Prior Programs

W. P. Carey has a 40+ year track record as an investment manager for investment professionals and individual investors. No full-term investor in W. P. Carey’s prior real estate investment programs has lost money and we have successfully liquidated 16 investment programs.

Prior Programs

W. P. Carey has a 40+ year track record as an investment manager for investment professionals and individual investors. No full-term investor in W. P. Carey’s prior real estate investment programs has lost money and we have successfully liquidated 16 investment programs.

Program

Liquidation Strategy

Total cash distribution since inception plus liquidation value per $10,000 investment

Value received at termination per $10,000 invested

Total distributions per $10,000 invested

Average annual return(1)

CPA®:1

In January 1998, CPA®:1-9 consolidated and were listed on the New York Stock Exchange as Carey Diversified LLC.

 

In June 2000, Carey Diversified LLC acquired the net lease business of W. P. Carey & Co., Inc. and formed W. P. Carey & Co. LLC.(2)

$23,670

$11,314

$12,356

7.17%

CPA®:2

$36,864

$12,028

$24,835

14.89%

CPA®:3

$40,806

$16,317

$24,489

18.81%

CPA®:4

$31,007

$14,184

$16,824

13.85%

CPA®:5

$21,024

$7,903

$13,122

7.72%

CPA®:6

$26,382

$14,960

$11,534

12.47%

CPA®:7

$21,504

$11,914

$9,590

10.15%

CPA®:8

$22,851

$14,960

$7,891

13.10%

CPA®:9

$18,393

$11,321

$7,072

9.59%

CPA®:10

In April 2002, CPA®:10 merged into CIP. Stockholders elected to exchange their shares at a total value of $11.23 per share for shares of CIP common stock or a promissory note bearing interest at the annual rate of 4% payable in December 2002.

$20,833

$11,230

$9,603

8.81%

CIP(3)

In September 2004, CIP merged into CPA®:15. Stockholders received a special distribution of $3.00 per share and, in addition, the choice of $10.90 in cash or 1.09 shares of CPA®:15 for each share of CIP owned at the time of the merger.

$24,243

$13,900

$10,343

11.22%

CPA®:12

In December 2006, CPA®:12 merged into CPA®:14. Stockholders received a special distribution of $3.19 per share and, in addition, the choice of $10.30 in cash or 0.8692 shares of CPA®:14 for each share of CPA®:12 owned at the time of the merger.

$23,689

$13,300

$10,389

10.91%

CPA®:14

In May 2011, CPA®:14 merged into CPA®:16 – Global. Stockholders received a special distribution of $1.00 per share and, in addition, the choice of $10.50 in cash or 1.1932 shares of CPA®:16 – Global for each share of CPA®:14 owned at the time of the merger.

$21,719

$11,500

$10,219

8.96%

CPA®:15(4)

In September 2012, CPA®:15 merged with W. P. Carey & Co. LLC and converted into a real estate investment trust known as W. P. Carey Inc. (NYSE: WPC). Stockholders received a special cash distribution of $1.25 per share and 0.2326 shares of W. P. Carey common stock for each share of CPA®:15 owned at the time of the merger.

$20,208

$12,982

$7,226

9.58%

CPA®:16

In January 2014, CPA®:16 – Global merged into W. P. Carey Inc. (NYSE: WPC). Stockholders received $11.25 per share in the form of W. P. Carey common stock.

$17,649

$11,373

$6,276

7.64%

CPA®:17(5)

In October 2018, CPA®:17 – Global merged into W. P. Carey Inc. (NYSE: WPC). Stockholders received 0.160 shares of W. P. Carey common stock for each share of CPA®:17 – Global owned at the time of the merger.

$17,680

$10,819

$6,861

7.09%

  • CPA®:1

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $23,670

    Value received at termination per $10,000 invested

    $11,314

    Total distributions per $10,000 invested

    $12,356

    Average annual return(1)

    7.17%

  • CPA®:2

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $36,864

    Value received at termination per $10,000 invested

    $12,028

    Total distributions per $10,000 invested

    $24,835

    Average annual return(1)

    14.89%

  • CPA®:3

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $40,806

    Value received at termination per $10,000 invested

    $16,317

    Total distributions per $10,000 invested

    $24,489

    Average annual return(1)

    18.81%

  • CPA®:4

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $31,007

    Value received at termination per $10,000 invested

    $14,184

    Total distributions per $10,000 invested

    $16,824

    Average annual return(1)

    13.85%

  • CPA®:5

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $21,024

    Value received at termination per $10,000 invested

    $7,903

    Total distributions per $10,000 invested

    $13,122

    Average annual return(1)

    7.72%

  • CPA®:6

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $26,382

    Value received at termination per $10,000 invested

    $14,960

    Total distributions per $10,000 invested

    $11,534

    Average annual return(1)

    12.47%

  • CPA®:7

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $21,504

    Value received at termination per $10,000 invested

    $11,914

    Total distributions per $10,000 invested

    $9,590

    Average annual return(1)

    10.15%

  • CPA®:8

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $22,851

    Value received at termination per $10,000 invested

    $14,960

    Total distributions per $10,000 invested

    $7,891

    Average annual return(1)

    13.10%

  • CPA®:9

    Liquidation Date

    01/22/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $18,393

    Value received at termination per $10,000 invested

    $11,321

    Total distributions per $10,000 invested

    $7,072

    Average annual return(1)

    9.59%

  • CPA®:10

    Liquidation Date

    04/30/2002

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $20,833

    Value received at termination per $10,000 invested

    $11,230

    Total distributions per $10,000 invested

    $9,603

    Average annual return(1)

    8.81%

  • CIP(3)

    Liquidation Date

    09/01/2004

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $24,243

    Value received at termination per $10,000 invested

    $13,900

    Total distributions per $10,000 invested

    $10,343

    Average annual return(1)

    11.22%

  • CPA®:12

    Liquidation Date

    12/01/2006

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $23,689

    Value received at termination per $10,000 invested

    $13,300

    Total distributions per $10,000 invested

    $10,389

    Average annual return(1)

    10.91%

  • CPA®:14

    Liquidation Date

    05/02/2011

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $21,719

    Value received at termination per $10,000 invested

    $11,500

    Total distributions per $10,000 invested

    $10,219

    Average annual return(1)

    8.96%

  • CPA®:15(4)

    Liquidation Date

    09/28/2012

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $20,208

    Value received at termination per $10,000 invested

    $12,982

    Total distributions per $10,000 invested

    $7,226

    Average annual return(1)

    9.58%

  • CPA®:16

    Liquidation Date

    01/31/2014

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $17,649

    Value received at termination per $10,000 invested

    $11,373

    Total distributions per $10,000 invested

    $6,276

    Average annual return(1)

    7.64%

  • CPA®:17(5)

    Liquidation Date

    10/31/2018

    Total cash distribution since inception plus liquidation value per $10,000 investment

    $17,680

    Value received at termination per $10,000 invested

    $10,819

    Total distributions per $10,000 invested

    $6,861

    Average annual return(1)

    7.09%

Click here for historical Organizational Actions.

Past performance is not a guarantee of future results.

  1. The average annual returns are net of fees and expenses and assume distributions are paid in cash. Average Annual Return = total return / number of years in the program. Total Return = [(cash distributions + liquidation value) – original investment] / original investment.

  2. The terminal values are based on any final cash distributions plus the average share price for the 30 trading days after the listing, which was $21.51 per share.

  3. Carey Institutional Properties Incorporated, or CIP, was the 11th investment program sponsored by W. P. Carey.

  4. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $50.44 per share.

  5. The W. P. Carey stock value used for the calculation of the terminal value is based on the average share price of WPC for the 30 days after the merger, which was $67.62 per share.

On April 13, 2020, Carey Watermark Investors 1 Inc. (CWI® 1) and Carey Watermark Investors 2 Inc. (CWI® 2) merged in an all-stock transaction. In the merger, former CWI 1 shareholders received 0.9106 shares of CWI 2 Class A common stock. Following the merger, the combined company completed an internalization transaction, resulting in the company becoming self-managed, and CWI 2 was renamed to Watermark Lodging Trust. 


For more information, please visit watermarklodging.com.