Peter Farrell Elected to W. P. Carey Board of Directors
W. P. Carey Inc. (NYSE: WPC), a publicly traded real estate investment trust and sponsor of non-traded REITS, announced that Peter Farrell was elected to serve as a director of the company.
Farrell is a partner and co-founder of CityInterests LLC and PADC Realty Investors LLC, both Washington, DC real estate development and investment companies. Prior to founding PADC, he was president and chief operating officer of Medical Office Properties Inc., a REIT focused on healthcare related real estate assets.
Before joining Medical Office Properties, Farrell served in various positions at Legg Mason Wood Walker. During his tenure, he served as vice president of the firm and managing director of Legg Mason Realty Advisors, where he was an investment banker overseeing both private and public real estate companies’ efforts to raise private equity in foreign and domestic markets and also advised on debt placements.
Farrell is a graduate of Georgetown University and serves on boards of several educational institutions and philanthropic organizations.
“Peter brings to the board a range of experience in real estate investment, finance, leasing and development as well as public, private and international fund raising,” said Mark DeCesaris, W. P. Carey’s chief executive officer. “His broad industry exposure and diverse skill set, along with his operating and board experience in the REIT industry, will add a valuable perspective to our board and provide a significant source of industry knowledge and expertise to our Audit and Finance and Strategic Planning Committees. We look forward to having Peter as a director of W. P. Carey Inc.”
W. P. Carey Inc. is an internally-managed net lease REIT that provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide. As of March 31, 2016, the company had an enterprise value of approximately $10.8 billion. In addition to its owned portfolio of diversified global real estate, W. P. Carey manages a series of non-traded publicly registered investment programs with assets under management of approximately $11.6 billion.
