Eighth Consecutive Quarterly Increase Follows Record Year in 2002
NEW YORK, NY – March 12, 2003 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that its Board of Directors has increased the quarterly cash dividend to $.432 per common share for the quarter ending March 31, 2003. The dividend is payable on April 15, 2003 to common stockholders of record as of March 31, 2003. The Company has increased dividends every year since it became public, and this reflects its eighth consecutive quarterly increase.
“We are pleased to announce our eighth consecutive quarterly dividend increase,” said Chairman Wm. Polk Carey. “This increase, which raises the annualized dividend to $1.73, is further proof of our dedication to provide our investors with the rising income they have come to expect from their investment in W. P. Carey. We remain committed to our investors and will work even harder in 2003 to maintain our current level of success.”
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), Corporate Property Associates (CPA®) 15, CPA®:14, CPA®:12 and Carey Institutional Properties (CIP®), have a diversified portfolio, which includes approximately 550 properties throughout the U.S. and Europe comprising of more than 70 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.