NEW YORK, NY – September 30, 2002 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced that its Board of Directors has elected Gordon F. DuGan as Co-Chief Executive Officer of the firm. In this new role Mr. DuGan, at age 36, will oversee the operations and coordinate the corporate strategies of the firm with Chairman and Co-Chief Executive Officer Wm. Polk Carey.
Previously Mr. DuGan served as the firm’s Head of Acquisitions where he oversaw more than $1.5 billion in investments over a three-year period. As President, Mr. DuGan was instrumental in the creation and public listing of W. P. Carey & Co. LLC on the New York Stock Exchange which was created following the 2000 merger of Carey Diversified LLC and W. P. Carey & Co., Inc. He recently coordinated the $172 million commercial mortgage-backed securitization (CMBS) of properties owned by the W. P. Carey Group of which $119 million received triple-A ratings from Moody’s Investors Service and Fitch Ratings. Last November Mr. DuGan oversaw the launch of Corporate Property Associates 15 Incorporated, the fourteenth in a series of publicly held non-traded real estate investment trusts (REITs) managed by the firm. In addition, he serves as Vice Chairman/Co- Chief Executive Officer of the W. P. Carey family of REITs, which include Carey Institutional Properties, CPA®:12, CPA®:14 and CPA®:15.
"Over the years Gordon has shown the leadership and management skills that are key to running a company and critical to the future success of W. P. Carey,” said Wm. Polk Carey, Chairman and Co-Chief Executive Officer of W. P. Carey & Co. “I am pleased that an individual of Gordon’s caliber will serve with me as Co-Chief Executive Officer as his previous experience as our Chief Acquisitions Officer and Vice Chairman of our family of real estate funds will continue to serve the firm and its investors well. This year has been a record year for the firm – our acquisitions volume has already surpassed last year’s total, while investor interest in CPA®:15 has exceeded our expectations and continues to grow every day. I cannot think of a better person to be at my side to lead the firm, with Gordon’s leadership I anticipate continued success for W. P. Carey and its investors.”
Commenting on his appointment, Mr. DuGan said, “It is a privilege to serve as Co-Chief Executive Officer alongside Bill. A leader in the net lease and corporate real estate industry, Bill has taught me many things over the years, among them, the investor comes first. At W. P. Carey we have never lost sight of the individual investor and remain committed to running our business like owners. W. P. Carey has a long history of being innovators, and as Co-Chief Executive Officer I will do my best to ensure that we continue to meet the expectations of our investors, as well as those of our tenant companies. I truly believe the best is yet to come.”
Mr. DuGan joined the firm in May 1988 as Assistant to the Chairman. He held the title of Senior Vice President in the Acquisitions Department in September 1995 prior to accepting a position as chief financial officer of a Colorado-based wireless communications equipment manufacturer. He later rejoined the firm in February 1997 and was promoted to President in 1999.
Mr. DuGan is a graduate of the Wharton School of the University of Pennsylvania where he concentrated in Finance and obtained a minor in Political Science from the College of Arts and Sciences. He is active in a variety of educational and charitable organizations, he is a member of YPO and serves on the boards of the W. P. Carey Foundation, the New York Pops and The Hewitt School.
Founded in 1973, W. P. Carey & Co. is the largest publicly traded limited liability company in the world and specializes in corporate real estate financing through the corporate net lease or sale-leaseback structure. The Firm and its affiliated publicly held non-traded real estate investment trusts currently own and/or manage more than 450 commercial and industrial properties, consisting of more than 60 million square feet, throughout the United States and Europe.
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 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.
