UPDATE: Catherine D. Rice Joins W. P. Carey
To Be Appointed Chief Financial Officer Effective March 2013
NEW YORK, NY -- (Marketwire) -- 11/13/12 -- W. P. Carey Inc. (NYSE:
WPC) announced today that Catherine (Katy) D. Rice will join the
Company as Managing Director on January 7, 2013 and will be appointed
Chief Financial Officer in March 2013. The Company announced Mark
DeCesaris' intention to resign as CFO and his election as a member of
the Board of Directors in July 2012.
Trevor Bond, President and Chief Executive Officer of W. P. Carey,
commented, "Katy brings a wealth of experience in the real estate
industry to W. P. Carey. Not only has she served as the CFO of a
public REIT, but she also has experience as both an independent real
estate investor and as an investment banker. The depth and breadth of
her background and industry knowledge make her an ideal CFO for us
given our recent conversion to a REIT as well as the corporate
finance orientation of our investment activities in the net lease
sector. We are pleased that we have the benefit of having Mark
available to work closely with Katy to ensure a smooth transition."
Commenting on her appointment, Ms. Rice added, "W. P. Carey is
extremely well-positioned from both a financial and strategic
standpoint to build on the success of its long-established global
sale-leaseback investment strategy. I look forward to joining the
Company at this important juncture in its nearly 40 year history.
Having served as the CFO of a large publicly traded REIT and on the
investment and capital markets side of the business, I believe I can
make a meaningful contribution to W. P. Carey's continued growth and
its success as a REIT."
With more than 25 years of real estate industry experience, most
recently Ms. Rice served as Managing Principal at Parmenter Realty
Partners, a privately held real estate management, investment and
development company. From 2002 to 2009, she served as Chief Financial
Officer of iStar Financial Inc, a public REIT focused on real estate
finance. Prior to joining iStar, she held senior positions in the
real estate investment banking groups at Banc of America Securities,
Lehman Brothers and Merrill Lynch, where she managed senior client
relationships and was responsible for a range of REIT and
estate-related financings and transactions including initial public
offerings, public and private debt and equity offerings,
consolidations, mortgage financings, mergers and acquisitions,
leveraged buyouts, asset dispositions and debt restructurings. She
has experience in the office, industrial, hotel, entertainment,
residential and retail property sectors.
W. P. Carey Inc.
W. P. Carey Inc. is a publicly traded REIT (NYSE:
WPC) that provides long-term sale-leaseback and build-to-suit
financing for companies worldwide and manages an investment portfolio
of approximately $13.3 billion. W. P. Carey Inc. is the successor to
W. P. Carey & Co. LLC, which had its origins in 1973. The largest
owner/manager of net lease assets, our 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. Our portfolio of long-term leases with creditworthy
tenants has an established history of generating stable cash flows
that have enabled us to deliver consistent and rising dividend income
to investors for nearly four decades. www.wpcarey.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.
W. P. Carey Inc.
Ross & Lawrence
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