WASHINGTON (dpa-AFX) - W.P. Carey & Co. LLC (WPC) Tuesday reported lower fourth-quarter funds from operations, or FFO, of $27.4 million, or $0.68 per share, compared to last year's $32.5 million, or $0.81 per share. Adjusted FFO also slipped to $35.2 million, or $0.88 per share, from $36.3 million, or $0.90 per share.
Total quarterly revenues, net of reimbursed expenses, fell to $47.8 million from $65.0 million in the prior-year. The company noted the Board's approval dated February 21, 2012, for its conversion to a real estate investment trust, or REIT, and also for the subsequent acquisition of REIT affiliate Corporate Property Associates 15 Inc.
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