W. P. Carey To Celebrate 25th Anniversary
$2.5 Billion in Assets Under Management and 25 Years in Business Mark Milestones for New York City Real Estate Firm
NEW YORK, NY – September 22, 1998 – W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, will celebrate its 25th anniversary at a private gala reception to be held at the Museum of Modern Art in New York on September 23rd. The firm, which has completed year-to-date acquisitions in excess of $300 million on behalf of its public real estate programs, has remained successful throughout a number of real estate cycles during its twenty five year history. Despite the volatility of the real estate market, the firm has grown steadily in size and assets under management during this period.
Commenting on the event, Founder and Chairman Wm. Polk Carey noted, "Although our activities extend throughout the United States and internationally, our location at Rockefeller Center in the heart of New York City has created a stimulating environment for our employees, allowed us to benefit from a range of business partners and contacts, and enabled us to draw on an exceptional pool of diverse talent. Our close ties to New York City were further enhanced in January when we launched our first publicly traded entity, Carey Diversified LLC, the largest Limited Liability Company traded on the New York Stock Exchange (NYSE:CDC)."
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, collectively 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.
