The REIT is spinning off part of its portfolio into a separate entity and selling the rest.
Net lease REIT W.P. Carey will exit its position in office properties—roughly 14.7 million square feet of assets globally—by spinning off part of its portfolio into a separate entity and selling the rest.
The company’s board of directors approved the two-part plan this week—59 office properties will be spun off into a new publicly traded REIT named Net Lease Office Properties, or NLOP, a move which is expected to close by November this year. The remaining 87 assets will be disposed via a sale program, with all transactions expected to close by January 2024.
Upon announcing the move yesterday, W.P. Carey’s shares fell 8 percent, to $58.81 in the afternoon, MarketWatch reported. Chief Financial Officer Toni Sanzone told analysts that dividends will likely be cut as well...
The company’s board of directors approved the two-part plan this week—59 office properties will be spun off into a new publicly traded REIT named Net Lease Office Properties, or NLOP, a move which is expected to close by November this year. The remaining 87 assets will be disposed via a sale program, with all transactions expected to close by January 2024.
Upon announcing the move yesterday, W.P. Carey’s shares fell 8 percent, to $58.81 in the afternoon, MarketWatch reported. Chief Financial Officer Toni Sanzone told analysts that dividends will likely be cut as well...
RSK: Interesting concept...like thinning out the weeds from the wheat and putting them in a different pile so the wheat can flourish.
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- - Volume: 11 - WEEK: 39 Date: 9/26/2023 2:06:53 PM -