W.P. Carey & Co. LLC: Net income up since 2001.
Among operating highlights were:
* Diluted earnings per share (EPS) for the three-month period increased from $0.34 to $0.65 per share for the comparable period in 2001.
* Diluted EPS for the six-month period increased from $0.70 to $1.04 for the comparable period last year.
* Net income for the three-month period increased from $11.8 million to $23.6 million for the same period a year ago. The increase in net income was due in large part to a gain on the sale of an 18.3-acre dairy site in downtown Los Angeles.
* Net income for the six-month period increased from $24.4 million to $37.3 million for the comparable period in 2001.
* Funds From Operations (FFO), for the three-month period increased by 5% to $24.2 million, or $0.67 per diluted share, up from $23.0 million or $0.66 per diluted share for the comparable period in 2001. FFO, widely accepted as a key indicator of performance in real estate enterprises, comprises net income without such non-cash items as depreciation.
* FFO for the six-month period increased by 9% to $46.3 million, or $1.28 per diluted shared, up from $42.3 million, or $1.22 per diluted share, for the comparable period last year.
* Total revenue for the three-month period increased by 19% to $41.6 million, up from $35.0 million for the same period a year ago. This was due in large part to an increase in the revenue associated with the company's growing investment management business.
* Total revenue for the six-month period increased by 15% to $76.4 million, up from $66.2 million for the comparable period in 2001.
* In June the Board of Directors raised the cash dividend to $.429 per common share. This reflects the fifth consecutive quarterly increase. The dividend was paid on July 15, 2002 to shareholders of record on June 28, 2002. Dividends have increased each year since the company went public.
Chairman Win. Polk Carey said, "We are pleased with our strong second quarter results as they reflect management's continued success in its conservative approach in the operation of W. P. Carey. In today's difficult economic environment there is a flight to quality by investors.
We believe W. P. Carey has benefited from this flight, as investors continue to seek investments which combine current income with growth potential. On the investment side of our business, we have seen steadily growing interest in the sale-leaseback from corporations as they look towards alternative financing means in a capital constrained environment. We have capitalized on this interest completing $168 million of acquisitions this quarter."
He continued, "As we enter the second half of 2002, we remain cautiously optimistic as we seek to provide for our investors the returns they have come to expect from W. P. Carey, which continues to play an important role in their investment portfolios."
Among investment activity was:
* W. P. Carey completed $168 million in sale-leaseback transactions during the second quarter of 2002, compared to $74 million for the comparable period last year. This follows W. P. Carey's strong first quarter during which the firm completed more than $117 million worth of acquisitions, as compared to $44 million during the first quarter of 2001.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Aug 7, 2002|
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