NEW YORK, NY – June 15, 2000 – Carey Diversified LLC (NYSE: CDC), today announced its Board of Directors has declared a quarterly cash dividend of $0.4225 per common share (on an annualized basis, $1.69 per share), its second quarterly dividend at the same rate. The dividend will be payable on July 15, 2000 to shareholders of record on June 30, 2000. Since the Company became public in January 1998, approximately $95 million has been paid out in dividends to shareholders.
In announcing the dividend, Francis J. Carey, Chairman and Chief Executive Officer of Carey Diversified, commented, "As part of our time proven philosophy, we are focused on delivering rising current income and consistent investment performance for Carey Diversified's shareholders. I am pleased to say that we continue to meet our objectives."
Gordon F. DuGan, the Company's President, noted, "Yielding in excess of nine percent, Carey Diversified provides investors with an attractive alternative to utilities and bonds. As investors realize gains on higher risk, "get rich" investments, a stable income-oriented investment such as Carey Diversified can play a major role in the "stay rich" portion of their reallocated portfolios. Furthermore, should the pending merger between Carey Diversified and W. P. Carey & Co. LLC be approved by shareholders, we will be better able to provide investors prudent growth, creating a "best of both worlds" scenario."
Carey Diversified LLC, a member of the $2.5 billion W. P. Carey Group, is the largest limited liability company traded on the New York Stock Exchange. The company's portfolio consists of 210 properties totaling more than 20 million square feet. Carey Diversified leases properties to manufacturing, technology, retailing and communications companies including Federal Express Corp., America West Airlines, Detroit Diesel, Dr Pepper Bottling Company of Texas, Wal-Mart, AT&T, The Gap and more than 70 others. Additional information about Carey Diversified LLC is available on the company's website: www.careydiv.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.