1025378--2/27/2007--CAREY_W_P_&_CO

related topics

{investment, property, distribution}

{loss, insurance, financial}

{operation, international, foreign}

{loan, real, estate}

{provision, law, control}

{tax, income, asset}

{personnel, key, retain}

{cost, regulation, environmental}

{stock, price, operating}

The inability of a tenant in a single tenant property to pay rent will reduce our revenues. We depend on major tenants. A substantial amount of our leases will expire within the next five years. Our sale-leaseback agreements may permit tenants to purchase a property at a predetermined price, which could limit our realization of any appreciation or result in a loss. We may recognize substantial impairment charges on our properties. Investments in properties outside of the United States subject us to foreign currency risks which may adversely affect distributions. International investments involve additional risks. We may have difficulty re-leasing or selling our properties. Our participation in joint ventures creates additional risk. We do not fully control the management of our properties. We are subject to possible liabilities relating to environmental matters. Our use of debt to finance investments could adversely affect our cash flow. We may be unable to make investments on an advantageous basis. Our portfolio growth is constrained by our obligations to offer property transactions to the CPA We may suffer uninsured losses. Changes in market interest rates could cause our stock price to go down. A potential change in United States accounting standards regarding operating leases may make the leasing of facilities less attractive to our potential domestic tenants, which could reduce overall demand for our leasing services. The value of our real estate is subject to fluctuation. We depend on key personnel for our future success. Our governing documents and capital structure may discourage a takeover.

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1025378--2/27/2007--CAREY_W_P_&_CO_LLC