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W.P. Carey’s NTRs Structure Nine Deals for $375 Million in Q1

Global net-lease REIT, W.P. Carey Inc., (the company) announced its financial results today for the first quarter of 2014. The company had an eventful first quarter that included closing a merger, disposing of nine properties, and revenues of $209.2 million.

W.P. Carey closed a merger with its non-traded REIT affiliate, CPA®:16 – Global. Doing so increased the company’s portfolio to 702 leased properties, comprising 83.6 million square feet leased to 232 tenants, with an average lease term of 8.9 years and an occupancy rate of 98.4%.

The company is also the manager of two other non-traded REITs, CPA®:17 – Global and CPA®:18 – Global (together the CPA® REITs). The company was able to structure nine new investments during the first quarter on behalf of the CPA® REITs, totaling $374.8 million.

CPA®:18 – Global raised $399.0 million during the quarter through its initial public offering. As a result, CPA®:18 – Global’s board of directors approved the discontinuation of sales of its Class A common stock after June 30, 2014 in an effort to moderate the pace of its fundraising.

“We had an active first quarter, significantly increasing the size of our owned real estate portfolio through the closing of our merger with CPA®:16 – Global, and taking initial steps towards our long-term goal of becoming a primarily unsecured borrower, including the successful completion of an inaugural $500 million Senior Unsecured Note offering,” commented W. P. Carey President and CEO, Trevor Bond. “We also completed close to $420 million of acquisitions, in aggregate, for our owned and managed real estate portfolios, and raised over $400 million on behalf of our Managed REITs.”