NEW YORK, NY – July 14, 2003 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) and its affiliated income-generating real estate investment trusts (REITs) today reported an increase in its six-month acquisitions volume after the completion of more than $330 million in sale-leaseback financing transactions for the period ended June 30, 2003, as compared to $289 million during the same period in 2002.
The Company also reported the completion of $59 million in acquisitions for the three-month period ended June 30, 2003, as compared to $169 million during the same period in 2002. This lower volume was due in part to a number of acquisitions, which had the potential to close in the second quarter, now scheduled to close in the third quarter. Over the past 12-month period the Company reported the completion of more than $1.05 billion in acquisitions.
Gordon F. DuGan, President and Co-Chief Executive Officer of W. P. Carey, said, "While we are pleased with the six-month acquisitions volume, we realize that this volume will continue to fluctuate from quarter to quarter. Our lower acquisitions volume in the second quarter is not unusual from a historical basis, as the second quarter has tended to be our slowest quarter of the year. Looking forward, we remain optimistic about our future acquisitions volume as our deal flow remains strong and the interest in sale-leaseback financing among companies seeking alternative sources of capital continues to rise. As a result, we will continue to invest our capital in critical real estate assets as we continue to meet the financing needs of corporate America.”
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 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.
