Corporate Property Associates 14 Increases Dividend for Second Quarter 2002
NEW YORK, NY – June 12, 2002 – Corporate Property Associates 14 Incorporated (CPA®:14), a publicly held non-traded real estate investment trust (REIT) managed by W. P. Carey & Co. LLC, announced today that its Board of Directors has increased the quarterly cash dividend to $.1877 per common share for the quarter ended June 28, 2002.
To date, each of the 16 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend. The dividend will be paid on July 15, 2002 to shareholders of record as of June 28, 2002.
CPA®:14 invests in single-tenant corporate properties. As of March 31, 2002, CPA®:14's diversified portfolio contained 128 properties net-leased to 61 tenants throughout the United States and Europe totaling more than 20 million square feet of space.
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 the largest publicly traded limited liability company in the world, the company owns and/or manages more than 450 commercial and industrial properties throughout the United States and Europe comprising more than 55 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.
