W. P. Carey Completes Spin-Off of Net Lease Office Properties

W. P. Carey Inc. (W. P. Carey, NYSE: WPC) today announced that it has completed the previously announced spin-off of 59 office properties into Net Lease Office Properties, a separate, publicly-traded real estate investment trust that will be listed on the New York Stock Exchange under the symbol “NLOP.”

Under the terms of the Spin-Off, W. P. Carey stockholders received one NLOP common share for every 15 shares of W. P. Carey common stock held as of the record date of October 19, 2023. W. P. Carey stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.

Since October 27, 2023, NLOP common shares have traded on a “when-issued” basis on the NYSE under the symbol “NLOP WI.” The “when-issued” trading of NLOP ended at the close of market on November 1, 2023. On November 2, 2023, the “regular way” trading of NLOP common shares will begin on the NYSE under the symbol “NLOP.” Shares of W. P. Carey will continue to trade under the symbol “WPC.”

J.P. Morgan served as exclusive financial advisor, Latham & Watkins LLP acted as legal advisor, and Hogan Lovells US LLP acted as legal advisor with respect to tax and Maryland law matters to W. P. Carey in connection with the Spin-Off.

W. P. Carey Inc.

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,416 net lease properties covering approximately 171 million square feet and a portfolio of 85 self-storage operating properties, pro forma for the spin-off of NLOP, as of June 30, 2023. With offices in New YorkLondonAmsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.


Net Lease Office Properties

Net Lease Office Properties (NYSE: NLOP) is a publicly traded real estate investment trust with a portfolio of 59 high-quality office properties, totaling approximately 9.2 million leasable square feet primarily leased to corporate tenants on a single-tenant net lease basis. The vast majority of the office properties owned by NLOP are located in the U.S., with the balance in Europe. The portfolio consists of 62 corporate tenants operating in a variety of industries, generating annualized based rent of more than $141 million as of June 30, 2023. NLOP’s business plan is focused on realizing value for its shareholders primarily through strategic asset management and disposition of its property portfolio over time.