W. P. Carey completes spin-off of 59 office properties into NLOP; distribution ratio 1:15

W. P. Carey Inc.

Spin-off completed Nov 1; stockholders received 1 NLOP share per 15 WPC shares held as of Oct 19 record date.
NLOP becomes independent publicly traded REIT; regular-way trading on NYSE under 'NLOP' begins Nov 2.
WPC contributed office properties; NLOP assumed ~$382.4M from NLOP Financing Arrangements.
WPC subsidiaries entered advisory agreements: $625K/month management fee (capped at $7.5M/year) plus $333K/month admin reimbursement.
Jean Hoysradt resigned from WPC board effective Nov 1 to join NLOP board; no disagreement involved.

item 1.01 item 1.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Jean Hoysradt

Director

WPC · W. P. Carey Inc.

Effective: 2023-11-01
Filed: November 2, 2023, 7:59 PM ET

Jean Hoysradt notified the board of directors of the Company (the “ WPC Board ”) on October 31,2023 of her decision to resign as a member of the WPC Board, effective as of November 1, 2023

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Jean Hoysradt resigned as Director at W. P. Carey Inc..

Action: resigned
Role: Director

Exact text from the filing

Jean Hoysradt notified the board of directors of the Company (the “ WPC Board ”) on October 31,2023 of her decision to resign as a member of the WPC Board, effective as of November 1, 2023

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

W. P. Carey Inc. entered into Separation and Distribution Agreement with Net Lease Office Properties valued at Contributed certain office properties to NLOP; included mutual release and indemnification covenants (effective 2023-10-31).

Action: entry
Agreement: supply
Counterparty: Net Lease Office Properties
Value: Contributed certain office properties to NLOP; included mutual release and indemnification covenants
Effective: 2023-10-31

Exact text from the filing

The Separation and Distribution Agreement, dated October 31, 2023, by and between the Company and NLOP (the “ Separation and Distribution Agreement ”) set forth the various individual transactions to be consummated that comprised the Separation and the Distribution, including the assets transferred to and liabilities assumed by NLOP and its subsidiaries following the Distribution, including the transfer of the Office Properties by the Company to NLOP and the transfer by NLOP to the Company of approximately $382.4 million from borrowings under the NLOP Financing Arrangements (as defined below).

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119 material agreements filed in the last 30 days. Browse all material agreements →

W. P. Carey Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-113522

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