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W.P. Carey Inc. (NYSE: WPC) is a leading global net-lease real estate investment trust (REIT) specializing in long-term sale-leaseback and build-to-suit financing solutions. With an enterprise value of approximately $10.4 billion as of September 30, 2015, W.P. Carey boasts a diverse portfolio encompassing single-tenant office, industrial, warehouse, and retail properties predominantly located in the U.S., Western Europe, and Northern Europe. Celebrating its 50th anniversary, the company manages a series of non-traded publicly registered investment programs with assets under management of about $10.5 billion.
W.P. Carey organizes its operations into two main segments: Real Estate and Investment Management. The Real Estate segment, generating the majority of the company's income, derives lease revenue from long-term agreements with creditworthy tenants, thereby ensuring stable cash flows. The company's real estate portfolio includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.
The company's Investment Management unit offers real estate advisory and portfolio management services to other REITs, contributing significantly to its revenue.
W.P. Carey is known for its disciplined corporate finance and real estate underwriting process, which has been successfully applied across various industries and property types. This strategy has enabled the company to deliver consistent and increasing dividend income to investors for over four decades.
In recent developments, W.P. Carey completed the spin-off of 59 office properties into Net Lease Office Properties (NLOP), a separate publicly traded REIT, on November 1, 2023. This strategic move is part of W.P. Carey's plan to exit the office sector, focusing more on high-quality, operationally critical commercial real estate including industrial, warehouse, and retail properties with long-term leases.
The company continues to make significant strides in its growth strategy. For instance, W.P. Carey reported a productive start to 2024 with $375 million in closed investments and a robust deal pipeline. The company's focus remains on leveraging its liquidity and strong rent escalations to generate future growth and maintain a diversified portfolio.
With offices in New York, London, Amsterdam, and Dallas, W.P. Carey is well-positioned to capitalize on opportunities in the global real estate market. Visit www.wpcarey.com for more information.
W. P. Carey Inc. (NYSE: WPC) has announced the pricing of a €600 million public offering of 3.700% Senior Notes due 2034. The Notes were offered at 98.880% of the principal amount and are expected to settle on November 19, 2024, subject to customary closing conditions. Interest on the Notes will be paid annually starting November 19, 2025. The Company plans to use the net proceeds for general corporate purposes, including funding potential future investments and repaying certain debts. Barclays Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc, and Bank of Montreal, London Branch, acted as joint book-running managers. The Notes will be listed on the Euronext Dublin, pending approval. Investors can access the prospectus on the SEC's website for more details.
W. P. Carey reported Q3 2024 financial results with net income of $111.7 million ($0.51 per share) and AFFO of $259.3 million ($1.18 per diluted share). The company narrowed its 2024 AFFO guidance to $4.65-$4.71 per share. Investment volume reached $971.4 million year-to-date, with $167.0 million during Q3. Gross dispositions totaled $1.2 billion year-to-date. The quarterly dividend was set at $0.875 per share. Revenue decreased 11.4% year-over-year to $397.4 million, primarily due to strategic office asset exits.
W. P. Carey (NYSE: WPC) has been recognized on Fortune's 2024 Best Workplaces lists in multiple categories, including Real Estate and Women. The company was also named a Best Workplace in New York. These recognitions were determined through Great Place to Work's For All™ Methodology, analyzing over 1.3 million survey responses from certified companies.
As one of the largest net lease REITs, W. P. Carey manages a diverse portfolio of 1,291 net lease properties spanning approximately 170 million square feet and 89 self-storage operating properties as of June 30, 2024. The company primarily invests in single-tenant industrial, warehouse, and retail properties across the U.S. and Northern and Western Europe.
W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT, has announced the release of its third quarter 2024 financial results on Tuesday, October 29, 2024, after market close. The company will host a conference call and live audio webcast on Wednesday, October 30, 2024, at 11:00 a.m. Eastern Time to discuss the results.
W. P. Carey ranks among the largest net lease REITs, with a diverse portfolio of 1,291 net lease properties covering approximately 170 million square feet and 89 self-storage operating properties as of June 30, 2024. The company focuses on investing in single-tenant industrial, warehouse, and retail properties in the U.S. and Northern and Western Europe under long-term net leases with built-in rent escalations.
W. P. Carey Inc. (NYSE: WPC) has announced an increase in its quarterly cash dividend to $0.875 per share, equivalent to an annualized dividend rate of $3.50 per share. The dividend will be payable on October 15, 2024 to stockholders of record as of September 30, 2024.
W. P. Carey is one of the largest net lease REITs, with a diverse portfolio of 1,291 net lease properties covering approximately 170 million square feet and 89 self-storage operating properties as of June 30, 2024. The company focuses on investing in single-tenant industrial, warehouse, and retail properties in the U.S. and Northern and Western Europe under long-term net leases with built-in rent escalations.
The W. P. Carey Foundation has committed an additional $25 million to Arizona State University's W. P. Carey School of Business, bringing their lifetime commitment to over $100 million. This investment will expand the school's real estate programs, including:
1. Launching an undergraduate real estate degree program in fall 2025
2. Elevating the W. P. Carey Center for Real Estate and Finance
3. Introducing an experiential learning lab for real estate
4. Allocating dedicated physical space for the center and lab
5. Attracting leading faculty in real estate research and practice
The funding also establishes a Distinguished Chair in Real Estate and Finance and creates an executive director role for the newly named center. This partnership aims to strengthen real estate education and research at ASU, recognizing the industry's importance in economic development.
W. P. Carey Inc. (NYSE: WPC) reported its Q2 2024 financial results, with net income of $142.9 million and AFFO of $257.1 million ($1.17 per diluted share). The company revised its 2024 AFFO guidance to $4.63-$4.73 per diluted share, based on anticipated investment volume of $1.25-$1.75 billion. WPC completed $641.0 million in investments year-to-date and $152.2 million in dispositions during Q2. The company effectively completed its strategic plan to exit office assets and refinanced its 2024 bond maturities. WPC declared a quarterly cash dividend of $0.870 per share, equivalent to an annualized rate of $3.48 per share.
W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT, has announced the release of its second quarter 2024 financial results on Tuesday, July 30, 2024, after market close. The company will host a conference call and live audio webcast to discuss these results on Wednesday, July 31, 2024, at 11:00 a.m. Eastern Time.
W. P. Carey is among the largest net lease REITs, with a diverse portfolio of 1,282 net lease properties covering approximately 168 million square feet and 89 self-storage operating properties as of March 31, 2024. The company focuses on investing in single-tenant industrial, warehouse, and retail properties in the U.S. and Northern and Western Europe under long-term net leases with built-in rent escalations.
W. P. Carey (NYSE: WPC), a prominent net lease REIT, announced that John Park will step down as President effective September 30, 2024. He will continue as a Senior Advisor through February 2025 and serve as a Trustee of Net Lease Office Properties (NYSE: NLOP) and the W. P. Carey Foundation. The President role will be absorbed by CEO Jason Fox. Park, who joined the company in 1987, played a key role in significant transactions, including mergers and the company's REIT conversion. CEO Jason Fox praised Park's 37-year contribution to W. P. Carey's growth from a private asset manager to a leading publicly traded REIT.
W. P. Carey, a leading net lease REIT, announced it has earned the 2024 Great Place to Work Certification in both the U.S. and the Netherlands. This recognition is based on employee feedback, with 100% of U.S. respondents and 98% of European respondents highlighting the company as a great place to work. Additionally, W. P. Carey was named one of the 2024 Fortune Best Workplaces in New York. The certification reflects the firm’s commitment to a positive employee experience and culture. Key survey findings include high marks for inclusivity, ethical management, and a welcoming environment.
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