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W. P. Carey Announces Fourth Quarter and Year-End 2012 Financial Results


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© Marketwire 2013
2013-02-26 15:12:28 -

NEW YORK, NY -- (Marketwire) -- 02/26/13 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), today reported financial results for the fourth quarter and year-ended December 31, 2012.



2012 HIGHLIGHTS



During 2012, the Company:



  • Reported AFFO of $1.13 per diluted share for the fourth quarter and $3.76 per diluted share for the year ended December 31, 2012

  • Completed merger with CPA®:15 and commenced trading as a REIT on October 1, 2012

  • Structured $618 million of investments on behalf of CPA®:17 - Global in the fourth quarter and $1.0 billion for the full year

  • Increased assets under ownership and management by 17% to $14.1 billion for the full year

  • Raised annualized dividend rate to $2.64 per share in the fourth quarter, an increase of 17% versus the fourth quarter of 2011 and WPC's 47th consecutive quarterly increase

  • Generated a total shareholder return of approximately 34% for the year ended December 31, 2012




QUARTERLY AND YEAR-END RESULTS



  • Funds from operations -- as adjusted (AFFO) for the fourth quarter of 2012 was $78.8 million or $1.13 per diluted share, compared to $35.2 million or $0.88 per diluted share for the fourth quarter of 2011. AFFO for the year ended December 31, 2012 was $180.6 million or $3.76 per diluted share, compared to $188.9 million or $4.71 per diluted share for 2011. The year-over-year decrease was due to non-recurring fee revenue we earned from the merger of two of our managed CPA® REITs in May 2011. Per share data for the 2012 periods reflects the issuance of 28.2 million shares in connection with our merger with CPA®:15.

  • Cash flow from operating activities for the year ended December 31, 2012 was $80.6 million, compared to $80.1 million for 2011.

  • Total revenues net of reimbursed expenses for the fourth quarter of 2012 were $128.9 million, compared to $45.6 million for the fourth quarter of 2011. Total revenues net of reimbursed expenses for the year ended December 31, 2012 were $275.8 million, compared to $263.0 million in 2011. Reimbursed expenses are excluded from total revenues because they have no impact on net income.

  • Net Income for the fourth quarter of 2012 was $15.5 million, compared to $9.1 million for the same period in 2011. For the year ended December 31, 2012, net income was $62.1 million, compared to $139.1 million for 2011.

  • For the year ended December 31, 2012, we received approximately $31.5 million in cash distributions from our equity ownership in the CPA® REITs. We also received $30 million in cash distributions for our special general partnership interest in the CPA® REITs.

  • Further information concerning AFFO, a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.






CONVERSION TO A REIT AND MERGER WITH CPA®:15



  • W. P. Carey's conversion to a REIT and merger with CPA®:15 closed on September 28, 2012 and W. P. Carey Inc. commenced trading on the New York Stock Exchange as a REIT on October 1, 2012.

  • These transactions are part of a larger transformation to implement our overall business strategy of expanding real estate assets under ownership, which in turn is expected to provide a platform for future growth.




W. P. CAREY OWNED PORTFOLIO UPDATE



  • Through our merger with CPA®:15, we acquired a portfolio of 305 diversified net lease assets for $2.6 billion.

  • During the year, we completed acquisitions totaling approximately $152 million, including the remaining interest in an existing portfolio of 12 Marriott Courtyard hotels and five Walgreens retail stores.

  • In January 2013, W. P. Carey completed a sale-leaseback with Kraft Foods Group for their Northfield, Illinois campus. The 679,000 square foot facility is home to Kraft's corporate headquarters.

  • The W. P. Carey owned portfolio currently consists of 423 properties comprising 38.5 million square feet leased to more than 120 corporate tenants. The average lease term of the portfolio is 8.9 years and the occupancy rate is approximately 98.7%.




INVESTMENT MANAGEMENT UPDATE



  • W. P. Carey is the advisor to the CPA® REITs and CWI, which had aggregate real estate assets of $7.9 billion, cash of approximately $750 million and total assets of $8.5 billion as of December 31, 2012.

  • The average occupancy rate for the 83 million square feet owned by the CPA® REITs was approximately 98.2%.




CPA®:17 - GLOBAL ACTIVITY



  • In December 2012, CPA®:17 - Global closed to new investments, having raised $2.9 billion since its initial public offering, which commenced in 2007.

  • Investment volume for CPA®:17 - Global in the fourth quarter of 2012 was approximately $618 million and $1.0 billion for the year.

  • We completed our first transaction in Japan through a $47 million acquisition of assets leased to Wanbishi Archives Co., Ltd., the largest information/document management company in Japan.




CAREY WATERMARK INVESTORS ACTIVITY



  • From the beginning of its initial public offering through February 22, 2013, our lodging-focused non-traded REIT offering has raised approximately $194 million.

  • During 2012, we invested in five hotels for a total of approximately $170 million.




DIVIDENDS



  • The W. P. Carey Board of Directors raised the quarterly cash dividend to $0.66 per share for the fourth quarter of 2012. The dividend -- our 47th consecutive quarterly increase -- was paid on January 15, 2013 to stockholders of record as of December 31, 2012. Over the course of the year, we increased our dividend by 17%, to an annualized rate of $2.64 per share.




W. P. Carey President and CEO Trevor Bond noted, "2012 was a landmark year for us in many ways. We completed our conversion to REIT status and our merger with CPA®:15 in September. We announced record acquisitions volume of $1.4 billion, and assets under management grew from $12.1 billion to $14.1 billion over the course of the year. As we enter our 40th year as a leader in the net lease sector, we're well-positioned to build on the accomplishments of 2012, continuing to adhere to our proven investment strategy of Investing for the Long Run."



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W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $14.1 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Our portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled the Company to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com : ctt.marketwire.com/?release=990195&id=2667286&type=1& ..



This press release contains forward-looking statements within the meaning of the Federal securities laws. Examples of such forward-looking statements include, but are not limited to, the statements made by Mr. Bond. A number of factors could cause W. P. Carey'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 W. P. Carey, reference is made to W. P. Carey's filings with the Securities and Exchange Commission.




                              W. P. CAREY INC.

                     CONSOLIDATED STATEMENTS OF INCOME
             (in thousands, except share and per share amounts)

                                             Years Ended December 31,
                                      -------------------------------------
                                          2012         2011         2010
                                      -----------  -----------  -----------
Revenues
  Lease revenues:
    Rental income                     $   108,707  $    52,360  $    41,940
    Interest income from direct
     financing leases                      15,796       10,278        9,542
                                      -----------  -----------  -----------
  Total lease revenues                    124,503       62,638       51,482
  Asset management revenue from
   affiliates                              56,666       66,808       76,246
  Structuring revenue from affiliates      48,355       46,831       44,525
  Incentive, termination and
   subordinated disposition revenue
   from affiliates                              -       52,515            -
  Wholesaling revenue                      19,914       11,664       11,096
  Reimbursed costs from affiliates         98,245       64,829       60,023
  Other real estate income                 26,312       22,499       17,273
                                      -----------  -----------  -----------
                                          373,995      327,784      260,645
                                      -----------  -----------  -----------
Operating Expenses
  General and administrative             (144,809)     (93,733)     (73,427)
  Reimbursable costs                      (98,245)     (64,829)     (60,023)
  Depreciation and amortization           (48,790)     (24,347)     (18,309)
  Property expenses                       (13,041)     (10,145)      (8,009)
  Other real estate expenses               (9,850)     (10,784)      (8,121)
  Impairment charges                      (10,467)       1,365       (1,140)
                                      -----------  -----------  -----------
                                         (325,202)    (202,473)    (169,029)
                                      -----------  -----------  -----------
Other Income and Expenses
  Other interest income                     1,396        2,001        1,269
  Income from equity investments in
   real estate and the Managed REITs       62,392       51,228       30,992
  Gain on change in control of
   interests                               20,744       27,859          781
  Other income and (expenses)               3,402        4,578          627
  Interest expense                        (50,573)     (21,770)     (15,636)
                                      -----------  -----------  -----------
                                           37,361       63,896       18,033
                                      -----------  -----------  -----------
  Income from continuing operations
   before income taxes                     86,154      189,207      109,649
  Provision for income taxes               (6,783)     (37,214)     (25,814)
                                      -----------  -----------  -----------
  Income from continuing operations        79,371      151,993       83,835
                                      -----------  -----------  -----------
Discontinued Operations
  Income from operations of
   discontinued properties                    922        1,366        4,897
  Gain on deconsolidation of a
   subsidiary                                   -        1,008            -
  (Loss) gain on sale of real estate       (5,019)      (3,391)         460
  Impairment charges                      (12,495)     (11,838)     (14,241)
                                      -----------  -----------  -----------
  Loss from discontinued operations,
   net of tax                             (16,592)     (12,855)      (8,884)
                                      -----------  -----------  -----------
Net Income                                 62,779      139,138       74,951
  Net (income) loss attributable to
   noncontrolling interests                  (607)       1,864          314
  Less: Net income attributable to
   redeemable noncontrolling interest         (40)      (1,923)      (1,293)
                                      -----------  -----------  -----------
Net Income Attributable to W. P.
 Carey                                $    62,132  $   139,079  $    73,972
                                      ===========  ===========  ===========

Basic Earnings Per Share
  Income from continuing operations
   attributable to W. P. Carey        $      1.65  $      3.76  $      2.08
  Loss from discontinued operations
   attributable to W. P. Carey              (0.35)       (0.32)       (0.22)
                                      -----------  -----------  -----------
  Net income attributable to W. P.
   Carey                              $      1.30  $      3.44  $      1.86
                                      ===========  ===========  ===========

Diluted Earnings Per Share
  Income from continuing operations
   attributable to W. P. Carey        $      1.62  $      3.74  $      2.08
  Loss from discontinued operations
   attributable to W. P. Carey              (0.34)       (0.32)       (0.22)
                                      -----------  -----------  -----------
  Net income attributable to W. P.
   Carey                              $      1.28  $      3.42  $      1.86
                                      ===========  ===========  ===========

Weighted Average Shares Outstanding
  Basic                                47,389,460   39,819,475   39,514,746
                                      ===========  ===========  ===========
  Diluted                              48,078,474   40,098,095   40,007,894
                                      ===========  ===========  ===========

Amounts Attributable to W. P. Carey
  Income from continuing operations,
   net of tax                         $    78,724  $   151,934  $    82,856
  Loss from discontinued operations,
   net of tax                             (16,592)     (12,855)      (8,884)
                                      -----------  -----------  -----------
  Net income attributable to W. P.
   Carey                              $    62,132  $   139,079  $    73,972
                                      ===========  ===========  ===========



                              W. P. CAREY INC.

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (in thousands)

                                             Years Ended December 31,
                                      -------------------------------------
                                          2012         2011         2010
                                      -----------  -----------  -----------
Cash Flows -- Operating Activities
Net income                            $    62,779  $   139,138  $    74,951
Adjustments to net income:
  Depreciation and amortization,
   including intangible assets and
   deferred financing costs                55,114       29,616       24,443
  (Income) loss from equity
   investments in real estate and the
   Managed REITs in excess of
   distributions received                 (17,271)         310       (4,920)
  Straight-line rent, financing lease
   adjustments and amortization of
   rent-related intangibles                 2,831       (3,698)         286
  Amortization of deferred revenue         (9,436)      (6,291)           -
  Gain on deconsolidation of a
   subsidiary                                   -       (1,008)           -
  Loss (gain) on sale of real estate        2,773        3,391         (460)
  Unrealized (gain) loss on foreign
   currency transactions and others        (1,861)         138          300
  Realized loss (gain) on foreign
   currency transactions and others           610         (965)        (731)
  Allocation of loss to profit-
   sharing interest                             -            -         (781)
  Management and disposition income
   received in shares of Managed
   REITs                                  (28,477)     (73,936)     (35,235)
  Gain on conversion of shares                (15)      (3,806)           -
  Gain on change in control of
   interests                              (20,794)     (27,859)           -
  Impairment charges                       22,962       10,473       15,381
  Stock-based compensation expense         26,038       17,716        7,082
  Deferred acquisition revenue
   received                                21,059       21,546       21,204
  Increase in structuring revenue
   receivable                             (20,304)     (19,537)     (20,237)
  (Decrease) increase in income
   taxes, net                             (18,277)         244       (1,288)
  Net changes in other operating
   assets and liabilities                   2,912       (5,356)       6,422
                                      -----------  -----------  -----------
Net Cash Provided by Operating
 Activities                                80,643       80,116       86,417
                                      -----------  -----------  -----------

Cash Flows -- Investing Activities
  Cash paid to stockholders of
   CPA®:15 in the Merger                 (152,356)           -            -
  Cash acquired in connection with
   the Merger                             178,945            -            -
  Distributions received from equity
   investments in real estate and the
   Managed REITs in excess of equity
   income                                  46,294       20,807       18,758
  Capital contributions to equity
   investments                               (726)      (2,297)           -
  Purchase of interests in CPA®:16 --
   Global                                       -     (121,315)           -
  Purchases of real estate and equity
   investments in real estate              (3,944)     (24,315)     (96,884)
  Value added taxes ("VAT") paid in
   connection with acquisition of
   real estate                                  -            -       (4,222)
  VAT refunded in connection with
   acquisitions of real estate                  -        5,035            -
  Capital expenditures                     (6,204)     (13,239)      (5,135)
  Cash acquired on acquisition of
   subsidiaries                                 -           57            -
  Proceeds from sale of real estate        73,204       12,516       14,591
  Proceeds from sale of securities            372          818            -
  Funding of short-term loans to
   affiliates                                   -      (96,000)           -
  Proceeds from repayment of short-
   term loans to affiliates                     -       96,000            -
  Funds placed in escrow                  (46,951)      (6,735)      (1,571)
  Funds released from escrow               37,832        2,584       36,620
                                      -----------  -----------  -----------
Net Cash Provided by (Used in)
 Investing Activities                     126,466     (126,084)     (37,843)
                                      -----------  -----------  -----------

Cash Flows -- Financing Activities
  Distributions paid                     (113,867)     (85,814)     (92,591)
  Contributions from noncontrolling
   interests                                3,291        3,223       14,261
  Distributions paid to
   noncontrolling interests                (7,314)      (7,258)      (4,360)
  Contributions from profit-sharing
   interest                                     -            -        3,694
  Distributions to profit-sharing
   interest                                     -            -         (693)
  Purchase of noncontrolling interest           -       (7,502)           -
  Purchase of treasury stock from
   related party (Note ##RPF_FN)          (45,270)           -            -
  Scheduled payments of mortgage
   principal                              (54,964)     (25,327)     (14,324)
  Proceeds from mortgage financing         23,750       45,491       56,841
  Proceeds from senior credit
   facility                               300,000      251,410       83,250
  Repayments of senior credit
   facility                              (280,160)    (160,000)     (52,500)
  Payment of financing costs               (2,557)      (7,778)      (1,204)
  Funds placed in escrow                    1,970            -            -
  Proceeds from issuance of shares         51,644        1,488        3,724
  Windfall tax benefit associated
   with stock-based compensation
   awards                                  10,185        2,569        2,354
                                      -----------  -----------  -----------
Net Cash (Used in) Provided by
 Financing Activities                    (113,292)      10,502       (1,548)
                                      -----------  -----------  -----------

Change in Cash and Cash Equivalents
 During the Year
    Effect of exchange rate changes
     on cash                                  790           70         (783)
                                      -----------  -----------  -----------
    Net increase (decrease) in cash
     and cash equivalents                  94,607      (35,396)      46,243
  Cash and cash equivalents,
   beginning of year                       29,297       64,693       18,450
                                      -----------  -----------  -----------
  Cash and cash equivalents, end of
   year                               $   123,904  $    29,297  $    64,693
                                      ===========  ===========  ===========



                              W. P. CAREY INC.

                      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") and funds from operations - as adjusted ("AFFO"). 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       Years Ended
                                      December 31,          December 31,
                                 --------------------- ---------------------
                                    2012       2011       2012       2011
                                 ---------- ---------- ---------- ----------
EBITDA(a)
Investment management            $   15,824 $    1,141 $   23,752 $   91,234
Real estate ownership                64,603     22,487    146,885    137,106
                                 ---------- ---------- ---------- ----------
Total                            $   80,427 $   23,628 $  170,637 $  228,340
                                 ========== ========== ========== ==========

AFFO(a)
Investment management            $   14,116 $    7,002 $   21,120 $   86,105
Real estate ownership                64,705     28,207    159,511    102,748
                                 ---------- ---------- ---------- ----------
Total                            $   78,821 $   35,209 $  180,631 $  188,853
                                 ========== ========== ========== ==========

EBITDA Per Share (Diluted)(a)
Investment management            $     0.23 $     0.03 $     0.49 $     2.28
Real estate ownership                  0.93       0.56       3.06       3.41
                                 ---------- ---------- ---------- ----------
Total                            $     1.16 $     0.59 $     3.55 $     5.69
                                 ========== ========== ========== ==========

AFFO Per Share (Diluted)(a)
Investment management            $     0.20 $     0.17 $     0.44 $     2.15
Real estate ownership                  0.93       0.71       3.32       2.56
                                 ---------- ---------- ---------- ----------
Total                            $     1.13 $     0.88 $     3.76 $     4.71
                                 ========== ========== ========== ==========

(a) Effective April 1, 2012, we include cash distributions and deferred
    revenue received and earned from the operating partnerships of CPA®:16 -
    Global, CPA®:17 - Global and CWI in our Real Estate Ownership segment.
    Results of operations for the prior year periods have been reclassified
    to conform to the current period presentation.



                              W. P. CAREY INC.

             Reconciliation of Net Income to EBITDA (Unaudited)
             (in thousands, except share and per share amounts)

                               Three Months Ended          Years Ended
                                  December 31,             December 31,
                            -----------------------  -----------------------
                                2012        2011         2012        2011
                            ----------- -----------  ----------- -----------
Investment Management
Net income from investment
 management attributable to
 W.P. Carey (a)             $     9,971 $     3,705  $    17,237 $    52,799
Adjustments:
  Provision for income
   taxes                          4,926      (3,540)       2,771      34,971
  Depreciation and
   amortization                     927         976        3,744       3,464
                            ----------- -----------  ----------- -----------
  EBITDA -- investment
   management               $    15,824 $     1,141  $    23,752 $    91,234
                            =========== ===========  =========== ===========
  EBITDA per share
   (diluted)                $      0.23 $      0.03  $      0.49 $      2.28
                            =========== ===========  =========== ===========

Real Estate Ownership
Net income from real estate
 ownership attributable to
 W. P. Carey (a)            $     5,507 $     5,386  $    44,895 $    86,280
Adjustments:
  Interest expense               28,250       6,219       50,573      21,770
  Provision for income
   taxes                          1,665       2,227        4,012       2,243
  Depreciation and
   amortization                  28,587       7,352       45,046      20,883
  Reconciling items
   attributable to
   discontinued operations          594       1,303        2,359       5,930
                            ----------- -----------  ----------- -----------
EBITDA -- real estate
 ownership                  $    64,603 $    22,487  $   146,885 $   137,106
                            =========== ===========  =========== ===========
EBITDA per share (diluted)  $      0.93 $      0.56  $      3.06 $      3.41
                            =========== ===========  =========== ===========

Total Company
EBITDA                      $    80,427 $    23,628  $   170,637 $   228,340
                            =========== ===========  =========== ===========
EBITDA per share (diluted)  $      1.16 $      0.59  $      3.55 $      5.69
                            =========== ===========  =========== ===========
Diluted weighted average
 shares outstanding          69,505,871  40,152,444   48,078,474  40,098,095
                            =========== ===========  =========== ===========

(a) Effective April 1, 2012, we include cash distributions and deferred
    revenue received and earned from the operating partnerships of CPA®:16 -
    Global, CPA®:17 - Global and CWI in our Real Estate Ownership segment.
    Results of operations for the prior year periods have been reclassified
    to conform to the current period presentation.







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.



###PRECONTENT2###



Non-GAAP Financial Disclosure



FFO is a non-GAAP measure defined by NAREIT. NAREIT defines FFO as net income or loss (as computed in accordance with GAAP) excluding: depreciation and amortization expense from real estate assets, impairment charges on real estate, gains or losses from sales of depreciated real estate assets and extraordinary items; however, FFO related to assets held for sale, sold or otherwise transferred and included in the results of discontinued operations are included. These adjustments also incorporate the pro rata share of unconsolidated subsidiaries. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers. Although NAREIT has published this definition of FFO, companies often modify this definition as they seek to provide financial measures that meaningfully reflect their distinctive operations.



We modify the NAREIT computation of FFO to include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of real estate-related intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, gains or losses from extinguishment of debt and deconsolidation of subsidiaries and unrealized foreign currency exchange gains and losses. Additionally, we exclude expenses related to the merger which are considered non-recurring, and realized gains/losses on foreign exchange and derivatives, which are not considered fundamental attributes of our business plan and do not affect our overall long-term operating performance. We refer to our modified definition of FFO as AFFO. 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 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.



We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess the sustainability of our operating performance without the potentially distorting impact of these short-term fluctuations. However, there are limits on the usefulness of AFFO to investors. For example, impairment charges and unrealized foreign currency losses that we exclude may become actual realized losses upon the ultimate disposition of the properties in the form of lower cash proceeds or other considerations.



###PRECONTENT3###




COMPANY CONTACT:
Kristin Brown
W. P. Carey Inc.
212-492-8989
Email Contact : www2.marketwire.com/mw/emailprcntct?id=206E118D3DF9D3B9

PRESS CONTACTS:
Cheryl Sanclemente
W. P. Carey Inc.
212-492-8995
Email Contact : www2.marketwire.com/mw/emailprcntct?id=05185E992F3944CE

Guy Lawrence
Ross & Lawrence
212-308-3333
Email Contact : www2.marketwire.com/mw/emailprcntct?id=6E2E5E043F795F0E



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