DuGan went on to note that the first quarter of 2003 is also setting new highs with approximately $272 million in similar transactions already closed. Currently the firm owns $800 million in net-leased real estate and manages $3.8 billion in non-traded net-leased real estate on behalf of CPA REITs.
About 46% of W.P. Carey's revenues come from rental income at its owned assets, explained DuGan, with the other 54% of revenues being generated at its managed properties.
The firm also reported on its strong stock performance. Currently its shares are trading at around $30, a number that has grown steadily over the past few years. DuGan was also quick to add that the firm's stock has outperformed the S&P 500 and NAREIT, with an average annual return near 15%.
The shareholder event, which attracted about 150 investors and was broadcast live over the Internet, also included words from the company's co-CEOs and founders Francis J. Carey and William Polk Carey. The firm's namesake took time to recognize the younger members of his executive staff, which includes DuGan and a suite of others all under the age of 40. "Look around, they are the future of our business," Carey said to investors.
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