NEW YORK, NY, Mar 22, 2005 — Wm. Polk Carey, Chairman of investment firm W. P. Carey & Co. LLC (NYSE: WPC), today announced that its President, Gordon F. DuGan, 38, has been elected Chief Executive Officer of the Company.
"With the approach of my 75th birthday, this was a natural time to further our transition plans, providing the youthful, vigorous leadership of Gordon DuGan," said Mr. Carey. "Gordon is an extraordinarily talented individual who has proven over the past seventeen years that he possesses the traits required of a successful Chief Executive Officer in today's corporate environment. His inherent leadership and management skills make him more than qualified to serve as CEO, while his work ethic and commitment to our investors and tenant companies alike bode well for W. P. Carey's continued success.
"Gordon's selection reflects W. P. Carey's long-term strategy of placing exceptional younger executives in key roles managing and investing for our shareholders," Carey added, "while retaining access to the wisdom and insight of a broadly experienced board."
Commenting on his appointment, Mr. DuGan said, "As a mentor over the past seventeen years, Bill has taught me many things about corporate finance and real estate investing, but perhaps his most valued piece of advice has been to 'always put the investor first.' For more than thirty years this philosophy has been the foundation of W. P. Carey's success and I remain committed to ensuring that it stays that way."
Mr. DuGan was also elected Chief Executive Officer of the W. P. Carey advised Corporate Property Associates (CPA®) series of income generating, publicly held, non-traded real estate investment trusts (REITs), while retaining his position of Vice Chairman of these entities. As Chief Executive Officer of the Company and these REITs, he will oversee their operations and strategies.
He joined the firm in May 1988 as Assistant to the Chairman. He held the title of Senior Vice President in the Acquisitions Department in September 1995 prior to accepting a position as chief financial officer of a Colorado-based wireless communications equipment manufacturer. He later rejoined the firm in February 1997, was promoted to President in 1999 and Co-Chief Executive Officer in 2002.
Mr. DuGan is a graduate of the Wharton School of the University of Pennsylvania where he concentrated in Finance and obtained a minor in Political Science from the College of Arts and Sciences. Active in a variety of educational and charitable organizations, he is a member of YPO and serves on the boards of the W. P. Carey Foundation, the National Association of Real Estate Investment Trusts (NAREIT), the New York Pops and The Hewitt School.
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a global investment firm concerned with assisting corporations with various forms of long-term financing. The Company also provides asset management services to the Corporate Property Associates (CPA®) series of real estate investment trusts (REITs). The W. P. Carey Group, with $3.5 billion in equity capital, is one of the leading providers of net lease financing for corporate properties worldwide. The Group owns more than 700 commercial and industrial properties worldwide, representing more than 90 million square feet, valued at approximately $7 billion. www.wpcarey.com
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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 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