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Share Name | Share Symbol | Market | Type |
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WP Carey Inc | NYSE:WPC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 59.17 | 0 | 09:00:00 |
NEW YORK, Jan. 11, 2021 /PRNewswire/ -- W. P. Carey Inc. (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 the completion of four industrial investments in December 2020 totaling approximately $121 million and covering more than 1.5 million square feet.
Jason Fox, Chief Executive Officer, W. P. Carey, said: "In line with our expectations, we ended the year with a flurry of deal closings in the final weeks of the fourth quarter. This brought total investment volume for 2020 to approximately $826 million, despite the significant slowdown in transaction activity that followed the first wave of COVID. Corporate tenants continue to recognize the benefits of sale-leasebacks as a means of unlocking the value of their critical operating properties and I'm pleased to say we've entered 2021 with continued momentum—carrying over certain live deals from December and building an active pipeline of new transactions."
The four announced investments are triple-net leased to industry-leading tenants, with a weighted-average lease term of approximately 23 years and comprise the following:
Gino Sabatini, Head of Investments, W. P. Carey, added: "Due to our history of timely execution and ability to offer certainty of close, the fourth quarter is typically an active period as companies look to raise capital ahead of year end. As such, we are thrilled to have worked with new and existing tenants to monetize their real estate and help them redeploy the capital into their core businesses and growth strategies. We look forward to growing our partnerships with these tenants and working with them throughout the duration of their leases."
W. P. Carey Inc.
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 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. 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.
www.wpcarey.com
This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comment of Mr. Fox is an example 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. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; 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 W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.
Institutional Investors:
Peter Sands
W. P. Carey Inc.
212-492-1110
institutionalir@wpcarey.com
Individual Investors:
W. P. Carey Inc.
212-492-8920
ir@wpcarey.com
Press Contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/w-p-carey-announces-four-industrial-investments-totaling-121-million-301204807.html
SOURCE W. P. Carey Inc.
Copyright 2021 PR Newswire
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