2009 CPN Goldbook - (Page 26)

NET LEASE INVESTORS GOLDBOOK W. P. Carey & Co. . P. Carey & Co. provides longterm net lease financing for companies worldwide. In 2008, it structured $457 million worth of investments on behalf of its CPA REITs. Since launching Corporate Property Associates in 1979, W. P. Carey and the CPA programs have raised $4 billion in equity and paid more than $2.5 billion in cash distributions to investors over 750 quarters. Approximately 46 percent of the firm’s 2008 investments were international transactions. Underscoring its continuing ability to Gordon DuGan act as an alternative source of capital President & CEO through all market conditions,W. P Carey . completed three investments in December 2008.The acquisition of four manufacturing facilities leased to Frontier Spinning Mills Inc.for $39 million represented an investment in critical facilities for one of the world’s largest producers of spun yarns. The facilities are located in Mayodan and Sanford,N.C.,and include Frontier’s headquarters. Blue-chip companies Fruit of the Loom, Gildan and Renfro use Frontier’s yarn in end products like sportswear, fleece, denim and home furnishings. Consistent with its philosophy of assisting existing tenants with expansion financing as well as de novo acquisitions, W. P Carey also . completed two follow-on transactions.The first was the funding of a $6.8 million expansion of Nordic Cold Storage L.L.C.’s facility in Rockmart, Ga. The Rockmart facility is one of three Atlanta-area cold-storage facilities that W. P Carey acquired from Nordic in 2007.The . second follow-on transaction totaled $8 million and included the funding of an expansion to LifePort Inc.’s Georgetown, Texas, facility, which W. P Carey owns, . along with the purchase of a new property in Woodland,Wash. Life- W The New York Times Building in New York City Port designs, manufactures and certifies products for most sectors of the aviation industry, including emergency medical patient-transport devices and interiors for executive aircrafts. W. P. Carey kicked off 2009 with the $15 million acquisition of a cold-storage facility in Glendale Heights, Ill., leased to Kronos Foods Inc. The net lease company will make additional investments over several months to renovate the facility into a state-ofthe-art food-production facility for Kronos. Upon its planned completion at year-end 2009, Kronos plans to consolidate its Chicago operations into the new location. In March 2009, W. P. Carey and two of its affiliated funds closed on the $225 million acquisition of The New York Times headquarters in New York City. The transaction encompassed 750,000 square feet on 21 floors occupied by The Wm. Polk Carey New York Times Co. The 52-story Chairman building, designed by Italian architect Renzo Piano and completed in 2007, is located on Eighth Avenue between 40th and 41st streets. The transaction demonstrated the critical role that saleleaseback financing can play when financing markets offer limited alternatives for raising capital. It also demonstrated how well the long-term current-return and capital-appreciation goals and defensive, risk-management-driven investment strategy that shape W. P. Carey’s investment process mesh with corporate financing needs in cyclical markets.The financing, together with other steps taken by The Times Co., will allow the media company to repay outstanding debt and position itself to deal with the challenges of the current economic environment and its impact on the media industry. The W. P. Carey group manages a global investment portfolio worth $10 billion.Its investments are highly diversified,encompassing contractual agreements with 300 long-term corporate obligors spanning 28 industries and 14 countries. CPN Cole Real Estate Investments Inc. mong the top buyers of single-tenant properties last year, according to Real Capital Analytics Inc., Cole Real Estate Investments Inc. acquires high-quality, income-producing commercial real estate, primarily targeting net lease retail properties that are under long-term leases and host high-credit tenants. Despite the challenging marketplace, the company in March acquired 22 properties totaling more than 223,000 square feet. During the first quarter of 2009, Cole acquired $168 million in assets totaling 338,500 square feet, and the company expects the year to be an active one. Cole executes a conservative investment and financing strategy that is designed to provide investors with stability of principal and security of income. For three decades, it has partnered with A investors in the ownership of commercial real estate. Since its founding in 1979, the company has introduced more than 100 investment programs.As of year-end 2008, it owned and managed 23 million square feet of real estate valued at more than $4 billion. The company’s portfolio is diversified by location,type and size. As of the end of 2008, its average remaining lease term was just under 13 years,providing stable income over the length of the hold period. Almost all its leases have the protection of corporate tenants or corporate guarantees. Cole has two non-publicly traded REITs. Cole Credit Property Trust II Inc. launched in May 2005, with a second offering in May 2007. As of year-end 2008, the portfolio totaled $3.2 billion worth of real estate,based on purchase price,representing 684 properties 26 COMMERCIAL PROPERTY NEWS • May 2009 • www.cpnonline.com http://www.cpnonline.com

Table of Contents for the Digital Edition of 2009 CPN Goldbook

2009 CPN Goldbook
Contents
Industry Update
From the Expert
Owners/Investors
Developers
Mortgage Banks
Lenders
Service Providers
Title Insurance Firms
Technology (Software) Firms
Net Lease Investors
Appraisers

2009 CPN Goldbook