W. P. Carey

W. P. Carey Inc.
Public company
Traded as NYSE: WPC
Russell 1000 Component
Industry Real estate investment trust
Founded 1973 (1973)
Founder William P. Carey
Headquarters New York City
Key people
Benjamin H. Griswold IV, Chairman
Jason E. Fox, CEO
ToniAnn Sanzone, CFO
Revenue Decrease $0.848 billion (2016)
Increase $0.277 billion (2016)
Total assets Decrease $8.231 billion (2016)
Total equity Decrease $3.411 billion (2016)
Number of employees
207 (2017)
Website www.wpcarey.com
Footnotes / references
[1]

W. P. Carey Inc. is a real estate investment trust that invests in properties leased to single tenants via NNN leases.[1] The company is organized in Maryland, with its primary office in New York City.[1]

As of December 31, 2017, the company owned 887 properties in 17 countries leased to 210 tenants. Approximately 68% of the company's revenue is derived in North America.[1]

History

The company was founded in 1973 by William P. Carey.[2]

In the early 1980s, the company was innovative in the use of leaseback transactions to acquire properties.[2]

In 1982, the company acquired three Gibson manufacturing and warehouse buildings from Wesray Capital Corporation.[2]

In March 2009, the company bought 21 floors of the 52-story New York Times Building on Eighth Avenue in Manhattan for $225 million in a leaseback transaction in which The New York Times agreed to lease space in the building for up to 15 years, while retaining the right to buy the building back in 2019 for $250 million.[2][3]

In 2012, William P. Carey, the founder of the company, died.[2] The company also merged with its non-traded real estate investment trust affiliate, Corporate Property Associates 15, and reorganized into a real estate investment trust.[4][5]

In 2014, the company merged with Corporate Property Associates 16, one of its non-traded REIT affiliates.[6] The company also acquired a portfolio of properties in Australia for $138 million in a leaseback transaction.[7]

In 2016, the company acquired three properties leased to Nord Anglia Education for $167 million[8] and a portfolio of properties in North America leased to ABC Group for $145 million in a leaseback transaction.[9]

In 2017, the company stopped sponsoring non-public REITs and liquidated or began the phase-out of the funds that it managed.[10][11]

References

  1. 1 2 3 4 "W. P. Carey Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 4 5 HEVESI, DENNIS (January 8, 2012). "William P. Carey, Leader in Commercial Real Estate, Dies at 81". The New York Times.
  3. PÉREZ-PEÑA, RICHARD (March 9, 2009). "Times Co. Building Deal Raises Cash". The New York Times.
  4. Fung, Amanda (September 14, 2012). "W.P. Carey will be reborn as a REIT". Crain Communications.
  5. Slatin, Peter (February 21, 2012). "Carey Goes REIT". Forbes.
  6. "W. P. Carey Completes Merger with Corporate Property Associates 16 - Global and Announces New Credit Facility" (Press release). PR Newswire. February 3, 2014.
  7. "W. P. Carey Inc. Announces $138 Million Acquisition of Inghams' Portfolio of Australian Properties" (Press release). PR Newswire. November 12, 2014.
  8. "W. P. Carey Inc. Announces $167 Million of Sale-Leaseback Transactions with Nord Anglia" (Press release). PR Newswire. April 4, 2016.
  9. "W. P. Carey Inc. Announces $145 Million Agreement for Sale-Leaseback of 15-Property Vertically Integrated Industrial Portfolio" (Press release). PR Newswire. November 9, 2016.
  10. Heschmeyer, Mark (June 22, 2017). "WP Carey Exiting Non-Traded REIT Business, Closing Fundraising Platform". CoStar Group.
  11. "W. P. Carey Inc. to Focus Exclusively on Net Lease Investing for its Balance Sheet" (Press release). PR Newswire. June 15, 2017.
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