UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
October 15, 2024
Date of Report (Date of earliest event reported)
W. P. Carey Inc.
(Exact name of Registrant as specified in its charter)
| Maryland | | 001-13779 | | 45-4549771 |
| (State of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
395 9th Avenue, 58th Floor
New York, New York 10001
(Address of Principal Executive Offices) (Zip Code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.001 Par Value | | WPC | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events
On October 14, 2024, W. P. Carey Inc.’s tenant, True Value Company, L.L.C. (“True Value”), announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and that it had entered into an agreement to sell substantially all of its business operations to Do it Best Corp.
As of June 30, 2024, W. P. Carey net leased nine properties to True Value through two master leases and three individual leases that generated total annualized base rent (“ABR”) of $18.7 million (ranking it as W. P. Carey’s 15th largest tenant), and had a weighted-average lease term of 14.1 years.
True Value is current on rent through October 2024.
Properties net leased to True Value comprised the following (as of June 30, 2024):
| Property Type | | City | | State | | ABR | | | ABR % | | | Square Footage | | | Lease Structure |
| Distribution (Warehouse) | | Springfield | | OR | | $ | 2,828 | | | | 0.2 | % | | | 548 | | | Master Lease 1 |
| Distribution (Warehouse) | | Jonesboro | | GA | | | 2,474 | | | | 0.2 | % | | | 619 | | | Master Lease 1 |
| Distribution (Warehouse) | | Kingman | | AZ | | | 1,460 | | | | 0.1 | % | | | 372 | | | Master Lease 1 |
| Distribution (Warehouse) | | Corsicana | | TX | | | 3,118 | | | | 0.2 | % | | | 775 | | | Master Lease 2 |
| Distribution (Warehouse) | | Woodland | | CA | | | 1,691 | | | | 0.1 | % | | | 359 | | | Master Lease 2 |
| Distribution (Warehouse) | | Kansas City | | MO | | | 1,571 | | | | 0.1 | % | | | 415 | | | Master Lease 2 |
| Manufacturing (Industrial) | | Cary | | IL | | | 2,486 | | | | 0.2 | % | | | 571 | | | Individual Lease |
| Distribution (Warehouse) | | Westlake | | OH | | | 2,021 | | | | 0.2 | % | | | 392 | | | Individual Lease |
| Distribution (Warehouse) | | Mankato | | MN | | | 1,057 | | | | 0.1 | % | | | 310 | | | Individual Lease |
| | | | | | | $ | 18,707 | | | | 1.4 | % | | | 4,362 | | | |
ABR and square footage in thousands. Pro rata.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | | Exhibit Description |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: October 15, 2024 | W. P. Carey Inc. |
| | |
| | By: | /s/ Jason E. Fox |
| | | Jason E. Fox |
| | | Chief Executive Officer |
