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These financial highlights include non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA") and funds from operations - as adjusted ("AFFO"). A description of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures is provided on the following pages.
Three Months Ended Years Ended December 31, December 31, --------------------- --------------------- 2012 2011 2012 2011 ---------- ---------- ---------- ----------EBITDA(a)Investment management $ 15,824 $ 1,141 $ 23,752 $ 91,234Real estate ownership 64,603 22,487 146,885 137,106 ---------- ---------- ---------- ----------Total $ 80,427 $ 23,628 $ 170,637 $ 228,340 ========== ========== ========== ==========AFFO(a)Investment management $ 14,116 $ 7,002 $ 21,120 $ 86,105Real estate ownership 64,705 28,207 159,511 102,748 ---------- ---------- ---------- ----------Total $ 78,821 $ 35,209 $ 180,631 $ 188,853 ========== ========== ========== ==========EBITDA Per Share (Diluted)(a)Investment management $ 0.23 $ 0.03 $ 0.49 $ 2.28Real estate ownership 0.93 0.56 3.06 3.41 ---------- ---------- ---------- ----------Total $ 1.16 $ 0.59 $ 3.55 $ 5.69 ========== ========== ========== ==========AFFO Per Share (Diluted)(a)Investment management $ 0.20 $ 0.17 $ 0.44 $ 2.15Real estate ownership 0.93 0.71 3.32 2.56 ---------- ---------- ---------- ----------Total $ 1.13 $ 0.88 $ 3.76 $ 4.71 ========== ========== ========== ==========(a) Effective April 1, 2012, we include cash distributions and deferred revenue received and earned from the operating partnerships of CPA®:16 - Global, CPA®:17 - Global and CWI in our Real Estate Ownership segment. Results of operations for the prior year periods have been reclassified to conform to the current period presentation. W. P. CAREY INC. Reconciliation of Net Income to EBITDA (Unaudited) (in thousands, except share and per share amounts) Three Months Ended Years Ended December 31, December 31, ----------------------- ----------------------- 2012 2011 2012 2011 ----------- ----------- ----------- -----------Investment ManagementNet income from investment management attributable to W.P. Carey (a) $ 9,971 $ 3,705 $ 17,237 $ 52,799Adjustments: Provision for income taxes 4,926 (3,540) 2,771 34,971 Depreciation and amortization 927 976 3,744 3,464 ----------- ----------- ----------- ----------- EBITDA -- investment management $ 15,824 $ 1,141 $ 23,752 $ 91,234 =========== =========== =========== =========== EBITDA per share (diluted) $ 0.23 $ 0.03 $ 0.49 $ 2.28 =========== =========== =========== ===========Real Estate OwnershipNet income from real estate ownership attributable to W. P. Carey (a) $ 5,507 $ 5,386 $ 44,895 $ 86,280Adjustments: Interest expense 28,250 6,219 50,573 21,770 Provision for income taxes 1,665 2,227 4,012 2,243 Depreciation and amortization 28,587 7,352 45,046 20,883 Reconciling items attributable to discontinued operations 594 1,303 2,359 5,930 ----------- ----------- ----------- -----------EBITDA -- real estate ownership $ 64,603 $ 22,487 $ 146,885 $ 137,106 =========== =========== =========== ===========EBITDA per share (diluted) $ 0.93 $ 0.56 $ 3.06 $ 3.41 =========== =========== =========== ===========Total CompanyEBITDA $ 80,427 $ 23,628 $ 170,637 $ 228,340 =========== =========== =========== ===========EBITDA per share (diluted) $ 1.16 $ 0.59 $ 3.55 $ 5.69 =========== =========== =========== ===========Diluted weighted average shares outstanding 69,505,871 40,152,444 48,078,474 40,098,095 =========== =========== =========== ===========(a) Effective April 1, 2012, we include cash distributions and deferred revenue received and earned from the operating partnerships of CPA®:16 - Global, CPA®:17 - Global and CWI in our Real Estate Ownership segment. Results of operations for the prior year periods have been reclassified to conform to the current period presentation.
