W. P. Carey tenant True Value files Chapter 11; $18.7M ABR at risk

W. P. Carey Inc.

True Value initiated voluntary Chapter 11 proceedings on Oct 14, 2024, and agreed to sell business to Do it Best Corp.
W. P. Carey net leases nine properties to True Value generating $18.7M annualized base rent (1.4% of total ABR).
True Value was W. P. Carey's 15th largest tenant; weighted-average lease term is 14.1 years.
Rent is current through October 2024; properties span six states as distribution warehouses and one manufacturing site.

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