W. P. CAREY INC.
When W. P. Carey was founded in 1973, it pioneered
the pooling of net-leased assets into funds that allowed
individual investors to put their capital to play in the
net-lease arena. A decade later, it introduced the use of
SLB proceeds as a critical component of the capital
stack for LBOs by providing $32 million in funds for
William E. Simon’s acquisition of Gibson Greetings.
Following its 1998 NYSE listing, W. P. Carey entered
the European market, paving the way for increasing
net-lease investment activity on the Continent. The
firm again made headlines in 2009, at the depths of
the financial crisis, when it provided $225 million of
SLB financing to the New York Times, allowing the publication to pay off shorter-term debt obligations as
other sources of capital were not available.
Since its conversion to a REIT in 2012, the firm has
continued to demonstrate the value of its diversified
investment strategy. Last year, W. P. Carey merged
with its non-traded REIT affiliate CPA: 17, placing it
in the top 25 ranking on the MSCI REIT Index.
As of Sept. 30, 2018, W. P. Carey has built a portfolio pro forma of 1,186 net-leased properties covering approximately 133 million square feet, primarily
in the US and Europe. Steered by Gino Sabatini,
managing director and head of investments, key
members of the W. P. Carey team include executive
directors Andrés Dallal and Zachary Pasanen, directors Joseph Mastrocola and Tyler Swann, and analyst Andrew Huizenga.
The firm’s guiding principles by two core principles: investing for the long run and doing good while doing well. The W. P. Carey
investment team looks for opportunities that not only meet investment criteria, but also provide capital to companies to support the
overall economy and create job opportunities for those companies’ employees. As part of its larger corporate responsibility, the team
strives to address the environmental and sustainability needs of tenants and the communities in which it operates. And, its Carey
Forward program encourages all employees to become involved in philanthropic and charitable activities. ◆
Andrés Dallal Gino Sabatini
Tyler Swann Andrew Huizenga Joseph Mastrocola
After going into a period of transformation four years
ago, VEREIT has emerged as one of the largest and
most diverse single-tenant REITs in the US, with plays
in retail, restaurant, office and industrial real estate.
Since 2016, VEREIT has been involved in more than
$9.3 billion of capital activity, including acquisitions
and dispositions of more than $3.6 billion properties
to strengthen its portfolio and balance sheet. In addition, its balance sheet has been enhanced by a new
$2.9-billion unsecured credit facility, and the firm has
accessed public equity and debt by issuing nearly $3
billion in stock and unsecured bonds.
Today, the REIT has a total asset book value of $14.1
billion and portfolio that is more diverse than ever before, with its top 10 tenants
representing less than 29% of income. It has also achieved investment-grade corporate ratings from all major agencies for three consecutive years.
This success stems from the efforts of the Scottsdale-based firm’s leadership
team, consisting some of the most seasoned executives in the business: Glenn
Rufrano, chief executive officer; Michael Bartolotta, EVP and chief financial officer; Lauren Goldberg, EVP, general counsel and secretary; Tom Roberts, EVP &
chief investment officer; and Paul McDowell, EVP and chief operating officer.
The company owns one of the single-tenant portfolios in the US, accounting
for 93.9 million square feet spanning some 4,000 properties. With an annualized
rental income of $1.1 billion, the portfolio is over 98% occupied by more than 650
tenants—40% of which are investment grade-rated—across 42 industries.
Glenn Rufrano Michael Bartolotta Lauren Goldberg
Tom Roberts Paul McDowell