Back to top

Analyst Blog

An affiliate of W. P. Carey Inc. (WPC - Snapshot Report), 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 by Extra Space Storage Inc. (EXR - Snapshot Report).

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 (LXP - Snapshot Report) holds a Zacks #3 Rank, which translates into a short term Hold rating.
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
SUPER MICRO… SMCI 27.00 +10.25%
CANADIAN SO… CSIQ 38.34 +8.18%
BANCO DO BR… BDORY 16.78 +8.05%
CENTURY ALU… CENX 26.97 +7.97%
WILLDAN GRO… WLDN 11.38 +5.86%