UPDATE: Catherine D. Rice Joins W. P. Carey
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 real 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.
COMPANY CONTACT: Cheryl Sanclemente W. P. Carey Inc. 212-492-8995 email@example.com
PRESS CONTACT: Guy Lawrence Ross & Lawrence 212-308-3333 firstname.lastname@example.org