NEW YORK, NY -- (Marketwire) -- 02/26/13 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), today reported financial results for the fourth quarter and year-ended December 31, 2012.
During 2012, the Company:
•Reported AFFO of $1.13 per diluted share for the fourth quarter and $3.76 per diluted share for the year ended December 31, 2012 •Completed merger with CPA®:15 and commenced trading as a REIT on October 1, 2012 •Structured $618 million of investments on behalf of CPA®:17 - Global in the fourth quarter and $1.0 billion for the full year •Increased assets under ownership and management by 17% to $14.1 billion for the full year •Raised annualized dividend rate to $2.64 per share in the fourth quarter, an increase of 17% versus the fourth quarter of 2011 and WPC's 47th consecutive quarterly increase •Generated a total shareholder return of approximately 34% for the year ended December 31, 2012
QUARTERLY AND YEAR-END RESULTS
•Funds from operations -- as adjusted (AFFO) for the fourth quarter of 2012 was $78.8 million or $1.13 per diluted share, compared to $35.2 million or $0.88 per diluted share for the fourth quarter of 2011. AFFO for the year ended December 31, 2012 was $180.6 million or $3.76 per diluted share, compared to $188.9 million or $4.71 per diluted share for 2011. The year-over-year decrease was due to non-recurring fee revenue we earned from the merger of two of our managed CPA® REITs in May 2011. Per share data for the 2012 periods reflects the issuance of 28.2 million shares in connection with our merger with CPA®:15. •Cash flow from operating activities for the year ended December 31, 2012 was $80.6 million, compared to $80.1 million for 2011. •Total revenues net of reimbursed expenses for the fourth quarter of 2012 were $128.9 million, compared to $45.6 million for the fourth quarter of 2011. Total revenues net of reimbursed expenses for the year ended December 31, 2012 were $275.8 million, compared to $263.0 million in 2011. Reimbursed expenses are excluded from total revenues because they have no impact on net income. •Net Income for the fourth quarter of 2012 was $15.5 million, compared to $9.1 million for the same period in 2011. For the year ended December 31, 2012, net income was $62.1 million, compared to $139.1 million for 2011. •For the year ended December 31, 2012, we received approximately $31.5 million in cash distributions from our equity ownership in the CPA® REITs. We also received $30 million in cash distributions for our special general partnership interest in the CPA® REITs. •Further information concerning AFFO, a non-GAAP supplemental performance metric, is presented in the accompanying tables and related notes.
CONVERSION TO A REIT AND MERGER WITH CPA®:15
•W. P. Carey's conversion to a REIT and merger with CPA®:15 closed on September 28, 2012 and W. P. Carey Inc. commenced trading on the New York Stock Exchange as a REIT on October 1, 2012. •These transactions are part of a larger transformation to implement our overall business strategy of expanding real estate assets under ownership, which in turn is expected to provide a platform for future growth.
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