W.P. Carey Names President of Affiliate CIP(R)

NEW YORK CITY-Edward V. LaPuma has been named president of Carey Institutional Properties, a privately held real estate investment trust that is an affiliate of W.P. Carey & Co. LLC. The firm, which invests in single-tenant commercial properties, posted net income of over $15.3 million and FFO of more than $24.7 million. At the end of the first quarter it paid a dividend of 8.34%.

LaPuma, who joined W.P. Carey in 1994 as assistant to the chairman, established its institutional department the following year, was promoted to first vice president in 1998 and last year was elected executive director. During the last two years, he has been involved in more than 20 deals that earned about $400 million. In addition to his duties at CIP(R), he will continue as a member of the parent company’s acquisition team.