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NEW YORK CITY-W.P. Carey Inc. on Thursday put the spotlight on its conversion to REIT status and merger with affiliate Corporate Property Associates 15 Inc. in reporting its third-quarter results, while noting that its headline numbers were off year over year. In a conference call for investors, president and CEO Trevor Bond cited the cyclical nature of incentive fees—which were higher in Q3 2011, due to the merger of CPA:14 and CPA:16—and the comparatively light investment sales volume thus far in 2012.

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