wp carey inc (WPC) Key Developments
W.P. Carey Buys 515,000 Square Foot Distribution Center, Plans Expansion for Total $45 Million Investment
Jul 9 14
W.P. Carey said it has acquired a 515,000 square foot distribution center leased to retailer Belk and plans to expand it by 346,000 square feet for a total transaction value of $45 million. The center was acquired from an affiliate of Panattoni Development Co. The expansion is expected to be completed in January 2015.
W. P. Carey Announces Increased Quarterly Dividend, Payable on July 15, 2014
Jun 19 14
W. P. Carey Inc. reported that its Board of Directors had increased its quarterly cash dividend to $0.90 per share, which equates to an annualized rate of $3.60. Payable on July 15, 2014 to stockholders of record as of June 30, 2014.
W. P. Carey Inc. Acquires $48 Million Smuckers Chicago Distribution Facility
Jun 5 14
W. P. Carey Inc. announced that it has acquired, from Exeter Property Group, a 824,624 square foot distribution facility for a total acquisition price of approximately $48 million. The facility is located in University Park, Illinois outside of Chicago and is leased to a subsidiary of The J.M. Smucker Company for a period of 9.5 years. The original 575,024 square foot facility was built in 2008. In 2013, Exeter expanded the facility by 249,600 square feet to facilitate the distribution of coffee under the Folgers brand, which Smuckers acquired in 2008. The facility is one of only six distribution centers operated by Smuckers in the U.S. and is utilized for each of its diverse range of products. Well-located Class-A distribution center: The modern, easily-devisable Class-A distribution center with 32-foot clear height is located in Chicago's solid South Suburban submarket.
W. P. Carey Announces $17 Million Acquisition on Behalf of CPA:18 - Global
May 27 14
W. P. Carey Inc. announced the acquisition of a headquarters and manufacturing facility and two manufacturing facilities on behalf of CPA(R):18 -- Global, one of its managed REITs. The three facilities, which total 362,000 square feet, are located in Georgia, Arizona, and Texas, respectively, and are leased to Janus International Group LLC for a period of 20 years. The total acquisition price was approximately $17 million.
W. P. Carey Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Affirms Earnings Guidance for the Full Year 2014
May 8 14
W. P. Carey Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of $209,171,000 compared to $106,031,000 a year ago. Income from continuing operations before income taxes was $110,818,000 compared to $17,308,000 a year ago. Net income attributable to the company was $112,892,000 or $1.25 diluted per share compared to $14,181,000 or $0.20 basic and diluted per share a year ago. The increase in revenue was due primarily to additional real estate revenues from properties acquired in the company's merger with CPA(R):16 -- Global, which closed on January 31, 2014. AFFO was $118.2 million, or $1.31 per diluted share, up 51.4% and 16.6%, respectively, from AFFO of $78.1 million, or $1.12 per diluted share, for the 2013 fourth quarter, due primarily to additional real estate revenues from properties acquired in the CPA(R):16 Merger. Similarly, AFFO and AFFO per diluted share increased 63.7% and 26.7%, respectively, from $72.3 million, or $1.03 per diluted share, for the 2013 first quarter, due primarily to additional real estate revenues from properties acquired in the CPA(R):16 Merger.
The company affirmed its previously announced AFFO guidance range of $4.40 to $4.65 per diluted share for the 2014 full year.