W. P. Carey & Co. Announces Increased Dividend For Corporate Property Associates 14 Incorporated
NEW YORK, NY – December 12, 2001 – W. P. Carey & Co. LLC, a leading real estate investment banking firm and lessor of net leased corporate properties, announced today that the Board of Directors of Corporate Property Associates 14 Incorporated (CPA®:14), a non-publicly traded real estate investment trust (REIT) managed by W. P. Carey & Co. LLC, has increased the quarterly cash dividend for the quarter ended December 31, 2001. The dividend rose to $18.63 up from $18.25 per 100 shares, which equates to an annualized yield of 7.45% based on a share price of $10.
To date, each of the 14 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend. The quarterly cash dividends, which were calculated on a daily basis and based on the original purchase price of $10 per share, are payable on January 15, 2002 to shareholders of record as of December 31, 2001.
CPA®:14 is a public, non-traded real estate investment trust that invests in single-tenant commercial properties. These properties are subject to long-term, triple net leases in which the tenants bear responsibility for maintaining the premises, insuring the buildings and paying real estate taxes. As of September 30, 2001, the trust's diversified portfolio contained 87 properties net-leased to 50 tenants throughout the United States and Europe totaling approximately 14 million square feet of space.
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 throughout the United States and Europe 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.
