Corporate Property Associates 14 Increases Quarterly Dividend
NEW YORK, NY – December 15, 1998 – Corporate Property Associates 14 (CPA®:14), an affiliate of W. P. Carey & Co. LLC, announced that its Board of Directors has approved the fourth quarter dividend for this public REIT.
The dividend for the quarter ended December 31, 1998, payable January 15, 1999, rose to $.1610 per share, an increase of one and one-half basis points over the prior quarter.
Chairman Wm. Polk Carey commented, "During the fourth quarter, our acquisition program has continued to benefit from our strong relationships with existing corporate tenants as well as our years of experience and expertise in identifying qualified new tenants. As with our other investment programs, we are pursuing our core strategy of acquiring single tenant industrial, retail and office facilities leased to growing dynamic companies under long term, triple-net leases. Our initial acquisitions on behalf of CPA®:14 meet the established parameters that have generated a steady performance for the Carey programs through economic and real estate cycles over the last two decades. Because acquisition activity by public REITs and other capital sources has declined as a result of current market conditions, we find ourselves well positioned to benefit from our ability to negotiate effectively and close quickly. Consequently, we look forward to rounding out the portfolio with attractive investments that will meet our goal of providing consistent dividends to our investors while achieving capital appreciation over the longer term."
Founded in 1973, W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The $2.5 billion W. P. Carey Group, which includes the firm and its affiliates, is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group manages the largest publicly traded limited liability company listed on the New York Stock Exchange and four real estate investment trusts (REITs). Collectively, Carey manages over 33 million square feet of property located in the United States and Europe leased to a diverse group of corporate tenants.
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.
