UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K/A
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 1, 2004
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W. P. Carey & Co. LLC
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-13779 13-3912578
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(Commission File Number) (IRS Employer Identification No.)
50 Rockefeller Plaza, New York, NY 10020
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(Address of Principal Executive Offices) (Zip Code)
212-492-1100
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Explanatory Note:
On September 8, 2004, the registrant filed a Current Report on Form 8-K to
report the acquisition of 17 properties from Carey Institutional Properties
Incorporated. The purpose of this amendment to the Current Report is to include
the financial statements of the acquired assets and the pro forma financial
information required by Article 11 of Regulation S-X, which are attached as
Exhibits 99.1 and 99.2, respectively, hereto.
W. P. CAREY & CO. LLC
Section 2 - Financial Information
Item 2.01. Completion of Acquisition or Disposition of Assets
On September 1, 2004, the Registrant completed the acquisition of 17 properties
from Carey Institutional Properties Incorporated ("CIP(R)"). The purchase price
was approximately $142 million, including the assumption of approximately $28
million in debt. These properties, totaling 2.4 million square feet, consist of
office, industrial, retail and warehouse facilities located in nine states. A
summary of the properties follows below. The price paid for the properties was
based on an appraisal performed by an independent third party appraiser.
The acquisition was made in connection with acquisition of CIP(R)'s remaining
interests in properties by Corporate Property Associates 15 Incorporated
("CPA(R):15"), constituting 82 properties located in 28 states, totaling
approximately 7.6 million square feet, for approximately $571 million in cash,
stock and assumption of debt. These properties have lease terms that average 12
years.
CIP(R) and CPA(R):15 are each managed by the Registrant. In connection with the
acquisition of the properties by the Registrant and the acquisition by CPA(R):15
of the other CIP(R) properties, the Registrant received approximately $47.3
million in disposition and other management fees paid by CIP(R), including
approximately $1 million in accrued fees attributable to normal operations
unrelated to the above described transactions and payable at the time of the
closing.
Property Summary
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Fair Value
Property Appraised of Debt Annual Lease
Lease Obligor Location Value ($) Assumed ($) Rent ($) Term(1)
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Hibbett Sporting Goods, Inc. Birmingham, AL 10,950,000 4,881,011 784,224 Dec 2014
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Qwest Communications, Inc. Scottsdale, AZ 1,130,000 1,589,439 270,270 Feb 2007
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Xerox Corporation Hot Springs, AR 1,650,000 164,660 May 2011
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Affiliated Foods Southwest, Inc. Little Rock, AR 1,545,000 263,432 Feb 2009
(Cantrell Road)
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Affiliated Foods Southwest, Inc. Little Rock, AR 510,000 34,745 Mar 2007
(12th Street)
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Affiliated Foods Southwest, Inc. Hope, AR 980,000 85,882 Mar 2007
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(vacant) Denton, TX 3,550,000
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K-Mart Corporation Drayton Plains, MI 4,750,000 210,000 Mar 2006
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K-Mart Corporation Citrus Heights, CA 2,650,000 180,000 May 2006
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Titan Corporation(2) San Diego, CA 26,727,026 2,331,441 Jul 2007
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Sicor, Inc.(3) San Diego, CA 17,268,675 2,808,339 1,472,736 Jul 2009
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(1) Not including renewal terms.
(2) Represents 81.46% ownership interest in the property.
(3) Represents 50.00% ownership interest in two properties.
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Fair Value
Property Appraised of Debt Annual Lease
Lease Obligor Location Value ($) Assumed ($) Rent ($) Term(1)
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Omnicom Group, Inc. Venice, CA 13,540,000 4,804,927 1,082,685 Sep 2010
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Fiskars Corporation Apopka, FL 15,880,000 3,813,566 1,564,389 Mar 2010
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Sears Logistics, Inc. Jacksonville, FL 8,180,000 932,640 Sep 2004
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Lucent Technologies, Inc. Charlotte, NC 17,870,000 2,035,304 Mar 2005
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Michigan Mutual Insurance Charleston, SC 14,980,000 9,858,591 1,382,256 Dec 2007
Company
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Totals 142,160,701 27,755,873 12,794,664
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Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
The financial statements of the acquired assets, required pursuant to Rule
3-14 of Regulation S-X, are attached as Exhibit 99.1 hereto.
(b) Pro Forma Financial Information
The pro forma financial information required pursuant to Article 11 of
Regulation S-X, is attached as Exhibit 99.2 hereto.
(c) Exhibits
There is no single plan of acquisition. Each of the properties was acquired
pursuant to individual agreements, none of which are material individually. The
Registrant agrees to furnish copies of the agreements supplementally to the
Commission, upon request pursuant to Regulation S-K, Item 601(b)(2).
Exhibit Index
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Exhibit No. Exhibit
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23.1 Consent of PricewaterhouseCoopers LLP
99.1 Financial Statements of Acquired Assets
99.2 Pro Forma Financial Information
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
W. P. CAREY & CO. LLC
By: /s/ Claude Fernandez
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Claude Fernandez,
Managing Director and
Chief Accounting Officer
(Principal Accounting Officer)
Date: November 18, 2004