Funds from operations — as adjusted (AFFO) totaled $40.1 million or $0.99 per diluted share in the first quarter of 2012 compared to $39.1 million or $0.97 for the first quarter of 2011.
The company recorded cash used in operating activities for the three months ended March 31, 2012 of $4.1 million and cash flow from operating activities of $6.7 million for the comparable prior year period, while adjusted cash flow from operating activities was $36.7 million in the first quarter of 2012 compared to $24.2 million in the first quarter last year.
Total revenues net of reimbursed expenses for the first quarter of 2012 decreased to $50.7 million from $58.2 million for the first quarter of 2011.
Net Income for the first quarter of 2012 was $12.3 million, compared to $23.3 million for the same period in 2011.
W.P. Carey received approximately $8.1 million in cash distributions from their equity ownership in the CPA® REITs for the quarter ended March 31, 2012.
Trevor Bond, President and Chief Executive Officer, noted, ” Our first quarter results demonstrate the continued solidity of our business model: adjusted cash flow from operating activities increased from 2011’s first quarter, despite lower investment volume relative to the same period from last year. Variation in investment activity between quarters is not unusual in our sector, and we continue to see attractive opportunities. While the current vagaries of the global financial markets remain a concern, our investments are diversified and long-term in nature, and we believe that adhering to established, conservative investment criteria will enable us to continue providing steady income and preservation of capital to our shareholders and investors in our CPA® funds. ”
W. P. Carey & Co. LLC is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio of approximately $12 billion.
