.65 | % | CPI | May-2012 | May-2012 | ||||||||||||||||
| Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 40,285 | 256 | 0.28 | % | CPI | May-2012 | May-2012 | ||||||||||||||||
| Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 39,920 | 254 | 0.27 | % | CPI | May-2012 | May-2012 | ||||||||||||||||
| Anthony’s Manufacturing Company, Inc. | 100% | San Fernando, CA | Industrial | Consumer and Durable Goods | West | 7,220 | 46 | 0.05 | % | CPI | May-2012 | May-2012 | ||||||||||||||||
Anthony’s Manufacturing Company, Inc. Total | 182,845 | 1,162 | 1.26 | % | ||||||||||||||||||||||||
| Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 260,160 | 1,081 | 1.17 | % | Fixed | Mar-2015 | Mar-2015 | ||||||||||||||||
| Fiskars Brands, Inc. | 100% | Apopka, FL | Industrial | Chemicals, Plastics, Rubber, and Glass | South | 109,377 | 69 | 0.07 | % | Fixed | Mar-2015 | Mar-2015 | ||||||||||||||||
Fiskars Brands, Inc. Total | 369,537 | 1,150 | 1.24 | % | ||||||||||||||||||||||||
| Lockheed Martin Corporation | 100% | King of Prussia, PA | Office | Business and Commercial Services | South | 88,578 | 841 | 0.91 | % | Fixed | Jul-2013 | Jul-2023 | ||||||||||||||||
| Lockheed Martin Corporation | 100% | Webster, TX | Industrial | Business and Commercial Services | East | 30,176 | 309 | 0.33 | % | Fixed | Oct-2011 | Jul-2021 | ||||||||||||||||
Lockheed Martin Corporation Total | 118,754 | 1,150 | 1.24 | % | ||||||||||||||||||||||||
| The United States Playing Card Company | 100% | Erlanger, KY | Warehouse/Distribution | Media: Printing and Publishing | East | 409,600 | 816 | 0.88 | % | Fixed | Jun-2017 | Jun-2020 | ||||||||||||||||
| The United States Playing Card Company | 100% | Erlanger, KY | Warehouse/Distribution | Consumer and Durable Goods | East | 162,604 | 294 | 0.32 | % | Fixed | Jun-2017 | Jun-2020 | ||||||||||||||||
The United States Playing Card Company Total | 572,204 | 1,110 | 1.20 | % | ||||||||||||||||||||||||
| United Space Alliance, LLC | 100% | Webster, TX | Warehouse/Distribution | Business and Commercial Services | South | 91,800 | 573 | 0.62 | % | None | Sep-2010 | Sep-2012 | ||||||||||||||||
| United Space Alliance, LLC | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 38,150 | 412 | 0.45 | % | None | Sep-2010 | Sep-2011 | ||||||||||||||||
| United Space Alliance, LLC | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 5,856 | 63 | 0.07 | % | None | Sep-2010 | Sep-2011 | ||||||||||||||||
| United Space Alliance, LLC | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 2,044 | 22 | 0.02 | % | None | Sep-2010 | Sep-2011 | ||||||||||||||||
United Space Alliance LLC Total | 137,850 | 1,070 | 1.16 | % | ||||||||||||||||||||||||
Swat-Fame, Inc. | 100% | City of Industry, CA | Industrial | Textiles, Leather, and Apparel | West | 233,205 | 1,007 | 1.09 | % | CPI | Dec-2010 | Dec-2020 | ||||||||||||||||
| Consolidated Systems, Inc. | 60% | Columbia, SC | Industrial | Mining, Metals, and Primary Metal Industries | East | 294,249 | 823 | 0.89 | % | Fixed | Oct-2026 | Oct-2046 | ||||||||||||||||
| Consolidated Systems, Inc. | 60% | Columbia, SC | Office | Mining, Metals, and Primary Metal Industries | East | 24,459 | 68 | 0.07 | % | Fixed | Oct-2026 | Oct-2046 | ||||||||||||||||
| Consolidated Systems, Inc. | 60% | Columbia, SC | Warehouse/Distribution | Mining, Metals, and Primary Metal Industries | East | 13,791 | 39 | 0.04 | % | Fixed | Oct-2026 | Oct-2046 | ||||||||||||||||
| Consolidated Systems, Inc. | 60% | Columbia, SC | Warehouse/Distribution | Mining, Metals, and Primary Metal Industries | East | 6,266 | 18 | 0.02 | % | Fixed | Oct-2026 | Oct-2046 | ||||||||||||||||
Consolidated Systems, Inc. Total | 338,765 | 948 | 1.02 | % | ||||||||||||||||||||||||
Sports Wholesale, Inc. | 100% | Birmingham, AL | Warehouse/Distribution | Retail Trade | South | 219,312 | 924 | 1.00 | % | CPI | Dec-2014 | Dec-2029 | ||||||||||||||||
24 Hour Fitness USA, Inc. | 100% | Austin, TX | Other | Leisure, Amusement, Entertainment | South | 43,935 | 907 | 0.98 | % | CPI | Jun-2017 | Jun-2037 | ||||||||||||||||
OBI Group(a) | 100% | Wroclaw, Poland | Retail | Retail Trade | Europe | 113,559 | 892 | 0.96 | % | CPI | Dec-2025 | Dec-2040 | ||||||||||||||||
| NVR, Inc. | 100% | Thurmont, MD | Industrial | Construction and Building | East | 150,468 | 735 | 0.79 | % | CPI | Apr-2014 | Apr-2039 | ||||||||||||||||
| NVR, Inc. | 100% | Farmington, NY | Industrial | Construction and Building | East | 29,273 | 143 | 0.15 | % | CPI | Apr-2014 | Apr-2039 | ||||||||||||||||
NVR, Inc. Total | 179,741 | 878 | 0.95 | % | ||||||||||||||||||||||||
25
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2010
Detailed Property Summary
June 30, 2010
| Square | Annualized Rent | Percentage of Total | Increase | Lease | Maximum | |||||||||||||||||||||||
| Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage(f) | (in thousands) | Rent(f) | Factor | Expiration | Term | |||||||||||||||||
Juniper Networks, Inc. | 100% | Sunnyvale, CA | Industrial | Electronics | West | 50,311 | 628 | 0.68 | % | Fixed | Nov-2011 | Nov-2021 | ||||||||||||||||
BellSouth Telecommunications, Inc. | 100% | Fort Lauderdale, FL | Warehouse/Distribution | Telecommunications | South | 80,450 | 595 | 0.64 | % | Fixed | Jun-2016 | Jun-2021 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Alhambra, CA | Other | Healthcare, Education and Childcare | West | 2,262 | 58 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Tustin, CA | Other | Healthcare, Education and Childcare | West | 2,264 | 57 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Canton, MI | Other | Healthcare, Education and Childcare | Midwest | 2,311 | 52 | 0.06 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Chino, CA | Other | Healthcare, Education and Childcare | West | 2,166 | 50 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Carrollton, TX | Other | Healthcare, Education and Childcare | South | 2,438 | 50 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Duncanville, TX | Other | Healthcare, Education and Childcare | South | 2,438 | 50 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Lewisville, TX | Other | Healthcare, Education and Childcare | South | 2,440 | 50 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Garden Grove, CA | Other | Healthcare, Education and Childcare | West | 2,848 | 49 | 0.05 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Tucson, AZ | Other | Healthcare, Education and Childcare | West | 2,165 | 40 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Chandler, AZ | Other | Healthcare, Education and Childcare | West | 2,026 | 38 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Westland, MI | Other | Healthcare, Education and Childcare | Midwest | 2,787 | 38 | 0.04 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
| Childtime Childcare, Inc. | 34% | Westland, MI | Other | Healthcare, Education and Childcare | Midwest | 2,472 | 29 | 0.03 | % | CPI | Jan-2016 | Jan-2041 | ||||||||||||||||
Childtime Childcare, Inc. Total | 28,617 | 561 | 0.61 | % | ||||||||||||||||||||||||
Alcoa, Inc.(g) | 100% | Salisbury, NC | Warehouse/Distribution | Machinery | East | 200,000 | 519 | 0.56 | % | Fixed | Jun-2010 | Jun-2020 | ||||||||||||||||
| United Stationers Supply Company | 100% | San Antonio, TX | Warehouse/Distribution | Forest Products and Paper | South | 63,098 | 252 | 0.27 | % | CPI | Mar-2014 | Mar-2017 | ||||||||||||||||
| United Stationers Supply Company | 100% | New Orleans, LA | Warehouse/Distribution | Forest Products and Paper | South | 59,000 | 238 | 0.26 | % | CPI | Sep-2012 | Sep-2012 | ||||||||||||||||
United Stationers Supply Company Total | 122,098 | 490 | 0.53 | % | ||||||||||||||||||||||||
Alstom Power | 100% | Erlanger, KY | Warehouse/Distribution | Business and Commercial Services | East | 197,400 | 485 | 0.52 | % | Fixed | Jun-2017 | Jun-2020 | ||||||||||||||||
Jada Toys, Inc. | 100% | City of Industry, CA | Industrial | Consumer Non-durable Goods | West | 92,595 | 485 | 0.52 | % | Fixed | Apr-2012 | Apr-2017 | ||||||||||||||||
| Petrocon Engineering, Inc. | 100% | Beaumont, TX | Office | Business and Commercial Services | South | 34,300 | 317 | 0.34 | % | Fixed | Dec-2011 | Dec-2014 | ||||||||||||||||
| Petrocon Engineering, Inc. | 100% | Beaumont, TX | Office | Business and Commercial Services | South | 8,580 | 79 | 0.09 | % | Fixed | Dec-2011 | Dec-2014 | ||||||||||||||||
Petrocon Engineering, Inc. Total | 42,880 | 396 | 0.43 | % | ||||||||||||||||||||||||
| Kmart Corporation | 100% | Drayton Plains, MI | Retail | Retail Trade | Midwest | 103,018 | 210 | 0.23 | % | None | Mar-2016 | Mar-2026 | ||||||||||||||||
| Kmart Corporation | 100% | Citrus Heights, CA | Retail | Retail Trade | West | 89,760 | 180 | 0.19 | % | None | May-2011 | May-2026 | ||||||||||||||||
Kmart Corporation Total | 192,778 | 390 | 0.42 | % | ||||||||||||||||||||||||
Pioneer Credit Recovery, Inc. | 100% | Moorestown, NJ | Office | Business and Commercial Services | East | 30,000 | 390 | 0.42 | % | Fixed | Apr-2012 | Apr-2018 | ||||||||||||||||
Faurecia Exhaust Systems | 100% | Toledo, OH | Office | Automobile | Midwest | 61,000 | 387 | 0.42 | % | CPI | Nov-2022 | Nov-2022 | ||||||||||||||||
Wal-Mart Stores, Inc. | 100% | Greenfield, IN | Warehouse/Distribution | Retail Trade | Midwest | 82,620 | 330 | 0.36 | % | None | Jan-2020 | Jan-2025 | ||||||||||||||||
S&ME, Inc. | 100% | Raleigh, NC | Office | Business and Commercial Services | East | 27,770 | 328 | 0.35 | % | Fixed | Jul-2016 | Jul-2026 | ||||||||||||||||
3E Trading LLC | 100% | West Mifflin, PA | Retail | Consumer Non-durable Goods | East | 121,053 | 303 | 0.33 | % | None | Aug-2010 | Aug-2010 | ||||||||||||||||
Tubular Metal Systems | 100% | Pinconning, MI | Industrial | Automobile | Midwest | 220,588 | 298 | 0.32 | % | CPI | Jul-2013 | Dec-2022 | ||||||||||||||||
| Qwest Communications, Inc. | 100% | Scottsdale, AZ | Industrial | Telecommunications | West | 2,900 | 178 | 0.19 | % | Fixed | Feb-2012 | Feb-2017 | ||||||||||||||||
| Qwest Communications, Inc. | 100% | Scottsdale, AZ | Industrial | Telecommunications | West | 1,560 | 96 | 0.10 | % | Fixed | Feb-2012 | Feb-2017 | ||||||||||||||||
Qwest Communications, Inc. Total | 4,460 | 274 | 0.30 | % | ||||||||||||||||||||||||
Penberthy, Inc. | 100% | Prophetstown, IL | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 161,878 | 269 | 0.29 | % | CPI | Apr-2011 | Apr-2026 | ||||||||||||||||
Deloro Satellite Company, Inc. | 100% | Goshen, IN | Industrial | Mining, Metals, and Primary Metal Industries | Midwest | 52,000 | 260 | 0.28 | % | Fixed | Feb-2018 | Feb-2023 | ||||||||||||||||
Fairpoint Communications, Inc. | 100% | Milton, VT | Industrial | Telecommunications | East | 30,624 | 221 | 0.24 | % | Fixed | Feb-2013 | Feb-2013 | ||||||||||||||||
Multi-Tenant Building | 100% | Broomfield, CO | Office | Various | West | 40,296 | 205 | 0.22 | % | Various | Nov-2013 | Nov-2013 | ||||||||||||||||
Lincoln Technical Institute, Inc. | 100% | Moorestown, NJ | Office | Healthcare, Education and Childcare | East | 35,567 | 203 | — | Fixed | Apr-2025 | Apr-2025 | |||||||||||||||||
Continental Airlines, Inc. | 100% | Houston, TX | Warehouse/Distribution | Transportation - Personal | South | 25,125 | 201 | 0.22 | % | Fixed | Jul-2013 | Jul-2013 | ||||||||||||||||
Xerox Corporation | 100% | Hot Springs, AR | Retail | Machinery | South | 36,850 | 190 | 0.21 | % | Fixed | May-2011 | May-2021 | ||||||||||||||||
Candle Lamp Company, LLC | 100% | Memphis, TN | Warehouse/Distribution | Consumer Non-durable Goods | South | 75,000 | 188 | 0.20 | % | CPI | Mar-2014 | Mar-2014 | ||||||||||||||||
Winn-Dixie Stores, Inc. | 100% | Brewton, AL | Retail | Grocery | South | 30,625 | 134 | 0.14 | % | None | Oct-2010 | Oct-2030 | ||||||||||||||||
| Golder Associates Inc. | 100% | Houston, TX | Office | Business and Commercial Services | South | 8,066 | 75 | 0.08 | % | Fixed | Oct-2010 | Oct-2020 | ||||||||||||||||
| Golder Associates Inc. | 100% | Houston, TX | Office | Business and Commercial Services | South | 3,330 | 32 | 0.03 | % | Fixed | Oct-2010 | Oct-2020 | ||||||||||||||||
Golder Associates Inc. Total | 11,396 | 107 | 0.12 | % | ||||||||||||||||||||||||
26
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2010
Detailed Property Summary
June 30, 2010
| Square | Annualized Rent | Percentage of Total | Increase | Lease | Maximum | |||||||||||||||||||||||
| Tenant/Lease Guarantor | Percent Ownership | Property Location | Property Type | Tenant Industry | Region | Footage(f) | (in thousands) | Rent(f) | Factor | Expiration | Term | |||||||||||||||||
Raytheon Company | 100% | Webster, TX | Industrial | Business and Commercial Services | South | 9,138 | 82 | 0.09 | % | Fixed | Jul-2011 | Jul-2025 | ||||||||||||||||
Kenyon International Emergency Services | 100% | Houston, TX | Warehouse/Distribution | Healthcare, Education and Childcare | South | 17,725 | 96 | 0.10 | % | None | Oct-2014 | Oct-2019 | ||||||||||||||||
Olmsted Kirk Paper Co. | 100% | Beaumont, TX | Office | Forest Products and Paper | South | 5,760 | 47 | 0.05 | % | Fixed | Dec-2017 | Dec-2022 | ||||||||||||||||
RGIS, LLC | 100% | Bloomingdale, IL | Office | Business and Commercial Services | Midwest | 2,550 | 45 | 0.05 | % | Fixed | Nov-2011 | Nov-2011 | ||||||||||||||||
SBH Holdings, LLC | 100% | Houston, TX | Office | Healthcare, Education and Childcare | South | 5,632 | 44 | 0.05 | % | Fixed | Aug-2013 | Aug-2016 | ||||||||||||||||
Cypress Creek Partners, LLC | 100% | Little Rock, AR | Retail | Grocery | South | 21,932 | 35 | 0.04 | % | None | Mar-2017 | Mar-2022 | ||||||||||||||||
Jerry Prater Trucking Incorporated | 100% | Salisbury, NC | Industrial | Transportation - Cargo | East | 13,284 | 28 | 0.03 | % | Fixed | Sep-2010 | Sep-2012 | ||||||||||||||||
Pittsburgh Institute of Aeronautics(d) | 100% | West Mifflin, PA | Retail | Transportation - Personal | East | 1 | 20 | 0.02 | % | None | MTM | MTM | ||||||||||||||||
Florida Central Railroad Company | 100% | Apopka, FL | Industrial | Transportation - Cargo | South | 5,292 | 15 | 0.02 | % | None | Mar-2020 | Mar-2020 | ||||||||||||||||
Classic Cuisines Catering | 100% | Bloomingdale, IL | Office | Hotels and Gaming | Midwest | 1,000 | 10 | 0.01 | % | None | Apr-2011 | Apr-2011 | ||||||||||||||||
Action Buys Cars, Inc.(d) | 100% | Montgomery, AL | Retail | Retail Trade | South | 1 | 10 | 0.01 | % | None | MTM | MTM | ||||||||||||||||
Common Area Space | 100% | Bloomingdale, IL | Office | N/A | Midwest | 14,084 | — | 0.00 | % | None | Nov-2010 | Nov-2010 | ||||||||||||||||
| Vacant | 100% | Charlotte, NC | Industrial | N/A | East | 437,500 | — | — | 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% | Salisbury, NC | Warehouse/Distribution | N/A | East | 87,000 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Bridgeton, MO | Office | N/A | Midwest | 78,080 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Little Rock, AR | Retail | N/A | South | 64,358 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Broomfield, CO | Office | N/A | West | 61,489 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Bloomingdale, IL | Office | N/A | Midwest | 38,366 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 95% | Tours, France | Office | N/A | Europe | 36,011 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Montgomery, AL | Retail | N/A | South | 32,690 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Houston, TX | Office | N/A | South | 32,613 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Houston, TX | Warehouse/Distribution | N/A | South | 32,320 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Webster, TX | Industrial | N/A | South | 23,214 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 100% | Salisbury, NC | Office | N/A | East | 10,681 | — | — | N/A | N/A | N/A | |||||||||||||||||
| Vacant | 75% | Illkirch-Graffenstaden, France | Office | N/A | Europe | 8,330 | — | — | N/A | N/A | N/A | |||||||||||||||||
Vacant Total | 1,182,652 | — | — | |||||||||||||||||||||||||
Grand Total(e) | 14,120,564 | $ | 92,577 | 100 | % | |||||||||||||||||||||||
| (a) | Rents reflect a conversion rate of 1.2208 USD/EUR as of June 30, 2010. | |
| (b) | INSEE construction index, an index published quarterly by the French Government. | |
| (c) | In July 2010, we sold the properties for a total price of approximately $5.6 million. | |
| (d) | Tenant is occupying property on a month-to-month (MTM) basis. | |
| (e) | 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. | |
| (f) | Numbers may not add due to rounding. | |
| (g) | The tenant vacated the property on July 1, 2010. |
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