Earnings per share up 25% for W.P. Carey & Co.
Investment firm W. P. Carey & Co. LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control reported fourth quarter and full year 2002 financial results for the three and 12-month periods ended Dec. 31.
Among operating highlights were:
* Diluted earnings per share diluted earnings per share
An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) for the year ended Dec. 31 increased by 25% to $1.28 up from $1.02 for the comparable period last year, primarily as a result of a $1 billion increase in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . Management revenues slightly exceeded those from real estate investments for the first time in the company's history. Diluted EPS for the quarter declined to a loss of $0.10 down from break-even for the comparable period in 2001. This decline was due to an increase in non-cash impairment charges on real estate and related investments. Prospects for the first quarter of 2003 appear favorable.
* Funds From Operations Funds From Operations (FFO)
Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO
See: Funds from operations ) for the twelvemonth period increased 17% to $2.81 per diluted share, or $102 million, up from $2.41 per diluted share, or $84.2 million, for the comparable period last year. FFO for the three-month period increased 47% to $0.87 per diluted share, or $32.4 million, up from $0.59 per diluted share, or $21.2 million, for the comparable period in 2001. FF0 is a widely accepted supplemental measure of performance. A complete reconciliation containing adjustments from GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). net income to FF0 is included in this release.
* Net income for the 12-month period increased by 30% to $46.6 million up from $35.8 million for the comparable period in 2001. For the three-month period the company reported a net loss of $3.7 million as compared with net income of $133,000 for the same period a year ago. Excluding the non-cash impairment charges in both years, the Years, The
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See : Time company would have reflected a 55% increase in net income.
* Total revenue for the 12-month period ended Dec. 31 increased 25% to $161.6 million up from $129.3 million for the same period a year ago. Total revenue for the three-month period increased by 48% to $52.9 million up from $35.9 million for the comparable period in 2001.
* W. P. Carey completed more than $1 billion in net lease transactions during 2002, including $508 million in the fourth quarter, up from $395 million during all of 2001 as companies continued to seek alternative sources of capital. The substantial growth in transaction volume and related fee income for 2002 is in part affected by current market conditions and may not be indicative of a permanent increasing trend.
* In December the Board of Directors raised the cash dividend to $.431 per common share. This reflects the seventh consecutive quarterly increase. The dividend was paid on January 15, 2003 to shareholders of record on Dec. 31. Dividends have increased every year since the company went public.
* In January, Chairman Wm. Polk Carey announced a $50 million personal gift on behalf of the W. P. Carey Foundation to endow the W. P. Carey School of Business The W. P. Carey School of Business is one of the schools of Arizona State University, and one of the nation's leading business schools. The W. P. Carey School of Business is among the largest in the United States with over 2,600 upper-division undergraduate students and over 1,200 at Arizona State University Arizona State University, at Tempe; coeducational; opened 1886 as a normal school, became 1925 Tempe State Teachers College, renamed 1945 Arizona State College at Tempe. Its present name was adopted in 1958. . This is the largest gift in ASU's history and the second largest gift ever given to a U.S. business school. Also in January, the Foundation announced a $10 million personal gift to the Gilman School in Baltimore, MD.
Carey said, "As we approach our thirtieth anniversary this March, I look back and realize that our decision to run W. P. Carey as owners has been the foundation of our success. This philosophy has enabled us to provide our investors with consistent returns despite the uncertainties of the broader financial markets. While the management side of our business continues to play an increasingly important role in our success, we remain diligent in monitoring the performance of our net-leased assets. As we look to the next 30 years and beyond, we remain optimistic that our best days are yet to come."