W.P. Carey, Inc. (WPC) - NYSE
  • Oct. 23, 2013, 11:45 AM
    • "This is taking the number two and number three net-lease REITs and creating kind of a game-over, category-killer in the sector," says Cole Real Estate (COLE +8.7%) CEO Marc Nemer of the deal to sell itself to American Realty Capital Properties (ARCP -1.5%) for $11.2B in cash and stock. The combined company will push into first place in size in the popular triple-net-lease sector, surpassing Realty Income (O +0.7%).
    • ARCP's acquisition-happy chief Nicholas Schorsch in the past has typically raised private money for non-traded REITs and then sold the portfolios to ARCP in order to cash out his investors, but this is a massive public deal. "How many REITs have the ability to raise both public and private capital," he says. "The ability for us to acquire non-traded REITs, either whole or in part, is only increased" by this Cole deal.
    • S&P 500 inclusion next? The investor presentation (slide 8) notes the combined company's market cap will be larger than index constituents Kimco Realty and Macerich.
    • Under the impression the CEOs of the two companies hated each other, SNL Financial's Jake Mooney wants the backstory. Earlier this year: Still a non-traded REIT, Cole rebuffs ARCP's buyout attempt for $9.7B.
    • Earlier today: The deal announcement.
    • Other triple-net players: National Retail (NNN +1.2%), W.P. Carey (WPC +1%), Spirit Realty (SRC +3.2%), EPR Properties (EPR +0.8%).
    | Oct. 23, 2013, 11:45 AM | 1 Comment
  • Jul. 26, 2013, 8:04 AM

    W.P. Carey (WPC) agrees to buy non-traded REIT Corporate Property Associates 16 - Global Incorporated (CPA:16 Global) in an all-stock deal valued at about $4B (no small feat for a company with $4.6B market cap). Following the merger, WPC is expected to have a market cap of $6.5B and total enterprise value of $10.1B. The deal values CPA:16 stock at $11.25 each vs. a reported end of year NAV of $8.70. (PR)

    | Jul. 26, 2013, 8:04 AM
Company Description
W.P. Carey, Inc. operates as a real estate investment trust. It operates through the Real Estate Ownership and Investment Management segments. The Real Estate Ownership segment owns and invests in commercial real estate properties. The Investment Management segment structures and negotiates... More
Sector: Financial
Industry: Property Management
Country: United States