Unlisted REIT sponsor W.P Carey & Co. LLC (WPC) has been subpoenaed by the SEC over broker-dealer payments. On Wednesday,-based WPC said that the subpoena is related to another SEC investigation into a stock offering made by one of WPC’s unlisted REITs. That investigation began in August 2004.
"We continue to cooperate fully with the SEC," says C. Curtis Ritter, director of corporate communications at W.P Carey & Co. The SEC is seeking additional materials from the firm, adds Ritter.
W.P Carey referred to the latest subpoena in a filing this week, noting that the future of the SEC investigation is unclear. The firm also noted that SEC actions against the firm could have a material impact.
W.P Carey is one of the so-called "Big Four" unlisted REIT sponsors. The other three are Wells Real Estate Funds, Inland and CNL. According to the WPC website, the firm is world’s largest publicly traded limited liability company (LLC). WPC owns more than 90 million sq. ft. of combined space in the U.S and Europe. WPC also manages the assets of several unlistedwithin its $7 billion W.P Carey Group.