NEW YORK, NY – December 2, 1999 – W. P. Carey & Co. LLC, a leading real estate investment banking firm and the largest lessor of net leased corporate properties in the U.S., today announced the election by the Board of Directors of Gordon F. DuGan as president.
On November 30, 1999, the Board of Directors of Carey Diversified, LLC unanimously approved a merger with W. P. Carey & Co, Inc. If approved by the shareholders of Carey Diversified, assets under ownership or management will increase from approximately $800 million to approximately $2.5 billion post merger. The combined business will be renamed W. P. Carey & Co. LLC to capitalize on the strong corporate identity that W. P. Carey has built among its clients and the investment community over the last 26 years. Mr. DuGan will become president of the new entity that expects to be listed on the New York Stock Exchange and the Pacific Stock Exchange under the symbol "WPC."
Prior to his appointment as president, Mr. DuGan, 33, served as head of the Investment Department and managing director of W. P. Carey & Co. LLC and as president of Carey Diversified LLC. He was previously a senior vice president in the acquisitions department. Mr. DuGan joined the company as assistant to the chairman in 1988. Mr. DuGan received his B.S. degree in Finance from the Wharton School at the University of Pennsylvania.
Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey & Co., stated, "Gordon’s appointment as president recognizes the scope of his leadership contribution to the growth of both Carey Diversified and W. P. Carey. His intelligence, expertise and judgment also reflect the new generation of talented management that is dedicated to upholding the high standards that have made our company successful for over 25 years."
W. P. Carey specializes in corporate real estate financing through sale-leaseback or net lease and other long-term lease financing structures. The firm is one of the largest lessors of net leased corporate real estate in the world. The W. P. Carey Group comprises a series of real estate companies, including the Corporate Property Associates and Carey Institutional Properties real estate investment trusts, and Carey Diversified LLC (NYSE:CDC), the largest publicly traded limited liability company on the New York Stock Exchange. Collectively, the Carey Group owns more than 33 million square feet of property in the USA and Europe. On November 30, 1999, the Board of Directors of Carey Diversified, LLC unanimously approved a merger with W. P. Carey & Co, Inc. If approved by the shareholders of Carey Diversified, assets under ownership or management will increase from $750 million to approximately $2.5 billion post merger. Additional information about W. P. Carey & Co, Inc. is available on the company's website: www.wpcarey.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.