Corporate Property Associates 14 Incorporated (CPA^®:14) opened for investment in November 1997 and closed in November 2001.  CPA^®:14 is a publicly held non-traded real estate investment trust (REIT) that invests in corporate real estate by providing net lease and sale-leaseback financing to companies throughout the United States and Europe. 

CPA^®:14 seeks to provide investors with stable, rising income, capital preservation and investment growth through its unparalleled experience and underwriting expertise.

CPA^®:14 continues to acquire single-tenant corporate facilities under a triple-net lease often lasting on average 15 to 20 years.  In an effort to minimize CPA^®:14's expenses and maximize returns to its shareholders, a triple-net lease requires the tenant to pay for the major costs of operating the facility, including maintenance, insurance and taxes.  CPA^®:14 also includes rent escalation provisions in its leases that allow for growth in investor distributions.  Such provisions are either fixed or are tied to indices such as the Consumer Price Index (CPI). 

Many companies that enter into a sale-leaseback with CPA^®:14 do so to obtain capital to pay down debt, expand their business, transition out of a synthetic lease or fund other corporate initiatives.  In a sale-leaseback transaction, a company can obtain the cash it needs by selling corporate real estate to an outside investor like W. P. Carey and then leasing the property back, rather than borrowing money, issuing stock or selling its assets.  In a sale-leaseback transaction, a company maintains control of its facilities while unlocking the true market value of the real estate. 

Diversification reflects the essence of W. P. Carey's strategy of Investing for the Long Run and what we believe to be the key element in our long-term success. The objectives of CPA^®:14 are to deliver attractive risk-adjusted returns, stable cash flow and appreciation to its investors. CPA^®:14 accomplishes these goals by investing in a broadly diversified portfolio of real estate assets by region, property type and industry. Through this approach, CPA^®:14 attempts to protect investors against real estate down cycles, both by preserving investor capital and by providing added portfolio diversification through low correlation to the stock and bond markets.

Every investment that CPA^®:14 considers must be approved by W. P. Carey's independent Investment Committee.  The Committee consists of a Nobel Laureate in Economics and investment professionals with more than 170 years of investment experience combined, who have successfully run portfolios for some of the top insurance companies in the world.  We believe that their seasoned judgment and extensive experience in real estate and credit analysis continue to be key factors in the on-going success of CPA^®:14.