W.P. Carey reports record year in 2002.

Investment firm W. P. Carey & Co. LLC and its affiliated publicly held non-traded real estate investment trusts (REITs) announced a record year of acquisitions in 2002. The company completed more than $1 billion in transactions with 25 companies as compared to $395 million in transactions with 20 companies in 2001.

Gordon F. DuGan, co-CEO and president of W. P. Carey, said, "In 2002, perhaps more than ever before, companies came to realize the benefits of sale-leaseback financing-an alternative source of financing that effectively turns a company's bricks and mortar into working capital while providing long-term financing for a long-term asset It remains a popular alternative for companies looking to diversify their sources of capital. As corporate America continues to realize its advantages, we anticipate our Acquisitions Group to remain busy in 2003 as we continue to help corporate America grow and expand businesses."

W. Sean Sovak, U.S. chief acquisitions officer said, "By all measures, 2002 was our most successful year and we expect 2003 to remain busy as companies seek alternative forms of capital to re-invest in their businesses."

Among those companies the W. P. Carey Group completed transactions with in 2002 were: Advantis Technologies, Inc., BE Aerospace, Career Education Corporation, Carrefour, Clear Channel Communications Inc., Danka Business Systems PLC, Fleming Companies, Inc., Foster Wheeler Corporation, Heafner Tire Group, Inc., Hologic, Inc., IntegraColor, Ltd., Katun Corporation, Medica France, Overland Storage, Inc., PW Eagle, Racal Instruments, Inc., Rave Reviews Cinemas, LLC, SSG Precision Optronics, Inc., Tower Automotive, Inc., Trends Clothing Corporation, TruServ and Universal Technical Institute.