8-K 1 y01885e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) September 1, 2004 ----------------- W. P. Carey & Co. LLC ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware ---------------------------------------------- (State or Other Jurisdiction of Incorporation) 001-13779 13-3912578 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) 50 Rockefeller Plaza, New York, NY 10020 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) 212-492-1100 ---------------------------------------------------- (Registrant's Telephone Number, Including Area Code) ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 2 - Financial Information Item 2.01. Completion of Acquisition or Disposition of Assets On September 1, 2004, the Registrant completed the acquisition of 17 properties from Carey Institutional Properties Incorporated ("CIP(R)"). The purchase price was approximately $142 million, including the assumption of approximately $28 million in debt. These properties, totaling 2.4 million square feet, consist of office, industrial, retail and warehouse facilities located in nine states. A summary of the properties follows below. The price paid for the properties was based on an appraisal performed by an independent third party appraiser. The acquisition was made in connection with acquisition of CIP(R)'s remaining interests in properties by Corporate Property Associates 15 Incorporated ("CPA(R):15"), constituting 82 properties located in 28 states, totaling approximately 7.6 million square feet, for approximately $571 million in cash, stock and assumption of debt. These properties have lease terms that average 12 years. CIP(R) and CPA(R):15 are each managed by the Registrant. In connection with the acquisition of the properties by the Registrant and the acquisition by CPA(R):15 of the other CIP(R) properties, the Registrant will receive approximately $47.3 million in disposition and other management fees payable by CIP(R), including approximately $1 million in accrued fees attributable to normal operations unrelated to the above described transactions and payable at the time of the closing. Property Summary
---------------------------------------------------------------------------------------------------------------------------- Fair Value Property Appraised of Debt Annual Lease Lease Obligor Location Value ($) Assumed ($) Rent ($) Term(1) ---------------------------------------------------------------------------------------------------------------------------- Hibbett Sporting Goods, Inc. Birmingham, AL 10,950,000 4,881,011 784,224 Dec 2014 ---------------------------------------------------------------------------------------------------------------------------- Qwest Communications, Inc. Scottsdale, AZ 1,130,000 1,589,439 270,270 Feb 2007 ---------------------------------------------------------------------------------------------------------------------------- Xerox Corporation Hot Springs, AR 1,650,000 164,660 May 2011 ---------------------------------------------------------------------------------------------------------------------------- Affiliated Foods Southwest, Inc. Little Rock, AR 1,545,000 263,432 Feb 2009 (Cantrell Road) ---------------------------------------------------------------------------------------------------------------------------- Affiliated Foods Southwest, Inc. Little Rock, AR 510,000 34,745 Mar 2007 (12th Street) ---------------------------------------------------------------------------------------------------------------------------- Affiliated Foods Southwest, Inc. Hope, AR 980,000 85,882 Mar 2007 ---------------------------------------------------------------------------------------------------------------------------- (vacant) Denton, TX 3,550,000 ---------------------------------------------------------------------------------------------------------------------------- K-Mart Corporation Drayton Plains, MI 4,750,000 210,000 Mar 2006 ---------------------------------------------------------------------------------------------------------------------------- K-Mart Corporation Citrus Heights, CA 2,650,000 180,000 May 2006 ---------------------------------------------------------------------------------------------------------------------------- Titan Corporation(2) San Diego, CA 26,727,026 2,331,441 Jul 2007 ---------------------------------------------------------------------------------------------------------------------------- Sicor, Inc.(3) San Diego, CA 17,268,675 2,808,339 1,472,736 Jul 2009 ----------------------------------------------------------------------------------------------------------------------------
-------------- (1) Not including renewal terms. (2) Represents 81.46% ownership interest in the property. (3) Represents 50.00% ownership interest in two properties.
---------------------------------------------------------------------------------------------------------------------------- Fair Value Property Appraised of Debt Annual Lease Lease Obligor Location Value ($) Assumed ($) Rent ($) Term(1) ---------------------------------------------------------------------------------------------------------------------------- Omnicom Group, Inc. Venice, CA 13,540,000 4,804,927 1,082,685 Sep 2010 ---------------------------------------------------------------------------------------------------------------------------- Fiskars Corporation Apopka, FL 15,880,000 3,813,566 1,564,389 Mar 2010 ---------------------------------------------------------------------------------------------------------------------------- Sears Logistics, Inc. Jacksonville, FL 8,180,000 932,640 Sep 2004 ---------------------------------------------------------------------------------------------------------------------------- Lucent Technologies, Inc. Charlotte, NC 17,870,000 2,035,304 Mar 2005 ---------------------------------------------------------------------------------------------------------------------------- Michigan Mutual Insurance Charleston, SC 14,980,000 9,858,591 1,382,256 Dec 2007 Company ---------------------------------------------------------------------------------------------------------------------------- Totals 142,160,701 27,755,873 12,794,664 ----------------------------------------------------------------------------------------------------------------------------
Section 9 - Financial Statements and Exhibits Item 9.01. Financial Statements and Exhibits (a) Financial Statements of Business Acquired The financial statements of the acquired assets, required pursuant to Rule 3-14 of Regulation S-X, will be filed by an amendment to this report no later than November 18, 2004, which is 71 calendar days from the date that this report must be filed. (b) Pro Forma Financial Information The pro forma financial information required pursuant to Article 11 of Regulation S-X will be filed by an amendment to this report no later than November 18, 2004, which is 71 calendar days from the date that this report must be filed. (c) Exhibits None. There is no single plan of acquisition. Each of the properties was acquired pursuant to individual agreements, none of which are material individually. The Registrant agrees to furnish copies of the agreements supplementally to the Commission, upon request pursuant to Regulation S-K, Item 601(b)(2). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. W. P. CAREY & CO. LLC By: /s/ Gordon F. DuGan -------------------------- Gordon F. DuGan, Co-Chief Executive Officer Date: September 8, 2004