X0201 5 2003-12-31 0 1 0 0000873394 CAREY INSTITUTIONAL PROPERTIES INC /MD/ NONE 0001054799 CAREY WILLIAM P C/O W. P. CAREY & CO. LLC 50 ROCKEFELLER PLAZA NEW YORK NY 10020 1 1 0 0 Chairman & Co-CEO Common Stock 3 7033.0000 D Common Stock 2002-03-01 5 A 0 52177.9200 13.8000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2002-04-01 5 A 0 97909.4000 13.8000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2002-05-01 5 A 0 50996.3800 13.8000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2002-08-01 5 A 0 60667.1700 13.8000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2002-10-01 5 A 0 65483.3300 13.8000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2003-03-01 5 A 0 65162.5100 13.5000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2003-04-01 5 A 0 66199.7100 13.5000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2003-07-01 5 A 0 65352.4900 13.5000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Common Stock 2003-10-01 5 A 0 65262.9900 13.5000 A 2051188.5686 I Acquired by Carey Asset Management Corp. Warrant 10.0000 1995-12-31 5 A 0 866667.0000 A 1997-01-01 2005-12-31 Common Stock 866667.0000 866667.0000 I Held by W. P. Carey & Co. Inc. Warrant 11.5000 1996-12-31 5 A 0 750000.0000 A 1997-01-01 2006-12-31 Common Stock 750000.0000 750000.0000 I Held by W. P. Carey & Co. Inc. Warrant 11.9000 1997-12-31 5 A 0 467427.0000 A 1998-01-01 2007-12-31 Common Stock 467427.0000 467427.0000 I Held by W. P. Carey & Co. Inc. Warrant 12.8000 1998-12-31 5 A 0 1872353.0000 A 1999-01-01 2008-12-31 Common Stock 1872353.0000 1872353.0000 I Held by W. P. Carey & Co. Inc. All of the Reporting Person's indirectly held shares are held by entities either wholly owned or controlled by the Reporting Person, as follows, and the Reporting Person disclaims beneficial ownership of such shares: W. P. Carey & Co. Inc - 41,865.0000 Carey Property Advisors - 1,050,231.6200 Carey Asset Management Corp. - 874,552.8200 W. P. Carey International, LLC - 1,453.5000 W. P. Carey Foundation - 83,085.6286 Not applicable. The Reporting Person disclaims any beneficial ownership of these securities. The Reporting Person has been a director and an executive officer of the Issuer since 1992 and has not previously filed a Form 3. /s/ Wm. Polk Carey 2004-02-17