Profile: W. P. Carey Inc (WPC.N)
24 May 2013
W. P. Carey Inc. (W. P. Carey), incorporated on February 15, 2012, is a real estate investment trust that provides long-term financing through sale-leaseback and build-to-suit transactions for companies worldwide and manages a global investment portfolio. W. P. Carey invests primarily in commercial properties domestically and internationally. The Company operates in two business segments: Investment Management and Real Estate Ownership. As of September 30, 2012, W. P. Carey was the advisor to the Corporate Property Associates brand name (the CPA REITs), such as CPA:16 - Global and Corporate Property Associates 17 - Global Incorporated (CPA:17 - Global), and was the advisor to CPA:15. It is also the advisor to Carey Watermark Investors Incorporated (CWI and, together with the CPA REITs, the REITs), which acquires interests in lodging and lodging-related properties. As of September 30, 2012, it owned and/or managed more than 995 properties domestically and internationally. In February 2013, the Company acquired eight undisclosed retail stores.
As of September 30, 2012, the Company held substantially all of its real estate assets, including the assets acquired from CPA: 15, in its Real Estate Ownership segment. On September 28, 2012, W. P. Carey & Co. LLC merged with and into W. P. Carey Inc, with W. P. Carey Inc. as the surviving corporation. Additionally, on September 28, 2012, CPA: 15 merged with the Company’s subsidiary, with CPA: 15 surviving as its indirect wholly owned subsidiary.
Through the Company’s TRSs, it structures and negotiates investments and debt placement transactions for the real estate investment trusts (REITs), for which it earns structuring revenue, and manages their portfolios of real estate investments, for which it earns asset-based management and performance revenue. The Company earns asset-based management and performance revenue from the REITs based on the value of their real estate-related, self-storage-related and lodging-related assets under management. In September 2012, another affiliated publicly-owned, non-listed real estate investment trust, CPA:15, merged with and into us, and in May 2011, CPA:14, also an affiliated publicly-owned non-listed real estate investment trust, merged with and into a subsidiary of CPA:16 - Global.
Real Estate Ownership
The Company owns and invests in commercial properties in the United States and the European Union that are then leased to companies, primarily on a triple-net lease basis. It owns interests in the REITs and account for these interests under the equity method of accounting. In addition, it receives a percentage of distributions of Available Cash, as defined in the respective advisory agreements, from the operating partnerships of each of the REITs, and earns deferred revenue from its special member interest in CPA:16 - Global’s operating partnership. Effective April 1, 2012, it included such distributions and deferred revenue in its Real Estate Ownership segment.
At September 30, 2012, the Company’s portfolio consisted of its full or partial ownership interest in 430 properties, including certain properties in which the CPA REITs also have an ownership interest. Substantially all of these properties, totaling approximately 39.1 million square feet (on a pro rata basis), were net leased to 133 tenants, with an occupancy rate of approximately 98.4%. In addition, through the Company’s consolidated subsidiaries, Carey Storage and Livho, it has interests in 21 self storage properties and a hotel property, respectively. Collectively, as of September 30, 2012, the CPA REITs owned all or a portion of over 695 properties, including certain properties in which it has an ownership interest. Substantially all of these properties, totaling approximately 81.0 million square feet (on a pro rata basis), were net leased to 187 tenants, with an average occupancy rate of approximately 97.9%.
W. P. Carey Inc
50 ROCKEFELLER PLAZA
NEW YORK NY 10020