NEW YORK, NY – May 18, 2000 – Carey Diversified LLC (NYSE:CDC) today announced that following SEC clearance it has mailed to shareholders the Annual Meeting and proxy materials necessary to approve the proposed merger with W. P. Carey & Co. LLC that it announced in November 1999. In addition, shareholders are being asked to re-elect four directors and to approve an amendment to increase the number of shares for issuance under its share incentive plan.
If the transaction is approved by the shareholders, the combined entity, which will be renamed W. P. Carey & Co. LLC, will be a fully integrated investment company and one of the nation's premier net lease firms. Changing the company's name to W. P. Carey & Co. LLC will capitalize on the strong corporate identity that W. P. Carey has built among its clients and the investment community for over 25 years.
The Annual Meeting for shareholders of Carey Diversified to vote on the proposals will be held on June 28, 2000. Shareholders of record as of March 31, 2000 will be eligible to vote by telephone, on the Internet and by mail.
Carey Diversified LLC is the world's largest publicly traded limited liability company. The company's portfolio consists of 210 properties totaling more than 20 million square feet. Carey Diversified LLC 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.
W. P. Carey & Co. LLC is a 26 year old investment firm which manages the W. P. Carey Group of companies, including the Corporate Property Associates series of REITs, which include CPA®:10, CPA®:12, CPA®:14 and Carey Institutional Properties (CIP®) as well as Carey Diversified LLC. Collectively, the Carey Group manages more than 37 million square feet of property with an aggregate value of approximately $2.5 billion. Additional information about W. P. Carey & Co. LLC 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.