NEW YORK, NY – September 15, 2003 – The Boards of Directors of Corporate Property Associates 15 Incorporated (CPA®:15), Corporate Property Associates 14 Incorporated (CPA®:14), Corporate Property Associates 12 Incorporated (CPA®:12) and Carey Institutional Properties Incorporated (CIP®) announced today the dividends for each company for the quarter ending September 30, 2003. The dividends are payable on October 15, 2003 to shareholders of record as of September 30, 2003.
CPA®:15, CPA®:14, CPA®:12 and CIP® are members of the $5 billion W. P. Carey Group of income generating, 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®:15’s dividend increased to $.15645 per common share for the full quarter. Founded in 2001, CPA®:15’s diversified portfolio consists of 116 properties net leased to 36 tenants comprised of approximately 15 million square feet. For further information visit CPA®:15’s website at www.cpa15.com.
- CPA®:14’s dividend increased to $.1889 per common share. To date, each of the 20 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 157 properties net leased to 68 tenants comprised of more than 23.6 million square feet. For further information visit CPA®:14’s website at www.cpa14.com.
- CPA®:12’s dividend remained at $.2067 per common share. Founded in 1993, CPA®:12’s current diversified portfolio consists of 118 properties net leased to 58 tenants comprised of approximately 9.4 million square feet. For further information visit CPA®:12’s website at www.cpa12.com.
- CIP®’s dividend increased to $.2139 per common share. This marks the 47th dividend increase for CIP® shareholders. Founded in 1991, CIP®’s current diversified portfolio consists of 101 properties net leased to 45 tenants comprised of approximately 8.4 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.
