NEW YORK, NY – June 18, 2001 – W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, announced today that its Board of Directors has declared a quarterly cash dividend of $.425 per common share or $42.50 per 100 shares, for the quarter ended June 30, 2001. The dividend will be paid on July 13, 2001 to shareholders of record as of June 29, 2001. Since W. P. Carey became public in January 1998 the dividends paid out to shareholders have increased every year and totaled more than $152 million.
W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "The message is clear, W. P. Carey is stronger today than it has ever been before. Our stock price is up nearly 15 percent since the first of the year while our yield remains around eight percent, these factors continue to make W. P. Carey very attractive to investors. In addition, since June 18, 2000, W. P. Carey has outperformed the major stock indexes by more than 20 percent and this dividend increase reflects our confidence in the continued future financial success of W. P. Carey. Our ongoing efforts to acquire and manage quality single tenant commercial real estate properties has yielded significant investment returns for our investors as reflected by our increase of the dividend for the second quarter 2001."
As of March 31, 2001, W. P. Carey and its four non-publicly traded real estate investment trusts (REITs), Corporate Property Associates (CPA®) – CPA®:10, CPA®:12, CPA®:14 – and Carey Institutional Properties, had a diversified portfolio which included 409 properties, net-leased to 217 tenants throughout the United States and Europe. These properties 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 sub-investment grade tenants and private companies with an eye towards providing creative financing solutions to their corporate real estate needs. The firm has found that when a tenant-client removes real estate from its balance sheet, the company is then able to re-deploy this much-needed 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 (NYSE: WPC), 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.