Executive Offices
|
Investor Relations | |
50 Rockefeller Plaza
|
Susan C. Hyde | |
New York, NY 10020
|
Managing Director & Director of Investor Relations | |
Tel: 1-800-WPCAREY or (212) 492-1100
|
W. P. Carey & Co. LLC | |
Fax: (212) 492-8922
|
Phone: (212) 492-1151 | |
Web Site Address: www.CPA15.com |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income (loss) attributable to CPA®:15 shareholders |
$ | 12,508 | $ | 2,172 | $ | 22,608 | $ | (8,754 | ) | |||||||
Adjustments: |
||||||||||||||||
Depreciation and amortization of real property |
14,864 | 15,191 | 30,008 | 30,443 | ||||||||||||
Loss (gain) on sale of real estate |
— | — | 162 | (851 | ) | |||||||||||
Proportionate share of adjustments to equity in net income of
partially owned entities to arrive at FFO: |
||||||||||||||||
Depreciation and amortization of real property |
469 | 2,986 | 2,487 | 4,893 | ||||||||||||
Gain on sale of real estate |
(173 | ) | — | (173 | ) | — | ||||||||||
Proportionate share of adjustments for noncontrolling interests
to arrive at FFO |
(3,599 | ) | (2,509 | ) | (7,531 | ) | (6,757 | ) | ||||||||
Total adjustments |
11,561 | 15,668 | 24,953 | 27,728 | ||||||||||||
FFO — as defined by NAREIT |
24,069 | 17,840 | 47,561 | 18,974 | ||||||||||||
Adjustments: |
||||||||||||||||
Other depreciation, amortization, and non-cash charges |
1,656 | (707 | ) | 2,395 | (1,141 | ) | ||||||||||
Straight-line and other rent adjustments |
506 | (280 | ) | 535 | 1,550 | |||||||||||
Impairment charges |
— | 9,620 | — | 33,450 | ||||||||||||
Proportionate share of adjustments to equity in net income of
partially owned entities to arrive at AFFO: |
||||||||||||||||
Other depreciation, amortization, and non-cash charges |
(364 | ) | (103 | ) | (285 | ) | (396 | ) | ||||||||
Straight-line and other rent adjustments |
188 | 152 | 386 | 304 | ||||||||||||
Impairment charges |
— | — | 2,409 | — | ||||||||||||
Proportionate share of adjustments for noncontrolling interests
to arrive at AFFO |
253 | (53 | ) | 697 | 220 | |||||||||||
Total adjustments |
2,239 | 8,629 | 6,137 | 33,987 | ||||||||||||
AFFO |
$ | 26,308 | $ | 26,469 | $ | 53,698 | $ | 52,961 | ||||||||
AFFO per share (a) |
$ | 0.23 | $ | 0.23 | $ | 0.47 | $ | 0.47 | ||||||||
Weighted average shares outstanding |
126,975,648 | 125,845,961 | 126,614,948 | 126,353,912 | ||||||||||||
(a) Numerator for AFFO per share calculation: |
||||||||||||||||
AFFO |
$ | 26,308 | $ | 26,469 | $ | 53,698 | $ | 52,961 | ||||||||
Add: Issuance of shares to an affiliate in satisfaction of fees due |
2,763 | 2,901 | 5,535 | 5,819 | ||||||||||||
AFFO numerator in determination of AFFO per share |
$ | 29,071 | $ | 29,370 | $ | 59,233 | $ | 58,780 | ||||||||
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Six months ended June 30, | ||||||||
2010 | 2009 | |||||||
Cash flow provided by operating activities — as reported |
$ | 78,714 | $ | 68,963 | ||||
Adjustments: |
||||||||
Distributions received from equity investments
in real estate in excess of equity income, net (a) |
945 | 3,808 | ||||||
Distributions paid to noncontrolling interests, net (b) |
(16,230 | ) | (19,735 | ) | ||||
Changes in working capital (c) |
(2,760 | ) | (4,275 | ) | ||||
Adjusted cash flow from operating activities |
$ | 60,669 | $ | 48,761 | ||||
Adjusted cash flow per share |
$ | 0.48 | $ | 0.39 | ||||
Distributions declared per share |
$ | 0.3617 | $ | 0.3546 | ||||
Payout ratio (distributions per share/adjusted cash flow per
share) |
75 | % | 91 | % | ||||
Weighted average shares outstanding |
126,614,948 | 126,353,912 | ||||||
(a) | To the extent we receive distributions in excess of the equity income that we recognize, we include such amounts in our evaluation of cash flow from core operations. | |
(b) | Represents noncontrolling interests’ share of distributions made by ventures that we consolidate in our financial statements. | |
(c) | Timing differences arising from the payment of certain liabilities and the receipt of certain receivables in a period other than that in which the item is recognized in determining net income may distort the actual cash flow that our core operations generate. We adjust our GAAP cash flow provided by operating activities to record such amounts in the period in which the item was actually recognized. |
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Percentage of Total | ||||||||
Tenant/Lease Guarantor | Annualized Rent | Annualized Rent | ||||||
Hellweg Die Profi-Baumärkte GmbH & Co KG
(a) |
$ | 22,850 | 10 | % | ||||
U-Haul Moving Partners, Inc. and Mercury
Partners, L.P. |
18,742 | 8 | % | |||||
OBI A.G. (a) |
10,927 | 5 | % | |||||
Universal Technical Institute Holdings, Inc. |
9,691 | 4 | % | |||||
Life Time Fitness, Inc. |
8,759 | 4 | % | |||||
Marriott Corporation |
8,406 | 3 | % | |||||
Carrefour France SAS (a) |
8,273 | 3 | % | |||||
True Value Company |
6,825 | 3 | % | |||||
Foster Wheeler, Inc. |
6,227 | 3 | % | |||||
Pohjola Non-Life Insurance Company (a) |
4,763 | 2 | % | |||||
Total |
$ | 105,463 | 45 | % | ||||
Weighted
Average Lease Term for Portfolio: 11.1 years |
(a) | Rent amounts are subject to fluctuations in foreign currency exchange rates. | |
(b) | Percentage of the portfolio’s total pro rata square footage that was subject to lease. |
4
Region | Annualized Rent | Percent | ||||||
U.S. |
||||||||
West |
$ | 45,597 | 20 | % | ||||
South |
43,898 | 19 | % | |||||
East |
39,153 | 17 | % | |||||
Midwest |
36,068 | 15 | % | |||||
U.S. Total |
164,716 | 71 | % | |||||
International |
||||||||
Germany |
27,578 | 12 | % | |||||
France |
17,806 | 7 | % | |||||
Poland |
10,927 | 4 | % | |||||
Finland |
9,330 | 4 | % | |||||
Belgium |
1,422 | 1 | % | |||||
United Kingdom |
1,298 | 1 | % | |||||
International Total |
68,361 | 29 | % | |||||
Total |
$ | 233,077 | 100 | % | ||||
Property Type | Annualized Rent | Percent | ||||||
Office |
$ | 51,752 | 22 | % | ||||
Industrial |
50,241 | 22 | % | |||||
Retail |
42,750 | 18 | % | |||||
Warehouse/Distribution |
33,125 | 14 | % | |||||
Self-Storage |
18,741 | 8 | % | |||||
Other
Properties (a) |
16,063 | 7 | % | |||||
Sports |
11,999 | 5 | % | |||||
Hospitality |
8,406 | 4 | % | |||||
Total |
$ | 233,077 | 100 | % | ||||
(a) | Includes revenue from tenants with the following property types: education (5.0%), nursing home (1.3%) and theater (0.6%). |
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Annualized | ||||||||
Industry Type (a) | Rent | Percent | ||||||
Retail Trade |
$ | 56,201 | 24 | % | ||||
Electronics |
26,643 | 11 | % | |||||
Healthcare, Education and Childcare |
20,378 | 9 | % | |||||
Business and Commercial Services |
14,011 | 6 | % | |||||
Leisure, Amusement, Entertainment |
13,499 | 6 | % | |||||
Chemicals, Plastics, Rubber, and Glass |
12,293 | 5 | % | |||||
Buildings and Real Estate |
12,182 | 5 | % | |||||
Hotels and Gaming |
8,406 | 4 | % | |||||
Automobile |
7,851 | 3 | % | |||||
Construction and Building |
7,471 | 3 | % | |||||
Transportation — Personal |
6,560 | 3 | % | |||||
Media: Printing and Publishing |
5,980 | 3 | % | |||||
Beverages, Food, and Tobacco |
5,691 | 3 | % | |||||
Telecommunications |
5,512 | 2 | % | |||||
Federal, State and Local Government |
5,488 | 2 | % | |||||
Insurance |
4,763 | 2 | % | |||||
Aerospace and Defense |
4,112 | 2 | % | |||||
Consumer and Durable Goods |
3,831 | 2 | % | |||||
Machinery |
3,414 | 2 | % | |||||
Transportation — Cargo |
3,237 | 1 | % | |||||
Other (b) |
5,554 | 2 | % | |||||
Total |
$ | 233,077 | 100 | % | ||||
(a) | Based on the Moody’s Investors Service, Inc. classification system and information provided by the tenant. | |
(b) | Includes revenue from tenants in the following industries: grocery (0.8%), forest products and paper (0.6%), consumer non-durable goods (0.6%), and mining, metals and primary metal industries (0.4%). |
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