1025378--3/2/2009--CAREY_W_P_&_CO_LLC

related topics
{investment, property, distribution}
{loss, insurance, financial}
{operation, international, foreign}
{financial, litigation, operation}
{tax, income, asset}
{cost, regulation, environmental}
{stock, price, share}
The inability of a tenant in a single tenant property to pay rent will reduce our revenues. We depend on major tenants. We may recognize substantial impairment charges on our properties. Deterioration in the credit markets could adversely affect our ability to finance or refinance investments and the ability of our tenants to meet their obligations, which could affect our ability to make distributions. The revenue streams from the investment advisory agreements with the CPA REITs are subject to limitation or cancellation. Changes in investor preferences or market conditions could limit our ability to raise funds or make new investments. A substantial amount of our leases will expire within the next three years. Our use of debt to finance investments could adversely affect our cash flow. We and Carey Financial, LLC ( Carey Financial ) have settled an SEC investigation. If other actions are brought against us or Carey Financial, we could be adversely affected. Certain participants in a dividend reinvestment plan may have rescission rights with respect to certain shares acquired under that plan. The failure of Carey REIT II, our real estate subsidiary, to qualify as a REIT would adversely affect our operations and ability to make distributions. Possible legislative or other actions affecting REITs could adversely affect our stockholders and us. 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. 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. We do not fully control the management of our properties. We are subject to possible liabilities relating to environmental matters. 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. 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.

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