Corporate Property Associates 14 Increases Quarterly Dividend
Dividend Has Increased Every Quarter Since Fund was Established
NEW YORK, NY – November 30, 2000 – Corporate Property Associates 14 (CPA®:14), an affiliate of W. P. Carey & Co. LLC, today announced that its Board of Directors has approved the fourth quarter dividend for this public non-traded real estate investment trust (REIT).
The dividend, calculated on a daily basis, rose to $17.13 per 100 shares held for the entire quarter ended December 31, 2000, increasing the dividend yield to 6.85% per share, based on the initial purchase price of $10 per share. The record date for this dividend is December 29, 2000. In addition, the Board of Directors has announced that, barring unforeseen circumstances, it intends to increase the dividend yield to 7.00% for the first quarter of 2001. Each of the ten quarterly dividends following the initial dividend paid by CPA®:14 represented an increase over the previous dividend.
Commenting on the dividend increase, Wm. Polk Carey, Chairman of CPA®:14, stated, "Through our proven management strategy, we are working to maximize total returns for CPA®:14 investors by acquiring quality properties that we believe will continue to increase shareholder value and by regularly increasing current dividends. This strategy provides our investors with a consistent, stable and growing long-term investment that can help balance their investment portfolios."
Founded in 1973, W. P. Carey & Co, 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 includes the largest publicly traded limited liability company listed on the New York Stock Exchange which manages four real estate investment trusts (REITs). Collectively, the W. P. Carey Group owns or manages over 42 million square feet of property located in the United States and Europe leased to a diverse group of corporate tenants across the credit spectrum. CPA®:14 was created in 1997. More information on CPA®:14 can be found on the Company's Web site: www.cpa14.com
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.
