Carey was a corporate finance pioneer for almost 60 years, establishing the sale-leaseback investment strategy for commercial real estate. He also provided “hundreds of companies the capital they required to thrive and prosper,” the firm said.

Moreover, he founded the W P Carey Foundation in 1988 to support educational institutions “with the larger goal of improving the US’ competitiveness in the world.”

Trustees of the foundation subsequently announced that the foundation will be the primary beneficiary of shares of common stock in W P Carey, as previously arranged by Carey himself.

“The board of trustees of the foundation intends to hold the WPC shares over the long term, in accordance with Carey's life-long philosophy of investing for the long run and in light of the stock’s outstanding, cycle-tested track record,” said Francis Carey, president of the foundation.

Carey died of natural causes at the Good Samaritan Medical Center in West Palm Beach, Florida, the firm said. He was a direct descendent of President James Polk.

“Carey was more than our founder and chairman, he was the cultural leader of our company. All of us at W P Carey are mourning his loss,” said Trevor Bond, chief executive.

The firm currently has nearly $12 billion in assets under management, with approximately 284 long-term corporate tenants across 28 industries and 18 countries.