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W. P. Carey & Co. LLC Closes $1.2B in Investments in 2011, Includes 19 Self-Storage Properties


Self-Storage investor W. P. Carey & Co. LLC completed more than $1.2 billion of investments in 2011, including several large self-storage transactions. They include 99 properties totaling more than 10.7 million square feet with tenants in 11 different industries ranging from self-storage to consumer products. The company also completed financings of acquisitions and refinancings of existing portfolio holdings of more than $650 million.

During the second half of 2011, W. P. Carey completed approximately $630 million in investments. The transactions involved 74 facilities containing approximately 6.2 million square feet. The facilities were acquired both for its own portfolio and on behalf of its publicly-held, non-traded real estate investment trust affiliates, including CPA: 17 - Global Inc., which acquired nine self-storage facilities in September from A-American Self Storage for approximately $46 million.

Self-storage transactions completed in the second half of 2011 comprised 19 self-storage properties totaling approximately 1.4 million square feet. With the closing of these transactions W. P. Carey is now the eighth largest storage operator in the United States with nearly 8.6 million net rentable square feet and 143 properties, according to the company.

"With more than $1 billion in transactions and more than $650 million in financings and re-financings completed, 2011 has been one of our most successful years,” said CEO Trevor Bond. “Our acquisitions added to the geographic and industry diversity of our portfolios. With respect to our financing strategy, we continued to adhere to moderate leverage ratios with the objective of maintaining the longer term stability and value of our holdings.

W. P. Carey & Co. LLC is an investment-management company that oversees a global investment portfolio of $12 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.

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