Corporate Property Associates 14 Increases Quarterly Dividend
NEW YORK, NY – December 20, 1999 – Corporate Property Associates 14 (CPA®:14), an affiliate of W. P. Carey & Co. LLC, announced that its Board of Directors has approved the fourth quarter dividend for this public REIT.
The dividend for the quarter ended December 31, 1999 rose to $.001773 per share on a daily basis from .001771 in the prior quarter, which equates to an increase of two basis points on a quarterly basis.
Chairman Wm. Polk Carey commented, "Our core strategy on behalf of CPA®:14, as with our other W. P. Carey Group investment programs, is the acquisition of single tenant industrial, retail and office facilities leased to growing dynamic companies under long term, triple-net leases. By adhering to these established parameters, we have generated consistent dividends and solid investment performance for all the Carey programs through economic and real estate cycles over the last two decades. Our acquisitions on behalf of CPA®:14 during 1999 continue to demonstrate our abilities to identify attractive investment opportunities as well as negotiate and structure transactions designed to generate long term secure, value for our investors."
Founded in 1973, W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The $3.0 billion W. P. Carey Group, which includes the firm and its affiliates, is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group manages the largest publicly traded limited liability company listed on the New York Stock Exchange and four real estate investment trusts (REITs). Collectively, Carey manages over 33 million square feet of property located in the United States and Europe leased to a diverse group of corporate tenants.
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.
