I spoke about a recent spinoff investment on my X feed. (WPC) is a mid-cap company that has a diverse portfolio of high-quality, operationally vital commercial real estate, including 1,416 net lease assets totaling around 171 million square feet and 85 self-storage operating properties. It ranks among the largest net-lease REITs. (WPC) said in June that it would spin off (NLOP) as a publicly traded real estate investment trust. The portfolio would include 59 high-quality office buildings with a total of 9.2 million leasable square feet, most of which would be leased to corporations on a single-tenant net lease basis.
(WPC) said on October 6, 2023, that the spinoff would be done through a dividend of 1 (NLOP) share for every 15 (WPC) shares owned on November 1, 2023, which was the record date.
