NEW YORK, NY – September 20, 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 $.426 per common share or $42.60 per 100 shares, for the quarter ending September 30, 2001. The dividend will be paid on October 15, 2001 to shareholders of record as of September 28, 2001. Since W. P. Carey became public in January 1998 the dividends paid out to shareholders have increased every year and has totaled more than $167 million.
W. P. Carey & Co. LLC Chairman Wm. Polk Carey said, "On behalf of the entire W. P. Carey family I would like to express my deepest sympathy and condolences to the victims and families affected by last Tuesday's terrorist attacks in New York City, Pennsylvania and Washington, DC., our thoughts and prayers are with each of them. I am extremely proud of our employees, who have displayed great strength and willingness to help with the crisis. Many have taken the initiative to donate time, money and goods to the rescue and relief efforts. In addition, I am pleased to announce that the W. P. Carey Foundation has pledged $1,000,000 towards this cause.
"Today's decision by the Board of Directors to increase the dividend for the third quarter reflects their continued confidence in the future of W. P. Carey," Mr. Carey continued. "The rise in dividend rate, our first quarter-to-quarter increase ever, reflects our confidence in the prospects of W. P. Carey and America."
Gordon F. DuGan, President of W. P. Carey & Co. added, "In an effort to ensure our future success we will continue to monitor our tenant companies and their financial results. W. P. Carey and its affiliates remain strong, largely due to the diversification of properties in their portfolios, which have helped minimize the impact of recent events on the real estate industry. I am pleased to say that we remain optimistic about the future of W. P. Carey and are pleased to provide investors with this dividend increase."
As of June 30, 2001, W. P. Carey & Co. 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 (CIP®), had a diversified portfolio which included 414 properties, net-leased to 213 tenants throughout the United States and Europe. W. P. Carey & Co. and its affiliates specialize in corporate real estate financing through the corporate net lease, or sale-leaseback structure. The largest publicly traded limited-liability company in the world, W. P. Carey & Co. was founded in 1973, and currently owns and/or manages more than 46 million square feet of property in the United States and Europe. The $3 billion firm is headquartered in Manhattan and has offices in London and Paris. Additional information is available 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.