SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

April 12, 2010 09:25 ET

The W. P. Carey Group Completes $200 Million in First Quarter Acquisitions

NEW YORK, NY--(Marketwire - April 12, 2010) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it completed $200 million in acquisitions in the first quarter of 2010, both for its own portfolio as well as on behalf of its affiliated non-traded CPA® REIT programs. These acquisitions involved 34 facilities encompassing approximately 1.8 million square feet.

The acquisitions completed during the first quarter are characterized by:

  • An average lease term of approximately 20 years;
  • Transactions with tenants in five industries; and
  • Domestic and international investments with tenants including JP Morgan Chase, Curtiss-Wright, Spanish grocery retailer Eroski and portfolio companies of two major private equity firms.

The first quarter acquisitions are consistent with W. P. Carey's long term strategy of acquiring diversified mission critical assets of credit worthy companies, leased on a long term basis, that provide current income and preservation of capital to W. P. Carey & Co. LLC and its CPA® series of income generating, non traded REITs. 

Commenting on the transaction, W. P. Carey President and CEO Gordon DuGan noted, "Our acquisitions during the first quarter are indicative of the opportunities we are able to access by virtue of our strong cash position and the recognition of the value of long term financing by the owners and tenants of these properties. Although the financing markets have improved substantially over the past year, sale-leaseback remains particularly attractive as a long term source for borrowers and as a secure investment vehicle for capital providers."

W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio approaching $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 15 countries.

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.

Contact Information

    Kristina McMenamin
    W. P. Carey & Co. LLC
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    Guy Lawrence
    Ross & Lawrence
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