Exhibit 99.1

REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Shareholders of
W. P. Carey & Co. LLC:

We have audited the accompanying combined statements of revenues and certain
expenses of the properties acquired by W. P. Carey & Co. LLC from Carey
Institutional Properties Incorporated (the Properties) for the years ended
December 31, 2003, 2002 and 2001 (the Statement). This Statement is the
responsibility of the management of W. P. Carey & Co. LLC. Our responsibility is
to express an opinion on the Statement based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the Statement is
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the Statement. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the Statement.
We believe that our audits provide a reasonable basis for our opinion.

The accompanying Statement has been prepared for the purpose of complying with
the rules and regulations of the Securities and Exchange Commission for
inclusion in Form 8-K of W. P. Carey & Co. LLC. Material amounts, as described
in Note 1 to the Statement, that would not be comparable to those resulting from
the proposed future operations of the Properties are excluded and the Statement
is not intended to be a complete presentation of the revenues and expenses of
the Properties.

In our opinion, the Statement referred to above presents fairly, in all
material respects, the revenues and certain expenses of the Properties for
the years ended December 31, 2003, 2002 and 2001, in conformity with
accounting principles generally accepted in the United States of America.

/s/ PricewaterhouseCoopers LLP

New York, New York
November 12, 2004

W. P. CAREY & CO. LLC
COMBINED STATEMENTS OF REVENUES AND CERTAIN EXPENSES
(in thousands)

<Table>

For the Six Months For the Year Ended
Ended June 30, December 31,
---------------------------------- ---------------------------------------------
2004 2003 2003 2002 2001
------- ------- ------- ------- -------
(Unaudited)
<Caption>

Revenues:
Rental revenues ................................. $ 6,582 $ 6,607 $13,289 $12,804 $12,756
Other ........................................... 17 58 87 1 372
------- ------- ------- ------- -------
6,599 6,665 13,376 12,805 13,128
------- ------- ------- ------- -------

Certain expenses:
Property ........................................ 189 243 428 342 273
Other ........................................... 2 -- -- -- 21
------- ------- ------- ------- -------
191 243 428 342 294
------- ------- ------- ------- -------

Revenues in excess of certain
expenses ........................................ $ 6,408 $ 6,422 $12,948 $12,463 $12,834
======= ======= ======= ======= =======

</Table>
The accompanying notes are an integral part of these statements.

W.P. CAREY & CO.
NOTES TO COMBINED STATEMENTS OF REVENUES AND CERTAIN EXPENSES
(in thousands)

1. ACQUISITION OF PROPERTIES, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING
POLICIES

Acquisition of properties:
- -------------------------

On September 1, 2004, W. P. Carey & Co. LLC (the "Company") acquired 17
properties from Carey Institutional Properties Incorporated ("CIP"), an
affiliate, in connection with CIP's merger with Corporate Property Associates 15
Incorporated, an affiliate. Except for one property which is vacant, the
properties acquired are generally commercial and industrial properties net
leased on a single tenant basis.

Basis of presentation:
- ---------------------

The accompanying combined statements of revenues and certain expenses have been
prepared for the purpose of complying with certain rules and regulations of the
Securities and Exchange Commission and are not intended to be a complete
presentation of the actual operations of the properties for the periods
presented. Certain items may not be comparable to the future operations of the
properties. Excluded items consist of interest expense, depreciation and
amortization, and other costs not directly related to the future operations of
the properties. In the future there may be interest expense, depreciation and/or
amortization expenses associated with these properties.

The combined statements of revenues and certain expenses for the six months
ended June 30, 2004 and 2003 are unaudited. In the opinion of management, such
financial statements reflect all necessary adjustments for a presentation of the
revenues and certain expenses of the respective interim periods. All such
adjustments are of a normal recurring nature.

Revenue recognition:
- -------------------

The properties recognize rental revenue in accordance with the contractual
provisions of the leases over their respective terms. The properties also
recognize revenue for late fees and reimbursable costs that are included in
other revenue as earned.

Use of estimates:
- ----------------

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.

2. REVENUES

Revenue is principally obtained from tenant rentals on a net lease basis whereby
the tenant is responsible for substantially all operating expenses relating to
the property including real estate

W. P. CAREY & CO. LLC

NOTES TO COMBINED STATEMENTS OF
REVENUES AND CERTAIN EXPENSES (Continued)
(in thousands)

taxes, insurance and maintenance and repairs. The leases have remaining current
lease terms that expire between September 2004 and December 2014. For the
purpose of these financial statements, rental revenues include lease revenues
from leases classified as operating leases, interest income from direct
financing leases and the Company's proportionate share of lease revenues from
its equity investments.

Rental revenues are comprised as follows:

<Table>
<Caption>
For the Six Months For the Year Ended
Ended June 30, December 31,
------------------------ ----------------------------------------
2004 2003 2003 2002 2001
------- ------- ------- ------- -------
(Unaudited)

Rental income ...................................... $ 5,155 $ 5,180 $10,435 $ 9,970 $ 9,922
Interest income from direct
financing leases ................................ 691 691 1,382 1,362 1,362
Income from equity investments ..................... 736 736 1,472 1,472 1,472
------- ------- ------- ------- -------
$ 6,582 $ 6,607 $13,289 $12,804 $12,756
======= ======= ======= ======= =======

Future minimum rents to be received under noncancelable leases in effect are as follows:

Year Ending December 31:
------------------------
2004 $12,813
2005 12,799
2006 12,300
2007 18,755
2008 5,471
Thereafter 10,176

</Table>