NEW YORK, NY – December 11, 2002 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that its Board of Directors has increased the quarterly cash dividend to $.431 per common share for the quarter ending December 31, 2002. The dividend is payable on January 15, 2003 to common stockholders of record as of December 31, 2002. The Company has increased dividends every year since it became public, and this reflects its seventh consecutive quarterly increase.
"We are pleased to once again increase our cash divided for our investors this quarter," said Chairman Wm. Polk Carey. "As the end of 2002 approaches, we can look back on our most successful year ever in acquisitions volume and fundraising for an open fund – our newest investment product CPA®:15. As we look towards 2003, we are cautiously optimistic that we will continue to maintain this level of success while remaining a source of rising income for our investors."
Founded in 1973, W. P. Carey & Co. LLC provides financing to companies around the world through the net lease or sale-leaseback financing structure. The firm and its affiliates continue to be leading lessors of net leased corporate real estate. Currently, W. P. Carey & Co. LLC, the largest publicly traded limited liability company, and its four publicly held non-traded real estate investment trusts (REITs), Carey Institutional Properties (CIP®)and Corporate Property Associates (CPA®) – CPA®:12, CPA®:14, CPA®:15 – have a diversified portfolio, which includes 490 properties throughout the U.S. and Europe comprising of more than 60 million-square-feet. For further information about W. P. Carey's financing services and investment products visit our website at 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.