EX-99.1 2 y24397exv99w1.htm EX-99.1: SUPPLEMENTAL DISCLOSURE REPORT EX-99.1
 

EXHIBIT 99.1
(W.P. CAREY LOGO)
W. P. Carey & Co. LLC
Supplemental Disclosure Report
For the Quarter Ended
June 30, 2006
(WPC LISTED NYSE LOGO)

 


 

Important Disclosures About this Report
Important Note Regarding Non-GAAP Financial Measures
This supplemental disclosure report contains references to W. P. Carey & Co. LLC’s definition of funds from operations (FFO), which is a non-GAAP financial measure. The National Association of Real Estate Investment Trusts (NAREIT) defines funds from operations as net income computed in accordance with generally accepted accounting principles (GAAP), excluding gains or losses from sales of property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. W. P. Carey & Co. LLC calculates its FFO in accordance with this definition and then makes adjustments to add back certain non-cash charges to earnings, such as the amortization of intangibles, stock compensation and impairment charges on real estate, resulting in its FFO. W. P. Carey & Co. LLC considers its definition of FFO to be an appropriate supplemental measure of operating performance because, by excluding these non-cash charges, it can be a helpful tool to assist in the comparison of the operating performance of W. P. Carey & Co. LLC’s real estate between periods, or as compared to different companies. W. P. Carey & Co. LLC’s definition of FFO should not be considered as an alternative to net income as an indication of its operating performance or to net cash provided by operating activities as a measure of its liquidity. FFO and adjusted FFO disclosed by other REITs (real estate investment trust) may not be comparable to W. P. Carey & Co. LLC’s FFO calculation.
Forward-looking Statements
This supplemental disclosure report contains certain forward-looking statements relating to W. P. Carey & Co. LLC. As used in this supplemental disclosure report, the terms “the Company,” “we,” “us” and “our” include W. P. Carey & Co. LLC, its consolidated subsidiaries and predecessors, unless otherwise indicated. Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “expect,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seeks,” “plans” or similar expressions. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees, and speak only as of the date they are made. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievement to be materially different from the results of operations or plan expressed or implied by such forward-looking statements. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved.

 


 

W. P. CAREY & CO. LLC
Supplemental Disclosure Report for the Quarter ended June 30, 2006
         
Contents   Page  
CORPORATE PROFILE:
       
Company Overview
    5  
Second Quarter June 30, 2006 Results
    6  
Financial Highlights
    7  
 
       
FINANCIAL ANALYSIS:
       
Reconciliation of Net Income to FFO and FAD Analysis
    9  
Debt Structure Analysis
    10  
Total Capitalization Analysis
    11  
Revenue Diversification Analysis
    12  
Revenue Stability Analysis
    13 & 14  
Selected Financial Ratios Analysis
    15  
Portfolio Debt Summary
    16  
Mortgage Debt Maturity Profile
    17  
 
       
ACQUISITIONS & DISPOSITIONS:
       
2006 Acquisitions Update
    19  
2006 Dispositions Update
    20  
 
       
PORTFOLIO ANALYSIS:
       
Portfolio Diversification Analysis by Rent Contribution
    22  
Portfolio Diversification Analysis by Property Type
    23  
Portfolio Diversification Analysis by Tenant Industry
    24  
Portfolio Diversification Analysis by Geography
    25  
Portfolio Lease Maturity Analysis
    26  
 
       
EXHIBITS:
       
Consolidated Balance Sheets
  Exhibit A
Consolidated Statements of Income
  Exhibit B
Consolidated Statements of Cash Flows
  Exhibit C
Quarterly Reconciliation of Net Income to Funds from Operations
  Exhibit D
Detailed Property Summary
  Exhibit E

 


 

CORPORATE PROFILE

 


 

SECTION: CORPORATE PROFILE
W. P. CAREY & CO. LLC
Company Overview
June 30, 2006
         
STOCK DATA
       
Exchanges
  NYSE & PCX
Ticker
  WPC
Closing Price Range three months ended June 30, 2006
  $24.89-$28.08
Listed Shares Outstanding as of June 30, 2006
    38,054,358
 
       
 
       
 
       
BANKS
       
JPMorgan Chase Bank — Administrative Agent
       
The Bank of New York — Syndication Agent
       
PNC Bank, N.A. — Syndication Agent
       
Wells Fargo Bank, N.A. — Syndication Agent
       
Bank of America, N.A. — Documentation Agent
       
 
       
INDEPENDENT AUDITORS
       
PricewaterhouseCoopers LLP
       
 
       
RESEARCH COVERAGE
       
A. G. Edwards & Sons, Inc.
       
 
COMPANY CONTACTS
Mark DeCesaris
Managing Director, Acting Chief Financial Officer
Susan C. Hyde
Executive Director, Director of Investor Relations
Gagan Singh
First Vice President, Finance
 
EXECUTIVE OFFICES
50 Rockefeller Plaza
New York, NY 10020
Tel: 1-800-WPCAREY or (212) 492-1100
Fax: (212) 492-8922
Web Site Address: www.wpcarey.com
 
 
 
 
 
 

Ticker: WPC   5   www.wpcarey.com

 


 

SECTION: CORPORATE PROFILE
W. P. CAREY & CO. LLC
Second Quarter and Six Month Ended 2006 Results
Financial Results
Net income for the three-month period increased 2% to $17.3 million, as compared to $16.9 million for the same period in 2005. Net income for the six-month period increased 24% to $28.4 million, as compared to $22.8 million for the same period in 2005.
Diluted earnings per share (EPS) for the three-month period increased 2% to $0.44 as compared to $0.43 for the same period in 2005. Diluted earnings per share (EPS) for the six-month period increased 26% to $0.73 as compared to $0.58 for the same period in 2005.
Funds from Operations (FFO) for the three-month period increased 15% to $28.4 million, or $0.72 per diluted share, as compared to $24.8 million, or $0.64 per diluted share, for the comparable period in 2005. FFO for the six-month period increased 3% to $50.4 million, or $1.30 per diluted share, as compared to $48.7 million, or $1.24 per diluted share, for the comparable period in 2005.
Income from continuing operations for the three-month period increased 40% to $18 million, as compared to $12.9 million for the same period in 2005. Income from continuing operations for the six-month period increased 27% to $33.1 million, as compared to $26.1 million for the same period in 2005.
Cash flows from operating activities for the six-month period increased 18% to $35.6 million, as compared to $30.3 million for the comparable period in 2005, paralleling the increase in net income.
Dividend Increase
The Board of Directors raised the quarterly cash distribution to $0.454 per share, which was paid on July 14, 2006 to shareholders of record on June 30, 2006.
Investment Highlights
For the three-month period ended June 30, 2006, the Company completed three investments totaling $83 million, on behalf of CPA ®:16 – Global, as compared to nine investments totaling $262 million, on behalf of CPA®:15 and CPA®:16 – Global, for the comparable period in 2005. For the six-month period ended June 30, 2006, the Company completed eight investments totaling $338 million, on behalf of CPA®:15 and CPA®:16 – Global, as compared to 14 investments totaling $627 million, on behalf of CPA®:15 and CPA®:16 – Global, for the comparable period in 2005.
Ticker: WPC   6   www.wpcarey.com

 


 

SECTION: CORPORATE PROFILE
W. P. CAREY & CO. LLC
Financial Highlights
(in thousands, except share and per share data)
                                 
    For the Six Months   For the Six Months   For the Quarter   For the Quarter
    Ended   Ended   Ended   Ended
    June 30, 2006   June 30, 2005   June 30, 2006   June 30, 2005
Operations
                               
Total Revenues from Continuing Operations
  $ 105,537     $ 89,110     $ 57,659     $ 43,948  
Net Income
  $ 28,369     $ 22,788     $ 17,304     $ 16,933  
Funds From Operations (FFO)
  $ 50,381     $ 48,718     $ 28,434     $ 24,807  
 
                               
Per Share
                               
FFO (Diluted)
  $ 1.30     $ 1.24     $ 0.72     $ 0.64  
Dividends Declared
  $ 0.906     $ 0.890     $ 0.454     $ 0.446  
Pay Out Ratio (Dividends Declared/FFO)
    69.8 %     71.9 %     62.9 %     70.1 %
Weighted Average Listed Shares Outstanding (Diluted)
    38,794,914       39,346,537       39,416,433       39,017,636  
 
                               
Balance Sheet
  As of 6/30/06   As of 6/30/05                
 
                       
Total Assets
  $ 997,922     $ 962,411                  
Limited Recourse Mortgage Debt(1)
  $ 253,897     $ 174,874                  
Credit Facility
  $ 2,000     $ 77,000                  
Members’ Equity
  $ 602,295     $ 613,812                  
 
                               
Stock Data
                               
Price Range
  $ 24.89 - $28.08                          
Dividend Yield Range
    6.47% - 7.30 %                        
Average Trading Volume
    31,464                          
Price/Estimated FFO (2)
    9.18                          
 
(1)   Excludes pro rata mortgage debt of equity investments in properties leased to Federal Express Corporation, Information Resources, Inc., Childtime Childcare, Inc., Hologic, Inc., Carrefour France, SAS, and SICOR, Inc. See the Portfolio Debt Summary on page 15 for details.
 
(2)   Based on a stock price of $25.24 on August 8, 2006 and 2006 analyst FFO forecast of $2.75.
Ticker: WPC   7   www.wpcarey.com

 


 

FINANCIAL ANALYSIS

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations (FFO) & FAD Analysis
(in thousands, except share and per share data)
                                 
    For the Six Months     For the Six Months     For the Quarter     For the Quarter  
    Ended     Ended     Ended     Ended  
    June 30, 2006     June 30, 2005     June 30, 2006     June 30, 2005  
Net income
  $ 28,369     $ 22,788     $ 17,304     $ 16,933  
Gain on sale of real estate
          (9,119 )           (9,139 )
FFO of equity investees in excess of equity income
    6,000       4,835       3,175       2,608  
Depreciation, amortization, deferred taxes and other non-cash charges
    11,516       12,741       7,270       7,400  
FFO applicable to minority investees in excess of minority income
    (418 )     (226 )     (181 )     (108 )
Straight-line rents
    1,557       1,878       866       964  
Impairment charges
    3,357       15,821             6,149  
 
                       
Funds From Operations (FFO)
  $ 50,381     $ 48,718     $ 28,434     $ 24,807  
 
                       
 
                               
Weighted Average Listed Shares Outstanding
                               
Basic
    37,802,340       37,631,539       37,670,305       37,670,305  
Diluted
    38,794,914       39,185,907       39,346,537       39,017,636  
FFO per Share
                               
Basic
  $ 1.33     $ 1.29     $ 0.75     $ 0.66  
Diluted
  $ 1.30     $ 1.24     $ 0.72     $ 0.64  
Pay Out Ratio (Dividend/FFO)
    69.8 %     71.9 %     62.9 %     70.1 %
 
                               
Funds From Operations (FFO)
    50,381       48,718       28,434       24,807  
Recurring and non-revenue enhancing capital expenditure
          (460 )           (664 )
 
                       
Funds Available For Distribution (FAD)
  $ 50,381     $ 48,258     $ 28,434     $ 24,143  
 
                       
 
                               
FAD Per Share
                               
Basic
  $ 1.33     $ 1.28     $ 0.75     $ 0.64  
Diluted
  $ 1.30     $ 1.23     $ 0.72     $ 0.62  
Pay Out Ratio (Dividend/FAD)
    69.8 %     72.3 %     62.8 %     72.1 %
Ticker: WPC   9   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Debt Structure Analysis
(in thousands)
Debt Structure
                 
March 31, 2006
 
Limited Recourse Mortgage Debt (1)
  $ 290,526       98 %
Credit Facility
    6,000       2 %
     
Total Debt
  $ 296,526       100 %
 
Debt Structure - March 31, 2006
(PIE CHART)
                 
June 30, 2006
 
Limited Recourse Mortgage Debt (1)
  $ 290,243       99 %
Credit Facility
    2,000       1 %
     
Total Debt
  $ 292,243       100 %
 
Debt Structure - June 30, 2006
(PIE CHART)
 
(1)   Includes pro rata mortgage debt of equity investments in properties leased to Federal Express Corporation, Information Resources, Inc., Childtime Childcare, Inc., Hologic, Inc., Carrefour, SAS, and SICOR, Inc. See the Portfolio Debt Summary on page 15 for details.
Ticker: WPC   10   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Total Capitalization Analysis
June 30, 2006

(in thousands)
                 
Total Market Capitalization Analysis
 
Equity Market Capitalization of Listed Shares (1)
  $ 960,492       77 %
 
               
Limited Recourse Mortgage Debt (2)
    290,243       23 %
Credit Facility
    2,000       0 %
     
Total Debt
    292,243       23 %
 
               
 
Total Market Capitalization (3)
  $ 1,252,734       100 %
 
Total Market Capitalization
(PIE CHART)
                 
Total Book Value Capitalization Analysis
 
Members’ Equity
  $ 602,295       67 %
 
               
Limited Recourse Mortgage Debt (2)
    290,243       32 %
Credit Facility
    2,000       0 %
     
Total Debt
    292,243       33 %
 
               
 
Total Book Value Capitalization (3)
  $ 894,538       100 %
 
Total Book Value Capitalization
(PIE CHART)
 
(1)   Stock price of $25.24 is as of the second quarter earnings release date of August 8, 2006. Indicated shares outstanding of 38,054,358 is as of June 30, 2006.
 
(2)   Includes pro rata mortgage debt of equity invesments in properties leased to Federal Express Corporation, Information Resources, Inc., Childtime Childcare, Inc., Hologic, Inc., Carrefour, SAS, and SICOR, Inc. See the Portfolio Debt Summary on page 15 for details.
 
(3)   Numbers may not add up due to rounding.
Ticker: WPC   11   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Revenue Diversification Analysis (GAAP Modified)
(in thousands)
                 
Three Months Ended
March 31, 2006
 
Revenues from Real Estate Business (1)
  $ 21,971       45 %
Revenues from Management Business
    27,252       55 %
     
Total Revenues
  $ 49,223       100 %
 
Revenue Diversification
Three Months Ended March 31, 2006
(PIE CHART)
                 
Three Months Ended
June 30, 2006
 
Revenues from Real Estate Business (1)
  $ 21,852       37 %
Revenues from Management Business (3)
    37,108       63 %
     
Total Revenues
  $ 58,960       100 %
 
Revenue Diversification
Three Months Ended June 30, 2006
(PIE CHART)
 
Definitions
 
(1)   Revenues from Real Estate Business (continuing and discontinued operations) = rental income + interest income from direct financing leases + other interest income + other income + revenues of other business operations.
 
(2)   Revenues from Management Business = asset management revenue + structuring revenue + reimbursements revenue from CPAÒ REITs.
 
(3)   Revenues from Management Business increased primarily as a result of broker-dealer commissions from CPA®:16 Global Offering. Such revenues are offset by a corresponding expense and therefore have no impact on net income.
Ticker: WPC   12   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Revenue Stability Analysis (GAAP Modified)
(in thousands except per share data)
                         
            Diluted        
    Three Months Ended     Per        
Revenue Type   March 31, 2006     Share     %  
 
Rents (1)
  $ 21,367     $ 0.55          
Management revenue (2)
    17,339     $ 0.45          
 
                   
Rents and Management Revenue (3)
    38,706     $ 1.00       79 %
 
                       
Structuring revenue (4)
    9,403     $ 0.24          
Reimbursable costs (broker-dealer commissions)
    510     $ 0.01          
Other income
    604     $ 0.02          
 
                   
Structuring Revenue & Other Income (3)
    10,517     $ 0.27       21 %
 
                   
 
                       
Total (3)
  $ 49,223     $ 1.27       100 %
 
Revenue Stability
Three Months Ended March 31, 2006
(PIE CHART)
 
(1)   Rents (continuing and discontinued operations) = rental income + interest income from direct financing leases + other interest income + revenues of other business operations.
 
(2)   Management revenues include management and performance revenues earned from CPAÒ REITs under management as well as reimbursements of expenses.
 
(3)   Numbers may not add up due to rounding.
 
(4)   Structuring revenue includes structuring fees and deferred structuring fees.
Ticker: WPC   13   www.wpcarey.com

 


 

W. P. CAREY & CO. LLC
Revenue Stability Analysis (Continued)(GAAP Modified)
(in thousands except per share data)
                         
            Diluted        
    Three Months Ended     Per        
Revenue Type   June 30, 2006     Share     %  
 
Rents (1)
  $ 21,344     $ 0.54          
Management revenue (2)
    19,599     $ 0.50          
 
                   
Rents and Management Revenue (3)
    40,943     $ 1.04       69 %
 
                       
Structuring revenue (4)
    2,062     $ 0.05          
Reimbursable costs (broker-dealer commissions)
    15,447     $ 0.39          
Other income
    508     $ 0.01          
 
                   
Structuring Revenue & Other Income (3)
    18,017     $ 0.46       31 %
 
                   
 
                       
Total (3)
  $ 58,960     $ 1.50       100 %
 
Revenue Stability
Three Months Ended June 30, 2006
(PIE CHART)
 
(1)   Rents (continuing and discontinued operations) = rental income + interest income from direct financing leases + other interest income + revenues of other business operations.
 
(2)   Management revenues include management and performance revenues earned from CPAÒ REITs under management as well as reimbursements of expenses.
 
(3)   Numbers may not add up due to rounding.
 
(4)   Structuring revenue includes structuring fees and deferred structuring fees.
Ticker: WPC   14   www.wpcarey.com


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Selected Financial Ratios Analysis
June 30, 2006
                         
    For the Quarter   For the Quarter   For the Twelve Months
    Ended   Ended   Ended
    June 30, 2006   March 31, 2006   December 31, 2005
Financial Strength
                       
Leverage
                       
Recourse debt/Book value of equity
    0.3 %     1.0 %     2.5 %
Total debt/Total market capitalization
    30.4 %     28.9 %     31.8 %
Total debt/EBITDA
    2.23       2.23       2.41  
FFO/Total debt*
    38.9 %     29.4 %     32.1 %
Coverage
                       
EBITDA/Total interest expense
    6.25       6.43       6.00  
Fixed charge coverage ratio
    3.90       3.99       4.08  
FFO/Total interest expense*
    5.42       4.22       4.63  
 
                       
Valuation Ratios
                       
Price/Earnings*
    14.3       23.4       20.5  
Price/FFO*
    8.8       11.9       10.1  
Price/Revenues*
    4.2       5.3       5.5  
Price/Book Value of Equity
    1.6       1.7       1.6  
 
                       
Per Share Data
                       
Earnings*
  $ 1.76     $ 1.16     $ 1.25  
FFO*
  $ 2.88     $ 2.28     $ 2.53  
Revenues*
  $ 5.98     $ 5.10     $ 4.64  
Book Value of Equity
  $ 15.83     $ 15.97     $ 16.11  
 
*   Quarterly ratios are based on annualized earnings, FFO & revenues.
 
Definitions
 
(1)   Recourse debt = Company level indebtedness that is not secured by a lien.
 
(2)   Total debt = long-term debt = recourse debt + limited recourse mortgage debt, including adjustments for joint ventures (“JV’s”).
 
(3)   Total market capitalization = equity market capitalization + debt capitalization.
 
(4)   Fixed charge coverage ratio = EBITDA/(interest expense + scheduled principal amortization + preferred dividends (if any) + adjustments for JVs).
 
(5)   EBITDA = net income + interest + taxes + depreciation + amortization +/- extraordinary loss (gain) + noncash charges / gains + adjustments for JVs.
 
(6)   Price = Closing Price as of earnings release date of August 8, 2006.
 
(7)   Revenues = revenue from continuing operations + revenue from discontinued operations + interest income.
Ticker: WPC   15   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Portfolio Debt Summary
(pro rata basis)
June 30, 2006
                                     
    Number of   Fixed /   Original     Current     Interest     Maturity
Tenant/Lease Guarantor   Properties   Variable   Balance     Balance(11)     Rate     Date
Quebecor Printing USA (GA)
  1   Fixed   $ 7,000,000     $ 6,280,291       6.82 %   Aug-07
Amerisure Insurance (Michigan Mutual)
  1   Fixed     9,500,000       9,656,309       8.80 %   Dec-07
Billipp Portfolio
  7   Variable (1)     5,000,000       5,000,005       5.92 %   Dec-08
SICOR, Inc.
  2   Fixed     2,777,183       1,771,424       8.13 %   Jan-09
Orbital Sciences Corporation
  1   Fixed     15,000,000       13,089,503       7.38 %   Jun-09
America West Holdings Corporation
  1   Fixed     25,000,000       16,301,348       7.23 %   Aug-09
Bell South Telecommunications
  1   Fixed     5,995,498       4,197,874       8.11 %   Jan-10
Unisource Worldwide, Inc.
  1   Fixed     7,000,000       2,562,326       9.97 %   Feb-10
Hibbett Sports
  1   Fixed     4,995,033       4,759,524       7.50 %   Apr-10
Detroit Diesel Corporation
  1   Fixed     25,000,000       9,686,353       7.96 %   Jun-10
Omnicom Group, Inc.
  1   Fixed     4,574,481       3,592,602       8.93 %   Sep-10
EnviroWorks, Inc.
  1   Fixed     3,563,292       2,899,041       10.13 %   Oct-10
Federal Express Corporation
  1   Fixed     18,000,000       16,932,848       7.50 %   Jan-11
Autozone — Series A
  12   Fixed     4,099,504       2,034,935       6.85 %   Jan-11
Childtime Childcare, Inc.
  12   Fixed     2,522,816       2,373,908       7.50 %   Jan-11
Information Resources, Inc.
  2   Fixed     8,665,800       7,945,344       7.60 %   Jan-11
Cendant Operations, Inc.
  1   Fixed     6,000,000       5,673,595       7.34 %   Jan-11
Autozone, Inc. — Series B
  19   Fixed     6,289,699       3,155,159       6.85 %   Feb-11
Sprint Spectrum, LP
  1   Fixed     8,753,000       8,366,611       7.64 %   Aug-11
Qwest Communications, Inc.
  1   Fixed     1,594,023       1,530,648       7.50 %   Jun-12
Autozone — Series C
  6   Fixed     2,033,191       1,187,598       6.85 %   Aug-12
BE Aerospace, Inc.
  3   Fixed     9,200,000       8,800,832       6.11 %   Nov-12
Faurecia (AP Parts)
  1   Fixed     2,675,000       2,644,672       5.16 %   Nov-12
Anthony, Inc. Industry
  4   Fixed     9,285,000       9,178,906       5.11 %   Nov-12
Alstom & Werner
  3   Fixed     10,750,000       10,646,539       5.18 %   Dec-12
SAS Pantin Invest France (2)
  1   Fixed     12,683,000       8,330,332       4.92 %   Jul-13
Autozone — Series D
  11   Fixed     4,667,621       2,940,847       6.85 %   Aug-13
Aviva France (fka Tellit Assurances — SA) (2)
  1   Fixed (7)     3,300,750       2,471,858       4.49 %   Aug-13
Direction Regional des Affaires Sanitaires et Sociales (aka SCI Le Mail) (2)
  1   Fixed     1,341,000       914,838       4.60 %   Aug-13
SARL S3T (aka SAS Immo Invest) (2)
  1   Variable (8)     1,429,728       1,327,371       4.56 %   May-14
DSM Food Specialties (aka SAS Immo Invest) (2)
  1   Variable (8)     1,728,672       1,097,825       4.56 %   May-14
Carrefour France, SAS (2)
  8   Fixed     26,078,798       25,947,109       5.55 %   Dec-14
Lowe’s Home Improvement Warehouse (fka Eagle Hardware)
  1   Fixed     9,725,000       9,725,000       4.87 %   Sep-15
Bouygues Telecom, S.A. (Tours) (2)
  1   Variable (9)     9,877,469       8,114,294       3.86 %   Oct-15
Dr. Pepper
  2   Fixed     33,950,000       33,563,283       5.13 %   Nov-15
CheckFree Holdings, Inc.
  1   Fixed     15,000,000       15,000,000       6.18 %   Jun-16
Bouygues Telecom, S.A. (Illkirch-Graffenstaden) (2)
  1   Fixed (10)     16,874,000       14,421,083       5.45 %   Oct-16
Hologic, Inc.
  2   Fixed     6,660,000       6,121,140       6.40 %   May-23
         
         
Total Limited Recourse Debt (6)
  117       $ 348,589,559     $ 290,243,178       6.37% (3)    
         
Credit Facility (4)
                  $ 2,000,000       8.25 %   May-07
                         
Total Debt
                  $ 292,243,178       6.38% (5)    
                         
 
(1)   Fixed LIBO rate plus 1.25%
 
(2)   Debt balance calculated using an exchange rate of 1.2551 USD/EUR at June 30, 2006.
 
(3)   Reflects weighted average interest rate for the mortgage debt only.
 
(4)   Indicated interest rate is based on Libor + 110 bps and represents the weighted average on outstanding tranches at June 30, 2006. Floating rate subject to change depending on leverage ratios and debt ratings (if applicable).
 
(5)   Reflects weighted average interest rate for the entire portfolio including the line of credit debt.
 
(6)   Numbers may not add up due to rounding.
 
(7)   Loan resets itself to a 5 year French Franc swap rate index plus 85 bps every five years. Current term is fixed until 2008.
 
(8)   Euribor 3-month from 2 “Target days” (when target payment system is open) before each interest period, increased by 130 bps.
 
(9)   Euribor 3-month base index on last working day preceding quarterly payment plus 85 bps.
 
(10)   Loan resets itself to PFX 5 year index plus 85 bps every five years. Current rate is fixed until October 2006.
 
(11)   Loan balances may be higher than the original balance due to fair value adjustments.
      
Ticker: WPC   16   www.wpcarey.com

 


 

SECTION: FINANCIAL ANALYSIS
W. P. CAREY & CO. LLC
Mortgage Debt Maturity Profile
(pro rata basis)
June 30, 2006
         
Year   Balloon Payments (1)  
2006
  $  
2007
    15,540,508  
2008
     
2009
    26,754,760  
2010
    6,741,951  
2011
    37,912,078  
2012
    9,023,825  
2013
    4,718,293  
2014
    17,546,788  
2015
    10,117,086  
2016
    18,376,858  
2017
     
2018
     
2019
     
2020
     
2021
     
2022
     
2023
    231,984  
 
     
Total
  $ 146,964,131  
 
     
()
 
(1)   Balloon payments calculated using an exchange rate of 1.2551 USD/EUR at June 30, 2006 (where applicable).
      
Ticker: WPC   17   www.wpcarey.com

 


 

ACQUISITIONS & DISPOSITIONS

 


 

SECTION: ACQUISITIONS/DISPOSITIONS
W. P. CAREY & CO. LLC
2006 Acquisitions Update
                                 
            Purchase           Gross
            Price   Closing       Square
Portfolio(s)   Tenant/Lease Guarantor   Property Location   (000s)   Date   Property Type   Footage
 
                               
Management Business                            
 
                               
CPA®:16 — Global
  Corinthian Laramie (1)   Laramie, WY   $ 26,020     January-06   Residential     200,400  
CPA®:16 — Global
  Utex Industries, Inc.   Houston, TX     14,730     March-06   Industrial     335,228  
CPA®:15
  OTC Expansion (2)   La Vista, NE     14,660     March-06   Warehouse/Manufacturing     137,000  
CPA®:15, 16 — Global
  OBI Group   16 locations throughout Poland     183,300     March-06   Retail     1,600,000  
CPA®:16 — Global
  Datastream Systems, Inc   Greenville, SC     16,308     March-06   Office     124,836  
CPA®:16 — Global
  Kings Super Markets, Inc.   6 locations in New Jersey     48,398     April-06   Retail     125,129  
CPA®:16 — Global
  Hilite International   Marktheidenfeld, Germany     24,343     May-06   Manufacturing     194,218  
CPA®:16 — Global
  Integrated Distribution Systems Expansion (2)   Lamlukka & Bangpa, Thailand     N/A     June-06   Manufacturing     N/A  
CPA®:16 — Global
  The Cheese Works Limited   Ringwood, NJ and Alameda, CA     10,521     June-06   Warehouse/Distribution     74,856  
CPA®:16 — Global
  Good Time Stores (Alon USA)   El Paso, TX     23,677     July-06   Warehouse     62,274  
CPA®:16 — Global
  International Imaging Materials (IIMAK)   Amherst, NY     15,782     August-06   Manufacturing     271,123  
 
                               
 
  Total (3)       $ 377,738               3,125,064  
 
                               
 
(1)   Represents a build-to-suit transaction. Gross Square Footage and Costs are estimates.
 
(2)   Represents a facility expansion.
 
(3)   Numbers may not add up due to rounding.
      
Ticker: WPC   19   www.wpcarey.com

 


 

SECTION: ACQUISITIONS/DISPOSITIONS
W. P. CAREY & CO. LLC
2006 Dispositions Update
                     
    Tenant/Lease   Property   Disposition   Sale Price
Portfolio(s)   Guarantor   Location(s)   Date   (000s)
 
                   
Real Estate Business                
 
                   
     WPC LLC
  Quebecor   Olive Branch, MS   Apr-06   $ 7,646  
     WPC LLC
  Winn Dixie   Bay Minette, AL   May-06     520  
 
       Subtotal           $ 8,166  
 
                   
Management Business                
 
                   
     CPA®:12
  Rheometric   Piscataway, NJ   Feb-06   $ 3,850  
     CPA®:15
  Trends   Miami, FL   Mar-06     17,980  
     CPA®:14
  Celestica (Mayo Clinic)   Rochester, MN   May-06     36,875  
     CPA®:12
  Remec — Spectrian (Java Drive)   Sunnyvale, CA   May-06     10,400  
     CPA®:15
  Clear Channel   New York, NY   Jun-06     208,000  
     CPA®:15
  UK Logic   Rotherham, UK   Jun-06     5,197  
 
  Subtotal           $ 282,302  
 
                   
 
  Total           $ 290,469  
 
                   
      
Ticker: WPC   20   www.wpcarey.com

 


 

PORTFOLIO ANALYSIS

 


 

SECTION: PORTFOLIO ANALYSIS
W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Rent Contribution
June 30, 2006
Based on Ongoing Rental Income
                         
            Percentage of Total     Percentage of  
Top Ten Tenants/Lease Guarantors   Annualized Rent     Annualized Rent     Revenue(1)  
Detroit Diesel Corporation
  $ 4,634,253       5.4 %     2.0 %
Dr Pepper/Seven Up Bottling Group
    4,598,837       5.4 %     1.9 %
Bouygues Telecom, S.A.
    3,789,464       4.4 %     1.6 %
Carrefour France, S.A.
    3,661,452       4.3 %     1.6 %
Orbital Sciences Corporation
    3,022,947       3.5 %     1.3 %
Federal Express Corporation
    2,986,085       3.5 %     1.3 %
The Titan Corporation
    2,862,068       3.3 %     1.2 %
America West Holdings Corporation
    2,837,889       3.3 %     1.2 %
CheckFree Holdings, Inc.
    2,301,768       2.7 %     1.0 %
AutoZone, Inc.
    2,216,594       2.6 %     0.9 %
         
    Number of Tenants/Lease
Percentage of Total Annualized Rent   Guarantors
10.0% <     rent
    0  
10.0% >, ³ 7.5%
    0  
   7.5% >, ³ 5.0%
    2  
   5.0% >, ³ 2.5%
    8  
   2.5% >     rent
    99  
         
    Number of Tenants/Lease
Percentage of Revenue (1)   Guarantors
10.0% <     rent
    0  
10.0% >, ³ 7.5%
    0  
   7.5% >, ³ 5.0%
    0  
   5.0% >, ³ 2.5%
    0  
   2.5% >     rent
    109  
      
Ticker: WPC   22   www.wpcarey.com

 


 

SECTION: PORTFOLIO ANALYSIS
W.P. CAREY & CO. LLC
Portfolio Diversification Analysis by Property Type
June 30, 2006
                 
Property Type   Square Footage (2)     Percent  
 
Industrial
    8,328,850       51.8 %
Warehouse/Distribution
    4,313,893       26.8 %
Office
    2,194,390       13.7 %
Retail
    1,011,777       6.3 %
Hospitality
    158,000       1.0 %
Other (3)
    64,825       0.4 %
 
           
Total(4)
    16,071,735       100.0 %
 
(graph)
                 
Property Type   Annualized Rent (1)     Percent  
 
Industrial
  $ 31,548,345       36.9 %
Office
    30,935,421       36.2 %
Warehouse/Distribution
    14,389,980       16.8 %
Retail
    6,042,503       7.1 %
Other (3)
    1,450,242       1.7 %
Hospitality
    1,200,000       1.4 %
 
           
Total (4)
  $ 85,566,491       100.0 %
 
(graph)
 
(1)   Rents reflect current annualized rents on a pro rata basis.
 
(2)   Square footage for jointly owned properties is not shown on a pro rata basis.
 
(3)   Reflects land used for educational purposes & unoccupied land & research.
 
(4)   Numbers may not add up due to rounding.

Ticker: WPC 23 www.wpcarey.com

 


 

SECTION: PORTFOLIO ANALYSIS
W.P. CAREY & CO. LLC
Portfolio Diversification Analysis by Tenant Industry
June 30, 2006
                 
            Percentage of  
Industry Type (1)   Annualized Rent     Rent (2)  
 
Manufacturing
  $ 33,664,442       39.3 %
Information
    12,276,400       14.3 %
Wholesale Trade
    10,829,565       12.7 %
Retail Trade
    8,663,537       10.1 %
Transportation and Warehousing
    7,306,375       8.5 %
Professional, Scientific and Technical Services
    5,933,844       6.9 %
Finance and Insurance
    2,660,367       3.1 %
Accomodation and Food Services
    1,209,000       1.4 %
Public Administration
    924,713       1.1 %
Construction
    823,077       1.0 %
Health Care and Social Assistance
    664,508       0.8 %
Other (3)
    416,647       0.5 %
Educational Services
    194,016       0.2 %
 
           
Total (4)
  $ 85,566,491       100.0 %
 
(graph)
 
(1)   Based on the North American Industry Classification System (NAICS) and information provided by the tenant.
 
(2)   Rents reflect current annualized rents on a pro rata basis.
 
(3)   Reflects land used for Administrative, Support, Waste Management, Remediation Services, Arts, Entertainment & Recreation, Real Estate and Rental and Leasing and Other Services.
 
(4)   Numbers may not add up due to rounding.

Ticker: WPC 24 www.wpcarey.com

 


 

SECTION: PORTFOLIO ANALYSIS
 
W. P. CAREY & CO. LLC
Portfolio Diversification Analysis by Geography
June 30, 2006
 
                 
 
Region   Square Footage(2)   Percentage
 
Midwest
    4,692,738       29.2 %
South
    4,556,237       28.3 %
East
    3,470,251       21.6 %
West
    2,323,862       14.5 %
Europe
    1,028,647       6.4 %
 
Total
    16,071,735       100.0 %
 
(SF PIE CHART)
 
                 
Region   Annualized Rent(1)   Percentage
 
South
  $ 26,134,752       30.5 %
West
    19,837,219       23.2 %
Midwest
    16,291,525       19.0 %
East
    13,225,265       15.5 %
Europe
    10,077,730       11.8 %
 
Total (3)
  $ 85,566,491       100.0 %
 
(SR PIE CHART)
 
(1)   Rents reflect current annualized rents on a pro rata basis.
 
(2)   Square footage for jointly owned properties shown on a pro rata basis.
 
(3)   Numbers may not add up due to rounding.
 
     
Ticker:  WPC   25   www.wpcarey.com


 

SECTION: PORTFOLIO ANALYSIS
W.P. CAREY & CO. LLC
Portfolio Lease Maturity Analysis
June 30, 2006
                                 
Year of   Number of     Annualized     Percentage of Total     Average Years to  
Lease Expiration   Leases     Rents (1)     Annualized Rents     Maturity  
 
2006 (2)
    25       2,640,630       3.1 %     0.50  
2007
    18       7,518,120       8.8 %     1.50  
2008
    13       6,846,194       8.0 %     2.50  
2009
    14       11,992,058       14.0 %     3.50  
2010
    18       10,414,921       12.2 %     4.50  
2011
    9       10,315,430       12.1 %     5.50  
2012
    5       5,460,012       6.4 %     6.50  
2013
    5       3,221,558       3.8 %     7.50  
2014
    4       9,096,285       10.6 %     8.50  
2015
    3       3,345,215       3.9 %     9.50  
2016
    2       1,301,511       1.5 %     10.50  
2017
    1       1,485,809       1.7 %     11.50  
2018
    2       3,105,709       3.6 %     12.50  
2019
    1       2,716,648       3.2 %     13.50  
2020
    1       4,634,253       5.4 %     14.50  
2021
                0.0 %     15.50  
2022
    2       1,472,138       1.7 %     16.50  
 
                         
Total (3)
    123     $ 85,566,491       100 %        
         
                                 
Weighted Average Years to Maturity:
        6.33    
 
(graph)
 
(1)   Month to month properties are counted in current year’s revenue stream.
 
(2)   2006 lease expirations include Broomfield tenants counted as separate leases.
 
(3)   Numbers may not add up due to rounding.

Ticker: WPC 26 www.wpcarey.com

 


 

EXHIBITS (1)
(1) Sources for Exhibits A, B, C and D include a) June 30, 2006 Form 10-Q b) March 31, 2006
Form 10-Q c) December 31, 2005 Form 10-K d) Company Press Releases

 


 

EXHIBIT A
W.P. CAREY & CO. LLC
Consolidated Balance Sheets
(in thousands except share amounts)
                         
    The Company     The Company     The Company  
    Consolidated as of     Consolidated as of     Consolidated as of  
    June 30, 2006     March 31, 2006     December 31, 2005  
 
                 
ASSETS:
                       
Real estate, net
  $ 489,591     $ 492,859     $ 454,478  
Net investment in direct financing leases
    117,250       118,995       131,975  
Equity Investments
    140,286       133,822       134,567  
Operating real estate, net
    7,657       7,761       7,865  
Assets held for sale
    16,064       24,870       18,815  
Cash and cash equivalents
    15,593       14,833       13,014  
Due from affiliates
    78,939       76,417       82,933  
Goodwill
    63,607       63,607       63,607  
Intangible assets, net
    35,821       38,250       40,700  
Other assets, net
    33,114       28,661       35,308  
 
                 
Total assets
  $ 997,922     $ 1,000,075     $ 983,262  
 
                 
 
LIABILITIES AND MEMBERS’ EQUITY:
                       
Liabilities:
                       
Mortgage notes payable
  $ 253,897     $ 245,523     $ 226,701  
Mortgage notes payable on assets held for sale
          4,373       4,412  
Credit facility
    2,000       6,000       15,000  
Accrued interest
    1,696       1,647       2,036  
Distributions payable
    17,234       17,073       16,963  
Due to affiliates
    1,069       1,035       2,994  
Deferred revenue
    29,787       26,544       23,085  
Accounts payable and accrued expense
    25,679       18,690       23,002  
Prepaid and deferred rental income and security deposits
    4,905       6,553       4,414  
Accrued income taxes
    483       6,305       634  
Deferred income taxes, net
    38,787       37,860       39,908  
Other liabilities
    12,647       13,147       12,956  
 
                 
Total Liabilities
    388,184       384,750       372,105  
 
                 
Minority interest in consolidated entities
    7,443       12,049       3,689  
 
                 
Commitments and contingencies
                       
Members’ Equity:
                       
Listed shares, no par value; 38,054,358; 37,778,129; and 37,706,247 shares issued and outstanding, respectively
    740,247       736,803       740,593  
Distributions in excess of accumulated earnings
    (137,436 )     (137,188 )     (131,178 )
Unearned compensation
                (5,119 )
Accumulated other comprehensive income
    (516 )     3,661       3,172  
 
                 
Total members’ equity
    602,295       603,276       607,468  
 
                 
Total liabilities and members’ equity
  $ 997,922     $ 1,000,075     $ 983,262  
 
                 

Ticker: WPC   www.wpcarey.com


 

EXHIBIT B
W. P. CAREY & CO. LLC
Consolidated Statements of Income

(in thousands, except share and per share amounts)
 
                                 
    For the Six     For the Quarter     For the Quarter     For the Year  
    Months Ended     Ended     Ended     Ended  
    June 30, 2006     June 30, 2006     March 31, 2006     December 31, 2005  
REVENUES:
                               
Asset management income
  $ 29,114     $ 14,752     $ 17,360     $ 62,294  
Structuring revenue
    12,354       2,462       9,892       28,197  
Reimbursed costs from affiliates
    22,892       19,894              
Rental Income
    29,797       14,975       14,822       52,386  
Interest income from direct financing leases
    6,848       3,427       3,421       17,149  
Other operating income
    952       432       528       6,592  
Revenues of other business operations
    3,580       1,717       1,863       7,499  
 
                       
 
    105,537       57,659       47,886       174,117  
 
                       
OPERATING EXPENSES:
                               
General and administrative
    (21,029 )     (9,871 )     (14,156 )     (55,184 )
Reimbursable costs
    (22,892 )     (19,894 )            
Depreciation
    (7,277 )     (3,658 )     (3,645 )     (11,939 )
Amortization
    (4,562 )     (2,278 )     (2,284 )     (8,813 )
Property expenses
    (3,203 )     (1,442 )     (1,837 )     (7,396 )
Impairment charges
                      (15,154 )
Operating expenses of other business operations
    (3,033 )     (1,466 )     (1,567 )     (6,327 )
 
                       
 
    (61,996 )     (38,609 )     (23,489 )     (104,813 )
 
                       
OTHER INCOME AND EXPENSES:
                               
Other interest income
    1,533       806       727       3,511  
Income from equity investments
    2,794       1,244       1,550       5,182  
Minority interest in (income) loss
    (608 )     254       (862 )     (264 )
Gain on foreign currency transactions and other gains, net
    5,478       5,228       250       1,305  
Interest expense
    (8,929 )     (4,541 )     (4,388 )     (16,787 )
 
                       
 
    268       2,991       (2,723 )     (7,053 )
 
                       
Income from continuing operations before income taxes
    43,809       22,041       21,674       62,251  
Provision for income taxes
    (10,720 )     (3,998 )     (6,722 )     (19,390 )
 
                       
Income from continuing operations
    33,089       18,043       14,952       42,861  
 
                       
DISCONTINUED OPERATIONS:
                               
(Loss) income from operations of discontinued properties
    (1,363 )     (739 )     (530 )     1,885  
Gain on sale of real estate
                      10,474  
Impairment charges on assets held for sale
    (3,357 )           (3,357 )     (6,616 )
 
                       
Loss from discontinued operations
    (4,720 )     (739 )     (3,887 )     5,743  
 
                       
NET INCOME
  $ 28,369     $ 17,304     $ 11,065     $ 48,604  
 
                       
BASIC EARNINGS PER SHARE:
                               
Income from continuing operations
  $ 0.88     $ 0.48     $ 0.40     $ 1.14  
(Loss) income from discontinued operations
    (0.13 )     (0.02 )     (0.10 )     0.15  
 
                       
Net Income
  $ 0.75     $ 0.46     $ 0.30     $ 1.29  
 
                       
DILUTED EARNINGS PER SHARE:
                               
Income from continuing operations
  $ 0.85     $ 0.46     $ 0.39     $ 1.10  
(Loss) income from discontinued operations
    (0.12 )     (0.02 )     (0.10 )     0.15  
 
                       
Net Income
  $ 0.73     $ 0.44     $ 0.29     $ 1.25  
 
                       
DIVIDENDS DECLARED PER SHARE:
  $ 0.906     $ 0.454     $ 0.452     $ 1.79  
 
                       
WEIGHTED AVERAGE SHARES OUTSTANDING:
                               
Basic
    37,802,340       37,876,079       37,727,782       37,688,835  
 
                       
Diluted
    38,794,914       39,346,537       38,627,267       39,020,801  
 
                       
Ticker: WPC   www.wpcarey.com

 


 

EXHIBIT C
W. P. CAREY & CO. LLC
Consolidated Statements of Cash Flows

(in thousands)
 
                         
    For the Six     For the Quarter     For the Year  
    Months Ended     Ended     Ended  
    June 30, 2006     March 31, 2006     December 31, 2005  
Cash flows from operating activities:
                       
Net income
  $ 28,369     $ 11,065     $ 48,604  
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Depreciation and amortization of intangible assets and deferred financing costs
    12,625       6,136       21,623  
Income from equity investments in excess of distributions received
    (202 )     (247 )     479  
Gain on sale of real estate and investments
    (4,800 )           (10,570 )
Minority interest in income
    608       862       264  
Recognition of deferred gain on completion of development project
                (2,000 )
Straight-line rent adjustments
    1,612       732       3,776  
Management income received in shares of affiliates
    (15,816 )     (7,892 )     (31,858 )
Costs paid by issuance of shares
                201  
Unrealized (gain) loss on foreign currency transactions and warrants
    (577 )     (165 )     779  
Impairment charges
    3,348       3,357       21,770  
Deferred income taxes
    (1,121 )     (2,048 )     1,549  
Realized (gain) loss on foreign currency transaction
    (102 )     (85 )     19  
(Decrease) increase in accrued income taxes
    (151 )     5,671       (3,274 )
Decrease in prepaid taxes
    1,279       706        
Tax charge — share incentive plans
                604  
Excess tax benefits associated with stock based compensation awards
    1,639       719        
Increase in structuring revenue receivable
    (3,039 )     (3,039 )     (5,304 )
Deferred acquisition fees received
    12,543       12,543       8,961  
Amortization of unearned compensation
                3,936  
Net changes in other operating assets and liabilities
    (650 )     (2,968 )     (6,852 )
 
                 
Net cash provided by operating activities
    35,565       25,347       52,707  
 
                 
Cash flows from investing activities:
                       
Distributions received from equity investments in excess of equity income
    3,106       1,400       6,164  
Capital expenditures
    (3,874 )     (674 )     (2,975 )
Payment of deferred acquisition revenue to an affiliate
    (524 )     (524 )     (524 )
Purchase of investment
    (150 )           (465 )
Loan to affiliate
    (84,000 )            
Proceeds from repayment of loan to affiliate
    84,000              
Proceeds from sales of property and investments
    22,471             45,542  
Funds placed in escrow in connection with the sale of property and investments
    (9,163 )            
 
                 
Net cash provided by investing activities
    11,866       202       47,742  
 
                 
Cash flows from financing activities:
                       
Distributions paid
    (34,356 )     (16,965 )     (67,004 )
Contributions from minority interests
    1,161       506       1,539  
Distributions to minority interests
    (5,075 )     (136 )     (355 )
Scheduled payments of mortgage principal
    (5,705 )     (2,916 )     (9,229 )
Proceeds from mortgages and credit facility
    55,000       10,000       121,764  
Prepayments of mortgages principal and credit facility
    (62,971 )     (19,000 )     (151,893 )
Release of funds from escrow in connection with the financing of properties
    4,031       4,031        
Payment of financing costs
    (472 )     (217 )     (797 )
Proceeds from issuance of shares
    3,652       1,323       4,400  
Excess tax benefits associated with stock based compensation awards
    271       77        
Retirement of shares
    (482 )     (482 )     (2,206 )
 
                 
Net cash used in financing activities:
    (44,946 )     (23,779 )     (103,781 )
 
                 
Effect of exchange rate changes on cash
    94       49       (369 )
 
                 
Net increase (decrease) in cash and cash equivalents
    2,579       1,819       (3,701 )
Cash and cash equivalents, beginning of period
    13,014       13,014       16,715  
 
                 
Cash and cash equivalents, end of period
  $ 15,593     $ 14,833     $ 13,014  
 
                 
Ticker: WPC   www.wpcarey.com

 


 

EXHIBIT D
W. P. CAREY & CO. LLC
Quarterly Reconciliation of Net Income to Funds from Operations

(in thousands, except share and per share amounts)
 
                                 
    For the Quarter     For the Quarter     For the Quarter     For the Quarter  
    Ended     Ended     Ended     Ended  
    June 30, 2006     March 31, 2006     December 31, 2005     September 30, 2005  
Net income
  $ 17,304     $ 11,065     $ 11,488     $ 14,328  
Gain on sale of real estate, net
                (3,355 )      
FFO of equity investees in excess of equity income
    3,175       2,825       2,833       2,690  
Depreciation, amortization, deferred taxes and other non-cash charges
    7,270       4,125       6,396       7,957  
FFO applicable to minority investees in excess of minority income
    (181 )     (237 )     (183 )     (193 )
Straight-line rents
    866       691       1,119       824  
Impairment charges
          3,357       5,949        
 
                       
Funds From Operations (FFO)
  $ 28,434     $ 21,826     $ 24,247     $ 25,606  
 
                       
Weighted Average Listed Shares Outstanding
                               
Basic
    37,670,305       37,727,782       37,762,361       37,727,008  
Diluted
    39,346,537       38,627,267       38,674,396       38,948,980  
FFO per Share
                               
Basic
  $ 0.75     $ 0.58     $ 0.64     $ 0.68  
Diluted
  $ 0.72     $ 0.57     $ 0.63     $ 0.66  
Ticker: WPC   www.wpcarey.com

 


 

EXHIBIT E
W. P. CAREY & CO. LLC
Detailed Property Summary
June 30, 2006
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
Detroit Diesel Corporation
  Detroit, MI   Industrial   Manufacturing   Midwest     2,730,750       4,634,253     5.42%   PPI   June-20   June-30
u                                    
Detroit Diesel Corporation Total
                        2,730,750       4,634,253     5.42%            
                                                     
Dr Pepper/Seven Up Bottling Group
  Irving, TX   Industrial   Manufacturing   South     459,497       2,789,653     3.26%   CPI   June-14   June-14
Dr Pepper/Seven Up Bottling Group
  Houston, TX   Industrial   Manufacturing   South     262,450       1,809,184     2.11%   CPI   June-14   June-14
                                     
Dr Pepper/Seven Up Bottling Group Total
                        721,947       4,598,837     5.37%            
 
                                                   
Bouygues Telecom, S.A.(1)
  Tours, France   Office   Information   Europe     102,237       1,405,464     1.64%   INSEE (2)   September-09   September-12
Bouygues Telecom, S.A.(3)
  Illkirch-Graffenstaden, France   Office   Information   Europe     80,729       2,384,000     2.79%   INSEE (2)   December-08   July-13
                                     
Bouygues Telecom, S.A. Total
                        182,966       3,789,464     4.43%            
 
                                                   
Carrefour France, SAS (4)
  Lens, France   Warehouse/Distribution   Retail Trade   Europe     62,349       382,867     0.45%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Lens, France   Warehouse/Distribution   Retail Trade   Europe     1,276       7,838     0.01%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Lens, France   Warehouse/Distribution   Retail Trade   Europe     2,136       13,117     0.02%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Nimes, France   Warehouse/Distribution   Retail Trade   Europe     66,285       336,072     0.39%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Nimes, France   Warehouse/Distribution   Retail Trade   Europe     1,255       6,361     0.01%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Nimes, France   Warehouse/Distribution   Retail Trade   Europe     293       1,485     0.00%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Nimes, France   Warehouse/Distribution   Retail Trade   Europe     87,334       504,143     0.59%   INSEE (2)   November-12   November-12
Carrefour France, SAS (4)
  Colomiers, France   Warehouse/Distribution   Retail Trade   Europe     85,602       485,758     0.57%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Colomiers, France   Warehouse/Distribution   Retail Trade   Europe     29,617       168,067     0.20%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Colomiers, France   Warehouse/Distribution   Retail Trade   Europe     3,696       20,972     0.02%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Colomiers, France   Warehouse/Distribution   Retail Trade   Europe     1,424       8,081     0.01%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Thuit Hebert, France   Warehouse/Distribution   Retail Trade   Europe     53,032       241,720     0.28%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Thuit Hebert, France   Warehouse/Distribution   Retail Trade   Europe     33,638       153,320     0.18%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Crepy en Valois, France   Warehouse/Distribution   Retail Trade   Europe     49,736       314,182     0.37%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Crepy en Valois, France   Warehouse/Distribution   Retail Trade   Europe     74,846       472,801     0.55%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Ploufragen, France   Warehouse/Distribution   Retail Trade   Europe     60,221       293,027     0.34%   INSEE (2)   December-11   December-11
Carrefour France, SAS (4)
  Cholet, France   Warehouse/Distribution   Retail Trade   Europe     48,760       251,641     0.29%   INSEE (2)   December-11   December-11
                                     
Carrefour France, SAS (4) Total
                        661,500       3,661,452     4.28%            
 
                                                   
Orbital Sciences Corporation
  Chandler, AZ   Industrial   Manufacturing   West     335,307       3,022,947     3.53%   CPI   September-09   September-29
                                     
Orbital Sciences Corporation Total
                        335,307       3,022,947     3.53%            
 
                                                   
Federal Express Corporation (5)
  Collierville, TN   Office   Transportation and Warehousing   South     39,038       679,162     0.79%   CPI   August-19   August-39
Federal Express Corporation (5)
  Collierville, TN   Office   Transportation and Warehousing   South     39,038       679,162     0.79%   CPI   August-19   August-39
Federal Express Corporation (5)
  Collierville, TN   Office   Transportation and Warehousing   South     39,038       679,162     0.79%   CPI   August-19   August-39
Federal Express Corporation (5)
  Collierville, TN   Office   Transportation and Warehousing   South     39,038       679,162     0.79%   CPI   August-19   August-39
Federal Express Corporation (5)
  College Station, TX   Warehouse/Distribution   Transportation and Warehousing   South     12,080       68,400     0.08%   Stated   April-07   January-09
Federal Express Corporation (5)
  Corpus Christi, TX   Warehouse/Distribution   Transportation and Warehousing   South     30,212       201,037     0.23%   Stated   May-07   May-12
                                     
Federal Express Corporation (5) Total
                        198,444       2,986,085     3.49%            
 
                                                   
Titan Corporation, The
  San Diego, CA   Office   Manufacturing   West     166,403       2,862,068     3.34%   CPI   July-12   July-17
                                     
Titan Corporation, The Total
                        166,403       2,862,068     3.34%            
 
                                                   
America West Holdings Corporation (6)
  Tempe, AZ   Office   Transportation and Warehousing   West     167,913       2,837,889     3.32%   CPI   April-14   November-29
                                     
America West Holdings Corporation (6) Total
                        167,913       2,837,889     3.32%            
 
                                                   
CheckFree Holdings, Inc. (7)
  Norcross, GA   Office   Information   South     50,063       899,886     1.05%   CPI   December-15   December-30
CheckFree Holdings, Inc. (7)
  Norcross, GA   Office   Information   South     34,150       763,523     0.89%   CPI   December-15   December-30
CheckFree Holdings, Inc. (7)
  Norcross, GA   Office   Information   South     26,125       575,991     0.67%   CPI   December-15   December-30
CheckFree Holdings, Inc. (7)
  Norcross, GA   Office   Information   South     1       62,368     0.07%   CPI   December-15   December-30
                                     
CheckFree Holdings, Inc. (7) Total
                        110,339       2,301,768     2.69%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
AutoZone, Inc.
  Decatur, AL   Retail   Retail Trade   South     5,400       44,620     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Bessemer, AL   Retail   Retail Trade   South     5,400       32,158     0.04%   % Sales   February-11   February-26
AutoZone, Inc.
  Phenix City, AL   Retail   Retail Trade   South     5,400       44,620     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Mobile, AL   Retail   Retail Trade   South     5,400       44,620     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Chickasaw, AL   Retail   Retail Trade   South     5,400       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Montgomery, AL   Retail   Retail Trade   South     5,400       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Panama City, FL   Retail   Retail Trade   South     5,401       35,345     0.04%   % Sales   August-12   August-37
AutoZone, Inc.
  Jacksonville, FL   Retail   Retail Trade   South     5,000       34,867     0.04%   % Sales   August-12   August-37
AutoZone, Inc.
  Jacksonville, FL   Retail   Retail Trade   South     5,400       47,772     0.06%   % Sales   August-13   August-37
AutoZone, Inc.
  Jacksonville, FL   Retail   Retail Trade   South     5,400       54,379     0.06%   % Sales   August-13   August-37
AutoZone, Inc.
  Columbus, GA   Retail   Retail Trade   South     5,400       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Albany, GA   Retail   Retail Trade   South     5,400       43,262     0.05%   % Sales   August-13   August-37
AutoZone, Inc.
  Brunswick, GA   Retail   Retail Trade   South     5,400       39,854     0.05%   % Sales   August-13   August-37
AutoZone, Inc.
  Augusta, GA   Retail   Retail Trade   South     5,400       34,138     0.04%   % Sales   August-13   August-37
AutoZone, Inc.
  Macon, GA   Retail   Retail Trade   South     5,400       49,503     0.06%   % Sales   August-13   August-37
AutoZone, Inc.
  Collinsville, IL   Retail   Retail Trade   Midwest     5,400       36,178     0.04%   % Sales   February-11   February-26
AutoZone, Inc.
  Alton, IL   Retail   Retail Trade   Midwest     5,400       44,620     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Wood River, IL   Retail   Retail Trade   Midwest     5,400       36,178     0.04%   % Sales   February-11   February-26
AutoZone, Inc.
  Belleville, IL   Retail   Retail Trade   Midwest     5,400       44,620     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  West Monroe, LA   Retail   Retail Trade   South     5,400       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Baton Rouge, LA   Retail   Retail Trade   South     5,400       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Lake Charles, LA   Retail   Retail Trade   South     6,480       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Lake Charles, LA   Retail   Retail Trade   South     6,480       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Baton Rouge, LA   Retail   Retail Trade   South     6,600       21,567     0.03%   % Sales   March-09   March-14
AutoZone, Inc.
  Baton Rouge, LA   Retail   Retail Trade   South     5,401       23,124     0.03%   % Sales   April-09   April-09
AutoZone, Inc.
  Hammond, LA   Retail   Retail Trade   South     6,480       40,121     0.05%   % Sales   August-12   August-37
AutoZone, Inc.
  Maplewood, MO   Retail   Retail Trade   Midwest     6,480       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  Overland, MO   Retail   Retail Trade   Midwest     6,480       43,414     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  St. Louis, MO   Retail   Retail Trade   Midwest     5,400       36,178     0.04%   % Sales   February-11   February-26
AutoZone, Inc.
  Breckenridge, MO   Retail   Retail Trade   Midwest     5,400       44,151     0.05%   % Sales   February-11   February-26
AutoZone, Inc.
  St. Peters, MO   Retail   Retail Trade   Midwest     5,400       48,957     0.06%   % Sales   August-12   August-37
AutoZone, Inc.
  St. Peters, MO   Retail   Retail Trade   Midwest     6,660       48,718     0.06%   % Sales   August-12   August-37
AutoZone, Inc.
  Gastonia, NC   Retail   Retail Trade   East     5,400       52,149     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  Charlotte, NC   Retail   Retail Trade   East     5,400       42,283     0.05%   % Sales   January-11   January-26
AutoZone, Inc.
  Statesville, NC   Retail   Retail Trade   East     5,400       50,739     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  Lenoir, NC   Retail   Retail Trade   East     5,400       50,739     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  Shelby, NC   Retail   Retail Trade   East     6,660       30,807     0.04%   % Sales   August-12   August-38
AutoZone, Inc.
  Kannapolis, NC   Retail   Retail Trade   East     6,408       24,069     0.03%   % Sales   October-10   March-35
AutoZone, Inc.
  Morgantown, NC   Retail   Retail Trade   East     5,400       19,451     0.02%   % Sales   October-10   March-35
AutoZone, Inc.
  Albuquerque, NM   Retail   Retail Trade   West     5,400       54,642     0.06%   % Sales   August-13   March-35
AutoZone, Inc.
  Farmington, NM   Retail   Retail Trade   West     5,400       41,479     0.05%   % Sales   August-13   August-13
AutoZone, Inc.
  Lexington, SC   Retail   Retail Trade   East     5,400       50,079     0.06%   % Sales   August-13   June-08
AutoZone, Inc.
  East Ridge, TN   Retail   Retail Trade   South     6,480       20,602     0.02%   % Sales   October-08   October-13
AutoZone, Inc.
  Knoxville, TN   Retail   Retail Trade   South     6,660       23,008     0.03%   % Sales   May-09   May-09
AutoZone, Inc.
  Austin, TX   Retail   Retail Trade   South     4,000       31,321     0.04%   % Sales   January-11   January-26
AutoZone, Inc.
  Waco, TX   Retail   Retail Trade   South     4,800       37,585     0.04%   % Sales   January-11   January-26
AutoZone, Inc.
  Corpus Christi, TX   Retail   Retail Trade   South     6,600       51,679     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  Corpus Christi, TX   Retail   Retail Trade   South     6,480       50,739     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  Victoria, TX   Retail   Retail Trade   South     6,480       50,739     0.06%   % Sales   January-11   January-26
AutoZone, Inc.
  San Antonio, TX   Retail   Retail Trade   South     5,400       42,283     0.05%   % Sales   January-11   January-26
AutoZone, Inc.
  Nederland, TX   Retail   Retail Trade   South     4,000       31,321     0.04%   % Sales   January-11   January-26
AutoZone, Inc.
  West Orange, TX   Retail   Retail Trade   South     4,000       31,321     0.04%   % Sales   January-11   January-26
AutoZone, Inc.
  Houston, TX   Retail   Retail Trade   South     5,400       53,488     0.06%   % Sales   August-13   August-38
AutoZone, Inc.
  San Antonio, TX   Retail   Retail Trade   South     5,400       55,795     0.07%   % Sales   August-13   August-38
                                     
AutoZone, Inc. Total
                        302,230       2,216,594     2.59%            
 
                                                   
Quebecor Printing USA
  Doraville, GA   Industrial   Manufacturing   South     432,559       1,940,625     2.27%   CPI   December-09   December-34
                                     
Quebecor Printing USA Total
                        432,559       1,940,625     2.27%            
 
                                                   
Lucent Technologies, Inc.
  Charlotte, NC   Industrial   Wholesale Trade   East     568,670       1,918,333     2.24%   None   March-07   March-20
                                     
Lucent Technologies, Inc. Total
                        568,670       1,918,333     2.24%            
 
                                                   
Information Resources, Inc. (8)
  Chicago, IL   Office   Professional, Scientific and Technical Services   Midwest     30,797       683,141     0.80%   CPI   October-13   October-23
Information Resources, Inc. (8)
  Chicago, IL   Office   Professional, Scientific and Technical Services   Midwest     53,195       1,179,801     1.38%   CPI   October-13   October-23
                                     
Information Resources, Inc. (8) Total
                        83,992       1,862,942     2.18%            
 
                                                   
Sybron Dental Specialties, Inc. (Apogent Technologies, Inc)
  Glendora, CA   Office   Manufacturing   West     25,000       489,246     0.57%   CPI   December-18   December-43
Sybron Dental Specialties, Inc. (Apogent Technologies, Inc)
  Romulus, MI   Industrial   Manufacturing   Midwest     220,000       1,281,052     1.50%   CPI   December-18   December-43
                                     
Sybron Dental Specialties, Inc. (Apogent Technologies, Inc) Total
                        245,000       1,770,298     2.07%            
 
                                                   
Unisource Worldwide, Inc.
  Anchorage, AK   Warehouse/Distribution   Wholesale Trade   West     44,712       344,803     0.40%   Stated   December-09   December-29
Unisource Worldwide, Inc.
  Commerce, CA   Warehouse/Distribution   Wholesale Trade   West     411,561       1,422,080     1.66%   Stated   April-10   April-30
                                     
Unisource Worldwide, Inc. Total
                        456,273       1,766,883     2.06%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
Brodart Company
  Williamsport, PA   Industrial   Wholesale Trade   East     309,030       1,015,205     1.19%   CPI   June-08   June-28
Brodart Company
  Williamsport, PA   Industrial   Wholesale Trade   East     212,210       705,481     0.82%   CPI   June-08   June-28
                                     
Brodart Company Total
                        521,240       1,720,686     2.01%            
 
                                                   
Fiskars, Inc. (aka enviroWorks)
  Apopka, FL   Industrial   Manufacturing   South     260,160       1,192,284     1.39%   CPI   March-10   March-35
Fiskars, Inc. (aka enviroWorks)
  Apopka, FL   Industrial   Manufacturing   South     109,377       501,237     0.59%   CPI   March-10   March-35
Fiskars, Inc. (aka enviroWorks)
  Apopka, FL   Industrial   Manufacturing   South     5,292       24,220     0.03%   CPI   March-10   March-35
                                     
Fiskars, Inc. (aka enviroWorks) Total
                        374,829       1,717,741     2.01%            
 
                                                   
SICOR, Inc.
  San Diego, CA   Office   Manufacturing   West     35,951       835,705     0.98%   CPI   July-09   July-49
SICOR, Inc.
  San Diego, CA   Office   Manufacturing   West     36,205       835,705     0.98%   CPI   July-09   July-49
                                     
SICOR, Inc. Total
                        72,156       1,671,410     1.95%            
 
                                                   
CSS Industries, Inc. (Cleo, Inc)
  Memphis, TN   Warehouse/Distribution   Accomodation and Food Services   South     1,006,170       1,570,000     1.83%   CPI   December-10   December-15
                                     
CSS Industries, Inc. (Cleo, Inc) Total
                        1,006,170       1,570,000     1.83%            
 
                                                   
BE Aerospace, Inc.
  Lenexa, KA   Office   Manufacturing   Midwest     130,094       617,799     0.72%   Stated   September-17   September-37
BE Aerospace, Inc.
  Winston-Salem, NC   Industrial   Manufacturing   East     90,800       248,458     0.29%   Stated   September-17   September-37
BE Aerospace, Inc.
  Winston-Salem, NC   Industrial   Manufacturing   East     74,026       202,553     0.24%   Stated   September-17   September-37
BE Aerospace, Inc.
  Winston-Salem, NC   Industrial   Manufacturing   East     50,200       137,364     0.16%   Stated   September-17   September-37
BE Aerospace, Inc.
  Winston-Salem, NC   Office   Manufacturing   East     43,788       119,813     0.14%   Stated   September-17   September-37
BE Aerospace, Inc.
  Winston-Salem, NC   Industrial   Manufacturing   East     15,402       42,146     0.05%   Stated   September-17   September-37
BE Aerospace, Inc.
  Dallas, TX   Office   Manufacturing   South     22,680       117,676     0.14%   Stated   September-17   September-37
                                     
BE Aerospace, Inc. Total
                        426,990       1,485,809     1.74%            
 
                                                   
Sprint Spectrum, L.P.
  Rio Rancho, NM   Office   Information   West     94,730       1,424,561     1.66%   None   May-11   May-21
                                     
Sprint Spectrum, L.P. Total
                        94,730       1,424,561     1.66%            
 
                                                   
Amerisure Mutual Insurance Co.
  Charleston, SC   Office   Finance and Insurance   East     67,160       729,195     0.85%   None   December-07   December-28
Amerisure Mutual Insurance Co.
  Charleston, SC   Office   Finance and Insurance   East     22,557       246,235     0.29%   None   December-07   December-28
Amerisure Mutual Insurance Co.
  Charleston, SC   Office   Finance and Insurance   East     38,037       406,826     0.48%   None   December-07   December-28
                                     
Amerisure Mutual Insurance Co. Total
                        127,754       1,382,256     1.62%            
 
                                                   
BellSouth Telecommunications
  Lafayette, LA   Office   Information   South     66,846       1,351,150     1.58%   Stated   December-09   December-39
                                     
BellSouth Telecommunications Total
                        66,846       1,351,150     1.58%            
 
                                                   
Lowe’s Home Improvement Warehouse
  Bellevue, WA   Retail   Wholesale Trade   West     143,352       1,335,411     1.56%   CPI & % Sales   August-18   August-18
                                     
Lowe’s Home Improvement Warehouse Total
                        143,352       1,335,411     1.56%            
 
                                                   
AT&T Corporation
  Bridgeton, MO   Industrial   Information   Midwest     85,510       1,257,410     1.47%   Stated   September-11   September-21
                                     
AT&T Corporation Total
                        85,510       1,257,410     1.47%            
 
                                                   
Swat-Fame, Inc. (City of Industry, CA)
  City of Industry, CA   Industrial   Manufacturing   West     92,595       292,781     0.34%   Stated   July-06   July-08
Swat-Fame, Inc. (City of Industry, CA)
  City of Industry, CA   Industrial   Manufacturing   West     233,205       949,663     1.11%   CPI   December-10   December-20
                                     
Swat-Fame, Inc. (City of Industry, CA) Total
                        325,800       1,242,444     1.45%            
 
                                                   
United States Postal Service (Bloomington, IL)
  Bloomingdale, IL   Office   Transportation and Warehousing   Midwest     60,000       1,233,000     1.44%   Stated   April-11   April-11
                                     
United States Postal Service (Bloomington, IL) Total
                        60,000       1,233,000     1.44%            
 
                                                   
Livho Inc.
  Livonia, MI   Hospitality   Accomodation and Food Services   Midwest     158,000       1,200,000     1.40%   Stated   January-07   January-08
                                     
Livho Inc. Total
                        158,000       1,200,000     1.40%            
 
                                                   
Hologic, Inc. (9)
  Danbury, CT   Industrial   Manufacturing   East     22,335       210,526     0.25%   CPI   August-22   August-42
Hologic, Inc. (9)
  Bedford, MA   Industrial   Manufacturing   East     74,520       925,612     1.08%   CPI   August-22   August-42
                                     
Hologic, Inc. (9) Total
                        96,855       1,136,138     1.33%            
 
                                                   
Anthony’s Manufacturing Company, Inc.
  San Fernando, CA   Industrial   Wholesale Trade   West     7,220       43,127     0.05%   CPI/Market   May-12   May-12
Anthony’s Manufacturing Company, Inc.
  San Fernando, CA   Industrial   Wholesale Trade   West     40,285       240,527     0.28%   CPI/Market   May-12   May-12
Anthony’s Manufacturing Company, Inc.
  San Fernando, CA   Industrial   Wholesale Trade   West     39,920       238,343     0.28%   CPI/Market   May-12   May-12
Anthony’s Manufacturing Company, Inc.
  San Fernando, CA   Industrial   Wholesale Trade   West     95,420       569,819     0.67%   CPI/Market   May-12   May-12
                                     
Anthony’s Manufacturing Company, Inc. Total
                        182,845       1,091,816     1.28%            
 
                                                   
Omnicom Group, Inc.
  Venice, CA   Office   Professional, Scientific and Technical Services   West     77,719       1,082,685     1.27%   Stated   September-10   September-30
                                     
Omnicom Group, Inc. Total
                        77,719       1,082,685     1.27%            
 
                                                   
Lockheed Martin Corporation
  King of Prussia, PA   Office   Professional, Scientific and Technical Services   East     88,578       797,202     0.93%   Stated   July-08   July-08
Lockheed Martin Corporation
  Houston, TX   Industrial   Professional, Scientific and Technical Services   South     30,176       241,416     0.28%   Stated   December-07   December-07
                                     
Lockheed Martin Corporation Total
                        118,754       1,038,618     1.21%            
 
                                                   
Werner Co.
  Erlanger, KY   Warehouse/Distribution   Manufacturing   East     409,600       762,048     0.89%   CPI   July-15   July-21
Werner Co.
  Erlanger, KY   Warehouse/Distribution   Manufacturing   East     162,604       274,365     0.32%   CPI   July-15   July-21
                                     
Werner Co. Total
                        572,204       1,036,413     1.21%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
United Stationers Supply Company
  New Orleans, LA   Warehouse/Distribution   Wholesale Trade   South     59,000       366,539     0.43%   CPI   March-10   March-30
United Stationers Supply Company
  Memphis, TN   Warehouse/Distribution   Wholesale Trade   South     75,000       317,385     0.37%   CPI   March-10   March-30
United Stationers Supply Company
  San Antonio, TX   Warehouse/Distribution   Wholesale Trade   South     63,098       350,913     0.41%   CPI   March-10   March-30
                                     
United Stationers Supply Company Total
                        197,098       1,034,837     1.21%            
 
                                                   
United Space Alliance LLC
  Webster, TX   Warehouse/Distribution   Professional, Scientific and Technical Services   South     88,200       505,020     0.59%   Stated   September-06   September-16
United Space Alliance LLC
  Houston, TX   Industrial   Professional, Scientific and Technical Services   South     38,150       381,500     0.45%   Stated   April-06   April-11
United Space Alliance LLC
  Houston, TX   Industrial   Professional, Scientific and Technical Services   South     7,151       71,508     0.08%   None   April-06   April-11
United Space Alliance LLC
  Houston, TX   Industrial   Professional, Scientific and Technical Services   South     6,104       61,040     0.07%   Stated   April-06   April-11
                                     
United Space Alliance LLC Total
                        139,605       1,019,068     1.19%            
 
                                                   
GATX Logistics, Inc. (aka Sears logistics services)
  Jacksonville, FL   Warehouse/Distribution   Wholesale Trade   South     240,000       969,946     1.13%   None   September-07   September-07
                                     
GATX Logistics, Inc. (aka Sears logistics services) Total
                        240,000       969,946     1.13%            
 
                                                   
Wal-Mart Stores, Inc.
  West Mifflin, PA   Retail   Retail Trade   East     121,053       950,905     1.11%   CPI   January-07   January-37
                                     
Wal-Mart Stores, Inc. Total
                        121,053       950,905     1.11%            
 
                                                   
Pre Finish Metals, Inc.
  Walbridge, OH   Industrial   Manufacturing   Midwest     313,704       892,091     1.04%   CPI   June-08   June-28
                                     
Pre Finish Metals, Inc. Total
                        313,704       892,091     1.04%            
 
                                                   
NVR L.P. (aka NV Ryan, Inc.)
  Thurmont, MD   Industrial   Construction   East     150,468       687,992     0.80%   CPI   March-14   March-30
NVR L.P. (aka NV Ryan, Inc.)
  Farmington, NY   Industrial   Construction   East     29,273       132,805     0.16%   CPI   March-14   March-30
                                     
NVR L.P. (aka NV Ryan, Inc.) Total
                        179,741       820,797     0.96%            
 
                                                   
Hibbett Sporting Goods, Inc.
  Birmingham, AL   Warehouse/Distribution   Retail Trade   South     219,312       819,935     0.96%   CPI   December-14   December-29
                                     
Hibbett Sporting Goods, Inc. Total
                        219,312       819,935     0.96%            
 
                                                   
AMS Holding Group (Vertafore, Inc.)
  College Station, TX   Office   Information   South     52,552       765,101     0.89%   None   December-09   December-15
                                     
AMS Holding Group (Vertafore, Inc.) Total
                        52,552       765,101     0.89%            
 
                                                   
Powerware Corporation (aka Exide Electronics Corp.)
  Raleigh, NC   Office   Manufacturing   East     27,770       730,215     0.85%   CPI   July-06   July-06
                                     
Powerware Corporation (aka Exide Electronics Corp.) Total
                        27,770       730,215     0.85%            
 
                                                   
BellSouth Entertainment, Inc.
  Ft. Lauderdale, FL   Warehouse/Distribution   Information   South     80,450       576,372     0.67%   None   June-09   June-19
                                     
BellSouth Entertainment, Inc. Total
                        80,450       576,372     0.67%            
 
                                                   
Western Union Financial Services, Inc.
  Bridgeton, MO   Office   Finance and Insurance   Midwest     78,080       573,221     0.67%   Stated   November-16   November-26
                                     
Western Union Financial Services, Inc. Total
                        78,080       573,221     0.67%            
 
                                                   
Deloro Stellite (DS) Group Ltd. Total
  Goshen, IN   Industrial   Manufacturing   Midwest     52,000       563,715     0.66%   CPI   February-10   February-35
 
                                                   
                                     
Deloro Stellite (DS) Group Ltd. Total
                        52,000       563,715     0.66%            
 
                                                   
Yale Security, Inc.
  Lemont, IL   Industrial   Manufacturing   Midwest     113,133       519,000     0.61%   Stated   March-11   March-11
                                     
Yale Security, Inc. Total
                        113,133       519,000     0.61%            
 
                                                   
Aviva France (fka Tellit Assurances — Sun Alliance) (3)
  Rouen, France   Office   Finance and Insurance   Europe     27,593       517,043     0.60%   INSEE (2)   September-10   September-10
                                     
Aviva France (fka Tellit Assurances — Sun Alliance) (3) Total
                        27,593       517,043     0.60%            
 
                                                   
Childtime Childcare, Inc. (10)
  Chandler, AZ   Other Properties   Health Care and Social Assistance   West     2,026       35,254     0.04%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Tucson, AZ   Other Properties   Health Care and Social Assistance   West     2,165       36,751     0.04%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Alhambra, CA   Other Properties   Health Care and Social Assistance   West     2,262       53,011     0.06%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Chino, CA   Other Properties   Health Care and Social Assistance   West     2,166       46,300     0.05%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Garden Grove, CA   Other Properties   Health Care and Social Assistance   West     2,848       45,526     0.05%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Tustin, CA   Other Properties   Health Care and Social Assistance   West     2,264       52,598     0.06%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Westland, MI   Other Properties   Health Care and Social Assistance   Midwest     2,472       26,376     0.03%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Sterling Heights, MI   Other Properties   Health Care and Social Assistance   Midwest     2,311       47,797     0.06%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Westland, MI   Other Properties   Health Care and Social Assistance   Midwest     2,787       34,583     0.04%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Carrollton, TX   Other Properties   Health Care and Social Assistance   South     2,438       45,991     0.05%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Duncanville, TX   Other Properties   Health Care and Social Assistance   South     2,438       45,991     0.05%   CPI   January-16   January-41
Childtime Childcare, Inc. (10)
  Lewisville, TX   Other Properties   Health Care and Social Assistance   South     2,440       45,991     0.05%   CPI   January-16   January-41
                                     
Childtime Childcare, Inc. (10) Total
                        28,617       516,169     0.60%            
 
                                                   
ALCOA Inc
  Salisbury, NC   Warehouse/Distribution   Manufacturing   East     200,000       471,082     0.55%   CPI   June-10   June-20
                                     
ALCOA Inc Total
                        200,000       471,082     0.55%            
 
                                                   
Affiliated Foods Southwest, Inc.
  Hope, AR   Retail   Wholesale Trade   South     35,784       85,882     0.10%   CPI   March-07   March-37
Affiliated Foods Southwest, Inc.
  Hope, AR   Retail   Wholesale Trade   South     21,932       34,745     0.04%   CPI   March-12   March-22
Affiliated Foods Southwest, Inc.
  Little Rock, AR   Retail   Wholesale Trade   South     64,358       295,611     0.35%   None   January-09   January-24
                                     
Affiliated Foods Southwest, Inc. Total
                        122,074       416,238     0.49%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
Laboratoires Nycomed Amersham (3)
  Pantin, France   Office   Manufacturing   Europe     15,404       402,783     0.47%   INSEE (2)   January-10   June-15
                                     
Laboratoires Nycomed Amersham (3) Total
                        15,404       402,783     0.47%            
 
                                                   
Kmart Corporation
  Citrus Heights, CA   Retail   Retail Trade   West     89,760       180,000     0.21%   None   May-11   May-26
Kmart Corporation
  Drayton Plains, MI   Retail   Retail Trade   Midwest     103,018       210,000     0.25%   None   March-11   March-26
                                     
Kmart Corporation Total
                        192,778       390,000     0.46%            
 
                                                   
Alstom Power Inc.
  Erlanger, KY   Warehouse/Distribution   Professional, Scientific and Technical Services   East     197,400       371,220     0.43%   Stated   May-13   May-13
                                     
Alstom Power Inc. Total
                        197,400       371,220     0.43%            
 
                                                   
Industrial Data Systems Corp. (aka Petrocon Engineering, Inc.)
  Beaumont, TX   Office   Construction   South     34,300       296,352     0.35%   Stated   December-11   December-14
Industrial Data Systems Corp. (aka Petrocon Engineering, Inc.)
  Beaumont, TX   Office   Construction   South     8,580       74,217     0.09%   Stated   December-11   December-14
                                     
Industrial Data Systems Corp. (aka Petrocon Engineering, Inc.) Total
                        42,880       370,569     0.43%            
 
                                                   
Faurecia Exhaust Systems, Inc. (fka AP Parts Manufacturing, Co.)
  Toledo, OH   Industrial   Manufacturing   Midwest     61,000       336,000     0.39%   CPI   November-22   November-22
                                     
Faurecia Exhaust Systems, Inc. (fka AP Parts Manufacturing, Co.) Total
                        61,000       336,000     0.39%            
 
                                                   
Pioneer Credit Recovery, Inc.
  Moorestown, NJ   Office   Administrative and Support and Waste Management and Remediation Services   East     30,000       330,000     0.39%   Fixed   April-12   April-18
                                     
Pioneer Credit Recovery, Inc. Total
                        30,000       330,000     0.39%            
 
                                                   
Roof Center, Inc., The
  Manassas, VA   Industrial   Wholesale Trade   East     60,446       280,901     0.33%   Stated   July-09   July-09
                                     
Roof Center, Inc., The Total
                        60,446       280,901     0.33%            
 
                                                   
SARL S3T (11)
  Loire, France   Office   Information   Europe     55,594       278,394     0.33%   INSEE (2)   May-08   May-08
                                     
SARL S3T (11) Total
                        55,594       278,394     0.33%            
 
                                                   
Winn-Dixie, Inc.
  Montgomery, AL   Retail   Retail Trade   South     32,690       138,933     0.16%   % Sales   March-08   March-38
Winn-Dixie, Inc.
  Brewton, AL   Retail   Retail Trade   South     30,625       134,500     0.16%   % Sales   October-10   October-30
                                     
Winn-Dixie, Inc. Total
                        63,315       273,433     0.32%            
 
                                                   
US WEST Communications, Inc. (Qwest Communications)
  Scottsdale, AZ   Industrial   Information   West     2,900       175,735     0.21%   None   February-07   February-17
US WEST Communications, Inc. (Qwest Communications)
  Scottsdale, AZ   Industrial   Information   West     1,560       94,535     0.11%   None   February-07   February-17
                                     
US WEST Communications, Inc. (Qwest Communications) Total
                        4,460       270,270     0.32%            
 
                                                   
Direction Regional des Affaires Sanitaires et Sociales (3)
  Rouen, France   Office   Public Administration   Europe     19,214       266,342     0.31%   INSEE (2)   March-06   March-06
                                     
Direction Regional des Affaires Sanitaires et Sociales (3) Total
                        19,214       266,342     0.31%            
 
                                                   
Honeywell, Inc.
  Houston, TX   Office   Manufacturing   South     1       36,000     0.04%   Stated   September-10   September-10
Honeywell, Inc.
  Houston, TX   Warehouse/Distribution   Manufacturing   South     32,320       228,828     0.27%   Stated   September-10   September-10
                                     
Honeywell, Inc. Total
                        32,321       264,828     0.31%            
 
                                                   
Northern Tube, Inc.
  Pinconning, MI   Industrial   Manufacturing   Midwest     220,588       254,538     0.30%   CPI   July-13   December-22
                                     
Northern Tube, Inc. Total
                        220,588       254,538     0.30%            
 
                                                   
DSM Food Specialties (11)
  Phalemphin, France   Office   Wholesale Trade   Europe     29,870       253,209     0.30%   INSEE (2)   May-08   May-08
                                     
DSM Food Specialties (11) Total
                        29,870       253,209     0.30%            
 
                                                   
Penberthy Products, Inc.
  Prophetstown, IL   Industrial   Manufacturing   Midwest     161,878       237,486     0.28%   CPI   April-11   April-26
                                     
Penberthy Products, Inc. Total
                        161,878       237,486     0.28%            
 
                                                   
Department de Seine St. Denis (3)
  Pantin, France   Office   Public Administration   Europe     8,451       232,807     0.27%   INSEE (2)   December-11   December-11
                                     
Department de Seine St. Denis (3) Total
                        8,451       232,807     0.27%            
 
                                                   
Ace Hardware (Bay Area Blvd, Houston TX)
  Houston, TX   Retail   Wholesale Trade   South     23,569       212,121     0.25%   Stated   March-16   March-26
                                     
Ace Hardware (Bay Area Blvd, Houston TX) Total
                        23,569       212,121     0.25%            
 
                                                   
La Region Ile de France (3)
  Pantin, France   Office   Public Administration   Europe     7,613       210,578     0.25%   INSEE (2)   October-12   October-12
                                     
La Region Ile de France (3) Total
                        7,613       210,578     0.25%            
 
                                                   
Verizon Communications, Inc.
  Milton, VT   Industrial   Information   East     30,624       208,467     0.24%   Stated   February-13   February-13
                                     
Verizon Communications, Inc. Total
                        30,624       208,467     0.24%            
 
                                                   
GIE Groupe Vauban (3)
  Pantin, France   Office   Finance and Insurance   Europe     7,613       187,847     0.22%   INSEE (2)   September-12   September-12
                                     
GIE Groupe Vauban (3) Total
                        7,613       187,847     0.22%            
 
                                                   
Xerox Corporation
  Hot Springs, AR   Retail   Manufacturing   South     36,850       171,721     0.20%   None   May-11   May-21
                                     
Xerox Corporation Total
                        36,850       171,721     0.20%            
 
                                                   
Continental Airlines, Inc.
  Houston, TX   Warehouse/Distribution   Transportation and Warehousing   South     25,125       157,200     0.18%   Stated   July-08   July-08
                                     
Continental Airlines, Inc. Total
                        25,125       157,200     0.18%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
Golder Associates Inc.
  Houston, TX   Office   Professional, Scientific and Technical Services   South     11,396       103,368     0.12%   None   October-10   October-20
                                     
Golder Associates Inc. Total
                        11,396       103,368     0.12%            
 
                                                   
Custom Training Group
  Houston, TX   Warehouse/Distribution   Educational Services   South     4,456       40,080     0.05%   Stated   August-06   August-06
Custom Training Group
  Houston, TX   Warehouse/Distribution   Educational Services   South     7,248       59,400     0.07%   Stated   December-08   December-11
                                     
Custom Training Group Total
                        11,704       99,480     0.12%            
 
                                                   
RATP (3)
  Pantin, France   Office   Transportation and Warehousing   Europe     3,407       92,201     0.11%   INSEE (2)   November-09   November-09
                                     
RATP (3) Total
                        3,407       92,201     0.11%            
 
                                                   
General Services Administration (US Government) in Bloomington, IL
  Bloomingdale, IL   Office   Public Administration   Midwest     3,949       74,834     0.09%   Stated   April-06   April-06
                                     
General Services Administration (US Government) in Bloomington, IL Total
                        3,949       74,834     0.09%            
 
                                                   
L’Agence Nationale Pour L’Emploi (3)
  Pantin, France   Office   Public Administration   Europe     3,633       74,515     0.09%   INSEE (2)   June-07   June-15
                                     
L’Agence Nationale Pour L’Emploi (3) Total
                        3,633       74,515     0.09%            
 
                                                   
Bike Barn Holding Company, Inc. (Bay Area Blvd, Houston, TX)
  Houston, TX   Retail   Retail Trade   South     6,216       71,280     0.08%   Stated   August-10   August-15
                                     
Bike Barn Holding Company, Inc. (Bay Area Blvd, Houston, TX) Total
                        6,216       71,280     0.08%            
 
                                                   
The Boeing Company
  Houston, TX   Warehouse/Distribution   Professional, Scientific and Technical Services   South     10,960       71,040     0.08%   None   January-09   January-13
                                     
The Boeing Company Total
                        10,960       71,040     0.08%            
 
                                                   
Work Ready, Inc (Century Plaza Drive Houston, TX)
  Houston, TX   Warehouse/Distribution   Health Care and Social Assistance   South     7,306       70,560     0.08%   Stated   August-06   August-06
                                     
Work Ready, Inc (Century Plaza Drive Houston, TX) Total
                        7,306       70,560     0.08%            
 
                                                   
Kenyon International Emergency Services (Pepsi)
  Houston, TX   Warehouse/Distribution   Manufacturing   South     17,725       70,014     0.08%   Stated   October-09   October-19
                                     
Kenyon International Emergency Services (Pepsi) Total
                        17,725       70,014     0.08%            
 
                                                   
Richard Millburn Academy (Century Plaza Drive Houston, TX)
  Houston, TX   Warehouse/Distribution   Educational Services   South     7,860       69,840     0.08%   Stated   September-08   September-13
                                     
Richard Millburn Academy (Century Plaza Drive Houston, TX) Total
                        7,860       69,840     0.08%            
 
                                                   
Raytheon Company
  Webster, TX   Industrial   Professional, Scientific and Technical Services   South     9,138       65,796     0.08%   Stated   July-10   July-25
                                     
Raytheon Company Total
                        9,138       65,796     0.08%            
 
                                                   
AFPOLS (3)
  Pantin, France   Office   Public Administration   Europe     3,488       65,637     0.08%   INSEE (2)   June-08   June-08
                                     
AFPOLS (3) Total
                        3,488       65,637     0.08%            
 
                                                   
Trans American Automation Inc. (Century Plaza Drive Houston, TX)
  Houston, TX   Warehouse/Distribution   Manufacturing   South     5,632       48,660     0.06%   Stated   February-07   February-07
                                     
Trans American Automation Inc. (Century Plaza Drive Houston, TX) Total
                        5,632       48,660     0.06%            
 
                                                   
Olmstead Kirk Paper Company (Beaumont, TX)
  Beaumont, TX   Office   Manufacturing   South     5,760       41,305     0.05%   Stated   December-07   December-07
                                     
Olmstead Kirk Paper Company (Beaumont, TX) Total
                        5,760       41,305     0.05%            
 
                                                   
Rhino Liners
  Broomfield, CO   Office   Retail Trade   West     5,517       35,861     0.04%   None   June-06   June-06
                                     
Rhino Liners Total
                        5,517       35,861     0.04%            
 
                                                   
G.T. of the Front Range
  Broomfield, CO   Office   Retail Trade   West     9,401       31,956     0.04%   None   May-06   May-06
                                     
G.T. of the Front Range Total
                        9,401       31,956     0.04%            
 
                                                   
Facilities Management Solutions
  Webster, TX   Warehouse/Distribution   Administrative and Support and Waste Management and Remediation Services   South     3,600       30,240     0.04%   Stated   December-05   December-05
                                     
Facilities Management Solutions Total
                        3,600       30,240     0.04%            
 
                                                   
Scientific Martial Arts & Fitness
  Broomfield, CO   Office   Educational Services   West     5,488       24,696     0.03%   Stated   February-09   February-12
                                     
Scientific Martial Arts & Fitness Total
                        5,488       24,696     0.03%            
 
                                                   
CGEC Keter
  Paris, France   Office   Manufacturing   Europe     2,301       18,827     0.02%   INSEE (2)   December-14   December-14
                                     
CGEC Keter Total
                        2,301       18,827     0.02%            
 
                                                   
Marathon System Service
  Broomfield, CO   Office   Information   West     2,283       14,177     0.02%   None   November-07   November-07
                                     
Marathon System Service Total
                        2,283       14,177     0.02%            
 
                                                   
Sundew Technologies
  Broomfield, CO   Office   Administrative and Support and Waste Management and Remediation Services   West     3,745       12,805     0.01%   None   October-07   October-07
                                     
Sundew Technologies Total
                        3,745       12,805     0.01%            
 
                                                   
Appointment Quest
  Broomfield, CO   Office   Information   West     1,670       12,024     0.01%   None   May-09   May-09
                                     
Appointment Quest Total
                        1,670       12,024     0.01%            

 

     
Ticker: WPC   www.wpcarey.com


 

EXHIBIT E
                                                     
 
                        Square   Annualized   Percentage of   Increase        
Tenant/Lease Guarantor   Property Location   Property Type   Tenant Type   Region   Footage   Rent   Total Rent   Factor   Lease Expiration   Maximum Term
 
 
                                                   
Red Cloud Telecom Products, Inc.
  Broomfield, CO   Office   Information   West     2,093       12,000     0.01%   None   June-06   June-06
                                     
Red Cloud Telecom Products, Inc. Total
                        2,093       12,000     0.01%            
 
                                                   
Aardvark IT Solutions
  Broomfield, CO   Office   Retail Trade   West     3,069       10,742     0.01%   None   September-06   N/A
                                     
Aardvark IT Solutions Total
                        3,069       10,742     0.01%            
 
                                                   
Abilis
  Pantin, France   Office   Other Services (except Public Administration)   Europe     0       10,319     0.01%   INSEE (2)   February-07   January-08
                                     
Abilis Total
                        0       10,319     0.01%            
 
                                                   
Ass Comite Dept du Tourisme
  Pantin, France   Office   Tourism   Europe     N/A       9,278     0.01%   INSEE (2)   June-07   June-07
                                     
Ass Comite Dept du Tourisme Total
                        0       9,278     0.01%            
 
                                                   
Classic Cuisines Catering
  Bloomingdale, IL   Office   Accomodation and Food Services   Midwest     1,000       9,000     0.01%   None   October-08   October-08
                                     
Classic Cuisines Catering Total
                        1,000       9,000     0.01%            
 
                                                   
Fine Art Mannequins, LLC
  Broomfield, CO   Office   N/A   West     2,209       8,836     0.01%   None   April-07   April-09
                                     
Fine Art Mannequins, LLC Total
                        2,209       8,836     0.01%            
 
                                                   
AT&T Wireless Service
  Broomfield, CO   Office   Information   West     730       8,208     0.01%   Stated   May-06   May-06
                                     
AT&T Wireless Service Total
                        730       8,208     0.01%            
 
                                                   
Remote Access Diagnostic Radiography
  Broomfield, CO   Office   N/A   West     2,093       7,765     0.01%   None   October-06   October-06
                                     
Remote Access Diagnostic Radiography Total
                        2,093       7,765     0.01%            
 
                                                   
EarthRoamer.com
  Broomfield, CO   Office   N/A   West     7,500       7,500     0.01%   None   April-07   April-07
                                     
EarthRoamer.com Total
                        7,500       7,500     0.01%            
 
                                                   
Orange (3)
  Pantin, France   Office   Information   Europe     N/A       7,034     0.01%   None   June-15   N/A
                                     
Orange (3) Total
                        0       7,034     0.01%            
 
                                                   
Photo Center
  Hot Springs, AR   Retail   Manufacturing   South     340       4,800     0.01%   N/A   N/A   N/A
                                     
Photo Center Total
                        340       4,800     0.01%            
 
                                                   
Byron Jacquot
  Broomfield, CO   Office   N/A   West     1,105       3,978     0.00%   None   September-06   September-06
                                     
Byron Jacquot Total
                        1,105       3,978     0.00%            
 
                                                   
DLH Management Corporation
  Broomfield, CO   Office   N/A   West     1,510       2,280     0.00%   None   February-07   February-07
                                     
DLH Management Corporation Total
                        1,510       2,280     0.00%            
 
                                                   
Tempered Air Services, Inc.
  Broomfield, CO   Office   N/A   West     1,200       1,200     0.00%   None   December-06   December-06
                                     
Tempered Air Services, Inc. Total
                        1,200       1,200     0.00%            
 
                                                   
Vacant
  Travelers Rest, SC   Industrial   N/A   East     181,700             N/A   N/A   N/A
Vacant
  Salisbury, NC   Warehouse/Distribution   N/A   East     87,000             N/A   N/A   N/A
Vacant
  Reno, NV   Office   Transportation and Warehousing   West     53,158             N/A   N/A   N/A
Vacant
  Bloomingdale, IL   Office   N/A   Midwest     36,967             N/A   N/A   N/A
Vacant
  Moorestown, NJ   Office   N/A   East     35,567             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     22,477             N/A   N/A   N/A
Vacant
  Webster, TX   Industrial   N/A   South     17,859             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     15,017             N/A   N/A   N/A
Vacant (Common Area Space)
  Bloomingdale, IL   Office   N/A   Midwest     14,084             N/A   N/A   N/A
Vacant
  Salisbury, NC   Industrial   N/A   East     13,284             N/A   N/A   N/A
Vacant
  Salisbury, NC   Warehouse/Distribution   N/A   East     10,681             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     5,953             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     5,819             N/A   N/A   N/A
Vacant
  Houston, TX   Office   N/A   South     5,742             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     3,450             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     1,093             N/A   N/A   N/A
Vacant
  Broomfield, CO   Office   N/A   West     1,033             N/A   N/A   N/A
Vacant
  Cincinnati, OH   Office   N/A   Midwest     1             N/A   N/A   N/A
Vacant Total
                        510,885                          
 
                                                   
Grand Total
                        16,071,735       85,566,491     100%            
 
(1)   WPC LLC owns 95% of this property. Rents reflect a conversion rate of 1.2551 USD/EUR as of June 30, 2006.
 
(2)   INSEE construction index, an index published quarterly by the French Government.
 
(3)   WPC LLC owns 75% of this property. Rents reflect a conversion rate of 1.2551 USD/EUR as of June 30, 2006.
 
(4)   WPC LLC owns 22.5% of this property. Rents reflect a conversion rate of 1.2551 USD/EUR as of June 30, 2006.
 
(5)   WPC LLC owns 40% of this property.
 
(6)   WPC LLC owns 74.583% of this property.
 
(7)   WPC LLC owns 50% of this property.
 
(8)   WPC LLC owns 33.33% of this property.
 
(9)   WPC LLC owns 36.00% of this property.
 
(10)   WPC LLC owns 33.93% of this property.
 
(11)   WPC LLC owns 80% of this property. Rents reflect a conversion rate of 1.2551 USD/EUR as of June 30, 2006.

 

     
Ticker: WPC   www.wpcarey.com