---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-102585"
form_type: "8-K"
ticker: "WPC"
cik: "0001025378"
company_name: "W. P. Carey Inc."
filed_at: "2023-09-21T23:59:59+00:00"
generated_at: "2026-06-10T10:04:18.566981+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# W. P. Carey to spin off 59 office properties into NLOP, sell 87 more by Jan 2024

## Summary
- Spin-off of 59 office properties into Net Lease Office Properties (NLOP) expected to close ~Nov 1, 2023.
- NLOP portfolio: 59 properties, 9.2M sq ft, ABR >$141M; assumes $169M debt and $455M new J.P. Morgan facility.
- Office Sale Program: 87 retained office properties (~$77M ABR) targeted to sell by Jan 2024; over half in advanced stages.
- W. P. Carey to act as external advisor to NLOP post-spin; distribution of NLOP shares taxable for U.S. federal income tax.
- New debt facility includes $335M mortgage loan (SOFR+5%) and $120M mezzanine loan (14.5% rate with PIK).

## SEC filing metadata
- accession: 0001104659-23-102585
- form_type: 8-K
- ticker: WPC
- cik: 0001025378
- company_name: W. P. Carey Inc.
- filed_at: 2023-09-21T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1025378/000110465923102585/0001104659-23-102585-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1025378/000110465923102585/tm2326526d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-102585
- JSON: https://secwatch.observer/filing/0001104659-23-102585.json
- Plain text: https://secwatch.observer/filing/0001104659-23-102585.txt

## Key facts
- Debt Financings
  W. P. Carey Inc. incurred loan of $120.0 million with JPMorgan Chase Bank, N.A. at 14.5%, 10% current pay, 4.5% PIK maturing approximately five years after the date on which the NLOP Mezzanine Loan Agreement is funded.
  - Instrument: loan
  - Principal: $120.0 million
  - Counterparty: JPMorgan Chase Bank, N.A.
  - Rate: 14.5%, 10% current pay, 4.5% PIK
  - Maturity: approximately five years after the date on which the NLOP Mezzanine Loan Agreement is funded
  - Event: incurrence
  source text: mortgage loan (the “ NLOP Mortgage Loan ”) with JPMorgan Chase Bank. N.A., together with its successors and/or permitted assigns (collectively, the “ Lenders ”) and (ii) a $120.0 million mezzanine loan facility with the Lenders (the “ NLOP Mezzanine Loan ” and, together with the NLOP Mortgage Loan, the “ NLOP Financing Arrangements ”). No borrowings under the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1025378/000110465923102585/0001104659-23-102585-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.