W. P. Carey & Co. LLC Announces Second Quarter 2002 Financial Results

Firm Continues Strong Steady Growth

July 30, 2002

NEW YORK, NY — July 30, 2002 — Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported second quarter 2002 results for the three and six-month periods ended June 30, 2002.

OPERATING HIGHLIGHTS

• Diluted earnings per share (EPS) for the three-month period increased from $0.34 to $0.65 per share for the comparable period in 2001.
• Diluted EPS for the six-month period increased from $0.70 to $1.04 for the comparable period last year.
• Net income for the three-month period increased from $11.8 million to $23.6 million for the same period a year ago. The increase in net income was due in large part to a gain on the sale of an 18.3-acre dairy site in downtown Los Angeles.
• Net income for the six-month period increased from $24.4 million to $37.3 million for the comparable period in 2001.
• Funds From Operations (FFO), for the three-month period increased by 5% to $24.2 million, or $0.67 per diluted share, up from $23.0 million or $0.66 per diluted share for the comparable period in 2001. FFO, widely accepted as a key indicator of performance in real estate enterprises, comprises net income without such non-cash items as depreciation.
• FFO for the six-month period increased by 9% to $46.3 million, or $1.28 per diluted shared, up from $42.3 million, or $1.22 per diluted share, for the comparable period last year.
• Total revenue for the three-month period increased by 19% to $41.6 million, up from $35.0 million for the same period a year ago. This was due in large part to an increase in the revenue associated with the Company's growing investment management business.
• Total revenue for the six-month period increased by 15% to $76.4 million, up from $66.2 million for the comparable period in 2001.
• In June the Board of Directors raised the cash dividend to $.429 per common share. This reflects the fifth consecutive quarterly increase. The dividend was paid on July 15, 2002 to shareholders of record on June 28, 2002. Dividends have increased each year since the company went public.

Chairman Wm. Polk Carey said, "We are pleased with our strong second quarter results as they reflect management's continued success in its conservative approach in the operation of W. P. Carey. In today's difficult economic environment there is a flight to quality by investors. We believe W. P. Carey has benefited from this flight, as investors continue to seek investments which combine current income with growth potential. On the investment side of our business, we have seen steadily growing interest in the sale-leaseback from corporations as they look towards alternative financing means in a capital constrained environment. We have capitalized on this interest completing $168 million of acquisitions this quarter."

He continued, "As we enter the second half of 2002, we remain cautiously optimistic as we seek to provide for our investors the returns they have come to expect from W. P. Carey, which continues to play an important role in their investment portfolios."

INVESTMENT ACTIVITY

W. P. Carey completed $168 million in sale-leaseback transactions during the second quarter of 2002, compared to $74 million for the comparable period last year. This follows W. P. Carey's strong first quarter during which the firm completed more than $117 million worth of acquisitions, as compared to $44 million during the first quarter of 2001.

CONFERENCE CALL & WEBCAST

W. P. Carey will host a conference call and webcast to discuss its second quarter 2002 results today at 11:00 AM ET. Stockholders and interested parties may listen to a live broadcast of the call by dialing 1-800-388-8975 (International - 973-694-2225). The conference call can also be accessed via the Internet on W. P. Carey's homepage at www.wpcarey.com. Please visit the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who are not able to listen to the live broadcast, the webcast replay will be available immediately following the call on the Company's website through August 30, 2002. Alternatively, individuals can listen to the call after 1:00 PM ET this afternoon by calling 1-800-428-6051 with the access code 251615 through August 6, 2002.

W. P. Carey's press releases are available on the Company's website at www.wpcarey.com or by contacting the Corporate Communications Department at 1-800-WP CAREY.

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. The largest publicly traded limited liability company in the world, W. P. Carey owns and/or manages more than 450 commercial and industrial properties throughout the United States and Europe comprised of more than 55 million square feet.

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 commercial 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.