W. P. Carey Inc. Begins Trading as a REIT on the NYSE
Oct 1, 2012
NEW YORK, NY -- (Marketwire) -- 10/01/12 -- W. P. Carey Inc. (NYSE: WPC) reported today that its conversion to a real estate investment trust ("REIT") and merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 15 Incorporated ("CPA®:15"), closed on September 28, 2012 and that it commenced trading on the New York Stock Exchange as a REIT effective today.
As a result of its conversion to REIT status W. P. Carey is immediately eligible for inclusion in the FTSE NAREIT All REITs index.
As previously announced, W. P. Carey's Board of Directors has established its third quarter 2012 cash distribution at $0.65 per share, which equates to an annualized rate of $2.60 per share and represents a 15% increase over the previous quarter. The cash dividend is payable on October 16, 2012 to shareholders of record of W. P. Carey as of October 2, 2012. This marks W. P. Carey's 46th consecutive distribution increase, including its predecessor companies.
Trevor P. Bond, President and CEO of W. P. Carey, commented, "Now that we've completed our merger with CPA®:15 and are officially trading as a REIT, W. P. Carey Inc. has begun an exciting new chapter in its nearly forty year history of providing stable dividends and value to its shareholders. The increase in scale and liquidity will enhance our appeal to a broader range of institutional and individual investors and therefore afford us better access to public equity markets. At the same time, W. P. Carey Inc. will continue to be a leading sponsor in the public non-listed REIT market in which we already have a successful track record that spans several decades and multiple market cycles. Having access to both forms of capital will support the patient long term investment approach that has enabled us to deliver superior risk adjusted returns to investors for many years."
W. P. Carey Inc.
W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages an investment portfolio of approximately $12.7 billion. W. P. Carey Inc. is the successor to W. P. Carey & Co. LLC, which had its origins in 1973. The largest owner/manager of net lease assets, our corporate finance focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Our portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled us to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey Inc. (the "Company") and can be identified by the use of words such as "may,"" "will," "should," "would," "assume," "outlook," "seek," "plan," "believe," "expect," "anticipate," "intend," "estimate," "forecast," and other comparable terms. These statements are based on the current expectations of the management of the Company. The statements of Mr. Trevor P. Bond are examples of forward-looking statements. A number of factors could cause the Company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks associated with the REIT conversion and the merger; general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the Company, reference is made to W. P. Carey & Co LLC's and the Company's filings with the Securities and Exchange Commission (the "SEC"). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Except as required under the federal securities laws and the rules and regulations of the SEC, the Company does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
W. P. Carey Inc.
Ross & Lawrence
Source: W. P. Carey & Co. LLC