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W.P. Carey Lays Out REIT Plans

NEW YORK CITY-Describing the transaction as an “extremely important milestone” in the company’s history, the investment bank's president and CEO Trevor Bond called the deal “transformative,” but also a natural evolution.

By Jacqueline Hlavenka | Updated on February 22, 2012

NEW YORK CITY-After W.P. Carey unveiled it will acquire Corporate Property Associates 15 and convert to REIT status, the investment bank anticipates “substantial” growth in its commercial real estate portfolio. During an earnings call on Wednesday morning,  W.P. Carey’s president and CEO Trevor Bond said that the company’s total square footage will grow by 250%—and lease terms will lengthen and occupancy rates will increase as a result.

“It will also provide us with higher visibility in the market,” he said, addressing investors on the call. “We’ve been held back in the past by being an LLC, and it served us well during the earlier stage of our company’s life, but I think converting to a REIT will simplify the tax reporting for the shareholders, which I know will be appealing to different group and a broader group of investors.”

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