NEW YORK, NY – December 6, 2000 – Corporate Property Associates 14 Incorporated (CPA®:14), a publicly-held non-traded real estate investment trust (REIT) and an affiliate of W. P. Carey & Co. LLC, today announced that its Board of Directors has appointed Gordon J. Whiting President of CPA®:14.
Commenting on Mr. Whiting's promotion, Wm. Polk Carey, Chairman of W. P. Carey, stated, "As Portfolio Manager of CPA®:14, Gordon has played a critical role in overseeing the growth of one of W. P Carey's most successful funds. Gordon has not only monitored and managed portfolio-level developments, but he has also worked to ensure the highest level of portfolio diversification – by tenant type, property type, and tenant industry through the creation and completion of many transactions on behalf of CPA®:14 in his role as Deputy Directory of Acquisitions. Gordon's financial acumen, analytical skills and negotiating talent are representative of the strengths that W. P. Carey requires in its managers. The capabilities of Gordon resulting from his MBA training, international work experience and transaction expertise at W. P. Carey provide the platform from which he will spearhead the continued success of CPA®:14."
After graduating with a BS from Cornell University, Mr. Whiting founded a Hong Kong based import/export company. In May 1993, he joined W. P. Carey as an Acquisitions Associate. After graduating from Columbia University's Graduate School of Business, he rejoined W. P. Carey as a Second Vice President in September 1994. Distinguishing himself early, Mr. Whiting was rapidly promoted to Vice President in October 1995, First Vice President in April 1997, Senior Vice President in April 1998, Executive Vice President and Portfolio Manager of CPA®:14 in October 1998, Deputy Director of Acquisitions in April 1999 and Executive Director in May 2000.
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The firm and its affiliates is one of the largest lessors of net leased corporate real estate in the nation. W. P. Carey & Co. LLC (NYSE: WPC), the largest publicly traded Limited Liability Company in the world, owns and manages over 38 million square feet of property in the USA and Europe. Additional information about W. P. Carey can be found on the company's Web site: www.cpa14.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.