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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. announced the pricing of a public offering of $350 million in 2.450% Senior Notes due 2032, marking its debut green bond issuance. The Notes are priced at 99.048% of the principal amount, with interest payable semi-annually starting February 1, 2022. The net proceeds are intended for financing eligible green projects as defined in the company's Green Financing Framework, aligned with the ICMA Green Bond Principles 2021. The offering is expected to settle on October 15, 2021. Joint book-running managers include J.P. Morgan and RBC Capital Markets.
W. P. Carey Inc. (NYSE: WPC) has announced an increase in its quarterly cash dividend to $1.052 per share, reflecting an annualized rate of $4.21. This dividend will be payable on October 15, 2021, to stockholders of record as of September 30, 2021. As one of the largest net lease REITs, W. P. Carey holds an enterprise value of approximately $21 billion and boasts a diversified portfolio of 1,266 net lease properties across 150 million square feet as of June 30, 2021.
On September 13, 2021, W. P. Carey (NYSE: WPC) announced investments totaling approximately $200 million, focusing on high-quality Class-A warehouse facilities. These investments are part of a broader strategy that has seen $1.2 billion invested year-to-date, with 70% in industrial and warehouse assets. Key acquisitions include a $114 million warehouse in Indiana leased to a major consumer goods company, a $27 million temperature-controlled facility in Minneapolis, and a $25 million redevelopment in Pennsylvania. The company manages a portfolio valued at $21 billion.
W. P. Carey has successfully closed its public offering of 5,175,000 shares of common stock, raising gross proceeds of $403.65 million. The funds are intended for future investments, repaying debt from a $1.8 billion revolving credit facility, and fulfilling general corporate needs. This offering included the full exercise of underwriters' options, with J.P. Morgan and Barclays as joint book-running managers. The settlement of forward sale agreements is expected within 18 months, allowing the company to leverage new capital for growth.
W. P. Carey Inc. has priced an underwritten public offering of 4,500,000 shares of common stock, aiming for gross proceeds of $351 million. The offering includes a 30-day option for underwriters to purchase an additional 675,000 shares. The company plans to utilize the proceeds for potential future investments, repaying debt including amounts from its $1.8 billion unsecured revolving credit facility, and for general corporate purposes. The offering is managed by J.P. Morgan and Barclays, with anticipated physical settlement within 18 months.
W. P. Carey Inc. (NYSE: WPC) announced a public offering of 4,500,000 shares of common stock, with an option for underwriters to purchase an additional 675,000 shares. Proceeds will be used for future investments, debt repayment (including $1.8 billion credit facility), and general corporate purposes. The offering is facilitated by J.P. Morgan and Barclays as joint book-running managers. The shares are expected to be settled within 18 months and are covered by a registration statement under the Securities Act.
W. P. Carey reported strong second-quarter results for 2021, with net income of $120.2 million, a 14.2% increase from the previous year. Diluted EPS rose to $0.67, driven by higher lease revenues and a robust collection rate of 99%. The company raised its AFFO guidance for the year to between $4.94 and $5.02 per diluted share, reflecting increased investment expectations. A quarterly cash dividend of $1.05 per share was declared. Investment activity remained strong, with $780 million in second-quarter acquisitions.
W. P. Carey Inc. (NYSE: WPC) will announce its financial results for the second quarter on July 30, 2021, before market opening. The company will conduct a conference call to discuss the results at 10:00 a.m. Eastern Time on the same day. With an enterprise value of approximately $19 billion, W. P. Carey holds a diversified portfolio of 1,261 net lease properties totaling around 146 million square feet as of March 31, 2021. The properties are primarily located in the U.S. and Europe, covering various sectors including industrial and retail.
W. P. Carey Inc. (NYSE: WPC) announced an increase in its quarterly cash dividend to $1.05 per share, marking an annualized rate of $4.20. This dividend will be payable on July 15, 2021, to stockholders of record as of June 30, 2021. The company, with an enterprise value of approximately $19 billion, holds a diversified portfolio of 1,261 net lease properties across 146 million square feet. Its investments span various sectors, primarily located in the U.S. and Europe, ensuring robust tenant and property diversification.
W. P. Carey Inc. (NYSE: WPC) announced three significant industrial investments totaling $137 million, covering approximately 2 million square feet. These investments include:
- $49 million in Alabama for a logistics facility leased to JOANN.
- $45 million in New York for a distribution center leased to Orgill.
- $43 million for a logistics portfolio in Chicago and Toronto.
The year-to-date investment volume now stands at $900 million, with a weighted-average lease term of approximately 22 years.
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