Includes Fourth Quarter Investment Volume of
$320 Million at a Weighted-Average
Cap Rate of 7.7%
Additional $180
Million of Investments Scheduled to Close in January 2024
NEW
YORK, Jan. 10, 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
investment volume for the 2023 full year of approximately
$1.3 billion, including investments
totaling approximately $320 million
completed during the fourth quarter.
Fourth quarter investment activity included the $157 million cross-border sale-leaseback of 11
facilities across Italy,
Spain and Germany net leased under master leases by
country to Fedrigoni Group, a global manufacturer of high added
value specialty papers for luxury packaging and other creative
applications, premium labels and self-adhesive materials. As part
of the same transaction, W. P. Carey is scheduled to close the
acquisition of five additional properties in Italy for approximately $148 million in January
2024, subject to certain conditions.
During 2023, the company remained focused on acquiring
high-quality, single-tenant warehouse and industrial assets, which
comprised approximately 75% of its full-year investment volume.
From a geographic perspective, approximately 80% of its 2023 volume
was in North America and 20% was
in Europe.
Jason Fox, Chief Executive
Officer, W. P. Carey
said: "Throughout 2023, pricing expectations among sellers
persistently lagged rising interest rates, causing deals to take
longer to negotiate and close, especially during the second half of
the year. Given this dynamic, we remained disciplined and actively
exerted our pricing power to preserve spread, closing $320 million of investments at an approximately
7.7% weighted-average cap rate during the fourth quarter. This
brought our 2023 investment volume to $1.3
billion, with two additional investments totaling around
$180 million scheduled to close in
January."
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 1,413 net lease properties
covering approximately 171 million square feet and a portfolio of
86 self-storage operating properties, pro forma for the spin-off of
Net Lease Office Properties, as of September
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
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 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 made by Mr. Jason Fox
regarding transactions that are scheduled to close in 2024. These
statements are based on the current expectations of our management,
and it is important to note that our 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 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,
2022 and in Part II, Item 1A, Risk Factors in W. P. Carey's
Quarterly Report on Form 10-Q for the quarter ended September 30, 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 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.
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.