NEW YORK, NY – September 20, 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 (REIT) managed by W. P. Carey & Co. LLC, has increased the quarterly cash dividend for the quarter ended September 30, 2001. The dividend rose to $18.25 from $17.87 per 100 shares, which equates to a currently annualized yield of 7.30%.
To date, each of the 13 quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
Today's announcement follows the decision by the Board of Directors in June to increase the dividend 15 basis points over the remaining two quarters of 2001. The Board has indicated that, barring unforeseen circumstances, it will again increase the dividend an additional 15 basis points in the fourth quarter, which will reflect 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 October 15, 2001 to shareholders of record as of September 28, 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, Executive Director of W. P. Carey & Co. and President of CPA®:14, said, "The decision by the Board of Directors to once again increase the dividend is more great news for our investors. In June, the Board announced that it planned to increase the dividend and I am pleased that the continued success of CPA®:14 has allowed us to do so. I am again pleased to announce that barring unforeseen circumstances the Board anticipates increasing CPA®:14's dividend an additional 15 basis points in the fourth quarter of 2001."
CPA®:14 is a public, non-traded real estate investment trust that invests in single-tenant commercial properties. These properties are subject to long-term, triple net leases in which the tenants bear responsibility for maintaining the premises, insuring the buildings and paying real estate taxes. As of June 30, 2001, the trust's diversified portfolio contained 73 properties net-leased to 45 tenants throughout the United States and Europe with total assets of more than $780 million. W. P. Carey & Co. LLC 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 was founded in 1973, and 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 on W. P. Carey can be found o 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.