NEW YORK, NY – September 12, 2002 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that its Board of Directors has increased the quarterly cash dividend to $.43 per common share for the third quarter ending September 30, 2002. The dividend is payable on October 15, 2002 to common stockholders of record as of September 30, 2002. The Company has increased dividends every year since it became public, and this reflects its sixth consecutive quarterly increase.
"Our decision to increase our dividend for the sixth consecutive quarter reflects both growing funds from operations and better dividend coverage," said W. P. Carey Chairman Wm. Polk Carey. "As the outlook for W. P. Carey remains positive – the firm has already set records for acquisitions volume and fundraising for its newest investment product CPA®:15 – we shall strive to be a reliable source of rising income for our investors."
Founded in 1973, W. P. Carey & Co. 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. As of June 30, 2002, W. P. Carey & Co., the largest publicly traded limited liability company, and its four publicly held non-traded real estate investment trusts (REITs), Corporate Property Associates (CPA®) – CPA®:12, CPA®:14, CPA®:15 – and Carey Institutional Properties (CIP®), had a diversified portfolio, which included more than 450 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.