W. P. Carey & Co. LLC Reports Second Quarter 2001 Financial Results

Funds From Operations Per Share Increases 18%

July 30, 2001

NEW YORK, NY – July 30, 2001 – W. P. Carey & Co. LLC (NYSE: WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, today reported results for the three-month period ended June 30, 2001.

For the three-month period ended June 30, 2001, the Company reported that Funds From Operations (FFO) was $23 million or $0.66 per diluted share versus $14.3 million or $0.56 per diluted share for the comparable period last year. This report represents an increase of 18%, on a per share basis over the same period from 2000. FFO for the six-month period ended June 30, 2001 increased 15% to $42.2 million or $1.22 per diluted shared, compared to $27.2 million or $1.06 per diluted share.

SECOND QUARTER HIGHLIGHTS

• The Board of Directors increased the quarterly cash dividend to $.425 per common share, or $42.50 per 100 shares, ($1.70 per share on an annualized basis) for the quarter ended June 30, 2001. The dividend was paid on July 13, 2001 to shareholders of record as of June 29, 2001. Since W. P. Carey became public in January 1998 the dividends paid out to shareholders has increased every year and has totaled more than $166 million.
• Total revenues in the second quarter of 2001 increased 34% to $35.6 million from $26.6 million for the same period a year ago. This was due to the fees associated with the Company's growing investment management business.
• Due to the strong operating performance of CPA^®:14, the hurdle for the performance fee has been met. The 2001 second quarter results benefited due to the recognition of the performance fee, which resulted in the Company earning $3 million in performance fees covering CPA^®:14's inception in December 1997 through March 2001. Going forward, the Company's quarterly performance fee income as CPA^®:14's advisor is estimated to be $800,000 at the current asset and performance level.
• CPA^®:14 surpassed $500 million in equity raised from investors. It is the largest of the CPA^® series of funds.

ON TARGET WITH GOALS

Chairman Wm. Polk Carey said, "While we hesitate drawing long-term conclusions from quarter-to-quarter comparisons, we are quite pleased that we have met and exceeded our goals for this period. The dramatic increase in revenues and earnings was largely due to the successful integration of the management operations into our company. Although we endeavor to produce such stellar results regularly, we must emphasize that our motto will continue to be 'Investing for the Long Run'. Our goal is to combine rising dividend income with a level of capital preservation that one would expect from prudent diversification. The equity markets have appreciated this conservative approach, and as a result we have outperformed the major indices significantly over the last two years."

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. Additional information on W. P. Carey can be found on the firm's website: www.wpcarey.com

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.