W. P. Carey Stockholders Ok Merger Deal With CPA:16 - Global - Quick Facts

(RTTNews) - W. P. Carey Inc. (WPC) said that its proposed merger with its publicly held, non-traded REIT affiliate, Corporate Property Associates 16 - Global Incorporated, was approved by its stockholders and the stockholders of Corporate Property Associates 16 on January 24, 2014.

The merger was approved by 98% of the shares voted by W. P. Carey's stockholders and by 96% of the eligible votes cast at CPA:16 - Global's special meeting of stockholders. The transaction is expected to close on January 31, 2014.

Upon completion of the transaction, W. P. Carey is expected to have an equity market capitalization of approximately $6.5 billion and a total market capitalization of approximately $10 billion. Its global portfolio will consist of more than 85 million square feet of corporate real estate leased to over 230 companies around the world. W. P. Carey will continue to manage CPA:17 - Global, CPA:18 - Global and Carey Watermark Investors, its publicly held non-traded REITs.

In July 2013, W.P. Carey and Corporate Property Associates 16 - Global Inc. entered into a definitive merger agreement for the real estate investment trust to buy CPA:16 - Global in an all-stock transaction valued at about $4.0 billion.

The company today said that it expects to adjusted funds from operations to be between $4.40 to $4.65 per share for the full year 2014.