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Spin-offs/W. P. Carey Inc. → Net Lease Office Properties

Net Lease Office PropertiesNLOP

Spin-off from W. P. Carey Inc. (WPC) · Nov 1, 2023 · NYSE

Announced
—
Form 10 filed
Sep 21, 2023
Record date
—
Distributed
Nov 1, 2023
Ratio
1 : 15
Debt loaded
$591M
Cash to parent
—
Latest filing
Oct 4, 2023

one NLOP common share for every 15 shares of W. P. Carey

Documents

Form 10Information statementNew company filingsParent filings

Both companies today

The new company
Net Lease Office PropertiesNLOP
Market cap
$160M
Moat
None
Quality
13
Price
$11.00
Fair value
—
Price / FV
—
The parent
W. P. Carey Inc.WPC
Market cap
$15.5B
Moat
Narrow
Quality
53
Price
$70.38
Fair value
$82.06
Price / FV
0.86×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Net Lease Office Properties owns a portfolio of office properties net-leased to corporate tenants, separated by W. P. Carey to exit the office sector. It is externally managed by W. P. Carey affiliates and carried about $591 million of debt at separation, including a $335 million mortgage loan and a $120 million mezzanine loan.

Stated rationaleW. P. Carey said exiting office through the spin-off would leave it with a net-lease portfolio focused on industrial and warehouse assets.

The four questions

The four-question write-up for Net Lease Office Properties is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.