W. P. Carey Inc. REIT · NYSE:WPC
W. P. Carey Inc. REIT — W. P. Carey & — Investor Presentation (April 2005)
22 slides from W. P. Carey Inc. REIT's investor presentation, April 2005
Slide 1: Shareholder Presentation
© Copyright W. P. Carey & Co. LLC 2005
Slide 2: Shareholder Returns
@ WPC @ NAREIT Equity Index @ S&P 500 250 200 150 100 50 I 2000 2001 2002 2003 2004 WP. CAREY
Slide 3: Shareholder Returns: Comparative Total Returns
Shareholder Returns Comparative Total Returns 5-Year Average Total Return 3
Slide 4: Unique Business Model
Unique Business Model W. P. Carey & Co. LLC OWNS MANAGES DIVERSIFIED STABLE PORTFOLIO CPA® REITS $1.5 billion total $5.5 billion in net-leased market capitalization real estate Generates 36% of its revenue Generates 64% of its revenue by through rental income from its managing day-to-day operations
Slide 5: Diversified Stable Portfolio
Diversified Stable Portfolio W. P. Carey & Co. LLC OWNS MANAGES DIVERSIFIED STABLE PORTFOLIO $1.5 billion total market capitalization Generates 36% of its revenue through rental income from its owned assets. 5
Slide 6: Management/Advisory Business
Management/Advisory Business W. P. Carey & Co. LLC OWNS MANAGES CPA® REITS $5.5 billion in net-leased real estate Generates 64% of its revenue by managing day-to-day operations and new real estate investments. 6
Slide 7: Market Opportunity
Market Opportunity Ownership of U.S. Commercial Real Estate* *Source: Jones Lang LaSalle 7
Slide 8: Investment Overview 2001 - 2005
Investment Overview 2001 - 2005 W. P. Carey & Co. LLC Transaction Statistics * in thousands OWNS MANAGES 2002 2003 2004 2005 YTD Total Investment $1,008,027 $724,788 $889,618 $356,473 Volume* Number of Investments 30 29 24 10 Average Investment $33,601 $24,993 $37,067 $35,647 Size* Number of Industr
Slide 9: Growth in Assets
Growth in Assets W. P. Carey & Co. LLC Total assets under ownership and/or management have grown OWNS MANAGES at a compound annual rate of 23% over the last 25 years. Billions 9
Slide 10: Diversified Portfolio
Diversified Portfolio W. P. Carey & Co. LLC Portfolio Diversification OWNS MANAGES By Industry* By Facility Type* *Based on annualized rent 10
Slide 11: Portfolio Diversification
Portfolio Diversification W. P. Carey & Co. LLC OWNS MANAGES (from left): United States, Canada, Ireland, United Kingdom, France, Germany, Sweden, Belgium, The Netherlands, Finland and Thailand 11
Slide 12: Recent Acquisitions
Recent Acquisitions Facility Type: Self-Storage & Truck Rental Facilities Purchase Price: $312,445,000 Location: 78 locations throughout the U.S. Acquired by: CPA®:14, CPA®:15, CPA®:16 - Global • U-Haul is the nation’s leading do-it-yourself moving company with a network of over 14,000 locations in
Slide 13: Recent Acquisitions
Recent Acquisitions Facility Type: Corporate Headquarters Purchase Price: $32,461,000 Location: Pleasanton, CA Acquired by: CPA®:15 • Shaklee Corporation is a leading provider of nutritional supplements, personal care and household products as well as home water treatment and air purification system
Slide 14: Recent Acquisitions
Recent Acquisitions Facility Type: Manufacturing/Office Purchase Price: $16,690,000 Location: Kahl am Main, Germany Acquired by: CPA®:15, CPA®:16 - Global • Actuant is a global manufacturer and marketer of a wide range of industrial products and systems. The Actuant businesses are market leaders in
Slide 15: Recent Highlights
Recent Highlights Invested a record $356 million during the first quarter of 2005 Completed the 11th liquidation of a CPA® REIT Launched CPA®:16 – Global in December 2003 and have raised in excess of $550 million since its inception Increased assets under ownership and management to over $7
Slide 16: Management/Advisory Business: CIP Liquidity Transaction Details
Management/Advisory Business Carey Institutional Properties’ (CIP®) W. P. Carey & Co. LLC Liquidity Transaction Details OWNS MANAGES • Successfully merged with affiliate CPA®:15. • 99% of voting shares voted in favor of the merger • $13.90 NAV per share represents 39% increase in initial principal v
Slide 17: WPC Fundamentals
WPC Fundamentals MW PJCAREY
Slide 18: WPC Financial Highlights
WPC Financial Highlights 12 Months Ended 2002 2003 2004 Revenues* Principal Revenues $86,671 $80,840 $83,374 Management Revenues** $73,458 $72,154 $148,457 Expenses* Interest Expense $17,001 $15,116 $14,838 G&A Expense** $31,795 $27,792 $33,614 Net Income $46,588 $62,878 $63,851 Per Share $1.28 $1.6
Slide 19: WPC Capital Structure
WPC Capital Structure Market Capitalization As of 3/28/05, in thousands Equity Market Capitalization $1,101,314 Debt Capitalization $ 353,740 Total Market Capitalization $1,455,054 NAREIT W. P. Carey Equity Index Debt % of Total Market Cap 24.3% 41.8%** Interest Coverage 9.8x* 3.7x** *As of 12/31/04
Slide 20: W. P. Carey Current Valuation
W. P. Carey Current Valuation WPC vs. REIT Peer Group Close 3/28/05 2005 Est. FFO FFO Multiple AMB Property $37.06 $2.54 14.6 Alexandria Real Estate $65.12 $4.80 13.6 Capital Automotive REIT $32.85 $2.74 12.0 Commercial Net Lease Realty $18.25 $1.48 12.3 Lexington Corp. Properties $22.03 $1.88 11.7
Slide 21: Running the Business as Owners
Running the Business as Owners Percentage of Management Ownership as of 2004 Proxy Season W. P. Carey 40.17% Peer Group 7.50% Equity REIT Industry 14.59% Fortune 500* 13.90% * As of 2003 proxy season 21
Slide 22: 1-800 WP CAREY • IR@wpcarey.com
1-800 WP CAREY • IR@wpcarey.com 22