NEW YORK, NY - March 28, 2001 - W. P. Carey & Co. LLC (NYSE:WPC), a leading real estate investment banking firm and lessor of net leased corporate properties, has announced the election of W. Sean Sovak as President of Corporate Property Associates 12 (CPA®:12). CPA®:12 is a publicly held real estate investment trust (REIT) managed by W. P. Carey & Co. with assets in excess of $440 million.
Commenting on the election, Wm. Polk Carey, Chairman of W. P. Carey, stated, "As a key member of our senior management team, Sean Sovak has made a significant contribution to the growth of W. P. Carey. His appointment to President indicates our confidence that he is among the new generation of highly talented individuals who will ensure the continued success of CPA®:12 and W. P. Carey well into the future."
Mr. Sovak joined W. P. Carey as Assistant to the Chairman in 1994, was appointed a First Vice President in April 1998 and was promoted to Executive Director in 2000. He is a summa cum laude graduate of the University of Pennsylvania's Wharton School.
Founded in 1973, W. P. Carey & Co. specializes in corporate real estate financing using 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 over 44 million square feet of property in the USA and Europe. Additional information about W. P. Carey is available on the company's Web site: www.wpcarey.com. More information on CPA®:12 can be found on the company's website at www.cpa12.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.