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
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