WASHINGTON (dpa-AFX) - W. P. Carey Inc. (WPC) said its Board has approved a plan to exit the office assets within its portfolio by: spinning-off 59 office properties into Net Lease Office Properties, or NLOP, so that it will become a separate publicly-traded REIT; and implementing an asset sale program to dispose of 87 office properties retained by the company.
The company expects the spin-off is expected to close on or around November 1, 2023. Upon completion, stockholders as of the record date for the spin-off will receive shares of NLOP via a pro rata special distribution. Shares of NLOP are expected to trade on the NYSE under the ticker symbol NLOP. Approximately $350 million is anticipated to be transferred by NLOP to W. P. Carey in connection with the spin-off.
The company expects sales under the office sale program to be completed by January 2024.
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