William P. Carey, a successful real estate investor who marketed his investment vehicles through financial advisors, died on Monday at 81. Carey also became a leading philanthropist, giving $50 million each to Arizona State University and Johns Hopkins University, which named their business schools the W.P. Carey School of Business and the Carey School of Business, respectively.
Carey started W.P. Carey & Co. in 1973. The firm provides sale-leaseback investments and other types of real estate financing. According to various reports, the firm owns about 1,000 properties around the globe and manages more than $10 billion worth of real estate.
When many real estate syndicators ran into financial difficulties in the late 1980s following the 1986 tax reform act and the savings and loan crisis, W.P. Carey was one of a handful of real estate investment companies to avoid serious solvency problems. Consequently, the firm's reputation among advisors and the rest of the financial community emerged significantly enhanced in the 1990s.
Carey died of complications after suffering a heart attack. He is survived by his brother, Francis P. Carey, and many nieces and nephews.