The Real Deal Miami

W.P. Carey reports lower Q1 net income

REIT's portfolio includes two properties in South Florida

May 18, 2015 04:30PM

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W.P. Carey’s portfolio includes the New York Times building

W.P. Carey, a New York-based real estate investment trust, on Monday reported $38.6 million in first quarter earnings, down from $117.3 million during the same period of 2014.

In South Florida, W.P. Carey owns 4141 Southwest 30th Avenue in Hollywood, leased to Detroit Diesel Corp.; and U-Haul International’s site at 10350 Overseas Highway in Key Largo.

Among its other portfolio properties are the New York Times tower in New York, the Sonoma Mission Inn in Sonoma, California, and the Hilton Garden Inn & Homewood Suites in Atlanta.

During the first quarter, W.P. Carey completed two investments totaling $394.2 million, including acquisition related-costs and fees, comprised of a portfolio of 73 automotive retail facilities located throughout the United Kingdom and a logistics facility in the Port of Rotterdam, Netherlands.

As of March 31, the company’s portfolio consisted of 852 properties, totaling 89.2 million square feet, leased to 219 tenants, and four operating properties. The occupancy rate was 98.4 percent, according to W.P Carey’s earnings release. — Ina Cordle