W. P. Carey Prices 6 Million Share Public Offering
W. P. Carey Inc., a real estate investment trust, announced the pricing of an underwritten public offering of 6,000,000 shares of its common stock. The shares were offered on a forward basis in connection with forward sale agreements.
- The offering is priced to raise gross proceeds of $432 million. The underwriters, BofA Securities and J.P. Morgan, have a 30-day option to purchase up to an additional 900,000 shares. - Proceeds from the offering are intended to fund potential future investments, repay debt, including amounts under its unsecured revolving credit facility, and for general corporate purposes. As of February 13, 2026, there was approximately $870 million drawn on the company's $2.0 billion revolving credit facility at a 3.7% weighted average interest rate. - The offering is structured with forward sale agreements, meaning W. P. Carey will not immediately receive cash or issue new shares. This allows the company to lock in access to equity without immediate dilution and to settle the agreements within approximately 24 months. - This capital raising follows a record year for investment in 2025, with the company closing on $2.1 billion of deals. In 2024, the company invested approximately $1.6 billion. - The company's investment strategy has recently focused on single-tenant warehouse and industrial properties, which comprised nearly 60% of its 2024 investment volume and 68% in 2025. Retail properties made up about 30% of investments in 2024 and 22% in 2025. - Geographically, about three-quarters of the 2024 investment volume was in North America, with the remainder in Europe. In 2025, approximately 69% of investments were in the U.S. and 26% in Europe. - Recent significant acquisitions in 2024 and early 2025 include portfolios of Dollar General stores for about $220 million, a data center for approximately $100 million, and a manufacturing campus in Mexico for $100 million.
