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CapLease, W.P. Carey Post Strong 2009 Results

NEW YORK CITY-The two locally based net-lease investors both say they're well positioned to grow their portfolios during this year.

By Paul Bubny | Updated on February 26, 2010

NEW YORK CITY-In separate announcements, two locally based net-lease investment companies have both reported strong year-end results for 2009. CapLease Inc. said Friday its adjusted funds from operations for the year was $51.9 million or $1.05 per diluted share, while W.P. Carey & Co. announced Thursday that its ’09 AFFO for the year was $122.9 million or $3.09 per diluted share.

“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.”

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