The W. P. Carey Group Increases First Quarter 2003 Dividends
NEW YORK, NY – March 12, 2003 – The Boards of Directors of Corporate Property Associates 14 Incorporated (CPA®:14), Corporate Property Associates 12 Incorporated (CPA®:12) and Carey Institutional Properties Incorporated (CIP®) announced today increases in the dividends for each company for the quarter ending March 31, 2003. The dividends will be paid on April 15, 2003.
CPA®:14, CPA®:12 and CIP® are members of the $5 billion W. P. Carey Group of publicly held non-traded real estate investment trusts (REITs) managed by W. P. Carey & Co. LLC. The Group invests in single-tenant corporate properties through the net lease or sale-leaseback financing structure.
- CPA®:14’s dividend increased to $.1884 per common share. To date, each of the 18 quarterly dividends following the initial dividend paid by CPA®:14 has represented an increase over the previous dividend. Founded in 1997, CPA®:14’s current diversified portfolio consists of 176 properties net leased to 78 tenants comprised of more than 23.5 million square feet. For further information visit CPA®:14’s website at www.CPA14.com.
- CPA®:12’s dividend increased to $.2065 per common share. This represents the 35th consecutive quarterly dividend increase. Founded in 1993, CPA®:12’s current diversified portfolio consists of 116 properties net leased to 47 tenants comprised of more than 8.3 million square feet. For further information visit CPA®:12’s website at www.CPA12.com.
- CIP®’s dividend increased to $.2135 per common share. This marks the 45th dividend increase for CIP® shareholders. Founded in 1991, CIP®’s current diversified portfolio consists of 111 properties net leased to 47 tenants comprised of more than 8.6 million square feet of space. For further information visit CIP®’s website at www.careyinstitutional.com.
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.
