NEW YORK, NY – April 26, 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 appointment of Edward V. LaPuma as President of Carey Institutional Properties (CIP®). Founded in 1991, CIP® is a privately held $550 million real estate investment trust (REIT) that invests in single-tenant commercial properties. For the year ending December 31, 2000 CIP® posted a net income of $15.377 million and funds from operations of $24.710 million. In addition, for the quarter ending March 31, 2001, CIP® paid a 8.34% dividend.
In this new position Mr. LaPuma will oversee the management of CIP®. Specifically, he will be responsible for making strategic as well as capital market decisions as they relate to the REIT, while continuing in his capacity as a key member of the acquisition team. Over the past two years Mr. LaPuma has been responsible for originating, negotiating and closing on more than 20 deals with a value of approximately $400 million for the firm.
Mr. Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey, said, "Ed has played an integral role in the success of W. P. Carey and its affiliate, CIP®. His knowledge and expertise of the marketplace and his ability to determine appropriate investment opportunities has made him a key member of W. P. Carey's senior management team. I am pleased to announce his appointment as President of Carey Institutional Properties today."
Commenting on his appointment Mr. LaPuma said, "I am honored and excited about the opportunity to serve the investors of CIP® by working to insure that the REIT continues to provide attractive-risk adjusted returns to its investors. Our unique strategy of providing creative real estate finance solutions to corporations seeking additional capital has benefited both our tenant clients and investors. Furthermore, in today's tightening credit environment the potential for good deals exists as companies seek alternative sources of financing."
As of March 31, 2001, CIP® had a diversified portfolio which included 97 properties, net-leased to 43 tenants, throughout the United States and Europe. These properties are subject to long-term, triple-net leases in which the tenants bear the responsibility for maintaining the premises, insuring the buildings and paying real estate taxes. W. P. Carey & Co. LLC and its affiliate, CIP®, target sub-investment grade tenants and private companies with an eye towards providing creative financing solutions to their corporate real estate needs. The firm has found that when a tenant-client removes its real estate from its balance sheet the company is then able to re-deploy this much-needed capital to pay down debt, or finance other corporate initiatives.
Mr. LaPuma joined W. P. Carey in 1994 as Assistant to the Chairman and later established the firm's institutional department in 1995. He was elected First Vice President in April 1998 and later elevated to Executive Director in 2000. Mr. LaPuma graduated from the University of Pennsylvania in 1995 where he received a BA from the College of Arts and Sciences and a BS from its Wharton School, both were awarded magna cum laude.
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. W. P. Carey & Co. LLC (NYSE: WPC), the largest publicly traded Limited Liability Company in the world, owns and manages over 44 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.
