Corporate Property Associates 12 Increases Quarterly Dividend
NEW YORK, NY – March 18, 1999 – Corporate Property Associates 12 (CPA®:12), an affiliate of W. P. Carey & Co. LLC, announced that its Board of Directors has approved the first quarter dividend for this public REIT.
The dividend for the quarter ended March 31, 1999 to shareholders of record on that date, payable April 15, 1999, rose to $.2033 per share, an increase of two basis points over the prior quarter. This is the Company’s 20th consecutive quarterly dividend increase.
Chairman Wm. Polk Carey commented, "Our proven strategy of acquiring single tenant, industrial, retail and office facilities, leased to growing dynamic companies under long term, triple-net leases continues to provide consistent and growing current dividends to our investors. As market uncertainty continues, CPA®:12 not only looks to provide an asset allocation vehicle that addresses investors’ need for stability, it also seeks and structures investments that will allow it to achieve capital appreciation over the longer term. Despite the recent turmoil in the financing markets, we have been able to capitalize on our core competencies in the areas of sophisticated deal structuring, rigorous credit analysis and evaluation of real estate markets to add a number of attractive investments to our portfolio."
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 $2.5 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.
