W. P. Carey Announces $25 Million Acquisition of Three Florida
W. P. Carey Announces $25 Million Acquisition of Three Florida Self Storage Properties
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 parameters."
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.
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