NEW YORK, NY – December 29, 2000 – W. P. Carey & Co. LLC (NYSE: WPC), a leader in the ownership and net leasing of corporate properties, today announced that it has closed a record number of acquisitions during the fourth quarter, more than any other quarter in the history of the firm. Since the merger of W. P. Carey & Co., Inc. and Carey Diversified LLC in June 2000, the revenue stream of W. P. Carey & Co. LLC reflects both portfolio income as well as income from the management of four Real Estate Investment Trusts (REITs). Acquisitions for the private funds generate significant income for WPC.
Commenting on the record acquisition volume, Gordon F. DuGan, President and Chief Acquisition Officer of W. P. Carey, stated, "W. P. Carey has the credit-underwriting skills and expertise to be aggressive in a market when presented with significant opportunities. The growth in acquisition volume springs from the current atmosphere in capital markets with respect to a particular band in the credit spectrum and the expertise of our Independent Investment Committee. Increasingly, we are finding greater opportunities to build off of the success of our core business philosophies."
The record acquisition volume will lead to a record quarter for funds from operations (FFO). John J. Park, Chief Financial Officer of W. P. Carey, stated, "I expect funds from operations per share to achieve the highest number ever seen in the history of the firm. Percentage growth from the fourth quarter of 1999 should be in the double digits. The growth of our management business provides significant opportunities for our shareholders as they are able to participate directly in the rise of acquisition volume. All in all, the fourth quarter is excellent news for W. P. Carey and our shareholders."
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The firm and its affiliates is one of the largest lessors of net leased corporate real estate in the nation. W. P. Carey & Co. LLC (NYSE: WPC), the largest publicly traded Limited Liability Company in the world, owns and manages over 42 million square feet of property in the USA and Europe. Additional information about W. P. Carey is available on the company's Web site: 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.