W.P. Carey split the company into W.P. Carey and Net Lease Office Properties. The structure of the spinoff was the distribution of Net Lease Office Properties as a taxable dividend. W.P. Carey shareholders received one share of NLOP for every 15 shares of WPC owned.

This action will require multiple entries in the accounting system.  The information below is based on the information available from W.P. Carey.

The Dividend Entry

Go to Accounting > Securities > Cash Dividend.

• Date: 11/1/2023
• Select Transaction Type : Dividend or Distribution
• Amount: [17.10 x 0.0667 x  (# of WPC shares owned)]
  • For example, if you owned 100 shares of WPC your amount would be 17.10 x .06667 x 100 = 114.057.
  • Round up to 114.06 This amount includes the value of fractional shares which will be sold.
• Ex Dividend date:  11/1/2023
• Type : Dividend
• Select Security: W.P. Carey (WPC)

Save the transaction and the dividend has been entered.

The Buy Entry

Go to Accounting > Securities > Buy in myICLUB.

• Date: 11/1/2023
• Select Security :  Net Lease Office Properties (NLOP)
• Number of Shares Bought :  The results, to 3 decimal places, of  0.06667 x (# of WPC shares owned). For example, if 100 shares of WPC were owned, enter 0.06667 x 100 = 6.667 shares
• Net Total of Purchase: Enter the same amount used for the dividend above.

The Sell Entry

Go to Accounting > Securities > Sell in myICLUB.

• Date: 11/2/2023
• Select Security :  Net Lease Office Properties (NLOP)

Step 2

• Shares sold : The fractional portion of the shares bought, in the previous transaction, above. In the 100 WPC share example, enter .667.
• Sale Total : See cash-in-lieu from broker statement.