{"id":1004036808,"date":"2012-02-23T07:33:28","date_gmt":"2012-02-23T15:33:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036808"},"modified":"2022-12-08T22:19:42","modified_gmt":"2022-12-09T06:19:42","slug":"w-p-carey-to-become-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/w-p-carey-to-become-reit\/","title":{"rendered":"W.P. Carey to Become REIT"},"content":{"rendered":"

February 23, 2012<\/strong>
\nBy Barbra Murray, Contributing Editor<\/em>
\n\"\"<\/a><\/p>\n

Change is afoot at W. P. Carey & Co. L.L.C. The multibillion-dollar investment firm — a leader in the sale-leaseback sector — has received the green light from its board of directors to convert to a REIT, but that’s just for starters. Upon completion of the transition to REIT status, W. P. Carey will acquire Corporate Property Associates\u2019 15 Inc., its publicly held, non-traded REIT affiliate, in a cash and stock transaction valuing CPA:15 at $2.6 billion. The resulting new REIT, which will be known as W. P. Carey Inc., will have a total market capitalization of $5 billion and a global corporate real estate portfolio spanning 43 million square feet.<\/p>\n

The list of advantages that will come with W. P. Carey operating as a REIT is short but substantive. The change will allow for improved access to capital markets; provide better currency to support future growth; and give shareholders the added bonus of streamlined tax reporting. Over the long-term, the company believes, the conversion may allow for the inclusion in REIT indices, added Wall Street research coverage and additional liquidity.<\/p>\n

And W. P. Carey’s merger with CPA:15, established in 2001, certainly has its advantages, as well. As one entity, the new REIT will have greater scale and liquidity; a stronger platform for future growth; and increased income contribution from owned properties. CPA:15 brings to the table a 29 million-square-foot diversified portfolio of 321 high-quality with an average occupancy rate of 96 percent. Rental revenues will account for roughly 81 percent of W. P. Carey’s total revenue. The combined REIT will have a stable of 450 properties, including a segment of Manhattan’s New York Times Building, which W. P. Carey acquired in 2009 in a $225 million sale-leaseback transaction with the newspaper publisher.<\/p>\n

W. P. Carey is relying on BofA Merrill Lynch to serve as financial advisor on the merger, while CPA:15 is being guided by Deutsche Bank However, the transaction is not yet set in stone; both companies’ shareholders and stockholders must green light the deal. If all goes as planned, the transaction will close in the third quarter of this year.<\/p>\n

News of W. P. Carey’s merger and REIT conversion plans come less than two months after the death of company founder William Polk Carey<\/a>.<\/p>\n

*This story was updated on Feb. 24, 2012, at 8:05 a.m. EST.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Change is afoot at W.P. Carey & Co. The multibillion-dollar investment firm — a leader in the sale-leaseback sector — has received the green light from its board of directors to convert to a REIT.<\/p>\n","protected":false},"author":1201,"featured_media":1004038941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,21825,37775,21742,37776,37777,37778],"tags":[],"class_list":["post-1004036808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-finance","category-rc-forward-affo-payout-ratios","category-latest","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"\nW.P. 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