NEW YORK, NY--(Marketwire - Dec 19, 2012) - W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), announced today that CPA®: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®: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®: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. www.wpcarey.com
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.