SOURCE: W. P. Carey & Co. LLC

September 06, 2005 09:15 ET

W. P. Carey & Co. Announces Investment Department Appointments

John D. Miller Appointed Chief Investment Officer; Benjamin P. Harris to Serve as Director of the Investment Department

NEW YORK, NY -- (MARKET WIRE) -- September 6, 2005 -- Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced the appointment of John D. Miller as Chief Investment Officer. Mr. Miller served as Co-Chief Investment Officer with George E. Stoddard who is stepping down from this position. Mr. Stoddard, who joined the Company in 1981, will continue to serve as a Director of W. P. Carey. In this capacity Mr. Miller will be responsible for evaluating all potential investment transactions prior to their review by the Company's independent Investment Committee.

The Company also announced the appointment of Benjamin P. Harris as Director of the Investment Department. In this role he will oversee the daily operations of the Department and its investment officers. Edward V. LaPuma will continue to serve as Director of the Investment Department -- International and as President of W. P. Carey International.

W. P. Carey Chairman Wm. Polk Carey said, "This is truly an exciting time for W. P. Carey as we continue our transition plan to place younger talented executives in key management positions. John's diverse background in the private equity and capital markets industries will be a benefit as we seek the best investments for our investors. His expertise in structuring deals, knowledge of business cycles and management and operational oversight continues to be a tremendous asset to our investment team. I'm also pleased to announce the appointment of Ben as Director of the Investment Department. His leadership, along with the support of Ed, as Director of our International Investment Department, will ensure our continued success as we seek to grow our business of providing customized financing solutions to companies worldwide.

"I want personally to recognize the tremendously successful track record of George, who has served as one of the pillars of our Investment Department over the past 24 years. His expertise and insight have been instrumental in the hundreds of successful investments we have made over the years. On behalf of our investors, as well as the entire W. P. Carey family, I want to thank George for his dedication and support over the years."

John D. Miller

Mr. Miller is a founder and former President of StarVest Partners, a private equity/venture capital firm, in which he retains a Non-Managing Member interest. He is the former President of Rothschild Ventures Inc., the private investments unit of Rothschild North America, a subsidiary of the worldwide Rothschild Group. He was also Co-Chairman of the Rothschild Recovery Fund L.P. Before joining Rothschild in 1995, he was with two private equity firms, Credit Suisse First Boston's Clipper Group; and Starplough Inc., an affiliate of Rosecliff, Inc. Prior to that, he was with The Equitable for 24 years in various investment units. In the early 1990s he was named President and CEO of Equitable Capital Management Corporation, a full-line investment advisory subsidiary with assets in excess of $36 billion. From 1983 he was head of the Corporate Finance Department, where he conceived and implemented the Enhanced Return Program, which became a $4 billion portfolio of direct LBO mezzanine investments and limited partnership interests in dozens of LBO and Venture funds. Mr. Miller received his undergraduate degree from the University of Utah and his MBA from the University of Santa Clara. He serves on the Board of CKX, Inc. and is Board observer of MessageOne, Inc., a StarVest portfolio company.

Benjamin P. Harris

Mr. Harris joined W. P. Carey & Co. as an Analyst in June 1998. He has worked in the investments department for over six years, sourcing, underwriting and closing sale-leaseback and net lease transactions. He graduated from the University of Kings College in Canada with a BSc in Economics and Finance and is a Chartered Financial Analyst. He is also a member of the Alternative Investments Committee of the New York Society of Securities Analysts.

W. P. Carey & Co. LLC

Founded in 1973, W. P. Carey & Co. LLC is a global investment firm concerned with assisting corporations with long-term financing. The Company also provides asset management services to the Corporate Property Associates (CPA®) series of real estate investment trusts (REITs). The W. P. Carey Group, with $3.5 billion in equity capital, is one of the leading providers of net lease financing for corporate properties worldwide. The Group owns more than 700 commercial and industrial properties worldwide, representing more than 90 million square feet, valued at approximately $7.3 billion.

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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.

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