Carey Diversified LLC Declares First Quarter 2000 Dividend Increase
NEW YORK, NY – March 15, 2000 – Carey Diversified LLC (NYSE: CDC), today announced its Board of Directors has declared a quarterly cash dividend of $0.4225 per common share, up from $0.4175 last quarter. On an annualized basis this equates to a dividend rate of $1.69 per share versus $1.67 per share in 1999. The dividend will be payable on April 15, 2000 to shareholders of record on March 31, 2000. Since the Company became public in January 1998, approximately $84 million has been paid out in dividends to shareholders.
In announcing the dividend, Francis J. Carey, Chairman and Chief Executive Officer of Carey Diversified, said, "I am pleased to report that after meeting our objectives in 1999 and in the first quarter of 2000, we are raising the dividend to an annualized rate of $1.69 per share. This is the second consecutive year that we have been able to raise the dividend. We are positive about the real estate market in general, and continue to look for sound investment opportunities that will allow us to deliver prudent growth for Carey Diversified's shareholders. The company continues to perform well and we are on target with our goals."
Gordon F. DuGan, the Company’s President, noted, "Carey Diversified’s funds from operations (FFO) has grown steadily through 1999. As a result, we have decided to conservatively raise our dividend, but at a lesser rate than growth in FFO. By raising the dividend less than the increase in FFO, we effectively provide an extra margin of safety for our shareholders."
Carey Diversified LLC, a member of the $2.5 billion W. P. Carey Group, is the largest limited liability company traded on the New York Stock Exchange. The company's portfolio consists of 210 properties totaling more than 20 million square feet. Carey Diversified leases properties to manufacturing, technology, retailing and communications companies including: Federal Express Corp., America West Airlines, Detroit Diesel, Dr Pepper Bottling Company of Texas, Wal-Mart, AT&T, The Gap and more than 70 others. Additional information about Carey Diversified LLC is available on the company's website: www.careydiv.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.
