|By PR Newswire||
|January 14, 2014 05:05 PM EST||
NEW YORK, Jan. 14, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) announced today it has received an investment grade corporate rating of BBB with a stable outlook from Standard & Poor's Ratings Services.
According to the Standard & Poor's report, the rating reflects, among other things, WPC's large and diverse portfolio, which is expected to grow considerably through the proposed merger with CPA®:16 – Global. In addition, Standard & Poor's noted the stability of WPC's assets and conservative approach to underwriting.
Trevor Bond, W. P. Carey's President and Chief Executive Officer, commented: "Receiving a BBB rating from Standard & Poor's represents an important achievement in the continued evolution of W. P. Carey. As we grow the real estate assets owned on our balance sheet, we believe an investment grade rating will help position us to access capital more efficiently. We are pleased that this rating reflects our long-standing track record of successfully investing and operating through multiple real estate cycles, maintaining conservative leverage, diversifying our portfolio, and our focus on the acquisition of long-term leased assets with embedded rent increases."
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 owns and manages an investment portfolio totaling more than $15 billion. The largest owner/manager of net lease assets, WPC's 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. Its portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled WPC 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. The statements of Mr. Bond are examples of forward looking statements. 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 W. P. Carey's filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
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