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Sale-Leaseback Deals Stand Out in W.P. Carey's Q3 Report

NEW YORK CITY-W.P. Carey's third-quarter earnings, released today, show a gain--albeit a modest one--over the same period last year, adding another coat of polish to the firm's year-to-date performance. Contributing to the company's positive growth were a series of sale-leaseback transactions totaling $89 million.

By Glen Thompson | Updated on October 31, 2001

NEW YORK CITY-$89 million in sale-leaseback transactions helped W.P. Carey finish Q3 on a positive note, with funds from operations up $1.2 million over third quarter 2000. Year to date FFO is up $16.3 million over the first nine months of last year, the firm announced today.

Among the Manhattan-based firm’s recent transactions are the $14-8 million purchase and leaseback of the US distribution center of New Creative Enterprises announced late last month. Located east of downtown Cincinnati at the Milford Commerce park in Milford OH, Carey leased the 437,000 office-warehouse space back to NCE under a 20-year bond-type net lease with five additional five-year renewal options.

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