Full Description

W. P. Carey & Co. LLC provides long-term, sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. It invests primarily in commercial properties that are each triple-net leased to single corporate tenants, domestically and internationally, and earn revenue as the advisor to publicly owned, non-traded real estate investment trusts (CPA REITs) sponsored by the Company that invest in similar properties. As of December 31, 2008, the Company was the advisor to various CPA REITs: Corporate Property Associates 14 Incorporated (CPA:14), Corporate Property Associates 15 Incorporated (CPA:15), Corporate Property Associates 16 – Global Incorporated (CPA:16 – Global) and Corporate Property Associates 17 – Global Incorporated (CPA:17).

As of December 31, 2008, the Company owned and managed over 880 commercial properties domestically and internationally, including its own portfolio. Its portfolio comprises of its full or partial ownership interest in 174 commercial properties, substantially all of which are net leased to 84 tenants, with a total of approximately 17 million square feet (on a pro rata basis) and an occupancy rate of approximately 94%.

The Company’s real estate investment portfolio, as well as those of the CPA REITs, it advises, consists primarily of single-tenant commercial real property. Under advisory agreements that the Company has with each of the CPA REITs, it performs services related to the day-to-day management of the CPA REITs and provides transaction-related services in connection with structuring and negotiating real estate and real estate related investments, and mortgage financing on their behalf. In addition, the Company provides further services when each CPA REIT is liquidated.

During the year ended December 31, 2008, the Company structured investments totaling approximately $457 million on behalf of the CPA REITs. Approximately 46% of the real estate investments were for international transactions. In July 2008, the Company opened an office in Amsterdam to establish a European base for the management of the CPA REITs’ portfolio of international assets under its management.