NEW YORK, NY – August 5, 2002 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced the appointment of Benjamin P. Harris as a Director in the firm’s Acquisitions Department.
Mr. Harris’ new position is preceded by four years of experience in the firm’s Acquisitions Department. In his new role as Director, Mr. Harris will be responsible for sourcing, negotiating, structuring, financing and closing acquisitions transactions, which will serve in enhancing
W. P. Carey’s market leadership in the investment community.
Chairman Wm. Polk Carey said, "Ben has been a key component of our successful Acquisitions Department which is currently experiencing one of its best years in the history of the firm. He is dedicated and committed to finding the deal and meeting the financing needs of the client. I’m pleased to announce Ben’s appointment as I’m confident that he will continue to succeed as he has already proven himself to be a key part of our Acquisitions Department."
In commenting on his appointment, Mr. Harris stated, "It’s an exciting time to be in the corporate financing business and even more exciting when you can offer companies an alternative financing vehicle that effectively turns their under-utilized assets into working capital. W. P. Carey’s sale-leaseback method of financing is extremely popular with Corporate America today as we anticipate W. P. Carey’s most successful year ever in acquisitions volume. I am honored with this appointment and to be a part of W. P. Carey’s highly successful Acquisitions Department."
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.
Mr. Harris joined W. P. Carey as an Analyst in June 1998 and was promoted to the position of Acquisitions Associate in March 1999. He became a Second Vice President in March 2000 and was elevated to Vice President in 2001. Mr. Harris earned a BS in Economics and Finance from the University of Kings College in Canada and is a Chartered Financial Analyst.
Founded in 1973, W. P. Carey & Co. is the largest publicly traded limited liability company in the world and specializes in corporate real estate financing through the corporate net lease or sale-leaseback structure. The firm and its affiliated publicly held non-traded real estate investment trusts – CIP®, CPA®:12, CPA®:14 and CPA®:15 – currently own and/or manage more than 450 commercial and industrial properties, comprised of more than 55 million square feet of space, throughout the United States and Europe.
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.
