W. P. Carey Ends 2012 With Total Investment Volume of $1.4 Billion
Assets Under Ownership and Management Increase to $14 Billion
NEW YORK, NY -- (Marketwire) -- 01/16/13 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), announced 2012 investment volume, financing and leasing activities for its owned and managed portfolios. Investments totaled approximately $1.4 billion in 2012, comprised of approximately $152 million for W. P. Carey's owned portfolio and $1.2 billion for the publicly-held, non-traded REITs that it manages.
W. P. Carey Inc. -- Owned Portfolio
W. P. Carey Inc.'s completed acquisitions totaled approximately $152 million, including the remaining interest in an existing portfolio of 12 Marriott Hotels and five Walgreens retail stores in Alabama, Georgia, North Carolina, Texas and Virginia.
Financings by W. P. Carey consisted primarily of refinancings of its existing portfolio holdings totaling more than $75 million, including refinancings by CPA®:15 prior to its merger with W. P. Carey.
During 2012, W. P. Carey's leasing activities included renewals and extensions for its existing tenants as well as initial leases to new tenants. Total leasing activity comprised more than two million square feet leased to more than 20 tenants including US Airways, Dr. Pepper and FedEx, representing nearly $16 million in annual revenue, which extended the average lease term.
W. P. Carey Inc. -- Managed Portfolio
W. P. Carey derives fee and other income from the portfolios it manages on behalf of its non-traded REIT programs, including fees in respect of acquisitions and financing activities.
Transactions completed on behalf of W. P. Carey's non-traded REITs totaled more than $1.2 billion, encompassing more than 60 properties totaling more than six million square feet. The majority of these acquisitions were completed on behalf of one of W. P. Carey's non-traded REIT programs, CPA®:17 - Global Incorporated, including transactions with Blue Cross and Blue Shield of Minnesota; global engineering, construction and services company Kellogg Brown & Root; auto dealerships selling and servicing Mercedes Benz, Nissan, Chevrolet, Toyota, Scion, Dodge, Chrysler and Jeep vehicles; and Konzum, a subsidiary of Agrokor, Croatia's largest producer, processor, distributor and retailer of food and beverage products. Carey Watermark Investors (CWI), W. P. Carey's non-traded REIT focused on the lodging industry, invested in five hotels during 2012 for a total of approximately $170 million.
Debt financings of new investments totaled approximately $525 million and refinancings of existing portfolio holdings totaled approximately $115 million in aggregate.
During 2012, W. P. Carey's managed non-traded REIT programs raised more than $1 billion in aggregate equity capital. One of the REIT programs, CPA®:17 - Global, closed to new fundraising in December, with total equity raised over $2.8 billion since its inception in December 2007. CWI raised approximately $110.3 million in 2012, bringing total funds raised since the beginning of its initial public offering in September 2010 to approximately $157.5 million. W. P. Carey's wholly-owned broker/dealer subsidiary acts as dealer manager for these fundraising activities.
Commenting on the firm's 2012 accomplishments, W. P. Carey President and CEO Trevor Bond noted, "2012 was a significant year for W. P. Carey. As we mark our 40th anniversary and commence our first full year as a REIT, we reflect proudly on our history and achievements, most significantly the successful completion of our conversion to REIT status and our merger with CPA®:15 in September. Another achievement has been the growth of our assets under ownership and management, which are now approximately $14.1 billion in total, versus $5 billion just ten years ago. We believe our continuing ability to grow our assets under ownership and management has served us and our stakeholders well."
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $14.1 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Our portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled the Company to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the Company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the Company, reference is made to the Company's filings with the Securities and Exchange Commission.