NEW YORK, NY – December 22, 2000 – W. P. Carey & Co. LLC (NYSE: WPC), 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, an increase over last year's rate of $1.67 per share). The dividend will be payable on January 15, 2001 to shareholders of record on December 29, 2000. Since the Company became public in January 1998, approximately $124 million has been paid out in dividends to shareholders.
In announcing the dividend, Wm. Polk Carey, Chairman of W. P. Carey, commented, "We are on target with our goal of delivering consistent investment performance for our shareholders. The dividend for the fourth quarter reflects the Company's continued success. W. P. Carey experienced growth in funds from operations (FFO) in every quarter in 2000, lowering the amount of FFO, on a percentage basis, required to pay the dividend. This, in turn, effectively provides an extra margin of safety for our shareholders while enabling the company to retain earnings in the interest of providing our shareholders the 'best of both worlds' - stable current income and prudent investment growth."
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using the corporate net-lease, or sale-leaseback structure. The firm, including affiliates, is one of leading lessors of net-leased corporate real estate in the nation. W. P. Carey & Co., the world's largest publicly traded Limited Liability Company, owns and manages over 38 million square feet of property in the U.S. and Europe. Additional information about W. P. Carey & Co. 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.