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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.
On May 17, 2021, W. P. Carey (NYSE: WPC) announced four significant investments totaling $170 million, encompassing approximately 1.1 million square feet. These properties, leased to industry-leading tenants, have an average lease term of 16 years. Year-to-date investments now reach $765 million, with a weighted-average lease term of 22 years. The portfolio includes a cutting-edge food production facility, R&D site for Velodyne Lidar, a light manufacturing facility for KDC, and a student housing asset leased to Monroe College.
W. P. Carey Inc. (NYSE: WPC) announced the acquisition of a Class-A logistics facility in Solihull, U.K. for $195 million. The 1.1 million-square-foot facility is leased for 30 years to Jaguar Land Rover. The property includes high-quality features such as a BREEAM 'Very Good' environmental rating and is strategically located near major transport hubs. This investment enhances W. P. Carey's portfolio, supporting their growth strategy in the logistics sector, particularly amid increasing demand driven by e-commerce.
W. P. Carey reported Q1 2021 financial results with net income of $51.6 million, down 21.9% year-over-year, and diluted earnings per share of $0.29. AFFO was $216.5 million, or $1.22 per diluted share. The company raised its AFFO guidance for the full year to $4.87-$4.97 per diluted share and increased the quarterly dividend to $1.048 per share. Total revenues increased slightly to $311.2 million, with Real Estate revenues up 3.9% to $306.2 million. The strong collection rate of 98% was reported amidst a solid investment pipeline.
W. P. Carey Inc. (NYSE: WPC) announced two significant industrial investments totaling $67 million, covering approximately 580,600 square feet. The acquisitions include a $53 million logistics site leased to Comprehensive Logistics Co., serving major clients like Ford and General Motors, with a lease term of about 10.5 years, and a $14 million leaseback of a food production site with a 25-year extended lease term. W. P. Carey continues to expand its portfolio with high-quality properties located in key markets.
W. P. Carey Inc. (NYSE: WPC) has announced it will release its financial results for Q1 2021 on April 30, 2021, before market opening. The company, a significant player in the net lease REIT sector with a portfolio of 1,243 properties covering 144 million square feet, will host a conference call at 10:00 a.m. ET the same day to discuss the results. W. P. Carey boasts an enterprise value of approximately $19 billion and has a diversified portfolio primarily located in the U.S. and Northern and Western Europe.
W. P. Carey Inc. (NYSE: WPC) has announced a $119 million (€102 million) sale-leaseback of three hypermarket properties in Southern and Central France. The portfolio includes 424,800 square feet and is leased to Distribution Casino France, part of Casino Guichard-Perrachon, a major global food retailer with a robust presence in France. These properties are among Casino's top hypermarkets, situated in urban areas with expected population growth. The lease includes French CPI-based rent escalations, enhancing the investment's long-term value.
W. P. Carey Inc. (NYSE: WPC) released its 2020 CEO Letter, highlighting resilience during the pandemic. CEO Jason Fox emphasized strong employee performance and consistent rent collections, averaging 98% from April to December. Key achievements included $826 million in investments, $880 million raised in capital, and increased dividends to $4.17 per share. The company maintained a diversified portfolio with an enterprise value of $19 billion and 1,243 properties across 144 million square feet. Forward-looking statements address various risks, including tenant payment issues and economic impacts.
W. P. Carey Inc. (NYSE: WPC) announced an increase in its quarterly cash dividend to $1.048 per share, leading to an annualized rate of $4.19 per share. This dividend will be payable on April 15, 2021, to stockholders recorded by March 31, 2021. The company, recognized as one of the largest net lease REITs, boasts an enterprise value of approximately $19 billion and a portfolio of 1,243 properties covering 144 million square feet as of December 31, 2020.
W. P. Carey Inc. (NYSE: WPC), a prominent net lease REIT, announced that CEO Jason Fox will participate in a roundtable discussion at the Citi 2021 Virtual Global Property CEO Conference on March 8, 2021, from 10:30 a.m. to 11:05 a.m. ET. The event will be accessible via live audio webcast on the company’s website, with a replay available for 90 days. As of December 31, 2020, W. P. Carey has an enterprise value of approximately $19 billion, encompassing 1,243 net lease properties across 144 million square feet, primarily located in the U.S. and Western Europe.
W. P. Carey Inc. (NYSE: WPC) has announced the redemption of all outstanding 2.000% Senior Notes due 2023 (CUSIP No. 92936UAB5) on March 24, 2021. The redemption price will be calculated three business days prior to the redemption date, based on the greater of 100% of the principal amount or the sum of present values of remaining scheduled payments discounted at the Comparable Government Bond Rate plus 0.30%. Currently, €500,000,000 of these notes are outstanding. Questions regarding the redemption can be directed to Elavon Financial Services DAC, UK Branch, acting as paying agent.
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