Corporate Property Associates 14 Increases Quarterly Dividend
NEW YORK, NY – March 28, 2000 – 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, 2000 rose to $16.38 per 100 shares. Each of the quarterly dividends following the initial dividend paid by CPA®:14 has increased.
Chairman Wm. Polk Carey commented, "A proven alternative investment to balance the volatility in today’s technology and large cap equities, the CPA®:14 portfolio, as with our other W. P. Carey Group investment programs, has generated consistent dividends and solid performance. Our core strategy of acquiring single tenant industrial, retail and office facilities leased to growing dynamic companies under long term, triple-net leases has proven to be successful over the last two decades. Our acquisitions on behalf of CPA®:14 demonstrate our ability to identify attractive investment opportunities as well as negotiate and structure transactions designed to generate long term secure, value for our investors."
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 37 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, an affiliate of W. P. Carey & Co. LLC, was created in 1997. More information on CPA®:14 can be found on the company’s website: 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.
