New York, NY – October 2, 2007 – Investment firm W. P. Carey & Co. LLC (NYSE:WPC) announced today the completion of a restructuring plan designed to simplify tax reporting for existing and new shareholders and ultimately broaden the Company’s potential investor base. For investors initially purchasing shares on or after October 1, 2007, the Schedule K-1 received for the 2007 tax year will reflect the revised structure, which is intended to eliminate UBTI (unrelated business taxable income) and shareholder filing of state and local tax returns.
Commenting on the restructure, Gordon F. DuGan, Chief Executive Officer of W. P. Carey, stated “We believe that the new structure will provide benefits to both current shareholders and potential investors. Previously, the potential obligation of state and local tax filings resulted in the reluctance of some investors to buy our stock. The structure also made it difficult for many investors, including mutual funds and tax-exempt investors, to invest. Now that the structure is no longer an issue, an investment in W. P. Carey can be evaluated as it should be – on the merits of our performance and a belief in our future.”
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With over $9.6 billion in assets and $5 billion in equity capital, the Company and its CPA® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 850 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. www.wpcarey.com
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This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
