W. P. Carey Inc. (W. P. Carey, NYSE: WPC) today announced that its Board
of Directors has unanimously approved a plan to exit the office assets
within its portfolio by (i) spinning-off 59 office properties into Net
Lease Office Properties ("NLOP"), so that it will become a separate
publicly-traded REIT (the "Spin-Off"), and (ii) implementing an asset
sale program to dispose of 87 office properties retained by W. P. Carey
(the "Office Sale Program"). The Spin-Off is expected to close on or
around
November 1, 2023, subject to the
satisfaction of certain conditions, and all sales under the Office Sale
Program are targeted to be completed by
January 2024.
The Spin-Off, which does not require shareholder approval, is expected to close on or around November 1, 2023,
subject to certain closing conditions. Upon completion, W. P. Carey
stockholders as of the record date for the Spin-Off will receive shares
of NLOP via a pro rata special distribution, which is expected to be
taxable for U.S. federal income tax purposes. Shares of NLOP are
expected to trade on the New York Stock Exchange under the ticker symbol
NLOP.
WPC also announced that dividend will be decreased after this spin-off which is understandable. Lets see how big dividend will be for WPC and NLOP after this spin-off
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