|By PR Newswire||
|February 3, 2014 05:59 AM EST||
NEW YORK, Feb. 3, 2014 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) reported today that its merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 16 – Global Incorporated ("CPA®:16 – Global"), closed on January 31, 2014. W. P. Carey issued approximately 30.7 million shares to CPA®:16 – Global stockholders, with an exchange rate of 0.1830 shares of W. P. Carey common stock for each CPA®:16 – Global share held at closing.
As a result of the merger, W. P. Carey now has an equity market capitalization of approximately $5.9 billion and a total market capitalization of approximately $9.6 billion. Its global portfolio consists of more than 85 million square feet of corporate real estate leased to over 230 companies around the world. W. P. Carey will continue to manage CPA®:17 – Global, CPA®:18 – Global and Carey Watermark Investors, its publicly held, non-traded REIT affiliates.
W. P. Carey believes that the benefits of the merger include:
- Improved quality of W. P. Carey's earnings through increased portfolio diversification and by continuing the shift in revenue mix towards stable real estate rental income
- Enhanced access to diverse, efficiently priced sources of capital
- Simplified GAAP financial statements by consolidating joint ventures with CPA®:16 – Global, as well as its existing ownership interest in CPA®:16 – Global
- Reinforced position as a premier investment manager in the non-traded REIT sector with the 15th successful liquidation of one of its CPA® programs
- Continuation of W. P. Carey's long-standing tradition of stable dividend growth through anticipated accretion to AFFO per diluted share, with an expected post-transaction minimum annualized dividend of $3.52 per share
W. P. Carey also announced today that it has obtained a senior unsecured credit facility totaling $1.25 billion. The facility is composed of a $1.0 billion revolving line of credit and a $250 million term loan as well as a $500 million accordion feature. Bank of America, N.A. and JPMorgan Chase Bank, N.A. acted as Joint Bookrunners and Joint Lead Arrangers.
The revolving line of credit will mature in four years with an option to extend for one year. The term loan component has a two-year maturity with two separate one-year extension options. The senior unsecured credit facility has an aggregate interest rate that is lower than what the Company and CPA®:16 – Global paid in aggregate on their respective facilities. W. P. Carey repaid the $595 million of principal outstanding on its $625 million credit facility as well as $170 million of principal that CPA®:16 – Global had outstanding on its credit facility, each of which has been terminated, and expects to use the new facility primarily for potential new investments and general corporate purposes.
Commenting on the completion of the merger and new credit facility, Trevor Bond, President and CEO of W. P. Carey, stated, "We believe that the positive balance sheet, earnings and AFFO impact of the merger with CPA®:16 – Global, along with the additional liquidity provided by the increased size of our credit facility, will continue to support W. P. Carey's position as the leading global net lease REIT. Along with our recent investment grade credit ratings by Standard & Poor's and Moody's, the closing of the merger and our increased credit facility reflect our strong business fundamentals and support our strategy of generating solid cash flows and stable dividend growth."
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
Cautionary Statement Concerning Forward-Looking Statements:
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as "may," "will," "should," "would," "assume," "outlook," "seek," "plan," "believe," "expect," "anticipate," "intend," "estimate," "forecast" and other comparable terms. These forward-looking statements include, but are not limited to, statements regarding the benefits of the merger with CPA®:16 – Global (the "Merger"), including, the expected range of AFFO per diluted share, annualized dividends and the statements by Mr. Bond. These statements are based on the current expectations of the management of W. P. Carey. It is important to note that the actual results of W. P. Carey or of the combined company following the consummation of the Merger could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the combined company. Discussions of some of these other important factors and assumptions are contained in W. P. Carey's and CPA®:16 – Global's filings with the SEC and are available at the SEC's website at http://www.sec.gov, including Item 1A. Risk Factors in each company's Annual Report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed with the SEC. These risks, as well as other risks associated with the Merger, are more fully discussed in the Form S-4 and the Joint Proxy Statement/Prospectus, as amended (File No. 333-191517) filed by W. P. Carey and CPA®:16 – Global. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication, unless noted otherwise. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
W. P. Carey Inc.
Ross & Lawrence
SOURCE W. P. Carey Inc.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 4, 2016 12:15 AM EDT Reads: 1,104
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 3, 2016 11:45 PM EDT Reads: 991
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 3, 2016 11:30 PM EDT Reads: 1,231
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 3, 2016 11:00 PM EDT Reads: 1,197
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
May. 3, 2016 11:00 PM EDT Reads: 1,263
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 3, 2016 10:45 PM EDT Reads: 742
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 3, 2016 10:00 PM EDT Reads: 1,310
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 3, 2016 10:00 PM EDT Reads: 1,200
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 3, 2016 09:45 PM EDT Reads: 309
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 08:45 PM EDT Reads: 1,270
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 08:45 PM EDT Reads: 949
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 3, 2016 08:30 PM EDT Reads: 1,193
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 3, 2016 08:00 PM EDT Reads: 1,033
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 3, 2016 07:30 PM EDT Reads: 1,913