W. P. Carey & Co. LLC Reports Third Quarter 2001 Financial Results

FFO Per Share for Nine-Month Period Increases 10%

October 31, 2001

NEW YORK, NY – October 31, 2001 – W. P. Carey & Co. LLC (NYSE: WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, today reported results for the three-month period ended September 30, 2001.

For the three-month period ended September 30, 2001, the Company reported that Funds From Operations (FFO) was $20.7 million or $0.59 per diluted share versus $19.5 million or $0.57 per diluted share for the comparable period last year. This report represents an increase of 3.5%, on a per share basis over the same period from 2000. FFO for the nine-month period ended September 30, 2001 increased 35% to $63 million or $1.81 per diluted share, compared to $46.7 million or $1.65 per diluted share for the comparable period last year.

THIRD QUARTER HIGHLIGHTS

• For the second consecutive quarter, the Board of Directors increased the cash dividend to $.426 per common share or $42.60 per 100 shares. The dividend was paid on October 15, 2001 to shareholders of record on September 28, 2001. Since W. P. Carey became public in January 1998, the dividends paid to shareholders have increased every year and have totaled more than $181 million.
• Total revenues for the nine-month period ended September 30, 2001 increased 20% to $100.9 million up from $83.8 million for the same period a year ago. This was due in large part to the fees associated with the company's growing investment management business.
• W. P. Carey completed $89.3 million in sale-leaseback transactions during the third quarter for facilities leased to Collins & Aikman Corporation, Gerber Scientific Inc., Jen-Coat Inc., Metaldyne Company LLC, New Creative Enterprises Inc. and Orbseal LLC.
• CPA^®:14 surpassed $575 million in equity raised from investors. It is the largest of the CPA^® series of funds and is expected to close on November 15, 2001, at which time CPA^®:15 is scheduled to open.

ON TARGET WITH GOALS

Chairman Wm. Polk Carey said, "I am pleased that W. P. Carey has again met its goals for the quarter. Once again, our investors continue to benefit from our prudent investment philosophy of 'Investing for the Long Run.' Our efforts to create a diversified portfolio, which has proven to be more resilient in today's fluctuating markets, has enabled us to provide our investors with a continuous quarterly income while significantly outperforming the major stock indices over the past two years."

All interested investors and analysts are invited to participate in a conference call and audio web-cast today, Wednesday, October 31 at 11:00 AM (EST), which will include a brief discussion of the quarter followed by an opportunity for questions and answers. The call will include remarks by Gordon F. DuGan, President and John J. Park, Chief Financial Officer. Please call 1-800-360-9865 at least 10 minutes prior to the conference call, international callers should call 1-973-694-6836. The replay of the conference call will be available through Wednesday, November 14, 2001 by dialing 1-800-428-6051 (the access code is 214042) while international callers should call 1-973-709-2089. The firm will also audio web-cast the call at www.wpcarey.com. Replay of the audio web cast will be available for 90 days on the Company's website.

W. P. Carey & Co. and its affiliates specialize in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The largest publicly traded limited-liability company in the world, W. P. Carey & Co. was founded in 1973, and currently owns and/or manages more than 46 million square feet of property in the United States and Europe.

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.