ELLICOTT CITY, Md., May 9, 2013 (GLOBE NEWSWIRE) -- The Investment Program Association (IPA), a trade association for non-listed direct investment vehicles, announced today that Wm. Polk Carey, founder of W. P. Carey Inc. and notable philanthropist, strategist, and entrepreneur, was posthumously honored with the IPA's Lifetime Achievement Award for his accomplishments spanning six decades. Mr. Carey, who passed away last year, was a pioneer in the development of sale-leaseback financing and a generous businessman who greatly contributed to his native city of Baltimore and a host of other causes.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=18599
"We're extremely honored to recognize Bill Carey with the IPA's inaugural Lifetime Achievement Award for his outstanding contributions to our industry, service to our country, and admirable philanthropic efforts that have created invaluable educational and financial opportunities for future generations," said Kevin M. Hogan, President and CEO of the IPA.
Founder and Chairman of W. P. Carey, Wm. Polk Carey, was recognized with an emotional presentation by his colleagues during the IPA's Spring Conference in Washington, D.C. From its founding in 1973, Mr. Carey guided the development of his firm into a position of market leadership. In 1998, the firm listed on the New York Stock Exchange (NYSE:WPC) and today has a global investment portfolio of approximately $15.2 billion. Under his leadership, Mr. Carey focused the business on providing quality companies with capital to run their businesses and providing investors with high-quality income oriented products that had the potential to appreciate over the long run and through the gamut of economic conditions.
In 1979, he created the firm's first investment program named Corporate Property Associates, which raised $20 million from individual investors. He also established an Independent Investment Committee, which he credited as the core of the company's successful risk management process. He went on to govern the National Association of Real Estate Investment Trusts (NAREIT), served as the Executive in Residence at the Harvard Business School, and Trustee of Johns Hopkins University and The Rensselaerville Institute.
Inspired by his family's legacy of educational leadership, Mr. Carey was also the founder and Chairman of the W. P. Carey Foundation, which was established in 1988. Among its numerous educational beneficiaries, the W. P. Carey Foundation made a $50 million bequest to found the Johns Hopkins University's Carey School of Business, a $50 million gift to Arizona State University's W. P. Carey School of Business and established a $30 million endowment for the Francis King Carey School of Law at the University of Maryland as well as many other colleges, universities and elementary and secondary schools around the U.S.
About The Investment Program Association
The Investment Program Association (IPA) was formed in 1985 to provide effective national leadership for the Direct Investment industry, including Non-Listed REITs (NLREITs), Business Development Companies (BDCs), Oil and Gas, and Equipment Leasing Programs. For the last 28 years, the IPA has successfully championed the growth of such products, which have increased in popularity with financial professionals and investors alike. It is estimated that by year end 2012, direct investments accounted for more than $100 billion in assets under management in the accounts of more than 1.5 million investors. Some $93 billion in assets under management are estimated to have been invested in Non-Listed REITs. The mission of the IPA is advocating direct investments through education. Request your free copies of the Guide to Understanding Direct Investments and take the free IPA e-learning course today, or visit the IPA online for more information about becoming a member.
To stay up-to-date with IPA news, follow @IPADirectInvest on Twitter.
The photo is also available via AP PhotoExpress.
