Investments and Commitments Total Approximately
$700 Million Year-to-Date
Additional Pipeline of Over $300 Million in Active Deals
NEW
YORK, June 3, 2024 /PRNewswire/ -- W. P. Carey
Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT
specializing in corporate sale-leasebacks, build-to-suits and the
acquisition of single-tenant net lease properties, today announced
investments totaling approximately $258
million, comprising $142
million of recently completed investments and commitments to
acquire an additional $116 million.
In conjunction with previously announced investments, capital
projects completing in 2024 and its near-term pipeline, the company
currently has visibility into investments totaling over
$1 billion.
Recently completed investments include the $74 million acquisition from TPG Angelo Gordon of
a portfolio of 10 industrial facilities covering approximately 1.1
million square feet and located across the U.S. As part of the same
transaction, W. P. Carey agreed to acquire an additional nine
industrial properties totaling approximately 2 million square feet
for $116 million by August 2024, subject to certain customary closing
conditions.
Separately, W. P. Carey acquired three properties located in
Arizona, comprising a newly-built,
Class-A distribution center covering approximately 300,000 square
feet for $40 million and two fitness
facilities leased to an existing tenant for $28 million.
Jason Fox, Chief Executive
Officer, W. P. Carey
said: "We're pleased to announce the recent addition of
over $250 million in new and
committed investments, which in conjunction with those completed
earlier in the year and capital projects scheduled for completion
in 2024, deploys approximately $700
million of capital into new investments. Our investment
pipeline also continues to grow and currently includes over
$300 million of deals at advanced
stages, keeping us on-pace to fall within our full-year guidance
range for investment volume."
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a
well-diversified portfolio of high-quality, operationally critical
commercial real estate, which includes 1,282 net lease properties
covering approximately 168 million square feet and a portfolio of
89 self-storage operating properties as of March 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on
investing primarily in single-tenant, industrial, warehouse and
retail properties located in the U.S. and Northern and Western Europe, under long-term net leases
with built-in rent escalations.
www.wpcarey.com
This press release may contain forward-looking statements
within the meaning of U.S. Federal securities laws. The comments of
Mr. Fox are examples of forward-looking statements. A number of
factors could cause W. P. Carey's actual results, performance or
achievement to differ materially from those
anticipated. Other unknown or unpredictable risks or
uncertainties, like the risks related to fluctuating interest
rates, the impact of inflation on our tenants and us, the effects
of pandemics and global outbreaks of contagious diseases, and
domestic or geopolitical crises, such as terrorism, military
conflict, war or the perception that hostilities may be imminent,
political instability or civil unrest, or other conflict, and those
additional risk factors discussed in reports that we have filed
with the Securities and Exchange Commission (SEC),
could also have material adverse effects on our future results,
performance or achievements. Discussions of some of these other
important factors and assumptions are contained in W. P. Carey's
filings with the SEC and are available at the SEC's website
at http://www.sec.gov, including Part I, Item
1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K
for the fiscal year ended December
31, 2023.
Institutional Investors:
Peter
Sands
1 (212) 492-1110
institutionalir@wpcarey.com
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com
Press Contact:
Anna
McGrath
1 (212) 492-1166
amcgrath@wpcarey.com
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SOURCE W. P. Carey Inc.