W. P. Carey Announces $33 Million Acquisition of Four Texas Self Storage Properties

Wed Dec 19, 2012 8:00am EST

* Reuters is not responsible for the content in this press release.

NEW YORK, NY, Dec 19 (Marketwire) -- 
W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"),
announced today that CPA(R):17 - Global, one of its publicly held
non-traded REIT affiliates, has acquired four self storage facilities in
western Texas. The properties comprise a total of 361,490 square feet and
are located in Midland and Odessa. The total purchase price of the
properties, which will be managed by CubeSmart (NYSE: CUBE), was
approximately $33 million. Financing of $19.5 million was provided
through a mortgage with Wells Fargo. 

    W. P. Carey Managing Director Anne Coolidge Taylor commented, "The
acquisition of this exceptional group of assets allows us to add four
well-located properties that were recently built and benefit from modern
amenities to our portfolio. The solid financial metrics of the
properties, combined with the desirable attributes of the properties
themselves, support CPA(R):17 - Global's long-term, income-oriented
investment objectives."

    W. P. Carey Executive Director Liz Raun Schlesinger added, "As the
manager of sixteen of CPA(R):17 - Global's existing self storage assets,
CubeSmart has performed very well for us over multiple economic cycles.
Their emphasis on local markets and community involvement makes them an
ideal management company for the Midland/Odessa properties. Combining our
own storage expertise with CubeSmart's management skills, we believe that
we can enhance the value of these assets for our shareholders."

    W. P. Carey Inc.
 W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC)
that provides long-term sale-leaseback and build-to-suit financing for
companies worldwide and manages an investment portfolio of approximately
$13.7 billion. W. P. Carey Inc. is the successor to W. P. Carey & Co.
LLC, which had its origins in 1973. The largest owner/manager of net
lease assets, our corporate finance focused credit and real estate
underwriting process is a constant that has been successfully leveraged
across a wide variety of industries and property types. Our portfolio of
long-term leases with creditworthy tenants has an established history of
generating stable cash flows that have enabled us to deliver consistent
and rising dividend income to investors for nearly four decades.

    This press release contains forward-looking statements within the meaning
of the Federal securities laws. A number of factors could cause the
Company's actual results, performance or achievement to differ materially
from those anticipated. Among those risks, trends and uncertainties are
the general economic climate; the supply of and demand for office and
industrial properties; interest rate levels; the availability of
financing; and other risks associated with the acquisition and ownership
of properties, including risks that the tenants will not pay rent, or
that costs may be greater than anticipated. For further information on
factors that could impact the Company, reference is made to the Company's
filings with the Securities and Exchange Commission. 


Cheryl Sanclemente
W. P. Carey Inc.

Guy Lawrence
Ross & Lawrence

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