Board of Directors Also Anticipates Dividend Increase For Each of the Remaining Two Quarters in 2001
NEW YORK, NY - June 27, 2001 - W. P. Carey & Co. LLC, a leading real estate investment banking firm and lessor of net leased corporate properties, announced today that the Board of Directors of Corporate Property Associates 14 Incorporated (CPA®:14), a non-publicly traded real estate investment trust (REITs) managed by W. P. Carey & Co. LLC, has increased the quarterly cash dividend for the quarter ended June 30, 2001. The dividend rose to $17.87 from $17.50 per 100 shares, which equates to a current annualized yield of 7.15%.
To date, each of the 12 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
In addition, the CPA®:14 Board of Directors also announced that it anticipates increasing the dividend 15 basis points over each of the next two quarters in 2001, barring unforeseen circumstances. It is anticipated that by the end of the fourth quarter 2001 CPA®:14 will have an annualized yield of 7.45%.
The quarterly cash dividends, which were calculated on a daily basis and based on the original purchase price of $10 per share, are payable on July 13, 2001 to shareholders of record as of June 29, 2001. CPA®:14 is part of the $3 billion W. P. Carey Group which also includes CPA®:12, CPA®:10, and Carey Institutional Properties (CIP®).
Gordon J. Whiting, W. P. Carey & Co. Executive Director and President of CPA®:14, said, "This increased dividend is great news for our investors as it reflects the Board of Directors' continued confidence in the performance of CPA®:14. I am also pleased to announce that barring unforeseen circumstances the Board anticipates increasing CPA®:14's dividend 15 basis points over each of the two remaining quarters in 2001."
The properties owned by CPA®:14 are subject to long-term, triple net leases in which the tenants bear the responsibility for maintaining the premises, insuring the buildings and paying real estate taxes. W. P. Carey & Co. LLC and its affiliates target middle-market tenants and private companies with an eye towards providing creative financing solutions to meet their corporate real estate needs. The firm has found that when a company leases rather than owns its real estate, the company is then able to re-deploy this capital to pay down debt, or finance other corporate initiatives.
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The firm and its affiliates continue to be leading lessors of net leased corporate real estate. W. P. Carey & Co. LLC, the largest publicly traded limited liability company in the world, owns and manages more than 45 million square feet of property in the United States and Europe. The firm is headquartered in Manhattan and has offices in London and Paris. Additional information on W. P. Carey can be found on the firm'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.