An affiliate of
W. P. Carey Inc
), a real estate investment trust (REIT), has recently acquired
three self storage facilities in Tampa, St. Petersburg, and Palm
Harbor in Florida for an aggregate of $25 million. Spanning
225,569 square feet, the properties were purchased from Safeguard
Self Storage. Post-acquisition, the properties would be managed
Extra Space Storage Inc
W. P. Carey expects the acquired assets to provide consistent
cash flow owing to its strategic location in a heavy traffic
movement region and good visibility in the greater Tampa market.
The expertise of the management team is further expected to
enhance the profitability of the acquired portfolio.
Earlier in the third quarter of 2012, W. P. Carey acquired five
retail stores totaling approximately 74,000 square feet in
Virginia Beach, Virginia; Florence, Alabama; Snellville, Georgia;
Concord, North Carolina; and Rockport, Texas for $25 million.
W. P. Carey provides long-term sale-leaseback and build-to-suit
financing for companies worldwide and manages an investment
portfolio of approximately $13.3 billion. The company primarily
invests in commercial properties that are generally leased to
corporate tenants including office, warehouse, industrial,
logistics, retail, hotel, R&D, and self-storage properties.
As of September 28, 2012, the owned portfolio of the company
included 430 properties comprising 39 million square feet leased
to more than 130 corporate tenants.
W. P. Carey currently retains a Zacks #2 Rank, which translates
into a short-term Buy rating. We have a long-term Neutral
recommendation on the stock. One of its competitors,
Lexington Realty Trust
) holds a Zacks #3 Rank, which translates into a short term Hold
EXTRA SPACE STG (EXR): Free Stock Analysis
LEXINGTON PPTY (LXP): Free Stock Analysis
WP CAREY INC (WPC): Free Stock Analysis
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