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W. P. Carey Quarterly FFO Reaches All-time High

NEW YORK CITY-The firm closed more acquisitions during the fourth quarter than in any other quarter in its history. That performance is expected to send its percentage growth into double digits.

By John Howe | Updated on January 03, 2001

NEW YORK CITY-During the fourth quarter, W. P. Carey & Co. LLC closed on 14 acquisitions, more than during any quarter in the company’s history. The previous record-breaking quarter was 4Q 1999 when it acquired nine properties. Since the firm merged with Carey Diversified LLC last June, its revenue stream reflects both portfolio income as well as income from four real estate investment trusts.

Chief financial officer John J. Park expects FFO per share for the quarter to be the highest the firm has ever seen and percentage growth to reach into the double digits. The growth in acquisition volume is attributed to the credit crunch that is impacting middle market companies, which limits alternative sources of financing and makes sale-leaseback attractive.

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