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NEW YORK CITY-W.P. Carey & Co. LLC’s board of directors reported good news to shareholders yesterday at its annual meeting, held here at the Waldorf Astoria. President Gordon F. DuGan said the corporate real estate firm raked in about $1 billion in sale/leaseback transactions and build-to-suit deals, setting a new record for the company.

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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