Carey Diversified LLC Announces Share Repurchase Program.NEW YORK--(BUSINESS WIRE)--Dec. 17, 1999-- Carey Diversified LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (NYSE NYSE See: New York Stock Exchange :CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation ), a market leader in the ownership and net-leasing of corporate properties, announced today it has established a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program under which the Company may purchase up to 1,000,000 of its outstanding shares, over a period not to exceed one year, at the discretion of management. As of December 1, 1999, Carey Diversified had approximately 25,656,473 shares outstanding, calculated on a fully diluted basis. The shares will be purchased on the open market. Francis J. Carey, chairman and chief executive stated, "Our consistent performance and strong fundamentals coupled with our undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. share price represent an excellent opportunity for us to repurchase shares." Carey Diversified LLC, a member of the $2.5 billion W. P. Carey Group, is the largest limited liability company traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . The Company's portfolio consists of 210 properties totaling more than 20 million square feet. Carey Diversified leases properties to manufacturing, technology, retailing and communications companies, including Federal Express Corp., America West Airlines America West Airlines was one of the United States' ten major airlines. The airline was based in Tempe, Arizona, and is now a part of US Airways Group. At the time of its integration into US Airways, the airline maintained two hubs, one at Phoenix Sky Harbor International , Detroit Diesel, Gibson Greetings, Dr Pepper Bottling Company of Texas, Wal-Mart, AT&T, The Gap and more than 70 others. Additional information about Carey Diversified LLC is available on the Company's website at: http://www.careydiv.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 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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