W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — W. P. Carey & — Merger or Acquisition (February 2012)
19 slides from W. P. Carey Inc. Reit's merger presentation, Feb 21, 2012
Slide 1: W. P. Carey & Co. LLC / CPA:15 Proposed Merger Transaction
W. P. Carey WPC Investor & Presentation Co. –CPA®:15| February Proposed2012 Merger Transaction
Slide 2: Cautionary Disclaimer
Cautionary Disclaimer Certain such include, financial expectations or http://www.sec.gov, 8-K Registration looking required circumstances Additional This unlawful Securities CPA®:15 OTHER CONVERSION available) W. CPA®:15, reference Participants Information Other and Unless Investing achievements P.o
Slide 3: Transaction Overview
Transaction Corporate (“CPA®:15”), Immediately W. These that strategy Investing ownership P.implements Carey transactions offor Property growing Overview &prior will the one Co. W. convert long to LLC of-tradeditsREITs are Associates P. real the runTM part (NYSE: estate to CPA®:15 of a REIT |aassets
Slide 4: Post-Transaction Pro Forma Ownership and Dividend Details
Post-Transaction Pro Dividend WPC Stock Timing February W. Total CPA®:15 Post-closing, No Transaction Investing P. changes Forma Value transaction Carey Management and17, Practice for stockholders cash Ownership and Details Consideration currently & anticipated 2012, the W.Co. combination Key P. lon
Slide 5: Transaction Benefits
Transaction billion stockholders Benefits Enhances conversion Likely Investing increased Provides offor W.including the REIT supports without the P.Transaction Merger Carey’s platform long Wall Conversion W. incurring but runTM Street access P.not for Carey’s research future limited | 5to significan
Slide 6: Multi-Faceted Business Model
Multi-Faceted Current CPA® Manages •$9.7 •W. Diversified *•Owns reporting Investing W. $2.1 Based P.P.billion billion Carey REITs Carey onpurposes forpreliminary Net in currently the in currently Business net-leased Lease total long with real runTM Portfolio generates generates 2012 Model anestate r
Slide 7: Proven Management Track Record
Proven Management W. Total Program CPA®:1 CPA®:2 CPA®:3 CPA®:4 CPA®:5 CPA®:6 CPA®:7 CPA®:8 CPA®:9 CPA®:10 CPA®:11 CPA®:12 CPA®:14 Past Investing P.performance Return Carey Asset 1979-1998 1980-1998 1981-1998 1983-1998 1984-1998 1985-1998 1987-1998 1988-1998 1989-1998 Program for 1992-2004 1990-2002
Slide 8: Overview of CPA:15
Overview CPA®:15 •321 •29 •96% •Average •Diversified Assets (1) (2) (4) Investing Reflects Based Other million properties, occupancy by lease includes: for on Property Geography(3) is ofsq. square aportfolio CPA®:15 percentage the non-traded ft.(1) term substantially long rate(2) Type(3) feet Child
Slide 9: The Combined Company
W.P. CAREY bar ee ‘3 The Combined Company
Slide 10: Revenue Increased Following Transaction
Revenue Increased Following revenues, the W. Combined 2012E Note: (1) Reimbursed P. Represents benefits Carey Based Revenue: from which the Company from Current Costs ontransaction, Real 2012E projections will $197 $415 REIT from Estate likely revenues, million conversion Affiliates Operations renta
Slide 11: Combined Company Positioned to Thrive
Company $5.0 High •450 •43 •High-quality •95% •Diversified •Average Combined (1) (2) (4) Investing Reflects Based Other million billion properties quality occupancy lease includes: for on Positioned company Portfolio sq. square portfolio portfolio percentage the tenant ft. term long (2) (1) feet Chi
Slide 12: Geographically Diversified Portfolio
Geographically Investing for theDiversified long runTM Portfolio | 12
Slide 13: Major Established Top Tenants
Major Established Top Leading North Canada; World’s-largest stores revenues more Foster information Note: Investing 10than Company America’s in Tenants Wheeler Tenants Annual German central in for 8 excess Corporate management million the -is second and financial revenues long largest Do-It-Yourself
Slide 14: Pro Forma Portfolio Metrics
ProP. W. Total Occupancy Annualized Geographic U.S. France Germany Other Average (1) (2) Investing Based Reflects Forma 80% Sq. Carey Europe(2) 15% Lease Ft. 2% for on 70% Metrics 91% Base Presence(1) Current Spain 10% 13,725,000 ABR. the 11% Term 3% 95% long Revenues (2%) Combined 9% 6.6 runTM and
Slide 15: Strong Equity Market and Capitalization Metrics
Strong W. Equity Total Selected Net Investing P.Debt Net Capitalization Carey Market Combined Metrics /for Debt Total 2012E Current the Capitalization $0.7 Cap. long EBITDA Capitalization $2.5 billion Combined 27% runTM billion 39% $1.9 3.6x $1.8 | 15 Company $5.0 billion 5.0x billion billion $3.1 b
Slide 16: Supports Historical Dividend Payout and Growth
Supports Historical Payout •Transaction Annualized Past share Investing Annual W. Transaction Quarterly Current Properformance P.forma following Carey Ratio dividend Continued payout for Growth dividends Dividend dividend Impact the expected hastransaction long ratio increased does growth Dividend o
Slide 17: W. P. Carey Consistently Outperformed Peers
W. P.Consistently Has Returns Five-Year Note: Investing Carey Past have for Total performance &the outpaced Co. Return long Outperformed runTM major Comparison does not indices, | 17Peers gurarantee including future theresults. S&P 500 Source: and the SNL FTSE Financial NAREIT LC,Equity Charlottesvi
Slide 18: Transaction Process and Timing
Process Transaction Announce Shareholder Close February Anticipated *Q3 Investing There 2012* Transaction and is21, for no Transaction Q2 Timing Votes 2012 the assurance 2012 long for runTM W.that P. Carey the | 18 proposed and CPA®:15 merger will close by the anticipated quarter, if at all.
Slide 19: Compelling Value Creation for Investors
Compelling Creating •Transformational accretive •Improves •High term Investing valuation quality Value to for W.AFFO Transaction the combined P.benefits for Carey’saccess long transaction WPC perrunTM share asreal and a result and estate CPA®:15 |that 19 toCAD capital of creates portfolio REIT per I
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