W. P. Carey Inc. WPC → Net Lease Office Properties NLOP
| Parent | W. P. Carey Inc. WPC |
|---|---|
| Spinco | Net Lease Office Properties NLOP |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Net Lease Office Properties share for every 15 W. P. Carey shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The authoritative information statement is neither in the Form 10 nor in the 8-K that first attached it: that version contained a typographical error about the parent's regular-way market and was replaced the next day by an amended 8-K, which the spinco's own later filings cite as the operative document. The distribution also took effect after the close on November 1, so the first regular-way session was November 2.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2023-09-21Separation announced
- 2023-09-21Form 10 filed
- 2023-10-04Form 10 last amended
- 2023-10-06Form 10 effective
- 2023-10-19Record date
- 2023-10-27When-issued trading opens
- 2023-11-01Distribution
- 2023-11-17First standalone earnings
- —Index inclusion announced
Performance since separation
| Net Lease Office Properties since separation | +10.89% |
|---|---|
| W. P. Carey Inc. over the same window | +34.06% |
| S&P 500 (SPY) over the same window | +81.17% |
| Russell 2000 (IWM) over the same window | +81.29% |
| Excess over the S&P 500 | -70.28% |
| Excess over the Russell 2000 | -70.40% |
Measured from the first regular-way close on or after the distribution — 2023-11-02 at 10.47 — to 2026-08-21 at 11.61. Window: 2.8 years. The 2023-11-01 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -8.82% |
|---|---|
| Combined (W. P. Carey Inc. + Net Lease Office Properties), pre-distribution to now | +37.04% |
| Combined excess over the S&P 500 | -46.06% |
| Combined excess over the Russell 2000 | -45.28% |
Combined treats a pre-spin holding as 1 Net Lease Office Properties share for every 15 W. P. Carey shares valued at the parent's last close before regular post-spin trading resumed — 2023-10-31 at 52.52 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 8-Kfiled 2023-09-21 · 0001104659-23-102585Announcement of the plan to exit office by spinning off 59 properties
- 10-12B/Afiled 2023-10-04 · 0001628280-23-033769Final amendment; its Ex-99.1 is only a preliminary information statement
- 8-Kfiled 2023-10-10 · 0001628280-23-034092Form 10 declared effective October 6, 2023; attaches the information statement
- 8-K/Afiled 2023-10-11 · 0001628280-23-034220Amendment refiling the information statement to correct a typographical error; this is the authoritative text
- 8-Kfiled 2023-11-02 · 0001104659-23-113533Completion: spin-off completed November 1, 2023; 14,620,919 shares distributed
Notes
W. P. Carey's separation of its office properties, executed as a deliberate exit from the office sector rather than a growth split. Classified focus-increasing: the parent shed an entire property type to concentrate on net lease industrial and retail, which is the clearest case of narrowing in this batch.