Global net-lease REIT and non-traded REIT sponsor, W.P. Carey announced yesterday that Director Emeritus Francis J. Carey passed away over the weekend. Mr. Carey, who served W. P. Carey as board member and senior officer since its founding in 1973, was 88 years old and died of natural causes.
Trevor P. Bond, President and Chief Executive Officer of W.P. Carey, commented, “Frank Carey was instrumental in building W. P. Carey into the leading global net-lease company it is today. I valued him for his solid judgment, his kindness, his sharp wit and his unceasing loyalty to the firm. While Frank’s day-to-day involvement ended years ago, his guidance and integrity continue to live on in W. P. Carey’s values. He helped shape this organization into a company that cares about its investors, employees and the world around us. The W. P. Carey team is committed to honor the legacies of Bill and Frank Carey by continuing to apply the same standards of excellence and commitment to our stakeholders for years to come.”
From 2000 to 2005, Mr. Carey served as Vice Chairman of the Board of Directors of W. P. Carey and became Director Emeritus in 2014. Prior to that, he had served as Chairman and Chief Executive Officer of Carey Diversified, LLC.
From W.P. Carey’s beginnings in 1973 through 1997, Mr. Carey served as a Director and served as President from 1987 to 1997. Before 1987, he was senior partner in Reed Smith LLP’s Philadelphia office. In addition, he was a member of the company’s Executive Committee and was National Head of the company’s Real Estate Department.
Mr. Carey was also a member of the Executive Committee and Board of Managers of the Western Savings Bank of Philadelphia from 1972 to 1982 and was the former Chairman of the Real Property, Probate and Trust Section of the Pennsylvania Bar Association. Between 1983 and 1990, Mr. Carey was a member of the Board of Overseers of the School of Arts and Sciences at the University of Pennsylvania.
He was also a member of the Board of Trustees of the Investment Program Association from 1990 to 2000, as well as Chairman from 1998 to 2000. He was on the Business Advisory Council of the Business Council for the United Nations from 1994 to 2002.
At the time of his death Mr. Carey served on the Board of Trustees of the Maryland Historical Society and also served as President of the W. P. Carey Foundation.
He received his A.B. and J.D. degrees from the University of Pennsylvania and attended Stanford University Graduate School of Business and the Wharton School of the University of Pennsylvania.