W.P. Carey Inc. is a global real estate investment trust (REIT) that boasts of as much as 100 self-storage facilities in the country. W.P. Carey completed a merger with its managed fund CPA:17 Global. The deal, which amounted to nearly $6 billion, led to the acquisition of 44 net lease self-storage properties, in addition to other properties. The deal means W.P. Carey has diversified its portfolio to nearly 1,200 net-lease properties consisting of 133 million square feet. The properties are located in the U.S and Europe. All properties have been leased to more than 300 tenants.
“The actualization of this deal is a great achievement for W.P Carey, essentially transforming the company into a leading business with more essential earnings,” W.P Carey CEO Jason Fox said. “We have a diversified portfolio at a favorable cap rate of around 7% and, having brought the assets on behalf of CPA:17.”
It is unclear whether the company will sell the storage properties or hold them. In a REIT’s earnings call with financial analysts, Brooks Gordon, head of asset management, mentioned there are lots of options the company is currently exploring.
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“We have no issues holding our options until we meet the best package for us,” Gordon said. “I am really looking forward to what will happen in the future.”
According to Toni Sanzone, the REIT’s chief financial officer, the CPA:17 facilities will generate around $25 million in annualized net operating income.
Insiders believe the properties could lead to a bidding war between various investors and operators seeking to expand their portfolio in the market. “Any sizeable portfolio including the W.P. Carey portfolio is generating lots of interest from various public companies, private-equity capital firms, and joint ventures,” said Marc Boorstein, principal at MJ Partners Self Storage Group.
The CPA:17 properties are managed by publicly traded self-storage REITs CubeSmart and Extra Space Storage Inc., according to Michael Mele, MD of investments for real estate firm Marcus & Millichap.
The unloading of CPA:17 self-storage facilities isn’t unlikely. A couple of years ago, National Storage Affiliates Trust bought a 22-property portfolio in California from the fund. In its entirety, the facilities comprised 1.6 million square feet under management by Extra Space as of when the deal came through.
W.P Carey is an investment management company based in New York. The company oversees a global investment portfolio valued at more than $17 billion. W.P Carey manages various non-traded assets under management in the region of $7.5 billion. It offers companies around the world with long-term sale-leaseback and build-to-suit financing, and it also dabbles its hand in other real estate-related investments.
Faced With Bad Credit Scores? Here’s What You Do
Some consumers are faced with the reality of poor credit scores, and as such, they find it difficult to get any loans or credit cards or any other thing that needs a good credit card score. However, there is hope for those with bad credit scores.
The new changes that will be enacted will see three credit reporting companies stop utilizing records that shed a bad light on credit scores such as civil judgments and tax liens.
What that means is that if you are taken to court by an individual or group of people for failing to pay what you owe them, this record won’t appear on your credit report. Another record that won’t show up is if a government or an institution has placed a lien on your assets.
With that said, most Americans don’t possess a damming credit past. Nevertheless, the new rules could help people with a worrying past. The Federal Trade Commission says aroma 20 percent of consumers have grave mistakes in their credit reports. So, even if you are making prompt payments, there could still be false information damaging your credit history.
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The new rules will put an end to those mistakes, most especially in regards to civil judgments and liens. Experian, Equifax, and TransUnion are three reporting companies that won’t use those records for evaluating credit scores. However, these reporting companies will use those records when checking your credit if they match your name, address, and birth date/Social Security to any of the records.
Under the new rules, the Fair Isaac Corp estimates that around 50% of tax lien public record data will be invalid. The Fair Isaac Corp adjusts credit histories into a FICO score for various individuals. The FICO says bankruptcy records will still be used going forward. They also insist that the new rules will not hold so much weight and make a huge difference in credit score.
Over time, lots of consumer advocates have expressed their concerns about the unfair treatment of Americans when it comes to credit reports. Errors in reports have a cascading effect on consumers, and these often lead to state attorneys challenging errors in credit reports.
Errors often occur because computers usually attach wrong information to a different name. This usually occurs when two or more people have the same similar names.
Lots of critics insist that the credit system is flawed, and it is not an accurate measure of whether or not an entity should do business with an individual.