NEW YORK, NY – June 12, 2002 – Investment banking firm W. P. Carey & Co. LLC (NYSE:WPC) announced today that its Board of Directors has increased the quarterly cash dividend to $.429 per common share for the quarter ending June 28, 2002. This reflects the fifth consecutive quarterly increase by the Board of Directors. The dividend will be paid on July 15, 2002 to shareholders of record as of June 28, 2002. The Company has increased dividends each year since it became public.
W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "We remain committed to providing our shareholders with rising quarterly income which is reflected by the Board's decision to increase this quarter's cash dividend. This increase further reflects the sentiments of management that W. P. Carey remains strong as we anticipate another successful year of fundraising for our newest real estate investment trust, CPA®:15, which has been tremendously successful thus far, as well as in our acquisition volume, which remains at a record pace this 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 March 31, 2002, W. P. Carey & Co., the largest publicly traded limited liability company in the world, and its four publicly-held non-traded real estate investment trusts (REITs), Corporate Property Associates (CPA®) – CPA®:12, CPA®:14, CPA®:15 – and Carey Institutional Properties (CIP®), had a diversified portfolio which included more than 450 properties, net-leased to 219 tenants throughout the United States and Europe comprising of 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.
