Corporate Property Associates 12 Increases Quarterly Dividend
NEW YORK, NY – September 16, 1999 – Corporate Property Associates 12 (CPA®:12), an affiliate of W. P. Carey & Co. LLC, announced that its Board of Directors has approved the third quarter dividend for this public REIT.
The dividend for the quarter ended September 30, 1999 to shareholders of record on September 30, payable October 15, 1999, rose to $.2037 per share, an increase of two basis points over the prior quarter. This is the Company’s 22nd consecutive quarterly dividend increase.
Chairman Wm. Polk Carey commented, "As the market’s preference for technology and large cap equities has waned, investors are looking for vehicles that provide asset allocation alternatives and stable returns. Through our proven strategy of acquiring single tenant, industrial, retail and office facilities, leased to growing dynamic companies under long term, triple-net leases we have been able to provide consistent and growing dividends to our investors. In addition, CPA®:12 seeks and structures investments that will allow it to achieve capital appreciation over the longer term. Our core competencies in the areas of sophisticated deal structuring, rigorous credit analysis and evaluation of real estate markets have enabled us to assemble a portfolio of attractive investments that addresses the need for stable asset allocation alternatives."
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.
