W.P. Carey Bails Out of Office

It’s a major market development for a company known for holding significant office investments.

By Erik Sherman | September 21, 2023 at 12:09 PM

W.P. Carey announced today that it is exiting the office market through a spin-off and asset sales.

“While we’ve meaningfully reduced our office exposure in recent years, the plan we’ve announced this morning vastly accelerates our exit from office — enhancing the overall quality of our portfolio, improving the quality and stability of our earnings, and incrementally benefiting our credit profile,” said W. P. Carey CEO Jason Fox in prepared remarks. “Ultimately, with a clear path to monetizing our legacy office assets, we believe we will achieve a lower cost of capital and be better positioned for long-term value creation for our shareholders.”

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