W. P. Carey Selected as 2023 Green Lease Leader

Rhea-AI Summary

W. P. Carey (NYSE: WPC) has been recognized as a 2023 Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance, marking its second consecutive year of achieving this accolade. The Gold recognition highlights the company's commitment to green leasing practices, focusing on energy efficiency and sustainability. In 2022, W. P. Carey executed 27 leases with green provisions, covering 16.8 million square feet, generating approximately $97.5 million in annualized base rent. The company, with an enterprise value of around $24 billion, manages a portfolio of 1,449 properties and 84 self-storage facilities, emphasizing single-tenant, industrial, and retail properties. CEO Brooks Gordon stated the importance of sustainability in their strategy, aiming to reduce the carbon footprint and engage tenants on green initiatives.

Positive

• Achieved Gold recognition as a 2023 Green Lease Leader for sustainability efforts.
• Executed 27 leases with green lease provisions in 2022, totaling 16.8 million square feet.
• Generated approximately $97.5 million in annualized base rent from green lease provisions.
• Strong enterprise value reported at approximately $24 billion.

Negative

• None.

Second Consecutive Year Achieving Gold Recognition

NEW YORK, April 12, 2023 /PRNewswire/ -- W. P. Carey (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced it has been named a 2023 Green Lease Leader by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's (DOE) Better Buildings Alliance. Launched in 2014, Green Lease Leaders sets standards for what constitutes a green lease, while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost-savings, air quality improvement and sustainability in buildings.

W. P. Carey achieved Gold recognition for green leasing by qualifying for credits in energy efficiency and sustainability best practices such as utility data tracking and cost recovery for capital improvements.

Brooks Gordon, Head of Asset Management, W. P. Carey, said: "We're thrilled to be selected as a Green Lease Leader for the second year in a row. Green leasing has become a critical part of our sustainability strategy and enables us to improve both utility data collection and tenant engagement, increasing the likelihood of partnering with tenants on green building initiatives such as renewable energy opportunities and building energy retrofits. We remain committed to reducing the overall carbon footprint of our portfolio and look forward to building on our efforts to become a sustainability leader in the net lease sector."

In 2022, W. P. Carey executed 27 leases with green lease provisions totaling 16.8 million square feet of assets and generating an annualized base rent of approximately $97.5 million.

For more information on W. P. Carey's broader ESG strategy, view our most recent ESG Report.

W. P. Carey Inc. 

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $24 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,449 net lease properties covering approximately 176 million square feet and a portfolio of 84 self-storage operating properties, as of December 31, 2022. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com 

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Gordon are examples of forward-looking statements. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of COVID-19; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, please reference its filings with the U.S. Securities and Exchange Commission.

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com

 

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SOURCE W. P. Carey Inc.

FAQ

What is the significance of W. P. Carey being named a 2023 Green Lease Leader?

W. P. Carey was recognized for its commitment to sustainability through green leasing practices, reflecting its efforts in energy efficiency and cost savings.

How much annualized base rent did W. P. Carey generate from green lease provisions in 2022?

W. P. Carey generated approximately $97.5 million in annualized base rent from its green lease provisions.

What is W. P. Carey's enterprise value?

W. P. Carey has an enterprise value of around $24 billion.

How many properties does W. P. Carey manage?

W. P. Carey manages 1,449 net lease properties and 84 self-storage facilities.

What are the key aspects of W. P. Carey's sustainability strategy?

W. P. Carey's sustainability strategy focuses on reducing carbon footprint, improving utility data collection, and engaging tenants in green initiatives.