BALTIMORE, MD, May 2, 2003 - Francis J. Carey, Vice Chairman of W. P. Carey & Co. LLC (NYSE: WPC), a New York City-based investment firm, and President of the W. P. Carey Foundation, announced a $3 million gift on behalf of the Foundation to his alma mater the Calvert School, an independent, nonsectarian, Pre-K-8 school for boys and girls located in Baltimore, MD. The gift follows two recent gifts from the Foundation including a $10 million donation to Gilman School for the permanent endowment of Carey Hall and a $1 million donation to the Maryland Historical Society for the Carey Center for Maryland Life.
This gift represents the largest single private donation in Calvert's 107-year history and will support the new middle school, which will be renamed Francis J. Carey Hall. The building, designed by one of Baltimore's foremost architectural firms Cochran, Stephenson and Donkervoet, Inc., opened this past January and will house the fifth through eighth grade classes. More than 450 students, faculty, alumni and parents are scheduled to attend the dedication ceremony on Saturday afternoon, May 3rd.
Mr. Carey, Calvert '38, said, "My family ties to Calvert and the Baltimore community are strong. I am pleased to make this gift on behalf of the W. P. Carey Foundation to support the Calvert School in its pursuit to educate the minds and bodies of Baltimore children. It is my expectation and desire that this gift will further enable the Calvert School to continue its tradition of excellence as set forth by Calvert's first Head Master Virgil Hillyer more than a century ago. I consider my Calvert years some of the happiest of my life."
Calvert Head Master Merrill Hall said, "Frank has been a great supporter of Calvert for many years. His family's history of promoting education excellence in Baltimore spans more than a century. This generous gift will enable us to kick off our capital campaign and will help Calvert continue its efforts to develop its students, in Baltimore and beyond, into lifelong learners, a goal of the school from our beginning."
CALVERT SCHOOL HISTORY
In 1896, Isaac Dixon and his wife founded the school as a German kindergarten, which they ran from their home with an enrollment of four children. In 1906, the school hired its first Head Master, Harvard graduate Virgil M. Hillyer, who went on to gain an international reputation as an innovator in primary and elementary education, an author of children's books and the founder of Calvert's Home Instruction Department which today more than 17,000 home school students participate in this program. Mr. Hillyer suggested the Calvert name, which was the family name of the Lords Baltimore, and the school adopted the Calvert family colors, black and gold, as its colors. Additional information on the Calvert School may be found at www.calvertschool.org.
FRANCIS J. CAREY
Mr. Carey has served as Vice Chairman of W. P. Carey & Co. LLC since the company was created in 2000 following the merger of W. P. Carey & Co., Inc. and Carey Diversified LLC. Prior to this he served as Chairman and Chief Executive Officer of Carey Diversified. From its inception in 1973 through 1997, he served as a Director of W. P. Carey & Co., Inc., and later as its President from 1987 through 1997.
Prior to 1987, he was senior partner in the Philadelphia office of Reed Smith LLP where he served as a member of the firm's Executive Committee and as National Head of the firm's Real Estate Department.
From 1972 to 1982, he was a member of the Executive Committee and Board of Managers of the Western Savings Bank of Philadelphia. He is also the former Chairman of the Real Property, Probate and Trust Section of the Pennsylvania Bar Association.
From 1983 to 1990, Mr. Carey served as a member of the Board of Overseers of the School of Arts and Sciences at the University of Pennsylvania. He has also served as a member of the Board of Trustees of the Investment Program Association from 1990 to 2000, and was Chairman from 1998 to 2000. Since 1994 he has served on the Business Advisory Council of the Business Council for the United Nations. He was Chairman of the Board of the Germantown Academy located in Fort Washington, PA and currently serves on the Board of Trustees of the Maryland Historical Society. He earned A.B. and J.D. degrees from the University of Pennsylvania and completed executive programs in corporate finance and accounting at Stanford University Graduate School of Business and the Wharton School of the University of Pennsylvania.
W. P. Carey & Co. LLC is one of the largest owners of net-leased commercial and industrial real estate in the world. Along with its affiliated publicly held non-traded real estate investment trusts (REITs), the Company owns and/or manages more than 550 properties throughout the United States and Europe, comprised of more than 75 million square feet with an estimated value of over $5 billion.
