W.P. Carey spin-off for Net Lease Office Properties is completed

 W. P. Carey Inc. (W. P. Carey, NYSE: WPC) today announced that it has completed the previously announced spin-off of 59 office properties (the "Spin-Off") into Net Lease Office Properties ("NLOP"), a separate, publicly-traded real estate investment trust that will be listed on the New York Stock Exchange ("NYSE") under the symbol "NLOP."

Under the terms of the Spin-Off, W. P. Carey stockholders received one NLOP common share for every 15 shares of W. P. Carey common stock held as of the record date of October 19, 2023. W. P. Carey stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.

In addition W.P. Carey also declared a dividend of $1.048494 per share which is a 1.5% decrease from previous quarter dividend. This decrease is related to spin-off so I will not consider it as a dividend cut.