NEW YORK, NY – June 6, 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 Stephen H. Hamrick as National Marketing Director. In this new position, Mr. Hamrick will be responsible for developing and coordinating the marketing programs for W. P. Carey & Co. and its four non-publicly traded real estate investment trusts (REITs), Corporate Property Associates (CPA®) – CPA®:10, CPA®:12, CPA®:14 – and Carey Institutional Properties (CIP®).
In addition, Mr. Hamrick will be responsible for overseeing the marketing programs through broker dealers and financial advisors. He will also serve as Chairman of the Board and Chief Executive Officer of Carey Financial Corporation, the broker-dealer subsidiary of W. P. Carey & Co. LLC.
Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey, said, "Stephen is an integral part of the W. P. Carey team. With more than 20 years of experience in the financial community, he has the expertise and understanding of which marketing strategies work best. W. P. Carey is stronger than ever and this is the message we want investors and companies to consider when thinking about W. P. Carey. With Stephen at the helm of our Marketing Group, I am confident that our message will continue to come across loud and clear."
Commenting on his appointment Mr. Hamrick said, "This is a great time for the investments that we offer. As National Head of Marketing for W. P. Carey, I look forward to the opportunity to market and promote the success of the firm and its affiliates. Since May 2000, W. P. Carey has outperformed the major stock market indexes by nearly 20 percent. The firm has a unique strategy of providing creative financing solutions to corporations seeking additional capital which continues to be attractive to hundreds of companies throughout the United States and Europe. Marketing has played an integral part in W. P. Carey's past success and I expect that through future strategic and coordinated marketing programs, the firm will continue to grow."
Prior to joining W. P. Carey & Co., Mr. Hamrick served as CEO of a bank-based investment brokerage business at Wall Street Investor Services. From 1988 until 1994, he headed Private Investments for PaineWebber Incorporated, where he was a Senior Vice President and a member of the firm's Management Council. Prior to joining PaineWebber, he served as National Director of Private Placements at E.F. Hutton & Company.
Mr. Hamrick is a former Chairman of the Securities Industry Association's Direct Investment Committee and a former Chairman of the Investment Program Association. He is currently a voting member of the American Stock Exchange's Committee on Securities, which approves companies to be listed or de-listed on the exchange, as well as the comparable panel at NASDAQ. Mr. Hamrick is a Certified Financial Planner and received degrees in English and Economics from Duke University.
As of March 31, 2001, the W. P. Carey Group had a diversified portfolio which included 409 properties, net-leased to 217 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 affiliates 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 (NYSE: WPC), 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.
