W.P. Carey (WPC) completed its conversion to a real estate investment trust and merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 15.
The company commenced trading on the New York Stock Exchange as a REIT on Monday and is eligible for inclusion in the FTSE NAREIT All REITs index.
W.P. Carey Chief Executive Trevor bond said the increase in scale and liquidity will “enhance our appeal to a broader range of institutional and individual investors and therefore afford us better access to public equity markets.”
The New york-based REIT established its third quarter 2012 cash distribution at 65 cents a share, which equates to an annualized rate of $2.60 per share and represents a 15% increase over the previous quarter.
The cash dividend is payable on October 16 to shareholders of W.P. Carey as of October 2. It's the company’s 46th consecutive distribution increase.