NEW YORK, NY – March 19, 2002 – W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm, announced today that its Board of Directors, for the third consecutive quarter, has increased the quarterly cash dividend to $.428 per common share or $42.80 per 100 shares, for the quarter ending March 31, 2002.
The dividend will be paid on April 15, 2002 to shareholders of record as of March 29, 2002. Since W. P. Carey became public in January 1998, the dividends paid to shareholders have increased every year and has totaled more than $210 million.
W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "We are pleased to once again increase the quarterly dividend for our shareholders. This decision by the Board of Directors reflects the sentiments of management that W. P. Carey remains strong as we anticipate another solid year."
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. As of December 31, 2001, W. P. Carey & Co., the largest publicly traded limited liability company in the world, and its five publicly-held non-traded real estate investment trusts (REITs), Corporate Property Associates (CPA®) – CPA®:10, CPA®:12, CPA®:14, CPA®:15 – and Carey Institutional Properties (CIP®), had a diversified portfolio which included 456 properties, net-leased to 227 tenants throughout the United States and Europe comprising of more than 50 million-square-feet of space.
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.
