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Press Release

W. P. Carey Announces Fourth Quarter and Year-End 2013 Financial Results

Company Release - 3/3/2014 8:30 AM ET

NEW YORK, March 3, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) ("W. P. Carey" or the "Company"), a global net-lease real estate investment trust ("REIT"), today reported financial results for the fourth quarter and full year ended December 31, 2013.

W. P. Carey Inc. logo

During 2013, the Company:

  • Generated Funds from operations—as adjusted ("AFFO") of $1.12 per diluted share and $4.22 per diluted share for the fourth quarter and full year, respectively
  • Acquired seven properties for a total of $347.1 million
  • Structured $1.4 billion of investments on behalf of the Managed REITs
  • Raised its annualized dividend rate to $3.48 per share in the fourth quarter, an increase of 31.8% over the fourth quarter of 2012 and the Company's 51st consecutive quarterly increase
  • Declared a special distribution of $0.11 per share in the fourth quarter
  • Generated a total shareholder return of approximately 23.0% for the full year

Subsequent to year-end, the Company:

  • Completed its merger with CPA®:16 – Global, valued at approximately $4.0 billion
  • Received investment grade corporate ratings of BBB and Baa2 from Standard & Poor's Ratings Services and Moody's Investors Service, respectively
  • Closed on a new credit agreement that increased the capacity of its unsecured line of credit from $625.0 million to $1.25 billion, comprised of a $1.0 billion revolving line of credit and a $250.0 million term loan

QUARTERLY AND FULL YEAR RESULTS

  • AFFO for the fourth quarter of 2013 was $78.1 million, or $1.12 per diluted share, compared to $78.8 million, or $1.13 per diluted share, for the fourth quarter of 2012. For the 2013 full year, AFFO was $294.2 million, or $4.22 per diluted share, compared to $180.6 million, or $3.76 per diluted share, for the 2012 full year, an increase of $113.6 million and $0.46 per diluted share, respectively, due primarily to income from properties acquired in the Company's merger with CPA®:15, which closed on September 28, 2012 (the "CPA®:15 Merger"), partially offset by the cessation of asset management revenue received from CPA®:15 upon completion of the CPA®:15 Merger. Per share data for the 2013 periods also reflects the issuance of approximately 28.2 million shares in connection with the CPA®:15 Merger to stockholders of CPA®:15. Further information concerning AFFO, a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
  • Total revenues net of reimbursed expenses for the fourth quarter of 2013 were $116.1 million, compared to $121.7 million for the fourth quarter of 2012, a decline of $5.6 million due primarily to lower acquisition volume in the fourth quarter of 2013. For the 2013 full year, total revenues net of reimbursed expenses were $416.3 million, compared to $254.1 million for 2012, an increase of $162.2 million, due primarily to income from properties acquired in the CPA®:15 Merger and newly acquired properties in the fourth quarter of 2012 and full year 2013. Reimbursed expenses are excluded from total revenues because they have no impact on net income.
  • Net Income for the fourth quarter of 2013 was $23.0 million, compared to $15.5 million for the same period in 2012. Net Income for the year ended December 31, 2013 was $98.9 million, compared to $62.1 million for the prior year.
  • For the fourth quarter and full year ended December 31, 2013, the Company received approximately $17.6 million and $62.4 million, respectively, in cash distributions from its equity ownership in the Managed REITs. Included in these amounts were $10.2 million and $34.1 million, respectively, in Available Cash distributions related to the Company's special general partnership interests in the Managed REITs.

W. P. CAREY OWNED PORTFOLIO UPDATE

  • W. P. Carey completed two transactions for a total investment of $98.6 million during the fourth quarter of 2013 and seven transactions for a total investment of $347.1 million for the 2013 full year.
  • During the fourth quarter of 2013, the Company disposed of 20 properties for total proceeds of $118.0 million, 19 of which were self-storage properties disposed of in a single transaction. For the 2013 full year, the Company sold 28 properties for total proceeds of $175.6 million.
  • As of January 31, 2014, following the closing of the Company's merger with CPA®:16 – Global (the "CPA®:16 Merger"), the W. P. Carey owned portfolio consisted primarily of 702 leased properties, comprising 83.6 million square feet leased to 232 tenants. At that date, the average lease term of the combined portfolio was 8.9 years and the occupancy rate was 98.4%.

W. P. CAREY MANAGED PORTFOLIO UPDATE

  • W. P. Carey is the advisor to the Managed REITs, including the CPA® REITs (currently CPA®:17 – Global and CPA®:18 – Global) and Carey Watermark Investors Incorporated ("CWI"). As of December 31, 2013, excluding CPA®:16 – Global, the Managed REITs had aggregate real estate assets of approximately $5.7 billion, cash of approximately $0.6 billion and total assets of $6.3 billion. The average occupancy rate for the 35.4 million square feet owned by the CPA® REITs at December 31, 2013, exclusive of CPA®:16 – Global, was 99.9%.
    • CPA®:17 – Global: During the fourth quarter of 2013, the Company structured eight new investments totaling $124.0 million on behalf of CPA®:17 – Global, bringing the total for the 2013 full year to $515.0 million.
    • CPA®:18 – Global: For the 2013 full year, CPA®:18 – Global, the Company's newest publicly-registered non-traded REIT offering, raised approximately $237.3 million, during which time the Company structured three investments on its behalf totaling $152.0 million. For the year-to-date period ended February 28, 2014, the Company structured six transactions on behalf of CPA®:18 – Global, totaling approximately $212.1 million.
    • CWI: For the 2013 full year, CWI invested in 12 hotels for a total of $745.3 million, including investments in two hotels during the fourth quarter of 2013 totaling $272.4 million. On December 20, 2013, CWI commenced a follow-on public offering of up to an additional $350.0 million of its common stock and an additional $300.0 million in shares of common stock through its distribution reinvestment plan.

MERGER WITH CPA®:16 – GLOBAL

  • On January 31, 2014, W. P. Carey issued approximately 30.7 million shares in connection with the consummation of the merger of its publicly held, non-traded REIT affiliate, CPA®:16 – Global, with and into a subsidiary of W. P. Carey in a transaction valued at approximately $4.0 billion, including debt. At the close of the merger, W. P. Carey had an equity market capitalization of approximately $5.9 billion and a total enterprise value of approximately $9.6 billion.

AFFO GUIDANCE

  • The Company maintains its previously announced AFFO guidance of between $4.40 to $4.65 per diluted share for the 2014 full year. This guidance range reflects certain assumptions, as described in an 8-K filing on January 27, 2014, including approximately $1.5 billion of total acquisitions, with approximately $1.3 billion in acquisitions for the Managed REITs, and anticipated asset dispositions.

DIVIDENDS

  • As previously announced, the W. P. Carey Board of Directors raised the quarterly cash dividend to $0.87 per share for the fourth quarter of 2013, representing a 31.8% increase over the fourth quarter of 2012 and the Company's 51st consecutive quarterly increase. The quarterly dividend was paid on January 15, 2014 to stockholders of record as of December 31, 2013. In addition, as previously announced, the W. P. Carey Board of Directors declared a special distribution of $0.11 per share in order to distribute its 2013 taxable income to stockholders, which was also paid on January 15, 2014 to stockholders of record as of December 31, 2013.

MANAGEMENT COMMENTARY

"During the fourth quarter of 2013 we delivered our fifty-first consecutive quarterly dividend increase, raising it to an annualized equivalent rate of $3.48 per share, up 31.8% from the year-ago quarter, and for the full year generated a total shareholder return of approximately 23.0%," said W. P. Carey President and CEO Trevor Bond. "Furthermore, early in 2014 we completed a number of strategic steps designed to deliver long-term growth for our shareholders and position the company for enhanced access to capital markets. Specifically, we closed our merger with CPA®:16 – Global, increased the capacity of our unsecured line of credit and obtained investment grade corporate ratings from both Moody's and Standard & Poor's."

Conference Call and Audio Webcast Scheduled for 11:00 AM (ET)
Please call at least 10 minutes prior to call to register.
Time: Monday, March 3, 2014 at 11:00 AM (ET)
Call-in Number: +1-877-317-6789
(International) +1-412-317-6789
Webcast: www.wpcarey.com/earnings
Podcast: www.wpcarey.com/podcast
Available after 2:00 PM (ET)
Replay Number: 877-344-7529
(International) + 1-412-317-0088
Replay Passcode: 10039695
Replay available until March 13, 2014 at 9:00 AM (ET).

W. P. Carey Inc.  
W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company's owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013. Its 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. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades.
www.wpcarey.com

Cautionary Statement Concerning Forward-Looking Statements:

Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Act and the Exchange Act, both as amended by the Private Securities Litigation Reform Act of 1995.  The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "assume," "outlook," "seek," "plan," "believe," "expect," "anticipate," "intend," "estimate," "forecast" and other comparable terms.  These forward-looking statements include, but are not limited to, statements regarding the benefits of the CPA®:16 Merger, annualized dividends, funds from operations coverage, integration plans and expected synergies, and anticipated future financial and operating performance and results, including estimates of growth.  These statements are based on the current expectations of the management of W. P. Carey.  It is important to note that the actual results of W. P. Carey could be materially different from those projected in such forward-looking statements.  There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of W. P. Carey.  Discussions of some of these other important factors and assumptions are contained in W. P. Carey's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Item 1A.  Risk Factors in W. P. Carey's Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the SEC on March 3, 2014.  In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise.  Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.



W. P. CAREY INC.

 

Financial Highlights (Unaudited)
(in thousands, except per share amounts)

 

These financial highlights include the non-GAAP financial measure, Funds from operations—as adjusted ("AFFO"). A description of this non-GAAP financial measure and a reconciliation to its most directly comparable GAAP measure is provided on the following pages.

 


Three Months Ended December 31,


Years Ended December 31,


2013


2012


2013


2012

Net Income

$

23,022



$

15,477



$

98,876



$

62,132














AFFO from real estate ownership

$

66,770



$

64,706



$

263,657



$

159,511


AFFO from investment management


11,343




14,116




30,494




21,120


Total AFFO

$

78,113



$

78,822



$

294,151



$

180,631














Per Share (Diluted)












Net Income

$

0.33



$

0.22



$

1.41



$

1.28














AFFO from real estate ownership

$

0.96



$

0.93



$

3.78



$

3.32


AFFO from investment management


0.16




0.20




0.44




0.44


Total AFFO

$

1.12



$

1.13



$

4.22



$

3.76














 

 

W. P. CAREY INC.











CONSOLIDATED BALANCE SHEETS

(in thousands)






 

December 31,






2013


2012

Assets






Investments in real estate:








Real estate, at cost

$

2,516,325



$

2,334,488




Operating real estate, at cost


6,024




99,703




Accumulated depreciation


(168,958)




(136,068)


Net investments in properties


2,353,391




2,298,123


Net investments in direct financing leases


363,420




376,005


Assets held for sale


86,823




1,445


Equity investments in real estate and the Managed REITs


530,020




565,626


Net investments in real estate


3,333,654




3,241,199


Cash and cash equivalents


117,519




123,904


Due from affiliates


32,034




36,002


Goodwill


350,208




329,132


In place lease intangible assets, net


467,127




447,278


Above-market rent intangible assets, net


241,975




279,885


Other assets, net


136,433




151,642






Total assets

$

4,678,950



$

4,609,042












Liabilities and Equity






Liabilities:






Non-recourse debt

$

1,492,410



$

1,715,397


Senior credit facility and unsecured term loan


575,000




253,000


Below-market rent and other intangible liabilities


128,202




106,448


Accounts payable, accrued expenses and other liabilities


161,369




158,684


Income taxes, net


44,056




24,959


Distributions payable


67,746




45,700






Total liabilities


2,468,783




2,304,188


Redeemable noncontrolling interest


7,436




7,531


Redeemable securities - related party





40,000








Equity:






W. P. Carey stockholders' equity:






Preferred stock (None issued)






Common stock


69




69


Additional paid-in capital


2,256,503




2,175,820


Distributions in excess of accumulated earnings


(318,577)




(172,182)


Deferred compensation obligation


11,354




8,358


Accumulated other comprehensive income (loss)


15,336




(4,649)


Less: treasury stock at cost


(60,270)




(20,270)






Total W. P. Carey stockholders' equity


1,904,415




1,987,146


Noncontrolling interests


298,316




270,177






Total equity


2,202,731




2,257,323






Total liabilities and equity

$

4,678,950



$

4,609,042


 

 

 

W. P. CAREY INC.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)

 


Years Ended December 31,


2013


2012


2011

Revenues






Lease revenues:






   Rental income

$

262,330



$

104,079



$

49,618


   Interest income from direct financing leases

37,294



15,217



10,278


Total lease revenues

299,624



119,296



59,896


Reimbursed costs from affiliates

73,572



98,245



64,829


Structuring revenue from affiliates

46,589



48,355



46,831


Asset management revenue from affiliates

42,670



56,666



66,808


Other real estate income

16,341



9,885



7,168


Dealer manager fees from affiliates

10,856



19,914



11,664


Incentive, termination and subordinated disposition revenue from affiliates

199





52,515



489,851



352,361



309,711


Operating Expenses






Depreciation and amortization

121,822



44,427



20,481


General and administrative

84,112



86,916



75,850


Reimbursable costs

73,572



98,245



64,829


Stock-based compensation expenses

37,280



26,241



17,750


Property expenses

20,840



11,534



8,852


Merger and acquisition expenses

9,230



31,639



33


Other real estate expenses

556



489



478


Impairment charges

5,294





(1,365)



352,706



299,491



186,908


Other Income and Expenses






Net income from equity investments in real estate and the Managed REITs

52,731



62,392



51,228


Other income and (expenses)

7,997



3,396



4,579


Other interest income

1,092



1,332



1,996


Gain on change in control of interests



20,744



27,859


Interest expense

(103,728)



(46,448)



(18,210)



(41,908)



41,416



67,452


Income from continuing operations before income taxes

95,237



94,286



190,255


Provision for income taxes

(1,252)



(6,772)



(37,214)


Income from continuing operations

93,985



87,514



153,041


Discontinued Operations






Gain (loss) on sale of real estate, net of tax

40,043



(5,015)



(3,391)


Income from operations of discontinued properties, net of tax

8,967



3,242



318


Gain on deconsolidation of a subsidiary, net of tax





1,008


Impairment charges, net of tax

(8,415)



(22,962)



(11,838)


Loss on extinguishment of debt, net of tax

(2,415)






Income (loss) from discontinued operations, net of tax

38,180



(24,735)



(13,903)


Net Income

132,165



62,779



139,138


Net (income) loss attributable to noncontrolling interests

(32,936)



(607)



1,864


Net income attributable to redeemable noncontrolling interests

(353)



(40)



(1,923)


Net Income Attributable to W. P. Carey

$

98,876



$

62,132



$

139,079


Basic Earnings Per Share






Income from continuing operations attributable to W. P. Carey

$

1.22



$

1.83



$

3.78


Income (loss) from discontinued operations attributable to W. P. Carey

0.21



(0.53)



(0.34)


Net income attributable to W. P. Carey

$

1.43



$

1.30



$

3.44


Diluted Earnings Per Share






Income from continuing operations attributable to W. P. Carey

$

1.21



$

1.80



$

3.76


Income (loss) from discontinued operations attributable to W. P. Carey

0.20



(0.52)



(0.34)


Net income attributable to W. P. Carey

$

1.41



$

1.28



$

3.42


Weighted Average Shares Outstanding






Basic

68,691,046



47,389,460



39,819,475


Diluted

69,708,008



48,078,474



40,098,095


Amounts Attributable to W. P. Carey






Income from continuing operations, net of tax

$

84,637



$

87,571



$

153,011


Income (loss) from discontinued operations, net of tax

14,239



(25,439)



(13,932)


Net income attributable to W. P. Carey

$

98,876



$

62,132



$

139,079


 

 

 

W. P. CAREY INC.

Reconciliation of Net Income to Funds From Operations –– as adjusted (AFFO) (Unaudited)

(in thousands, except share and per share amounts)

 

 

 






















Three Months Ended December 31,


Years Ended December 31,






2013


2012


2013


2012

Real Estate Ownership













Net income from real estate ownership attributable to W. P. Carey


$

21,021



$

5,507



$

94,515



$

44,895



Adjustments:















Depreciation and amortization of real property



31,390




28,652




121,730




45,982




Impairment charges



6,790




10,700




13,156




22,962




(Gain) loss on sale of real estate, net



(39,422)




4,240




(39,711)




2,676




Proportionate share of adjustments to equity in net income of

   partially-owned entities to arrive at FFO



4,917




3,211




(5,868)




(9,688)




Proportionate share of adjustments for noncontrolling interests

   to arrive at FFO



18,549




(4,235)




5,783




(5,504)





Total adjustments



22,224




42,568




95,090




56,428


FFO (as defined by NAREIT) - Real Estate Ownership



43,245




48,075




189,605




101,323



Adjustments:















Loss (gain) on change in control of interests (a)






60







(20,734)




Loss on extinguishment of debt



1,399




10




1,189







Other gains, net



(97)




(12)




(399)




(2)




Other depreciation, amortization and non-cash charges



88




(1,556)




(334)




(1,662)




Stock-based compensation



(997)




211




347




211




Deferred tax benefit



(3,777)




(644)




(5,555)




(2,745)




Acquisition expenses (b)



89







4,074







Realized losses on foreign currency, derivatives and other



503




171




724




828




Amortization of deferred financing costs



792




468




2,565




1,843




Straight-line and other rent adjustments



(1,643)




(2,248)




(8,019)




(4,446)




Above- and below-market rent intangible lease amortization, net



7,374




7,534




29,197




7,696




CPA®:15 Merger and CPA®:16 Merger expenses (c)



2,238




1,049




5,030




41,338




Proportionate share of adjustments to equity in net income of

   partially-owned entities to arrive at AFFO



398




123




1,261




(681)





AFFO adjustments to equity earnings from equity investments



10,659




11,971




41,587




37,234





Hellweg 2 restructuring (d)



8,357







8,357







Proportionate share of adjustments for noncontrolling interests to

   arrive at AFFO



(1,858)




(506)




(5,972)




(692)





Total adjustments



23,525




16,631




74,052




58,188


AFFO - Real Estate Ownership


$

66,770



$

64,706



$

263,657



$

159,511


















Investment Management













Net income from investment management attributable to W. P. Carey


$

2,001



$

9,970



$

4,361



$

17,237


FFO (as defined by NAREIT) - Investment Management



2,001




9,970




4,361




17,237



Adjustments:















Other depreciation, amortization and other non-cash charges



271




226




1,050




961




Stock-based compensation



12,761




6,281




36,848




25,841




Deferred tax benefit



(4,703)




(2,625)




(13,815)




(24,055)




Impairment charge on marketable security



553







553







Realized gains on foreign currency



(4)




(55)




(7)




(61)




Amortization of deferred financing costs



464




319




1,504




1,197





Total adjustments



9,342




4,146




26,133




3,883


AFFO - Investment Management


$

11,343



$

14,116



$

30,494



$

21,120


















Total Company













FFO (as defined by NAREIT)


$

45,246



$

58,045



$

193,966



$

118,560


FFO (as defined by NAREIT) per diluted share


$

0.65



$

0.84



$

2.78



$

2.47


AFFO


$

78,113



$

78,822



$

294,151



$

180,631


AFFO per diluted share


$

1.12



$

1.13



$

4.22



$

3.76


Diluted weighted average shares outstanding



69,628,498




69,505,871




69,708,008




48,078,474


__________

(a) 

Gain on change in control of interests for the year ended December 31, 2012 represents a gain of $14.6 million recognized on our previously held interest in shares of CPA®:15 common stock, and a gain of $6.1 million recognized on the purchase of the remaining interests in five investments from CPA®:15, which we had previously accounted for under the equity method. We recognized a net gain of $20.7 million to adjust the carrying value of our existing interests in these investments to their estimated fair values.

(b)  

Prior to the second quarter of 2013, this amount was insignificant and therefore not included in the AFFO calculation.

(c)  

Amount for the year ended December 31, 2012 included $31.7 million of general and administrative expenses and $9.6 million of income tax expenses incurred in connection with the CPA®:15 Merger.

(d)  

In connection with the Hellweg 2 restructuring in October 2013, our share of the German real estate transfer tax incurred by Hellweg 2 was $8.4 million.

Non-GAAP Financial Disclosure

     Funds from operations ("FFO") is a non-GAAP measure defined by the National Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as net income or loss (as computed in accordance with GAAP) excluding: depreciation and amortization expense from real estate assets, impairment charges on real estate, gains or losses from sales of depreciated real estate assets and extraordinary items; however FFO related to assets held for sale, sold or otherwise transferred and included in the results of discontinued operations are included. These adjustments also incorporate the pro rata share of unconsolidated subsidiaries. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers. Although NAREIT has published this definition of FFO, companies often modify this definition as they seek to provide financial measures that meaningfully reflect their distinctive operations.

     We modify the NAREIT computation of FFO to 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, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. 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 have no impact on cash flows. Additionally, we exclude acquisition expenses and non-core expenses such as, merger and restructuring expenses. Merger expenses are related to the CPA®:15 Merger and CPA®:16 Merger and restructuring expenses are related to the restructuring of Hellweg 2. We also exclude realized gain/losses on foreign exchange and derivatives which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process and excluding those items provides investors a view of our portfolio performance over time and make it more comparable to other REITs which are currently not engaged in acquisitions, mergers and restructurings which are not part of our normal business operations. We use AFFO as one measure of our operating performance when we formulate corporate goals, evaluate the effectiveness of our strategies, and determine executive compensation.

     We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess the sustainability of our operating performance without potentially distorting the impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations. We use our FFO and AFFO measures as supplemental financial measures of operating performance. We do not use our FFO and AFFO measures as, nor should they be considered to be, alternatives to net earnings computed under GAAP, as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash need.

COMPANY CONTACT:  

PRESS CONTACTS:


Peter Sands                 

Kristina McMenamin             

Guy Lawrence

W. P. Carey Inc.           

W. P. Carey Inc.                   

Ross & Lawrence

212-492-8989                

212-492-8995                       

212-308-3333

psands@wpcarey.com   

kmcmenamin@wpcarey.com  

gblawrence@rosslawpr.com 

 

Logo - http://photos.prnewswire.com/prnh/20130604/NY25517LOGO-b

SOURCE W. P. Carey Inc.

 

Investor Contacts

Institutional Investors

Peter Sands
Director of Institutional IR
W. P. Carey Inc.
1 (212) 492-1110
Email

Individual Investors

Investor Relations Department
1 (800) WP CAREY (972-2739)
Email

Transfer Agent

Computershare
W. P. Carey Inc.
Shareowner Services
PO Box 505000
Louisville, KY 40233-5000
1 (888) 200-8690

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