NEW YORK, NY -- (Marketwired) -- 05/13/13 -- In the news release, "CPA®:18 - Global Commences $1 Billion Offering," issued earlier today by W. P. Carey Inc. (NYSE: WPC), we are advised by the company that the first sentence of the third paragraph should read "CPA®:18 - Global's Board of Directors has declared initial distributions at a daily rate of $0.0017170 for the Class A Shares and $0.0014423 for the Class C Shares for the quarter ended June 30, 2013." Complete corrected text follows.
CPA®:18 - Global Commences $1 Billion Offering
NEW YORK, NY -- May 13, 2013 -- W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"), announced today that the registration statement for Corporate Property Associates 18 - Global ("CPA®:18 - Global") has been declared effective by the Securities and Exchange Commission ("SEC") and that CPA®:18 - Global has commenced a capital raise of up to $1 billion. CPA®:18 - Global is W. P. Carey's newest publicly-registered non-traded REIT offering, that seeks to build a global portfolio of income-generating commercial properties and real estate-related assets.
In its offering, CPA®:18 - Global is selling up to $1 billion of shares comprised of two classes of common stock: Class A Shares and Class C Shares, with initial public offering prices of $10.00 and $9.35, respectively. The Class A Shares have higher upfront selling fees and commissions, while the Class C Shares pay lower upfront commissions and are subject to an ongoing distribution and servicing fee. CPA®:18 - Global is also offering up to an additional $400 million of shares of its common stock for issuance pursuant to its distribution reinvestment plan. CPA®:18 - Global intends to qualify as a REIT. Carey Financial, LLC, a wholly-owned subsidiary of W. P. Carey Inc., will manage the best efforts offering through select broker/dealer firms and registered investment advisors.
CPA®:18 - Global's Board of Directors has declared initial distributions at a daily rate of $0.0017170 for the Class A Shares and $0.0014423 for the Class C Shares for the quarter ended June 30, 2013. Distributions will begin to accrue once subscriptions for sales of at least $2 million have been received and the offering breaks escrow.
Distributions are declared in the discretion of CPA®:18 - Global's Board of Directors and are not guaranteed. Until CPA®:18 - Global substantially invests the net proceeds of the offering, distributions will be paid from offering proceeds, which reduces amounts available to invest in properties and could lower CPA®:18 - Global's overall return.
A copy of the final prospectus for the offering is available upon written request addressed to CPA®:18 - Global, 50 Rockefeller Plaza, New York, New York 10020. This prospectus may also be obtained on the SEC's website at: www.sec.gov, or on CPA®:18 - Global's website at www.cpa18global.com.
W. P. Carey Inc.
Celebrating its 40th anniversary, W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC) that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and owns and manages an investment portfolio totaling approximately $15.2 billion. The largest owner/manager of net lease assets, WPC's corporate finance-focused credit and real estate underwriting process is a constant that has been successfully leveraged across a wide variety of industries and property types. Our portfolio of long-term leases with creditworthy tenants has an established history of generating stable cash flows that have enabled the Company to deliver consistent and rising dividend income to investors for nearly four decades. www.wpcarey.com
Individuals interested in receiving future updates on W. P. Carey via e-mail can register at www.wpcarey.com/alerts.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks related to: CPA®:18 - Global's public offering; the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact CPA®:18 - Global and W. P. Carey, reference is made to their respective filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
Most Popular Stories
- Small-Business Loans Fueling Economic Growth
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Gasoline Costs Drive Consumer Price Increases
- Tesco Head Steps Down After Profit Warning
- Saudi Arabia Will Open Stock Market to Foreigners
- Want a Job? Try Minneapolis
- Russians Fed Steady Diet of Conspiracy Theories
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Google Chrome Bug Draining Batteries: Report
- Startup Makes It Easier to Buy American