"During the year, we executed well on our strategy of strengthening our balance sheet and reducing overall debt," says Paul McDowell, CapLease's chairman and CEO, in a release. "We meaningfully lowered our debt and increased our cash on hand while extending the maturity of our credit facility until 2011."

McDowell adds that "our high credit quality portfolio continued to perform as expected and we expect that performance will continue. The proactive steps we have taken position us well to execute on our 2010 strategy which will be focused on driving increased free cash flow through continued debt reduction and the resumption of portfolio growth on an opportunistic basis."

At year's end, CapLease agreed to an early lease termination with Qwest Corp., the sole tenant at its two Omaha properties. Both leases were due to expire in June of this year. In a release, CapLease says it's actively negotiating extensions with the subtenants as well as lease-ups of the vacant space in the buildings. The company also recognized an $11.9-million impairment loss on our Johnston, RI property which is now vacant; it too is being actively marketed to prospective tenants.<p.W.P. Carey says its '09 investment volume, whether for its own portfolio or the CPA REITs it advises, was $547.7 million, compared to $457 million for 2008. International investments comprised 36% of the company's total investments last year, as compared to 46% during the year prior. Nonetheless, W.P. Carey says in a release that "we expect that international transactions will continue to form a significant portion of the investments we structure."