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W. P. Carey, Extra Space sign net-lease agreements for 36 properties

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W. P. Carey, Extra Space sign net-lease agreements for 36 properties

Diversified real estate investment trust W. P. Carey Inc. entered into net lease agreements with self-storage real estate investment trust Extra Space Storage Inc.

Under the terms of the agreements, 36 W. P. Carey-owned self-storage assets will be triple-net leased by Extra Space for 25 years. Most of the properties were acquired by W.P. Carey in its merger with Corporate Property Associates 17 - Global Inc.

The lease deals granted termination rights to both REITs on the 10- and the 20-year anniversaries, depending on certain performance metrics. W. P. Carey may also terminate the leases in case of a sale, with Extra Space keeping the right of first offer for the properties.