NEW YORK, NY – June 19, 2001 – W. P. Carey & Co. LLC, a leading real estate investment banking firm and lessor of net-leased corporate properties, announced today that Corporate Property Associates 14 Incorporated (CPA®:14) has raised more than $500 million in equity. Founded in 1997, CPA®:14 invests in single-tenant commercial properties throughout the United States and Europe and is one of four privately held real estate investment trusts (REITs) managed by W. P. Carey & Co. LLC. For the quarter ended March 31, 2001, CPA®:14 posted a net income of $5.46 million and cash flow from operations of $14.16 million. In addition, for the same quarter CPA®:14 paid dividends of $6.91 million providing a 7% dividend yield. Each of the 12 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
Wm. Polk Carey, Chairman and Chief Executive Officer of W. P. Carey & Co. LLC, said, "Surpassing the half-billion dollar mark in equity for CPA®:14 is truly a great accomplishment. I want to thank the thousands of investors who have helped us reach this milestone and I look forward to CPA®:14's continued success."
As of March 31, 2001, CPA®:14 had a diversified portfolio that included 66 properties, net-leased to 44 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 CPA®:14 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 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.
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, the largest publicly traded limited liability company in the world, owns and manages more than 45 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.
