10/15/2024 | Press release | Distributed by Public on 10/15/2024 04:26
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.