UNLOCK THE POWER OF THE VAULT

W. P. Carey Prices Common Stock Offering

June 13, 2021

W. P. Carey Prices Common Stock Offering

June 13, 2021 | James Sprow | Blue Vault

W. P. Carey Inc. priced its underwritten public offering of 5,250,000 common shares for gross proceeds of nearly $395.3 million.

The company granted the underwriters a 30-day overallotment option to buy up to 787,500 additional shares.

Any net proceeds are intended to fund potential future investments, repay certain debt, including amounts outstanding under the company’s $1.8 billion unsecured revolving credit facility, and for general corporate purposes.

BofA Securities, J.P. Morgan, and Wells Fargo Securities were the joint book-running managers for the offering and served as forward purchasers.

About W.P. Carey

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,261 net lease properties covering approximately 146 million square feet as of March 31, 2021. The portfolio had a base rent of $1.2 Billion and an occupancy rate of 98.3%, with 351 tenants.  99% of the leases have rent escalations.  For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail, and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location, and tenant industry.

Nontraded REIT programs that are currently active that have been sponsored by W.P. Carey include Corporate Property Associates 18 – Global Incorporated, and Watermark Lodging Trust, Inc. (now internally managed). 

Sources:  S&P Global, Yahoo! Finance, Blue Vault

 

 

Go Back
Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.