NEW YORK, NY – November 20, 2001 – W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, announced today the election of Anne R. Coolidge as President of Corporate Property Associates 15 (www.cpa15.com), W. P. Carey's newest non-traded diversified net lease real estate investment trust which opened to investors on Friday, November 16, 2001.
In this new position Ms. Coolidge will oversee the management of CPA®:15. In particular, she will be responsible for making strategic, as well as capital market decisions as they relate to the REIT. Ms. Coolidge currently serves as a key member of the firm's acquisitions team.
Commenting on Ms. Coolidge's appointment, W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "Anne has been a key player ever since she first started at W. P. Carey in 1993. Her prior experience as President of CPA®:10 makes her the ideal choice to head our newest REIT. She has a tremendous wealth of knowledge regarding corporate real estate financing and continues to play a key role as one of our top acquisitions officers. Having established our London office in 1999 Anne has proven herself to be a leader in the firm, and I am confident that Anne will provide the leadership necessary to ensure the future success of CPA®:15."
Anne R. Coolidge, W. P. Carey Executive Director and President of CPA®:15, said, "I am honored and excited about the opportunity to serve the new investors of CPA®:15. I look forward to working with CPA®:15's Directors to ensure that we serve our shareholders in the way they have come to expect in a CPA® program. We are excited about getting started because in today's tightening credit environment, the potential for good deals is even greater as many companies are looking at net lease financing more seriously than ever before, which is great news for us."
Ms. Coolidge joined the firm in 1993 as Assistant to the Chairman, was elected Vice President in April 1998 and in march 2000 was named Executive Director. She received an AB magna cum laude from Harvard College and an MBA from Columbia University's Graduate School of Business.
W. P. Carey & Co. also announced that CPA®:14, the Company's largest REIT and CPA®:15's predecessor, has closed to investors after successfully raising more than $630 million in equity from investors since its inception in November 1997. CPA®:14 currently pays out a dividend yielding 7.3% and, to date, each of the 13 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
CPA®:15 is a non-traded real estate investment trust (REIT) that invests in single-tenant commercial properties. These properties are typically purchased under a long-term, triple-net lease in which the tenant is responsible for maintaining the premises, insuring the buildings and paying real estate taxes. W. P. Carey and its affiliate CPA®:15 target companies with an eye towards providing creative financing solutions to meet their corporate real estate needs. The firm has found that when a company removes real estate from its balance sheet it is able to use this capital to pay down debt, or finance other corporate initiatives.
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The firm and its affiliates continue to be leading lessors of net leased corporate real estate. As the largest publicly traded limited liability company in the world, the company owns and/or manages more than 400 commercial and industrial properties comprising more than 50 million-square-feet of property in the United States and Europe. The firm is headquartered in Manhattan and has offices in London and Paris.
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.
