exv99w1

Exhibit 99.1

FOR IMMEDIATE RELEASE


COMPANY CONTACT:		PRESS CONTACT:
Kristina McMenamin		Guy Lawrence
W. P. Carey & Co. LLC		Ross & Lawrence
212-492-8995		212-308-3333
kmcmenamin@wpcarey.com		gblawrence@rosslawpr.com

W. P. Carey Announces Third Quarter Financial Results

Group Investment Volume Surpasses $1 Billion

New York, NY — November 1, 2007 — Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the third quarter and nine months ended September 30, 2007.

Assets under management at the end of the third quarter were valued at approximately $8 billion — an increase of approximately $1.2 billion or 18% from the third quarter of 2006. Since 2001, our assets under management have had an annual compound growth rate of 24%.

QUARTERLY AND NINE-MONTH RESULTS

	•		Total revenues net of reimbursed expenses for the third quarter of 2007 were $52.4 million, compared to $38.5 million for the third quarter of 2006. Total revenues net of reimbursed expenses for the nine months increased 67% to $201.4 million, as compared to $120.5 million for the third quarter of 2006. Reimbursed expenses are excluded from total revenues because they have no impact on net income.

	•		Net income for the third quarter of 2007 increased to $20.4 million, as compared to $14.3 million for the same period in 2006. Net income for the nine months increased 72% to $73.2 million, as compared to $42.7 million in 2006.

	•		Diluted earnings per share (EPS) for the third quarter of 2007 increased to $0.53, as compared to $0.37 for the same period in 2006. Diluted EPS for the nine months increased 73% to $1.90, as compared to $1.10 for the same period in 2006.

	•		Funds from operations (FFO) for the third quarter of 2007, as per the attached table, increased to $0.81 per diluted share, or $32.2 million, as compared to $0.59 per diluted share, or $23.3 million, for the comparable period in 2006. FFO for the nine months increased 77% to $130.4 million, or $3.28 per diluted share, as compared to $73.7 million, or $1.88 per diluted share, for the comparable period in 2006.

	•		Cash flows from operating activities for the nine months decreased to $24.9 million, as compared to $48.9 million for 2006, primarily as a result of payment in 2007 of taxes totaling $21 million on revenue earned in the fourth quarter of 2006 in connection with the CPA^®:12/CPA^®:14 merger.

OUT OF PERIOD ADJUSTMENT

•

During the third quarter of 2007, we determined that a longer schedule of depreciation/amortization of assets in certain of our equity method investment holdings should appropriately be applied to reflect the lives of the underlying assets rather than the expected holding period of these investments. That determination resulted in a one-time cumulative out of period adjustment in the third quarter of 2007. The effect of this adjustment was to increase Income from continuing operations before income taxes for the third quarter of 2007 by approximately $5.7 million and Net income by approximately $4.8 million. There was no associated net impact on our Cash flow from operations or on our supplemental business metrics including EBITDA, FFO, and Adjusted cash flow from operations.

SUPPLEMENTAL PERFORMANCE METRICS

	•		Earnings before interest, taxes, depreciation and amortization (EBITDA) from our investment management segment totaled $0.50 per diluted share, or $20 million this quarter, an increase over EBITDA of $0.35 per diluted share, or $14 million, in the third quarter of 2006. For the nine months, EBITDA from this segment increased 133% to $95.1 million, or $2.39 per diluted share, from $40.7 million, or $1.04 per diluted share for the comparable period in 2006.

	•		FFO from our real estate ownership segment in the third quarter of 2007 increased to $0.38 per diluted share, or $15.2 million, from $0.34 per diluted share, or $13.4 million in the third quarter of 2006. For the nine months, FFO from this segment increased 7% to $46.9 million, or $1.18 per diluted share, from $43.9 million, or $1.12 per diluted share for the comparable period in 2006.

	•		For the nine months ended September 30, 2007, adjusted cash flow from operations totaled $68.1 million, as compared to $59.1 million for the previous period.

	•		Further information concerning these non-GAAP supplemental performance metrics is presented in the accompanying tables.

DISTRIBUTIONS AND SHARE REPURCHASE

	•		The Board of Directors raised the quarterly cash distribution to $0.472 per share for the third quarter, which was paid on October 15, 2007 to shareholders of record as of September 28, 2007.

	•		The Board approved the repurchase of an additional $20 million of common stock under our share repurchase program. The Board also approved an extension of this program from December 31, 2007 to March 31, 2008. We are now authorized to repurchase up to $40 million of our common stock in the open market through March 31, 2008 as conditions warrant.

RESTRUCTURING PLAN COMPLETE

•

W. P. Carey has completed its restructuring plan which was designed to simplify tax reporting for existing and new shareholders and ultimately broaden our potential investor base. For investors who initially purchase shares on or after October 1, 2007, the Schedule K-1 received for the 2007 tax year will reflect the revised structure, which is intended to eliminate UBTI (unrelated business taxable income) and shareholder filing of state and local tax returns.

INVESTMENT ACTIVITY

•

In the third quarter of 2007, we structured investments totaling approximately $214 million on behalf of our CPA^® series of funds. Approximately 53% of these

transactions were international. We structured investments totaling approximately $950 million on behalf of our CPA^® REITs through the end of September.

•

For the nine months ended September 30, 2007, the W. P. Carey Group’s total investment volume was approximately $1 billion.

“We are very pleased with our strong third quarter and year-to-date results and the fact that our Group’s investment volume has reached $1 billion,” said President and Chief Executive Officer, Gordon F. DuGan. “We see opportunity in the slow down of the debt markets; as traditional forms of financing are harder to come by, we believe sale-leasebacks will continue to be an attractive source of financing. As we move forward to the end of 2007 and into 2008, we continue to be very well-positioned with a solid balance sheet, good cash flows and in a strong financial position.”

CONFERENCE CALL & WEBCAST

Please call at least 10 minutes prior to call to register

Time: Thursday, November 1, 2007 at 11:00 AM (ET)

Call-in Number: 1-877-407-0782
(International) +1-201-689-8567

Webcast: www.wpcarey.com/earnings

Podcast: www.wpcarey.com/podcast
Available after 2:00 PM (ET)

Replay Number: 1-877-660-6853
(International) +1-201-612-7415

Replay Access Codes: Account # 286 and Conference ID # 254758. Please note that both access codes are required for playback. Replay available until November 15, 2007 at midnight ET.

W. P. Carey & Co. LLC

Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With approximately $9.7 billion in assets and over $5 billion in equity capital, the Company and its CPA^® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com

Individuals interested in receiving future updates on W. P. Carey via e-mail can register at www.wpcarey.com/alerts.

This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the Company’s actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the Company, reference is made to the Company’s filings with the Securities and Exchange Commission.

W. P. CAREY & CO. LLC

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


	Three months ended September 30,						Nine months ended September 30,
	2007			2006			2007			2006
Revenues
Asset management revenue	$	18,648		$	14,364		$	63,886		$	43,478
Structuring revenue		9,778			3,434			67,809			15,788
Reimbursed costs from affiliates		3,422			13,762			10,141			36,654
Lease revenues		19,845			18,191			59,112			54,157
Other real estate income		4,159			2,514			10,574			7,046

		55,852			52,265			211,522			157,123

Operating Expenses
General and administrative		(12,345	)		(8,800	)		(47,838	)		(29,829	)
Reimbursable costs		(3,422	)		(13,762	)		(10,141	)		(36,654	)
Depreciation and amortization		(6,246	)		(5,912	)		(20,035	)		(17,784	)
Property expenses		(2,725	)		(2,333	)		(6,038	)		(5,346	)
Other real estate expenses		(2,255	)		(1,381	)		(6,080	)		(4,414	)

		(26,993	)		(32,188	)		(90,132	)		(94,027	)

Other Income and Expenses
Other interest income		1,287			831			5,528			2,369
Income from equity investments in real estate and CPA^® REITs		8,945			2,932			13,312			5,726
Minority interest in (income) loss		(555	)		40			(4,027	)		(568	)
Gain on sale of securities, foreign currency transactions and other, net		1,029			245			1,384			5,723
Interest expense		(5,618	)		(4,395	)		(16,150	)		(13,324	)

		5,088			(347	)		47			(74	)

Income from continuing operations before income taxes		33,947			19,730			121,437			63,022
Provision for income taxes		(11,519	)		(5,580	)		(49,041	)		(16,300	)

Income from continuing operations		22,428			14,150			72,396			46,722

Discontinued Operations
Income (loss) from operations of discontinued properties		298			340			2,198			(506	)
(Loss) gain on sale of real estate, net		—			(185	)		962			(185	)
Impairment charges on assets held for sale		(2,317	)		—			(2,317	)		(3,357	)

(Loss) income from discontinued operations		(2,019	)		155			843			(4,048	)

Net Income	$	20,409		$	14,305		$	73,239		$	42,674

Basic Earnings (Loss) Per Share
Income from continuing operations	$	0.58		$	0.38		$	1.90		$	1.24
(Loss) income from discontinued operations		(0.05	)		—			0.02			(0.11	)

Net income	$	0.53		$	0.38		$	1.92		$	1.13

Diluted Earnings (Loss) Per Share
Income from continuing operations	$	0.58		$	0.37		$	1.88		$	1.20
(Loss) income from discontinued operations		(0.05	)		—			0.02			(0.10	)

Net income	$	0.53		$	0.37		$	1.90		$	1.10

Weighted Average Shares Outstanding
Basic		38,298,979			38,034,590			38,117,280			37,880,778

Diluted		39,601,853			39,303,948			39,718,522			39,215,134


Distributions Declared Per Share	$	0.472		$	0.456		$	1.401		$	1.362

W. P. CAREY & CO. LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)


	Nine months ended September 30,
	2007			2006
Cash Flows — Operating Activities
Net income	$	73,239		$	42,674
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including intangible assets and deferred financing costs		21,140			19,063
Income from equity investments in real estate in excess of distributions received		(9,269	)		(324	)
Gain on sale of real estate and investments, net		(962	)		(4,615	)
Minority interest in income		4,027			568
Straight-line rent adjustments		2,045			2,343
Management income received in shares of affiliates		(43,415	)		(23,721	)
Unrealized gain on foreign currency transactions, warrants and securities		(1,279	)		(781	)
Impairment charges		2,317			3,357
Realized gain on foreign currency transactions		(105	)		(142	)
Stock-based compensation expense		3,795			2,520
Decrease in deferred structuring revenue receivable		16,164			12,543
Increase in structuring revenue receivable		(50,253	)		(3,039	)
Increase in income taxes, net		8,465			445
Net changes in other operating assets and liabilities		(1,016	)		(2,031	)

Net cash provided by operating activities		24,893			48,860


Cash Flows — Investing Activities
Distributions received from equity investments in real estate in excess of equity income		24,358			4,669
Purchases of real estate and equity investments in real estate		(40,845	)		(150	)
Capital expenditures		(11,768	)		(4,194	)
Loan to affiliate		(8,676	)		(84,000	)
Proceeds from repayment of loan to affiliate		8,676			84,000
Proceeds from sales of property and investments		6,014			32,350
Funds placed in escrow in connection with the sale of property		(3,315	)		(9,314	)
Payment of deferred acquisition revenue to affiliate		(524	)		(524	)

Net cash (used in) provided by investing activities		(26,080	)		22,837


Cash Flows — Financing Activities
Distributions paid		(53,432	)		(51,590	)
Contributions from minority interests		1,181			1,646
Distributions to minority interests		(1,295	)		(5,415	)
Scheduled payments of mortgage principal		(13,854	)		(9,191	)
Proceeds from mortgages and credit facilities		150,383			83,000
Prepayments of mortgage principal and credit facilities		(70,590	)		(92,971	)
Release of funds from escrow in connection with the financing of properties		—			4,031
Payment of financing costs		(1,317	)		(815	)
Proceeds from issuance of shares		4,532			6,251
Excess tax benefits associated with stock-based compensation awards		1,352			193
Repurchase and retirement of shares		(21,104	)		(1,935	)

Net cash used in financing activities		(4,144	)		(66,796	)


Change in Cash and Cash Equivalents During the Period
Effect of exchange rate changes on cash		291			84

Net (decrease) increase in cash and cash equivalents		(5,040	)		4,985
Cash and cash equivalents, beginning of period		22,108			13,014

Cash and cash equivalents, end of period	$	17,068		$	17,999

W. P. CAREY & CO. LLC
Financial Highlights (Unaudited)
(in thousands, except share and per share data)

These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), funds from operations (“FFO”) and adjusted cash flow from operating activities. A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.


	Three months ended September 30,				Nine months ended September 30,
	2007		2006		2007			2006
EBITDA
Investment management	$	19,961	$	13,989	$	95,051		$	40,729
Real estate ownership		17,454		16,446		57,105			49,835

Total	$	37,415	$	30,435	$	152,156		$	90,564


FFO
Investment management	$	17,040	$	9,903	$	83,450		$	29,772
Real estate ownership		15,184		13,370		46,905			43,882

Total	$	32,224	$	23,273	$	130,355		$	73,654


EBITDA Per Share (Diluted)
Investment management	$	0.50	$	0.35	$	2.39		$	1.04
Real estate ownership		0.44		0.42		1.44			1.27

Total	$	0.94	$	0.77	$	3.83		$	2.31


FFO Per Share (Diluted)
Investment management	$	0.43	$	0.25	$	2.10		$	0.76
Real estate ownership		0.38		0.34		1.18			1.12

Total	$	0.81	$	0.59	$	3.28		$	1.88


Adjusted Cash Flow From Operating Activities
Adjusted cash flow					$	68,098		$	59,053

Adjusted cash flow per share (diluted)					$	1.71		$	1.51


Distributions paid					$	53,432		$	51,590

Payout ratio (distributions paid/adjusted cash flow)						78	%		87	%

W. P. CAREY & CO. LLC
Reconciliation of Net Income to EBITDA (Unaudited)
(in thousands, except share and per share amounts)


	Three months ended September 30,				Nine months ended September 30,
	2007		2006		2007		2006
Investment Management
Net income	$	12,685	$	7,002	$	49,174	$	20,394
Adjustments:
Provision for income taxes		11,171		5,509		47,685		15,937
Depreciation and amortization⁽¹⁾		(3,895)		1,478		(1,808)		4,398

EBITDA — investment management	$	19,961	$	13,989	$	95,051	$	40,729

EBITDA per share (diluted)	$	0.50	$	0.35	$	2.39	$	1.04


Real Estate Ownership
Net income	$	7,724	$	7,303	$	24,065	$	24,065
Adjustments:
Interest expense		5,618		4,395		16,150		13,324
Provision for income taxes		348		71		1,356		363
Depreciation and amortization⁽¹⁾		3,606		4,434		15,308		13,386
Reconciling items attributable to discontinued operations		158		243		226		482

EBITDA — real estate ownership	$	17,454	$	16,446	$	57,105	$	49,835

EBITDA per share (diluted)	$	0.44	$	0.42	$	1.44	$	1.27


Total Company
EBITDA	$	37,415	$	30,435	$	152,156	$	90,564

EBITDA per share (diluted)	$	0.94	$	0.77	$	3.83	$	2.31

Diluted weighted average shares outstanding		39,601,853		39,303,948		39,718,522		39,215,134

(1) Includes adjustment to amortization as described in the attached press release.

Non-GAAP Financial Disclosure

EBITDA as disclosed represents earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful supplemental measure for assessing the performance of our business segments, although it does not represent net income that is computed in accordance with GAAP. Accordingly, EBITDA should not be considered an alternative for net income as an indicator of our financial performance. EBITDA may not be comparable to similarly titled measures of other companies.

W. P. CAREY & CO. LLC
Reconciliation of Net Income to Funds From Operations (FFO) (Unaudited)
(in thousands, except share and per share amounts)


	Three months ended September 30,						Nine months ended September 30,
	2007			2006			2007			2006
Investment Management
Net income	$	12,685		$	7,002		$	49,174		$	20,394
Amortization, deferred taxes and other non-cash charges		7,114			2,496			32,660			5,443
FFO from equity investments		(2,759)			405			1,616			3,935

FFO — investment management	$	17,040		$	9,903		$	83,450		$	29,772

FFO per share (diluted)	$	0.43		$	0.25		$	2.10		$	0.76


Real Estate Ownership
Net income	$	7,724		$	7,303		$	24,065		$	22,280
Loss (gain) on sale of real estate, net		—			185			(962	)		185
Depreciation, amortization and other non-cash charges		4,228			4,033			15,343			12,602
Straight-line and other rent adjustments		660			786			2,116			2,343
Impairment charges		2,317			—			2,317			3,357
FFO from equity investments		464			1,241			4,650			3,711
Minority investees share of FFO		(209	)		(178	)		(624	)		(596	)

FFO — real estate ownership	$	15,184		$	13,370		$	46,905		$	43,882

FFO per share (diluted)	$	0.38		$	0.34		$	1.18		$	1.12


Total Company
FFO	$	32,224		$	23,273		$	130,355		$	73,654

FFO per share (diluted)	$	0.81		$	0.59		$	3.28		$	1.88

Diluted weighted average shares outstanding		39,601,853			39,303,948			39,718,522			39,215,134

Non-GAAP Financial Disclosure

Funds from operations (FFO) is a non-GAAP financial measure that is commonly used in evaluating real estate companies. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, real estate companies often modify this definition as they seek to provide financial measures that meaningfully reflect their operations. FFO should not be considered as an alternative to net income as an indication of a company’s operating performance or to cash flow from operating activities as a measure of its liquidity. It should be used in conjunction with GAAP net income. FFO disclosed by other REITs may not be comparable to our FFO calculation.

NAREIT’s definition of FFO adjusts GAAP net income to exclude depreciation and gains/losses from the sales of properties and adjusts for FFO applicable to unconsolidated partnerships and joint ventures. We calculate FFO in accordance with this definition and then include other adjustments to GAAP net income to adjust for certain non-cash charges such as amortization of intangibles, deferred income tax benefits and expenses, straight-line rents, stock compensation, impairment charges on real estate and unrealized foreign currency exchange gains and losses. We exclude these items from GAAP net income as they are not the primary drivers in our decision making process. Our assessment of our operations is focused on long term sustainability and not on such non-cash items which may cause short-term fluctuations in net income but that have no impact on cash flows.

W. P. CAREY & CO. LLC
Adjusted Cash Flow from Operating Activities (Unaudited)
(in thousands)


	Nine months ended September 30,
	2007			2006
Cash flow from operating activities — as reported	$	24,893		$	48,860
Adjustments:
CPA^®:16 — Global performance adjustment, net ⁽¹⁾		9,425			3,493
CPA^®:12/14 Merger — payment of taxes ⁽²⁾		20,708			—
Distributions received from equity investments in real estate in excess of equity income⁽³⁾		8,077			4,669
Changes in working capital ⁽²⁾		4,995			2,031

Adjusted cash flow from operating activities	$	68,098		$	59,053


Distributions paid	$	53,432		$	51,590

Payout ratio (distributions paid/adjusted cash flow)		78	%		87	%

Non-GAAP Financial Disclosure

Adjusted cash flow from operating activities is a non-GAAP financial measure that represents cash flow from operating activities on a GAAP basis adjusted for certain timing differences and deferrals as described below. We believe that adjusted cash flow from operating activities is a useful supplemental measure for assessing the cash flow generated from our core operations and is used in evaluating distributions to shareholders. Adjusted cash flow from operating activities should not be considered as an alternative for cash flow from operating activities computed on a GAAP basis as a measure of our liquidity. Adjusted cash flow from operating activities may not be comparable to similarly titled measures of other companies.


(1)		Amounts deferred in lieu of CPA^®:16 — Global achieving its performance criterion, net of a 45% tax provision. In determining cash flow generated from our core operations, we believe it is more appropriate to normalize cash flow for the impact of CPA^®:16 — Global achieving its performance criterion, rather than recognizing the entire deferred amount in the quarter in which the performance criterion was met as this revenue was actually earned over a three year period.

(2)		Timing differences arising from the payment of certain liabilities in a period other than that in which the expense is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow from operations to record such amounts in the period in which the liability was actually incurred. We believe this is a fairer measure of determining our cash flow from core operations.

(3)		We take a substantial portion of our asset management revenue in shares of the CPA^® REIT funds. To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations.