/ CORRECTION - W. P. Carey & Co. LLC

2009-11-06 22:44:04 -

NEW YORK, NY -- (Marketwire) -- 11/06/09 -- In the news release, "W. P. Carey Announces Third Quarter Financial Results," issued Thursday, November 05, 2009, by W.
P. Carey & Co. LLC (NYSE: WPC), we are advised by the company that the fourth bullet point under the "QUARTERLY AND NINE-MONTH RESULTS" header should read "Net income for the third quarter of 2009 was $13.4 million, compared to $19.2 million for the same period in 2008. For the nine months ended September 30, 2009, net income was $46.0 million, compared to $56.1 million for the comparable period in 2008." rather than "Net income for the third quarter of 2009 was $12.9 million, compared to $19.2 million for the same period in 2008. For the nine months ended September 30, 2009, net income was $45.6 million, compared to $56.1 million for the comparable period in 2008." as originally issued. The financial tables at the end of the news release have been revised to account for this change as well.
Complete corrected text follows.

CORRECTION (NOVEMBER 6, 2009)

While preparing our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, we determined that there was an error in our earnings release dated November 5, 2009 regarding the calculation of the provision for income taxes for the third quarter of 2009. As a result, the provision for income taxes for both the three and nine months ended September 30, 2009 was overstated by $0.5 million, and consequently our net income for each of those periods was understated by the same amount.

To mitigate any confusion from this correction, a copy of our November 5, 2009 earnings release, revised to reflect the above correction, is set forth below.

W. P. Carey Announces Third Quarter Financial Results

NEW YORK, NY -- November 05, 2009 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the third quarter ended September 30, 2009.

QUARTERLY AND NINE-MONTH RESULTS

--  Cash flows from operating activities for the nine months ended
    September 30, 2009 increased to $49.4 million from $47.5 million for the
    prior year period.
--  Adjusted cash flow from operating activities for the nine months ended
    September 30, 2009 was $71.3 million, compared to $70.1 million for the
    comparable period in 2008.
--  Total revenues net of reimbursed expenses for the third quarter of
    2009 were $47.7 million, compared to $55.2 million for the third quarter of
    2008.  Total revenues net of reimbursed expenses for the nine months ended
    September 30, 2009 were $142.5 million, compared to $149.4 million for the
    comparable period in 2008.  Reimbursed expenses are excluded from total
    revenues because they have no impact on net income.
--  Net income for the third quarter of 2009 was $13.4 million, compared
    to $19.2 million for the same period in 2008.  For the nine months ended
    September 30, 2009, net income was $46.0 million, compared to $56.1 million
    for the comparable period in 2008.
--  Funds from operations (FFO) for the third quarter of 2009 were $30.2
    million or $0.75 per diluted share, compared to $33.5 million or $0.83 per
    diluted share for the comparable period in 2008.  FFO for the nine months
    ended September 30, 2009 was $89.2 million or $2.24 per diluted share,
    compared to $90.6 million or $2.25 per diluted share for the comparable
    period in 2008.
--  We incurred impairment charges of $2.4 million for the third quarter
    of 2009 and $4.7 million for the nine months ended September 30, 2009 and
    our CPA® REITs incurred impairment charges of $54.1 million for the
    quarter and $108.7 million for the nine months.  This reduced the amount of
    income we recognize from these equity investments by approximately $3.6
    million for the third quarter and $6.4 million for the nine-month period.
    We received approximately $10.5 million in cash distributions from our
    equity ownership in the CPA® REITs for the nine months ended September
    30, 2009.
--  Further information concerning FFO and adjusted cash flow from
    operating activities, non-GAAP supplemental performance metrics, is
    presented in the accompanying tables.

INVESTMENT, FUNDRAISING AND FINANCING ACTIVITY

--  Investment volume, for our own portfolio and on behalf of the CPA®
    REITs, for the nine months ended September 30, 2009 was $395.4 million,
    compared to $404.0 million for the comparable period in 2008.
--  In the third quarter, we closed two international transactions on
    behalf of the REITs -- a $93.6 million sale-leaseback with UK retailer
    Tesco plc, our first Hungarian transaction, and a $27.5 million build-to-
    suit transaction with UK public transport provider National Express for
    their main coach terminal and headquarters building.
--  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.  Through October 31, 2009, CPA®:17 -- Global has raised more
    than $685 million of its up-to $2 billion offering.  For the third quarter
    of 2009, we raised $124.6 million, compared to $100.3 million in the second
    quarter and $71.5 million in the first quarter of this year.
--  Since the beginning of the credit crunch in September 2008, W. P.
    Carey and our CPA® REITs have secured more than $390 million in debt
    financings, including a $120 million loan with the Bank of China, New York
    Branch for The New York Times Company's Midtown Manhattan headquarters that
    was purchased in March 2009.

ASSETS UNDER MANAGEMENT

###PRECONTENT2###

DISTRIBUTIONS

###PRECONTENT3###

Gordon DuGan, President and CEO of W. P. Carey, said, "While our FFO for the quarter is down due to lower investment volume for the quarter, our adjusted cash flow year-to-date is up. Our fundraising for CPA®:17 -- Global continued to increase in the third quarter and we are seeing a healthy investment pipeline today. We believe our fundraising efforts provide us the investment capital needed for future acquisitions, which will allow us to continue to grow our assets under management."

###PRECONTENT4###

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC is an investment firm 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 release 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. 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.

###PRECONTENT5###

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 :