W. P. Carey Announces $25 Million Acquisition of Three Florida Self
NEW YORK, NY -- (Marketwire) -- 11/29/12 -- W. P. Carey Inc. (NYSE:
WPC), a real estate investment trust ("REIT"), announced today that
CPA(R):17 - Global, one of its publicly-held non-traded REIT
affiliates, has acquired three self storage facilities from Safeguard
Self Storage. The properties comprise a total of 225,569 square feet
and are located in Tampa, St. Petersburg and Palm Harbor, Florida.
The properties will be managed by Extra Space Storage Inc. (NYSE:
EXR). The total purchase price was approximately $25 million.
W. P. Carey Managing Director Anne Coolidge Taylor commented, "The
acquisition of these properties is consistent with our strategy of
identifying and purchasing solid income-generating assets that will
provide consistent cash flow to the CPA(R):17 - Global portfolio.
Located in well-trafficked visible locations in the greater Tampa
market, we feel that they are strong long-term assets and as such
meet our portfolio objectives and our established acquisition
W. P. Carey Executive Director Liz Raun Schlesinger added, "We
believe that these are very well-positioned and attractive assets.
The quality of the assets in combination with the capabilities of the
Extra Space management team and our own experience in the self
storage sector makes us confident that this will be a good and stable
investment for our investors. We have a strong relationship with the
Extra Space team, having worked with them on other properties in our
portfolio, and we look forward to working with them in order to
maximize the value of these assets for our investors."
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 $13.3 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.
W. P. Carey Inc.
Ross & Lawrence
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