W. P. Carey is a real estate investment trust that invests in properties leased to single tenants via NNN leases.[1] The company is organized in Maryland, with its primary office in New York City.[1]
As of December 31, 2024, the company owned 1,555 properties in 26 countries leased to 355 tenants. Approximately 61% of the company's revenue is derived in United States and 33% in Europe.[1]
History
The company was founded in 1973 by William P. Carey.[2][3]
In the early 1980s, the company was innovative in the use of leaseback transactions to acquire properties.[2]
In 2012, company founder William P. Carey died.[2] The company also merged with its non-traded real estate investment trust affiliate, Corporate Property Associates 15, and reorganized into a real estate investment trust.[4][5]
In October 2018, the company merged with CPA:17 - Global.[6][7]
In November 2023, the company completed the corporate spin-off of its office properties.[8][9]
External links
References
- W. P. Carey Inc. 2024 Form 10-K Annual Report U.S. Securities and Exchange Commission, February 12, 2025^
- DENNIS HEVESI. William P. Carey, Leader in Commercial Real Estate, Dies at 81 The New York Times, January 8, 2012^
- ASU’s W.P. Carey School namesake dead at 81 American City Business Journals, January 3, 2012^
- Amanda Fung. W.P. Carey will be reborn as a REIT Crain Communications, September 14, 2012^
- Peter Slatin. Carey Goes REIT Forbes, February 21, 2012^
- Ciara Linnane. W.P. Carey and Corporate Property Associates to merge in deal valued at about $6 billion MarketWatch, June 18, 2018^
- W. P. Carey Completes $5.9 Billion Merger with CPA®:17 PR Newswire, October 31, 2018^
- W. P. Carey Announces Completion of Spin-Off of Net Lease Office Properties PR Newswire, November 1, 2023^
- Ciara Linnane. W.P. Carey to spin off 59 office properties into new publicly traded REIT MarketWatch, September 21, 2023^