Two W.P. Carey REITs Name New CEO

The boards of Corporate Property Associates 17 – Global Inc. and Corporate Property Associates 18 – Global Inc., two publicly registered non-traded REITs sponsored by W.P. Carey (NYSE: WPC), elected Jason Fox to serves as each company’s chief executive officer. Fox was also elected to serve as a director until the 2018 annual meeting of stockholders.

Fox has served as president of W. P. Carey since 2015 and is replacing W.P. Carey CEO Mark DeCesaris, who announced his retirement from the company and its affiliates last month.

In June 2017, the board approved a plan to exit all non-traded retail fundraising activities to focus exclusively on net lease investing for the company’s balance sheet. W.P. Carey’s managed programs include non-traded REITs, non-traded business development companies, and private funds.

Fox was appointed president of W. P. Carey Inc. in 2015, prior to which he served as head of global investments from 2015 to 2016 and co-head from 2011 to 2015.

Before joining W. P. Carey, Fox worked at the Spectrem Group, a consulting and M&A advisory firm in San Francisco. Prior to Spectrem, he spent two years teaching mathematics and physics at The Hotchkiss School in Connecticut. Fox is a magna cum laude graduate of the University of Notre Dame, where he earned a bachelor’s degree in civil engineering and environmental science. He received his master’s degree in business administration from Harvard Business School.

In related news, CPA 18 recently declared an updated net asset value of $8.36 per share for Class A and Class C shares of common stock.

CPA:17 – Global’s offering was declared effective in November 2007 and closed in January 2013 after raising nearly $3 billion in investor equity. The company’s portfolio consists of 448 properties with an investment cost of $4.9 billion.

CPA:18 – Global’s offering was declared effective in May 2013 and closed in April 2015 after raising $1.2 billion in investor equity. The company’s portfolio consists of 137 properties with an investment cost of $2.4 billion, according to Summit Investment Research.

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