Corporate Property Associates 14 Increases Quarterly Dividend
NEW YORK, NY – March 18, 1999 – Corporate Property Associates 14 (CPA®:14), 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 $.1625 per share, an increase of one and one-half basis points over the prior quarter.
Chairman Wm. Polk Carey commented, "Our acquisitions on behalf of CPA®:14 continue to meet the established parameters that have generated a steady performance for all the Carey programs through economic and real estate cycles over the last two decades. Although acquisition activity by public REITs and other capital sources has declined recently as a result of current market conditions, our liquidity has positioned us well to negotiate effectively and close on a number of attractive investments. In addition our acquisition program has continued to benefit from our strong relationships with existing corporate tenants as well as our years of experience and expertise in identifying qualified new tenants. As with our other W. P. Carey Group investment programs, we are pursuing a core strategy of acquiring single tenant industrial, retail and office facilities leased to growing dynamic companies under long term, triple-net leases."
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.
