W. P. Carey has a 40+ year track record as an investment manager for investment professionals and individual investors. No full-term investor in W. P. Carey’s prior real estate investment programs has lost money and we have successfully liquidated 16 investment programs.
W. P. Carey exited non-traded retail fundraising in 2017 and completed its merger with its final CPA® investment program in 2022.
| CPA® Program | Liquidation Strategy | Total Cash Distribution Since Inception Plus Liquidation Value per $10,000 Investment | Value Received at Termination per $10,000 Invested | Total Distributions per $10,000 Invested | Average Annual Return ¹ |
|---|---|---|---|---|---|
| CPA®:1 | In January 1998, CPA®:1-9 consolidated and were listed on the New York Stock Exchange as Carey Diversified LLC. In June 2000, Carey Diversified LLC acquired the net lease business of W. P. Carey & Co., Inc. forming W. P. Carey & Co. LLC.² | $23,670 | $11,314 | $12,356 | 7.17% |
| CPA®:2 | $36,864 | $12,028 | $24,835 | 14.89% | |
| CPA®:3 | $40,806 | $16,317 | $24,489 | 18.81% | |
| CPA®:4 | $31,007 | $14,184 | $16,824 | 13.85% | |
| CPA®:5 | $21,024 | $7,903 | $13,122 | 7.72% | |
| CPA®:6 | $26,382 | $14,960 | $11,534 | 12.47% | |
| CPA®:7 | $21,504 | $11,914 | $9,590 | 10.15% | |
| CPA®:8 | $22,851 | $14,960 | $7,891 | 13.10% | |
| CPA®:9 | $18,393 | $11,321 | $7,072 | 9.59% | |
| CPA®:10 | In April 2002, CPA®:10 merged into CIP. Stockholders elected to exchange their shares at a total value of $11.23 per share for shares of CIP common stock or a promissory note bearing interest at the annual rate of 4% payable in December 2002. | $20,833 | $11,230 | $9,603 | 8.81% |
| CIP³ | In September 2004, CIP merged into CPA®:15. Stockholders received a special distribution of $3.00 per share and, in addition, the choice of $10.90 in cash or 1.09 shares of CPA®:15 for each share of CIP owned at the time of the merger. | $24,243 | $13,900 | $10,343 | 11.22% |
| CPA®:12 | In December 2006, CPA®:12 merged into CPA®:14. Stockholders received a special distribution of $3.19 per share and, in addition, the choice of $10.30 in cash or 0.8692 shares of CPA®:14 for each share of CPA®:12 owned at the time of the merger. | $23,689 | $13,300 | $10,389 | 10.91% |
| CPA®:14 | In May 2011, CPA®:14 merged into CPA®:16 – Global. Stockholders received a special distribution of $1.00 per share and, in addition, the choice of $10.50 in cash or 1.1932 shares of CPA®:16 – Global for each share of CPA®:14 owned at the time of the merger. | $21,719 | $11,500 | $10,219 | 8.96% |
| CPA®:15⁴ | In September 2012, CPA®:15 merged with W. P. Carey & Co. LLC and converted into a real estate investment trust known as W. P. Carey Inc. (NYSE: WPC). Stockholders received a special cash distribution of $1.25 per share and 0.2326 shares of W. P. Carey common stock for each share of CPA®:15 owned at the time of the merger. | $20,208 | $12,982 | $7,226 | 9.58% |
| CPA®:16⁵ | In January 2014, CPA®:16 – Global merged into W. P. Carey Inc. (NYSE: WPC). Stockholders received 0.1830 shares of W. P. Carey common stock for each share of CPA®:16 – Global owned at the time of the merger. | $17,649 | $11,373 | $6,276 | 7.64% |
| CPA®:17⁶ | In October 2018, CPA®:17 – Global merged into W. P. Carey Inc. (NYSE: WPC). Stockholders received 0.160 shares of W. P. Carey common stock for each share of CPA®:17 – Global owned at the time of the merger. | $17,680 | $10,819 | $6,861 | 7.09% |
| CPA®:18⁷ | In August 2022, CPA®:18 – Global merged into W. P. Carey Inc. (NYSE: WPC). Stockholders received 0.0978 shares of W. P. Carey common stock and $3.00 cash consideration for each Class A and Class C share of CPA®:18 – Global owned at the time of the merger. | Class A: $19,533 | $13,034 | $6,519 | 10.50% |
| Class C: $19,791 | $13,790 | $6,000 | 10.80% |
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Past performance is not a guarantee of future results.
1. The average annual returns are net of fees and expenses and assume distributions are paid in cash. Average Annual Return = total return / number of years in the program. Total Return = [(cash distributions + liquidation value) – original investment] / original investment.
2. The terminal values are based on any final cash distributions plus the average share price for the 30 trading days after the listing, which was $21.51 per share.
3. Carey Institutional Properties Incorporated, or CIP, was the 11th investment program sponsored by W. P. Carey.
4. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $50.44 per share.
5. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $67.15 per share.
6. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $67.62 per share.
7. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $84.83 per share.