Nathaniel S. Coolidge Elected To W. P. Carey Investment Committee
Former head of John Hancock Mutual Life Bond and Corporate Finance Department Also Named to Board of Directors
NEW YORK, NY – December 18, 1998 – W. P. Carey & Co. LLC, a leading real estate investment banking firm, has announced that Nathaniel S. Coolidge has been elected to the firm’s Investment Committee and also named to its Board of Directors. The Investment Committee is an independent body responsible for approving all investments made by W. P. Carey and affiliates on behalf of its REITs and Carey Diversified, its publicly traded limited liability company.
Mr. Coolidge, who is 59, previously served as Senior Vice President, Head of Bond and Corporate Finance Department of the John Hancock Mutual Life Insurance Company, where his responsibilities included overseeing $21 billion of fixed income investments for Hancock. He is a graduate of Harvard University and also served as a U.S. naval officer.
Commenting on the appointment, Chairman & CEO Wm. Polk Carey stated, "Nat brings to W. P. Carey an extraordinarily strong investment and credit analysis background. His solid experience and outstanding performance as a fixed-income money manager complements the skills and credentials of the committee’s other members. Our unique investment process requires a thorough and rigorous independent review for each investment W. P. Carey undertakes on behalf of its clients. Nat brings to the Investment Committee the background and disciplines that will allow us to continue and maintain the quality of this process."
Mr. Carey added, "The value of the independent Investment Committee structure has been proven through the consistent returns and steady appreciation we have been able to provide to our investors for nearly twenty years. We are fortunate to have someone of Nat’s stature in the investment community join our other distinguished committee members. His election is significant in allowing us to continue the legacy which has been and, I believe, will continue to be the key to our success."
The W. P. Carey Investment Committee's distinguished members include Chairman, George Stoddard, former head of the Direct Placement Department of The Equitable Life Assurance Society of the United States; Vice Chairman, Frank Hoenemeyer, former Vice Chairman, Director and Chief Investment Officer of the Prudential Insurance Company of America; and Nobel Laureate Lawrence R. Klein, Benjamin Franklin Professor of Economics, Emeritus, at the University of Pennsylvania and its Wharton School.
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing through sale-leaseback or net lease and other long term lease financing structures. The firm with its affiliates, is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group has sponsored the Corporate Property Associates (CPA®) series of public real estate partnerships and real estate investment trusts (REITs) which, together with Carey Institutional Properties and Carey Diversified LLC (NYSE:CDC), own over 33 million square feet of property located in the United States and Europe. The W. P. Carey Group’s properties have an aggregate value of approximately $2.5 billion.
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.
