NEW YORK, NY – March 21, 2001 – Corporate Property Associates 14 (CPA®:14), a public REIT and an affiliate of W. P. Carey & Co. LLC, today announced that its Board of Directors has approved the dividend for the first quarter.
The dividend, calculated on a daily basis, rose to $17.50 per 100 shares held for the entire quarter ended March 30, 2001, increasing the dividend yield to 7% per share, based on the initial purchase price of $10 per share. Each of the eleven quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
Chairman Wm. Polk Carey commented, "Our proven strategy of acquiring single tenant, industrial, retail and office facilities, leased to growing dynamic companies under long term, triple-net leases continues to provide consistent and growing current dividends to our investors. As market uncertainty continues, CPA®:14 not only looks to provide an asset allocation vehicle that addresses investors' need for stability, but it also seeks and structures investments that are designed to achieve capital appreciation over the longer term. Despite the recent turmoil in the financing markets, we have been able to capitalize on our core competencies in the areas of sophisticated deal structuring, rigorous credit analysis and evaluation of real estate markets to add a number of attractive investments to our portfolio."
Founded in 1973, W. P. Carey & Co., a leader in the ownership and net leasing of corporate properties, specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The $3 billion W. P. Carey Group, which includes the firm and its affiliates, is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group includes the largest publicly traded limited liability company listed on the New York Stock Exchange which manages four real estate investment trusts (REITs). Collectively, the W. P. Carey Group owns or manages over 44 million square feet of property located in the United States and Europe leased to a diverse group of corporate tenants across the credit spectrum. CPA®:14 was created in 1997. More information on CPA®:14 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.