NLOP Common Shares to Begin "Regular Way"
Trading on the NYSE on November 2,
2023
NEW
YORK, Nov. 1, 2023 /PRNewswire/ -- W. P. Carey
Inc. (W. P. Carey, NYSE: WPC) today announced that it has completed
the previously announced spin-off of 59 office properties (the
"Spin-Off") into Net Lease Office Properties ("NLOP"), a separate,
publicly-traded real estate investment trust that will be listed on
the New York Stock Exchange ("NYSE") under the symbol "NLOP."
Under the terms of the Spin-Off, W. P. Carey stockholders
received one NLOP common share for every 15 shares of W. P. Carey
common stock held as of the record date of October 19, 2023. W. P. Carey stockholders will
receive cash in lieu of any fractional shares they would otherwise
have been entitled to receive in the distribution.
Since October 27, 2023, NLOP
common shares have traded on a "when-issued" basis on the NYSE
under the symbol "NLOP WI." The "when-issued" trading of NLOP ended
at the close of market on November 1,
2023. On November 2, 2023, the
"regular way" trading of NLOP common shares will begin on the NYSE
under the symbol "NLOP." Shares of W. P. Carey will continue to
trade under the symbol "WPC."
J.P. Morgan served as exclusive financial advisor, Latham &
Watkins LLP acted as legal advisor, and Hogan Lovells US LLP acted
as legal advisor with respect to tax and Maryland law matters to W. P. Carey in
connection with the Spin-Off.
W. P. Carey Inc.
Celebrating its 50th anniversary, 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 1,416 net lease properties covering approximately 171
million square feet and a portfolio of 85 self-storage operating
properties, pro forma for the spin-off of NLOP, as of June 30, 2023. 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
Net Lease Office Properties
Net Lease Office Properties (NYSE: NLOP) is a publicly traded
real estate investment trust with a portfolio of 59 high-quality
office properties, totaling approximately 9.2 million leasable
square feet primarily leased to corporate tenants on a
single-tenant net lease basis. The vast majority of the office
properties owned by NLOP are located in the U.S., with the balance
in Europe. The portfolio consists
of 62 corporate tenants operating in a variety of industries,
generating annualized based rent of more than $141 million as of June
30, 2023. NLOP's business plan is focused on realizing value
for its shareholders primarily through strategic asset management
and disposition of its property portfolio over time.
www.nloproperties.com
Cautionary Statement Concerning Forward-Looking
Statements
Certain of the matters discussed in this communication
constitute forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934,
both as amended by the Private Securities Litigation Reform Act of
1995. The forward-looking statements include, among other things,
statements regarding the intent, belief or expectations of W. P.
Carey and NLOP and can be identified by the use of words such as
"may," "will," "should," "would," "will be," "goals," "believe,"
"project," "expect," "anticipate," "intend," "estimate"
"opportunities," "possibility," "strategy," "maintain" or the
negative version of these words and other comparable terms. These
forward-looking statements include, but are not limited to,
statements regarding the trading of NLOP common shares on the NYSE
and NLOP's business plan. These statements are based on the current
expectations of W. P. Carey's and NLOP's management, and it is
important to note that W. P. Carey's and NLOP's actual results
could be materially different from those projected in such
forward-looking statements. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Other unknown or unpredictable
risks or uncertainties, like the risks related to inflation and
increased interest rates, the effects of pandemics and global
outbreaks of contagious diseases (such as the COVID-19 pandemic)
and domestic or geopolitical crises, such as terrorism, military
conflict (including the ongoing conflict between Russia and Ukraine and the global response to it), 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 W. P. Carey and
NLOP have filed with the SEC, could also have material adverse
effects on W. P. Carey and NLOP's future results, performance or
achievements. Discussions of some of these other important factors
and assumptions are contained in W. P. Carey's and NLOP'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, 2022 and the
risk factors listed under the caption "Risk Factors" in NLOP's
Registration Statement on Form 10 filed with the SEC on
October 4, 2023, the final version of
which was included as Exhibit 99.1 to NLOP's Current Report on Form
8-K/A filed with the SEC on October
11 ,2023. Investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this communication, unless noted otherwise. Except
as required under the federal securities laws and the rules and
regulations of the SEC, W. P. Carey and NLOP do 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.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/w-p-carey-announces-completion-of-spin-off-of-net-lease-office-properties-301974896.html
SOURCE W. P. Carey Inc.