The W. P. Carey Group Increases Fourth Quarter Dividends
NEW YORK, NY – December 11, 2002 – The Boards of Directors of Carey Institutional Properties Incorporated (CIP®), Corporate Property Associates 12 Incorporated (CPA®:12), Corporate Property Associates 14 Incorporated (CPA®:14) and Corporate Property Associates 15 Incorporated (CPA®:15) announced today an increase in the individual dividends for each company for the quarter ending December 31, 2002. The dividends will be paid on January 15, 2003 to shareholders of record as of December 31, 2002.
CIP®, CPA®:12, CPA®:14 and CPA®:15 are members of the $4 billion W. P. Carey Group of publicly held non- traded real estate investment trusts (REITs) managed by W. P. Carey & Co. LLC. The Group invests in single-tenant corporate properties through the net lease or sale-leaseback financing structure.
- CIP®'s dividend increased to $.2133 per common share. This marks the 44th dividend increase for CIP® shareholders following the initial dividend paid by CIP®. Founded in 1991, CIP®'s current diversified portfolio consists of 111 properties net leased to 47 tenants comprised of more than 8.5 million square feet of space. For further information visit CIP®'s website at www.careyinstitutional.com.
- CPA®:12's dividend increased to $.2063 per common share. This represents the 34th consecutive quarterly dividend increase. Founded in 1993, CPA®:12's current diversified portfolio consists of 94 properties net leased to 43 tenants comprised of more than 7.7 million square feet. For further information visit CPA®:12's website at www.CPA12.com.
- CPA®:14's dividend increased to $.1882 per common share. To date, each of the 17 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend. Founded in 1997, CPA®:14's current diversified portfolio consists of 152 properties net leased to 63 tenants comprised of more than 21.6 million square feet. For further information visit CPA®:14's website at www.CPA14.com.
- CPA®:15's dividend, which was calculated on a daily basis, increased to $.15375 per common share for the full quarter. Founded in 2001, CPA®:15's diversified portfolio consists of 36 properties net leased to 14 tenants comprised of more than 4.3 million square feet. For further information visit CPA®:15's website at www.CPA15.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.
