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NEW YORK CITY—The industry has lost three iconic figures—all company founders—in a span of little more than three weeks, most recently with the passing of Wm. Polk Carey, chairman of locally based W.P. Carey & Co. LLC and the W.P. Carey Foundation. The sale-leaseback pioneer died Jan. 2 in West Palm Beach, FL at age 81.

Having founded the investment firm that bears his name in 1973, Carey launched the Corporate Property Associates program in 1979 with the idea of creating investment products that could perform well in both up markets and troughs. The firm's current series of non-traded REITs have combined assets valued at approximately $9.2 billion.

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