NEW YORK, NY – August 1, 2000 – W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm today announced the appointment by its Board of Directors of George E. Stoddard as a Class II director of the Company. Mr. Stoddard, who served as a director of the formerly privately held W. P. Carey & Co, Inc. since 1979, will fill a vacant position on the Board of Directors of the newly renamed W. P. Carey & Co. LLC. The position filled by Mr. Stoddard will expire at the annual meeting of shareholders in 2002. Mr. Stoddard has served as a Senior Managing Director, Chairman of the Investment Committee and Chief Investment Officer of W. P. Carey & Co. for 21 years.
Commenting on the appointment, Wm. Polk Carey, Chairman of W. P. Carey stated, "George's appointment to the Board of Directors of our public company is further tribute to his leadership and contribution to the growth of W. P. Carey. His intelligence, expertise and judgment have contributed to the firm's continued success as fiduciaries and helped produce highly diversified portfolios of real estate for the firm's more than 60,000 investors. As Chief Investment Officer and a director of W. P. Carey & Co. LLC, George will continue to play a significant role in guiding the company and upholding the high standards that he has set for us."
Prior to joining the Company, Mr. Stoddard was officer-in-charge of the Direct Placement Department of The Equitable Life Assurance Society of the United States, with responsibility for all activities related to Equitable's portfolio of corporate investments acquired through direct negotiation. Mr. Stoddard was associated with Equitable for over 30 years. He holds an A.B. degree from Brigham Young University, an M.B.A. from The Harvard Graduate School of Business Administration and an LLB from Fordham University Law School.
W. P. Carey & Co. LLC specializes in the acquisition and management of existing and to-be-constructed, single-tenant commercial real estate, net leased on a long-term basis to corporations across the credit spectrum. The company owns and manages a diversified portfolio of net leased corporate properties with more than 38 million square feet under management in 42 states and Europe. 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.