NEW YORK, NY -- (MARKET WIRE) -- 11/04/10 --
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the third quarter ended September
30, 2010.
QUARTERLY AND NINE-MONTH RESULTS
- Funds from operations -- as adjusted (AFFO) for the third quarter of
2010 was $27.6 million or $0.69 per diluted share compared to $30.2 million
or $0.75 per diluted share for the third quarter of 2009. AFFO for the nine
months ended September 30, 2010 was $94.6 million or $2.38 per diluted
share, compared to $89.2 million or $2.24 per diluted share for the
comparable period in 2009.
- Cash flow from operating activities for the nine months ended September
30, 2010 was $52.3 million compared to $49.4 million for the prior year
period, while adjusted cash flow from operating activities was $64.9
million in the current year period compared to $71.3 million in the same
period last year.
- Total revenues net of reimbursed expenses for the third quarter of 2010
were $43 million compared to $45.7 million for the third quarter of 2009.
Total revenues net of reimbursed expenses for the nine months ended
September 30, 2010 were $145.6 million, compared to $136.3 million for the
comparable period in 2009. Reimbursed expenses are excluded from total
revenues because they have no impact on net income.
- Net Income for the third quarter of 2010 was $16.3 million, compared to
$13.4 million for the same period in 2009. For the nine months ended
September 30, 2010, net income was $54.2 million compared to $46 million
for the comparable period in 2009. Results from operations in our
investment management segment were significantly higher for the nine months
primarily due to a higher volume of investments structured on behalf of the
CPA® REITs and lower impairment charges recognized by the CPA® REITs
than for the comparable period in 2009.
- For the nine months ended September 30, 2010, we received approximately
$12.2 million in cash distributions from our equity ownership in the CPA®
REITs.
- Further information concerning AFFO and adjusted cash flow from
operating activities -- non-GAAP supplemental performance metrics -- is
presented in the accompanying tables and related notes.
INVESTMENT AND FUNDRAISING ACTIVITY
- During the nine months ended September 30, 2010, we structured
investments on behalf of the CPA® REITs totaling $452.9 million and
entered into several investments for our own real estate portfolio totaling
$75.3 million. Investment activity on behalf of the CPA® REITs for the
first nine months represents an increase of $97.5 million over the prior
year period.
- We continue to raise investor capital through our latest REIT offering,
CPA®:17 - Global, so that we may take advantage of attractive investment
opportunities that we believe are afforded by the current market
environment. To date, CPA®:17 - Global has raised more than $1.2 billion
in its initial offering. The initial CPA®:17 - Global offering was to
have expired on November 2, 2010. However, on October 29, CPA®:17 -
Global filed a registration statement for a second, follow-on offering, and
as a result, CPA®:17 - Global can continue fundraising through its
extended initial offering until the earlier of (1) the date on which the
second offering is declared effective by the SEC or (2) May 2, 2011. The
second offering will seek to raise up to an additional $1 billion.
W. P. CAREY LAUNCHES CAREY WATERMARK INVESTORS
- Carey Watermark Investors (CWI), a publicly registered, non-traded
corporation that intends to qualify as a REIT, has commenced fundraising
its up-to $1 billion offering. Advised by our subsidiary, Carey Lodging
Advisors, LLC, and subadvisor, CWA, LLC -- a subsidiary of Watermark
Capital Partners, LLC -- CWI intends to use the proceeds from its offering
primarily to act as a capital provider to the lodging industry by acquiring
a diversified portfolio of lodging and lodging related properties.
ASSETS UNDER MANAGEMENT
- W. P. Carey is the advisor to the CPA® REITs, which had real estate
assets of $8.2 billion and total assets of $8.7 billion as of September 30,
2010.
- As of September 30, 2010, the occupancy rate of W. P. Carey's 14
million square foot owned portfolio was approximately 91%. In addition, for
the 95 million square feet owned by the CPA® REITs, the average occupancy
rate was approximately 97%.
DISTRIBUTIONS
- The Board of Directors raised the quarterly cash distribution to $0.508
per share for the third quarter of 2010. The distribution -- our 38th
consecutive quarterly increase -- was paid on October 15, 2010 to
shareholders of record as of September 30, 2010.
Trevor Bond, President and Chief Executive Officer, noted, "We are
encouraged by our continuing ability to raise capital as well as our
ability to source and secure investments that meet our established
criteria. Year to date acquisition volume has increased as compared with
the same period in 2009, and going forward we feel that we will be able to
continue to take advantage of the investment opportunities we are seeing in
both the U.S. and Europe. In what economists have predicted will be a
continuing slow growth, low interest rate environment, we believe we are
uniquely positioned as an alternative source of capital to companies that
are well-managed and well-positioned but may lack access to capital from
more traditional sources. Bottom line: we see our strategy of long-term
investing serving us well with respect to securing attractive acquisitions,
delivering consistent income to our investors and providing a solid
financial platform for our tenants."
CONFERENCE CALL & WEBCAST
Please call at least 10 minutes prior to call to register.
Time: Thursday, November 4, 2010 at 11:00 AM (ET)
Call-in Number: 800-860-2442
(International) +1-412-858-4600
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: 445431#
Replay Available until November 19, 2010 at 9:00 AM (ET).
W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company
that provides long-term financing to companies worldwide via sale leaseback
and build to suit transactions and manages a global investment portfolio of
approximately $10 billion. Through its CPA® series of income-generating,
non-traded REITs, W. P. Carey helps companies and private equity firms
unlock capital tied up in real estate assets. The W. P. Carey Group's
investments are highly diversified, comprising contractual agreements with
approximately 275 long-term corporate obligors spanning 28 industries and
16 countries. http://www.wpcarey.com
Individuals interested in receiving future updates on W. P. Carey via
e-mail can register at www.wpcarey.com/alerts.
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.
W. P. CAREY & CO. LLC
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share amounts)
Three months ended Nine months ended
September 30, September 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Revenues
Asset management revenue $ 19,219 $ 19,106 $ 57,119 $ 57,441
Structuring revenue 708 5,476 20,644 16,250
Wholesaling revenue 2,260 1,869 6,593 4,426
Reimbursed costs from
affiliates 15,908 13,503 46,310 33,747
Lease revenues 16,203 15,573 48,047 46,732
Other real estate income 4,656 3,657 13,228 11,427
---------- ---------- ---------- ----------
58,954 59,184 191,941 170,023
---------- ---------- ---------- ----------
Operating Expenses
General and
administrative (14,828) (14,969) (50,560) (48,269)
Reimbursable costs (15,908) (13,503) (46,310) (33,747)
Depreciation and
amortization (6,067) (5,438) (18,058) (16,795)
Property expenses (3,220) (1,903) (7,848) (5,247)
Other real estate
expenses (1,987) (1,758) (5,575) (5,596)
Impairment charges (481) - (2,749) (900)
---------- ---------- ---------- ----------
(42,491) (37,571) (131,100) (110,554)
---------- ---------- ---------- ----------
Other Income and Expenses
Other interest income 329 476 938 1,299
Income from equity
investments in real
estate and CPA® REITs 6,066 2,923 22,846 9,866
Other income and
(expenses) 1,184 251 562 3,532
Interest expense (4,298) (3,786) (11,774) (11,245)
---------- ---------- ---------- ----------
3,281 (136) 12,572 3,452
---------- ---------- ---------- ----------
Income from continuing
operations before
income taxes 19,744 21,477 73,413 62,921
Provision for income
taxes (3,377) (6,018) (14,240) (15,938)
---------- ---------- ---------- ----------
Income from continuing
operations 16,367 15,459 59,173 46,983
---------- ---------- ---------- ----------
Discontinued Operations
Income from operations
of discontinued
properties 4 1,115 630 3,279
Gain on sale of real
estate - - 460 343
Impairment charges - (2,390) (5,869) (3,770)
---------- ---------- ---------- ----------
Income (loss) from
discontinued operations 4 (1,275) (4,779) (148)
---------- ---------- ---------- ----------
Net Income 16,371 14,184 54,394 46,835
Add: Net loss
attributable to
noncontrolling
interests 81 186 495 559
Less: Net income
attributable to
redeemable
noncontrolling
interests (106) (1,019) (698) (1,357)
---------- ---------- ---------- ----------
Net Income Attributable to
W. P. Carey Members $ 16,346 $ 13,351 $ 54,191 $ 46,037
========== ========== ========== ==========
Basic Earnings Per Share
Income from continuing
operations attributable
to W. P. Carey members $ 0.41 $ 0.36 $ 1.50 $ 1.16
Income (loss) from
discontinued operations
attributable to W. P.
Carey members - (0.03) (0.12) (0.01)
---------- ---------- ---------- ----------
Net income attributable
to W. P. Carey members $ 0.41 $ 0.33 $ 1.38 $ 1.15
========== ========== ========== ==========
Diluted Earnings Per Share
Income from continuing
operations attributable
to W. P. Carey members $ 0.41 $ 0.37 $ 1.48 $ 1.16
Income (loss) from
discontinued operations
attributable to W. P.
Carey members - (0.03) (0.12) (0.01)
---------- ---------- ---------- ----------
Net income attributable
to W. P. Carey members $ 0.41 $ 0.34 $ 1.36 $ 1.15
========== ========== ========== ==========
Weighted Average Shares
Outstanding
Basic 39,180,719 39,727,460 39,161,086 39,163,186
========== ========== ========== ==========
Diluted 39,717,931 40,368,946 39,774,122 39,770,196
========== ========== ========== ==========
Amounts Attributable to W.
P. Carey Members
Income from continuing
operations, net of tax $ 16,342 $ 14,626 $ 58,970 $ 46,185
Income (loss) from
discontinued
operations, net of tax 4 (1,275) (4,779) (148)
---------- ---------- ---------- ----------
Net income $ 16,346 $ 13,351 $ 54,191 $ 46,037
========== ========== ========== ==========
Distributions Declared Per
Share $ 0.508 $ 0.500 $ 1.518 $ 1.494
========== ========== ========== ==========
W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Nine months ended
September 30,
--------------------
2010 2009
--------- ---------
Cash Flows -- Operating Activities
Net income $ 54,394 $ 46,835
Adjustments to net income:
Depreciation and amortization including intangible
assets and deferred financing costs 18,496 18,385
Income from equity investments in real estate and
CPA® REITs in excess of distributions received (5,373) (4,303)
Straight-line rent and financing lease adjustments 144 1,560
Gain on sale of real estate (460) (343)
Gain on extinguishment of debt - (6,991)
Allocation of (loss) earnings to profit-sharing
interest (781) 3,976
Management income received in shares of affiliates (26,262) (23,451)
Unrealized loss (gain) on foreign currency
transactions and others 143 (257)
Realized loss (gain) on foreign currency
transactions and others 176 (260)
Impairment charges 8,618 4,670
Stock-based compensation expense 6,695 7,777
Deferred acquisition revenue received 19,248 23,109
Increase in structuring revenue receivable (9,900) (8,196)
Decrease in income taxes, net (9,076) (11,137)
Net changes in other operating assets and
liabilities (3,794) (1,991)
--------- ---------
Net cash provided by operating activities 52,268 49,383
--------- ---------
Cash Flows -- Investing Activities
Distributions received from equity investments in
real estate and CPA® REITs in excess of equity
income 9,964 33,917
Capital contributions to equity investments - (3,709)
Purchases of real estate and equity investments in
real estate (93,059) (39,632)
VAT paid in connection with acquisition of real
estate (4,222) -
Capital expenditures (2,008) (6,110)
Proceeds from sale of real estate 14,591 6,927
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) provided by investing activities (38,602) 13,321
--------- ---------
Cash Flows -- Financing Activities
Distributions paid (72,625) (58,787)
Contributions from noncontrolling interests 11,403 2,137
Distributions to noncontrolling interests (2,022) (4,589)
Contributions from profit-sharing interest 3,694 -
Distributions to profit-sharing interest (693) (5,372)
Scheduled payments of mortgage principal (12,218) (7,527)
Prepayments of mortgage principal - (11,918)
Proceeds from mortgage financing 52,816 42,494
Proceeds from line of credit 83,250 116,500
Prepayments of line of credit (52,500) (125,518)
Proceeds from loans from affiliates - 1,625
Payment of financing costs (1,083) (849)
Proceeds from issuance of shares 3,537 1,356
Windfall tax benefits associated with stock-based
compensation awards 1,226 275
Repurchase and retirement of shares - (10,686)
--------- ---------
Net cash provided by (used in) financing activities 14,785 (60,859)
--------- ---------
Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash (651) 364
--------- ---------
Net increase in cash and cash equivalents 27,800 2,209
Cash and cash equivalents, beginning of period 18,450 16,799
--------- ---------
Cash and cash equivalents, end of period $ 46,250 $ 19,008
========= =========
W. P. CAREY & CO. LLC
Financial Highlights (Unaudited)
(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 Nine months ended
September 30, September 30,
----------------------- ----------------------
2010 2009 2010 2009
----------- ----------- ---------- ----------
EBITDA
Investment management $ 12,139 $ 11,789 $ 49,311 $ 35,287
Real estate ownership 17,994 17,412 49,444 56,791
----------- ----------- ---------- ----------
Total $ 30,133 $ 29,201 $ 98,755 $ 92,078
=========== =========== ========== ==========
AFFO
Investment management $ 10,393 $ 12,788 $ 45,152 $ 38,748
Real estate ownership 17,214 17,445 49,441 50,455
----------- ----------- ---------- ----------
Total $ 27,607 $ 30,233 $ 94,593 $ 89,203
=========== =========== ========== ==========
EBITDA Per Share (Diluted)
Investment management $ 0.31 $ 0.29 $ 1.24 $ 0.89
Real estate ownership 0.45 0.43 1.24 1.43
----------- ----------- ---------- ----------
Total $ 0.76 $ 0.72 $ 2.48 $ 2.32
=========== =========== ========== ==========
AFFO Per Share (Diluted)
Investment management $ 0.26 $ 0.32 $ 1.14 $ 0.97
Real estate ownership 0.43 0.43 1.24 1.27
----------- ----------- ---------- ----------
Total $ 0.69 $ 0.75 $ 2.38 $ 2.24
=========== =========== ========== ==========
Adjusted Cash Flow From
Operating Activities
Adjusted cash flow $ 64,933 $ 71,300
========== ==========
Adjusted cash flow per
share (diluted) $ 1.63 $ 1.79
========== ==========
Distributions declared per
share $ 1.518 $ 1.494
========== ==========
Payout ratio (distributions
per share/adjusted cash
flow per share) 93% 83%
========== ==========
W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA (Unaudited)
(in thousands, except share and per share amounts)
Three months ended Nine months ended
September 30, September 30,
----------------------- -----------------------
2010 2009 2010 2009
----------- ----------- ----------- -----------
Investment Management
Net income from investment
management attributable
to W. P. Carey members $ 7,730 $ 5,059 $ 31,911 $ 17,718
Adjustments:
Provision for income taxes 3,253 5,606 13,911 14,811
Depreciation and
amortization 1,156 1,124 3,489 2,758
----------- ----------- ----------- -----------
EBITDA - investment
management $ 12,139 $ 11,789 $ 49,311 $ 35,287
=========== =========== =========== ===========
EBITDA per share (diluted) $ 0.31 $ 0.29 $ 1.24 $ 0.89
=========== =========== =========== ===========
Real Estate Ownership
Net income from real estate
ownership attributable to
W. P. Carey members $ 8,616 $ 8,292 $ 22,280 $ 28,319
Adjustments:
Interest expense 4,298 3,786 11,774 11,245
Provision for income taxes 124 412 329 1,127
Depreciation and
amortization 4,911 4,314 14,569 14,037
Reconciling items
attributable to
discontinued operations 45 608 492 2,063
----------- ----------- ----------- -----------
EBITDA - real estate
ownership $ 17,994 $ 17,412 $ 49,444 $ 56,791
=========== =========== =========== ===========
EBITDA per share (diluted) $ 0.45 $ 0.43 $ 1.24 $ 1.43
=========== =========== =========== ===========
Total Company
EBITDA $ 30,133 $ 29,201 $ 98,755 $ 92,078
=========== =========== =========== ===========
EBITDA per share (diluted) $ 0.76 $ 0.72 $ 2.48 $ 2.32
=========== =========== =========== ===========
Diluted weighted average
shares outstanding 39,717,931 40,368,946 39,774,122 39,770,196
=========== =========== =========== ===========
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.
W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations -- as adjusted (AFFO)
(Unaudited)
(in thousands, except share and per share amounts)
Three months ended Nine months ended
September 30, September 30,
---------------------- ----------------------
2010 2009 2010 2009
---------- ---------- ---------- ----------
Investment Management
Net income from investment
management attributable
to W. P. Carey members $ 7,730 $ 5,059 $ 31,911 $ 17,718
Amortization, deferred
taxes and other non-cash
charges 657 1,247 5,030 5,166
AFFO from equity
investments 2,006 6,482 8,211 15,864
---------- ---------- ---------- ----------
AFFO - investment
management $ 10,393 $ 12,788 $ 45,152 $ 38,748
========== ========== ========== ==========
AFFO per share (diluted) $ 0.26 $ 0.32 $ 1.14 $ 0.97
========== ========== ========== ==========
Real Estate Ownership
Net income from real estate
ownership attributable to
W. P. Carey members $ 8,616 $ 8,292 $ 22,280 $ 28,319
Gain on sale of real
estate, net - - (460) (343)
Gain on extinguishment of
debt, net (a) - - - (2,796)
Depreciation, amortization
and other non-cash charges 4,005 4,189 14,710 14,537
Straight-line and other
rent adjustments 148 396 167 808
Impairment charges 481 2,390 8,618 4,670
AFFO from equity
investments 4,036 2,274 4,580 5,687
Noncontrolling interests'
share of AFFO (72) (96) (454) (427)
---------- ---------- ---------- ----------
AFFO - real estate
ownership $ 17,214 $ 17,445 $ 49,441 $ 50,455
========== ========== ========== ==========
AFFO per share (diluted) $ 0.43 $ 0.43 $ 1.24 $ 1.27
========== ========== ========== ==========
Total Company
AFFO $ 27,607 $ 30,233 $ 94,593 $ 89,203
========== ========== ========== ==========
AFFO per share (diluted) $ 0.69 $ 0.75 $ 2.38 $ 2.24
========== ========== ========== ==========
Diluted weighted average
shares outstanding 39,717,931 40,368,946 39,774,122 39,770,196
========== ========== ========== ==========
(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.
W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities (Unaudited)
(in thousands, except share and per share amounts)
Nine months ended
September 30,
----------------------
2010 2009
---------- ----------
Cash flow from operating activities $ 52,268 $ 49,383
Adjustments:
Distributions received from equity investments in
real estate in excess of equity income (a) 6,046 15,285
Distributions paid to noncontrolling interests, net
(b) (213) (382)
Changes in working capital (c) 6,832 7,014
---------- ----------
Adjusted cash flow from operating activities $ 64,933 $ 71,300
========== ==========
Adjusted cash flow per share (diluted) $ 1.63 $ 1.79
========== ==========
Distributions declared per share $ 1.518 $ 1.494
========== ==========
Payout ratio (distributions per share/adjusted cash
flow per share) 93% 83%
========== ==========
Diluted weighted average shares outstanding 39,774,122 39,770,196
========== ==========
(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 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
liability 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.
COMPANY CONTACT:
Kristina McMenamin
W. P. Carey & Co. LLC
212-492-8995
Email Contact
PRESS CONTACT:
Guy Lawrence
Ross & Lawrence
212-308-3333
Email Contact