During 2013, the Company:
- Generated Funds from operations—as adjusted (“AFFO”) of $1.12 per diluted share and $4.22 per diluted share for the fourth quarter and full year, respectively
- Acquired seven properties for a total of $347.1 million
- Structured $1.4 billion of investments on behalf of the Managed REITs
- Raised its annualized dividend rate to $3.48 per share in the fourth quarter, an increase of 31.8% over the fourth quarter of 2012 and the Company’s 51st consecutive quarterly increase
- Declared a special distribution of $0.11 per share in the fourth quarter
- Generated a total shareholder return of approximately 23.0% for the full year
Subsequent to year-end, the Company:
- Completed its merger with CPA®:16 – Global, valued at approximately $4.0 billion
- Received investment grade corporate ratings of BBB and Baa2 from Standard & Poor’s Ratings Services and Moody’s Investors Service, respectively
- Closed on a new credit agreement that increased the capacity of its unsecured line of credit from $625.0 million to $1.25 billion, comprised of a $1.0 billion revolving line of credit and a $250.0 million term loan
QUARTERLY AND FULL YEAR RESULTS
- AFFO for the fourth quarter of 2013 was $78.1 million, or $1.12 per diluted share, compared to $78.8 million, or $1.13 per diluted share, for the fourth quarter of 2012. For the 2013 full year, AFFO was $294.2 million, or $4.22 per diluted share, compared to $180.6 million, or $3.76 per diluted share, for the 2012 full year, an increase of $113.6 million and $0.46 per diluted share, respectively, due primarily to income from properties acquired in the Company’s merger with CPA®:15, which closed on September 28, 2012 (the “CPA®:15 Merger”), partially offset by the cessation of asset management revenue received from CPA®:15 upon completion of the CPA®:15 Merger. Per share data for the 2013 periods also reflects the issuance of approximately 28.2 million shares in connection with the CPA®:15 Merger to stockholders of CPA®:15. Further information concerning AFFO, a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
- Total revenues net of reimbursed expenses for the fourth quarter of 2013 were $116.1 million, compared to $121.7 million for the fourth quarter of 2012, a decline of $5.6 million due primarily to lower acquisition volume in the fourth quarter of 2013. For the 2013 full year, total revenues net of reimbursed expenses were $416.3 million, compared to $254.1 million for 2012, an increase of $162.2 million, due primarily to income from properties acquired in the CPA®:15 Merger and newly acquired properties in the fourth quarter of 2012 and full year 2013. Reimbursed expenses are excluded from total revenues because they have no impact on net income.
- Net Income for the fourth quarter of 2013 was $23.0 million, compared to $15.5 million for the same period in 2012. Net Income for the year ended December 31, 2013 was $98.9 million, compared to $62.1 million for the prior year.
- For the fourth quarter and full year ended December 31, 2013, the Company received approximately $17.6 million and $62.4 million, respectively, in cash distributions from its equity ownership in the Managed REITs. Included in these amounts were $10.2 million and $34.1 million, respectively, in Available Cash distributions related to the Company’s special general partnership interests in the Managed REITs.
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About W. P. Carey Inc.,
W. P. Carey Inc. is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. It also acts as the manager to a series of non-traded REITs. The Company’s owned and managed diversified global investment portfolio had a combined enterprise value of approximately $15 billion at December 31, 2013. Its corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades. www.wpcarey.com
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