NEW YORK - W. P. Carey Inc. (NYSE: NYSE:WPC), a prominent net lease real estate investment trust (REIT), announced today that John Park will resign as President effective September 30, 2024.
After stepping down, Park will act as Senior Advisor until February 2025 and will maintain his positions as a Trustee of Net Lease Office Properties (NYSE: NLOP) and the W. P. Carey Foundation. Subsequent to his departure, the role of President will be discontinued, and CEO Jason Fox will take on the title.
Having joined the company in 1987, Park has been a significant figure in W. P. Carey's history, contributing to its growth and major transactions, including several mergers and the company's conversion to a REIT in 2012. His tenure at W. P. Carey spans nearly four decades, during which time he has seen the company evolve from a private asset manager to one of the largest publicly traded net lease REITs.
CEO Jason Fox commended Park for his dedication and impact on the company, highlighting his creativity and friendship as key elements of his legacy at W. P. Carey. Park expressed pride in his role in the company's development and expressed confidence in leaving the company well-positioned for the future.
W. P. Carey is known for its extensive portfolio, which includes 1,282 net lease properties and 89 self-storage operating properties as of March 31, 2024. The company's investments are primarily in single-tenant industrial, warehouse, and retail properties across the U.S. and in parts of Europe.
InvestingPro Insights
As W. P. Carey Inc. navigates a leadership transition with John Park's resignation, investors may look to related metrics and insights for Net Lease Office Properties (NYSE: NLOP) to gauge the broader impact on their net lease investment strategy. Here are some pertinent InvestingPro Data and Tips for NLOP:
- The company's Market Cap stands at $350.11 million, reflecting its size and presence within the market.
- NLOP has experienced a significant 6 Month Price Total Return of 36.09%, indicating a substantial increase in its share price over the past half-year.
- The Revenue Growth for the last twelve months as of Q1 2024 is 8.68%, which shows the company is expanding its top-line figures.
In addition to these data points, two InvestingPro Tips are particularly relevant:
1. NLOP is currently trading at a low EBITDA valuation multiple, which could suggest that the company's earnings before interest, taxes, depreciation, and amortization are undervalued relative to its market cap.
2. Despite the recent price uptick, analysts anticipate a sales decline in the current year for NLOP, which investors should consider as it may affect future revenue and profitability.
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