NEW YORK, NY – December 12, 2001 – W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, announced today that its Board of Directors, for the second consecutive quarter, has increased the quarterly cash dividend to $.427 per common share or $42.70 per 100 shares, for the quarter ending December 31, 2001.
The dividend will be paid on January 15, 2002 to shareholders of record as of December 31, 2001. Since W. P. Carey became public in January 1998, the dividends paid to shareholders have increased every year and has totaled more than $195 million.
"W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "The decision to increase the dividend for the second consecutive quarter reflects the Board of Directors continued confidence in the financial strength and performance of W. P. Carey. We are pleased to provide this dividend increase to our investors, as we continue to remain diligent in our corporate real estate investment decisions."
As of September 30, 2001, W. P. Carey & Co. and its five non-publicly traded real estate investment trusts (REITs), Corporate Property Associates (CIP®) – CPA®:10, CPA®:12, CPA®:14, CPA®:15 – and Carey Institutional Properties (CIP®), had a diversified portfolio which included 418 properties, net-leased to 217 tenants throughout the United States and Europe.
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.
