W. P. Carey Inc. Announces the Passing of Director Emeritus Francis J. Carey

NEW YORK, Nov. 3, 2014 /PRNewswire/ -- W. P. Carey Inc. sadly announces that Director Emeritus Francis J. Carey passed away over the weekend. Mr. Carey, who was 88 years old, died of natural causes at his home in Ambler, Pennsylvania. Mr. Carey served W. P. Carey in the roles of Board member and senior officer since its founding in 1973.

W. P. Carey President and Chief Executive Officer Trevor P. Bond stated, "Frank Carey was instrumental in building W. P. Carey into the leading global net-lease company it is today.  I valued him for his solid judgment, his kindness, his sharp wit and his unceasing loyalty to the firm. While Frank's day-to-day involvement ended years ago, his guidance and integrity continue to live on in W. P. Carey's values. He helped shape this organization into a company that cares about its investors, employees and the world around us. The W. P. Carey team is committed to honor the legacies of Bill and Frank Carey by continuing to apply the same standards of excellence and commitment to our stakeholders for years to come." 

Frank Carey served as Vice Chairman of the Board of Directors of W. P. Carey from 2000 until 2005 and became Director Emeritus in 2014.  He had previously served as Chairman and Chief Executive Officer of Carey Diversified, LLC. From its inception in 1973 through 1997, Mr. Carey served as a Director of W. P. Carey, and as its President from 1987 through 1997. Prior to 1987, he was senior partner in the Philadelphia office of Reed Smith LLP, where he served as a member of the firm's Executive Committee and as National Head of the firm's Real Estate Department.

From 1972 to 1982, he was a member of the Executive Committee and Board of Managers of the Western Savings Bank of Philadelphia. He was also the former Chairman of the Real Property, Probate and Trust Section of the Pennsylvania Bar Association. From 1983 to 1990, Mr. Carey served as a member of the Board of Overseers of the School of Arts and Sciences at the University of Pennsylvania. He also served as a member of the Board of Trustees of the Investment Program Association from 1990 to 2000, and was Chairman from 1998 to 2000. From 1994 to 2002, he served on the Business Advisory Council of the Business Council for the United Nations. 

At the time of his death he served on the Board of Trustees of the Maryland Historical Society. He also served as President of the W. P. Carey Foundation. He earned A.B. and J.D. degrees from the University of Pennsylvania and completed executive programs in corporate finance and accounting at Stanford University Graduate School of Business and at the Wharton School of the University of Pennsylvania.

W. P. Carey Inc.
W. P. Carey Inc. WPC is a leading global net-lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide.  At June 30, 2014, the Company had an enterprise value of approximately $9.9 billion.  In addition to its owned portfolio of diversified global real estate, W. P. Carey manages a series of non-traded REITs with assets under management of approximately $8.2 billion.  Its corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types.  Furthermore, its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows, enabling it to deliver consistent and rising dividend income to investors for over four decades. 
www.wpcarey.com

Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com

Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com

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SOURCE W. P. Carey Inc.