UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events
On October 14, 2024, W. P. Carey Inc.’s tenant, True Value Company, L.L.C. (“True Value”), announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware and that it had entered into an agreement to sell substantially all of its business operations to Do it Best Corp.
As of June 30, 2024, W. P. Carey net leased nine properties to True Value through two master leases and three individual leases that generated total annualized base rent (“ABR”) of $18.7 million (ranking it as W. P. Carey’s 15th largest tenant), and had a weighted-average lease term of 14.1 years.
True Value is current on rent through October 2024.
Properties net leased to True Value comprised the following (as of June 30, 2024):
| Property Type | City | State | ABR | ABR % | Square Footage | Lease Structure | ||||||||||||
| Distribution (Warehouse) | Springfield | OR | $ | 2,828 | 0.2 | % | 548 | Master Lease 1 | ||||||||||
| Distribution (Warehouse) | Jonesboro | GA | 2,474 | 0.2 | % | 619 | Master Lease 1 | |||||||||||
| Distribution (Warehouse) | Kingman | AZ | 1,460 | 0.1 | % | 372 | Master Lease 1 | |||||||||||
| Distribution (Warehouse) | Corsicana | TX | 3,118 | 0.2 | % | 775 | Master Lease 2 | |||||||||||
| Distribution (Warehouse) | Woodland | CA | 1,691 | 0.1 | % | 359 | Master Lease 2 | |||||||||||
| Distribution (Warehouse) | Kansas City | MO | 1,571 | 0.1 | % | 415 | Master Lease 2 | |||||||||||
| Manufacturing (Industrial) | Cary | IL | 2,486 | 0.2 | % | 571 | Individual Lease | |||||||||||
| Distribution (Warehouse) | Westlake | OH | 2,021 | 0.2 | % | 392 | Individual Lease | |||||||||||
| Distribution (Warehouse) | Mankato | MN | 1,057 | 0.1 | % | 310 | Individual Lease | |||||||||||
| $ | 18,707 | 1.4 | % | 4,362 | ||||||||||||||
ABR and square footage in thousands. Pro rata.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit Description | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: October 15, 2024 | W. P. Carey Inc. | |
| By: | /s/ Jason E. Fox | |
| Jason E. Fox | ||
| Chief Executive Officer | ||