Includes approximately $ 530 million of investments made during the fourth quarter
NEW YORK, January 10, 2022 / PRNewswire / – WP Carey Inc. (NYSE: WPC), a leading net lease REIT specializing in business leasebacks, custom construction and single tenant net leasehold property acquisitions, has announced today a record investment volume for the full year 2021 of $ 1.73 billion, including investments totaling approximately $ 530 million completed in the fourth quarter.
While the company’s diverse approach provides a large addressable market across two continents, in 2021 the company continued to see the best opportunities in warehouses and industrial assets, which accounted for around 70% of its annual investment volume. . Geographically, around 60% of its investment volume in 2021 was in the United States and 40% in Europe.
Investments completed in 2021 also continued to support organic growth, with all leases providing for either fixed rent increases (on average 2.3%) or inflation-linked rent increases, and better portfolio quality. , with a weighted average lease term of around 20 years.
“In line with our expectations and supported by our access to capital at good prices, we maintained an accelerated pace of deal closings during the fourth quarter, closing a record year in terms of investment volume and opening a new chapter of external growth for WP Carey, “mentioned Jason fox, CEO of WP Carey. “I am also delighted to confirm that the strong transaction momentum that characterized 2021 continues into the new year, with an increasing number of deal closings scheduled for the first quarter and a pipeline of new opportunities under active construction. “
Gino Sabatini, Head of Investments, WP Carey, added, “Business leaders are increasingly recognizing the benefits of leasebacks as a means of unlocking the value of their critical operating real estate. This, along with WP Carey’s long history of timely execution and ability to provide certainty of closing, has allowed us to work with new and existing tenants to close a record volume of deals in 2021. “
WP Carey Inc.
WP Carey Inc. ranks among the largest net rental REITs with an enterprise value of approximately $ 20 billion and a diversified portfolio of operationally critical commercial real estate that includes 1,264 net rental properties covering approximately 152 million square feet as of September 30, 2021. For nearly five decades, the company has invested in high-quality, single-tenant industrial, warehouse, office, retail and self-storage properties, subject to long-term net leases with indexations of integrated rent. Its portfolio is located primarily in the United States and the North and Western Europe and is well diversified by tenant, property type, geographic location and industry.
This press release may contain forward-looking statements within the meaning of US federal securities laws. The comments of Mr. Fox and Mr. Sabatini are examples of forward-looking statements. A number of factors could cause WP Carey’s actual results, performance or achievement to differ materially from those anticipated. These risks, trends and uncertainties include the general economic climate, including the continued impact of COVID-19; supply and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including the risks that tenants do not pay rent, or that costs may be higher than expected. For more information on factors that could affect WP Carey, reference is made to its filings with the United States Securities and Exchange Commission.
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SOURCE WP Carey Inc.