SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

September 09, 2009 09:15 ET

W. P. Carey Closes on $120 Million Debt Financing for The New York Times Building

$380 Million in Debt Financing Secured Since Beginning of "Credit Crunch"

NEW YORK, NY--(Marketwire - September 9, 2009) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) and its REIT affiliates, CPA®:16 - Global and CPA®:17 - Global, announced today that they have closed approximately $120 million in non-recourse debt financing for their previously announced sale-leaseback transaction for The New York Times Company's Midtown Manhattan headquarters. The financing was provided by the Bank of China New York Branch.

In addition, W. P. Carey announced that since September 2008, the firm has closed approximately $260 million in additional non-recourse debt financings secured by other properties owned by W. P. Carey and its publicly held non-traded REIT affiliates, CPA®:14, CPA®:15, CPA®:16 - Global and CPA®:17 - Global.

"Given the ongoing challenges of the debt markets, we are very pleased to have closed $380 million in non-recourse financings. We believe that our investment strategy of acquiring income producing, mission critical assets and financing them with moderately leveraged non-recourse financing has positioned us well to weather these challenging times," said Gordon DuGan, President and CEO of W. P. Carey.

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC 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. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of income-generating, non-traded REITs help 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 300 long-term corporate obligors spanning 28 industries and 15 countries.

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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.

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