NEW YORK, NY – December 16, 2003 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that its Board of Directors appointed Ralph F. Verni to serve as an independent director of the Company. Mr. Verni, the former President and CEO of State Street Research and Management, previously served as an independent director to three of W. P. Carey’s affiliated Corporate Property Associates real estate investment trusts (REITs). In addition, Mr. Verni will become a member of W. P. Carey’s Investment Committee. He previously served as an advisory member to the Committee, which must approve all acquisitions before an investment can be made.
“I’m pleased to announce Ralph’s appointment as an Independent Director of W. P. Carey,” said Gordon F. DuGan, President and Co-CEO of W. P. Carey. “His experience in running large investment businesses will be a tremendous benefit to the Company. In addition, Ralph’s appointment to our Investment Committee, which already includes a number of the world’s top investment talents, enhances our unique ability to structure creative financing solutions for the high-quality companies we work with. His talents will provide value-added benefits to our shareholders and clients alike. I would like to welcome Ralph to the Board and I look forward to working with him in the future.”
Mr. Verni most recently served as President, CEO and director of Redwood Investment Systems, Inc. Redwood was a start-up software firm that develops web-based and wireless solutions to help investment professionals tame information overload. Redwood merged into Verilytics, Inc. Prior to Redwood, Mr. Verni was Chairman, President and CEO of State Street Research & Management, MetLife's investment management subsidiary located in Boston. He was also President and CEO of SSRM Holdings, Inc., an asset management company, and Chairman of its subsidiary, SSR Realty.
Mr. Verni joined State Street Research in 1992 after serving ten years as Executive Vice President, Board Member and Chief Investment Officer of The New England Mutual Life Insurance Company. While at The New England, he founded and served as President and Chief Executive Officer of New England Investment Companies, a holding company of over ten money management firms. Prior to joining The New England, he spent 16 years in a variety of investment management positions at The Equitable.
Mr. Verni received a BA from Colgate University and an MBA from Columbia University and is a Chartered Financial Analyst. He serves on the Advisory Committee of the MIT Center For Real Estate; the Board of Trustees of Colgate University, where he is a member of the Endowment Committee; the Boston Economic Club; and the Commercial Club of Boston. In addition, he also serves on the Board of Directors of Commonwealth Capital, a venture capital firm; The MacGregor Group, a leading provider of securities trading systems and FIX network services to institutional investors; and First Pioneer Credit, a lending institution in the Farm Credit System serving the northeast agricultural industry. He also serves on the Advisory Boards of several start-up companies, including Broad Reach Communications and is a member of the Investment Advisory Board of Zurich Financial, a Swiss-based financial services company.
W. P. Carey’s Board is comprised of ten directors, four of which are management directors and six are outside directors.
W. P. Carey & Co. LLC is a leading investment firm that serves as the preeminent provider of sale-leaseback financing to corporations in the United States and Europe. The Company acquires single-tenant corporate and industrial properties and leases them back to the tenant often under a triple-net lease lasting 15-20 years. By converting an otherwise depreciating asset, companies are able to use the capital they receive from W. P. Carey to pay down debt, fund acquisitions or reinvest in the core competencies of their business. W. P. Carey owns and/or manages more than 550 commercial and industrial properties throughout the United States and Europe representing more than 75 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 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.
