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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 an underwritten public offering of €525 million in 0.950% Senior Notes due 2030. The Notes, issued by WPC Eurobond B.V., are priced at 99.335% of their principal amount and will be guaranteed by W. P. Carey Inc. Interest payments will commence on June 1, 2021. Proceeds will be used to redeem existing 2.000% Senior Notes due 2023 and for general corporate purposes. The offering is subject to customary closing conditions and listings on the Irish Stock Exchange have been applied for.
W. P. Carey Inc. (NYSE: WPC) announced a public offering of $425 million in 2.250% Senior Notes due 2033, priced at 98.722% of the principal amount. Interest will be paid semi-annually starting October 1, 2021. The offering is set to settle on February 25, 2021. Proceeds will be used to prepay secured debt and repay outstanding borrowings. Wells Fargo Securities, Barclays Capital, and J.P. Morgan Securities are managing the offering. Potential investors are advised to review the prospectus for detailed information.
W. P. Carey reported its Q4 and full-year financial results for 2020, reflecting resilience amid the pandemic. Fourth-quarter net income was $134.6 million, a 4% increase, while full-year net income reached $455.4 million, a 49.2% rise. The company achieved total 2020 revenues of $1.21 billion, a slight decline of 1.9%. Adjusted Funds from Operations (AFFO) for Q4 was $1.20 per share, down 6.3%. A quarterly cash dividend was raised to $1.046 per share. For 2021, W. P. Carey expects AFFO guidance of $4.79 to $4.93 per share, supported by strong investment and occupancy rates.
W. P. Carey Inc. (NYSE: WPC) announced three significant investments totaling $149 million, encompassing approximately 1.5 million square feet in operationally-critical properties. These include a $75 million sale-leaseback of facilities in California, a $55 million acquisition of auto dealerships in New Jersey and Pennsylvania, and a $19 million sale-leaseback of distribution facilities for a plastics distributor. The weighted-average lease term across these investments is about 24 years, contributing to a year-to-date investment volume of $203 million.
W. P. Carey Inc. (NYSE: WPC) will announce its financial results for Q4 and full-year 2020 on February 12, 2021, before the market opens. The company will host a conference call at 10:00 a.m. ET the same day. As of September 30, 2020, WPC holds an enterprise value of approximately $18 billion with a diverse portfolio of 1,215 net lease properties, spanning 142 million square feet. The portfolio includes properties across various sectors, primarily in the U.S. and Europe, supporting a long-term business strategy focused on operationally-critical commercial real estate.
W. P. Carey Inc. (NYSE: WPC) announced the income tax treatment of its 2020 dividends on Form 1099-DIV. Shareholders are advised to consult their tax advisors regarding the specifics of their tax implications. The report details various categories of dividends along with their amounts and related tax classifications for the year ended December 31, 2020. Notably, the ordinary dividend distribution per share was reported at $1.0380, with a payment date of January 15, 2020. W. P. Carey is recognized as a major player in net lease REITs with a portfolio of significant commercial properties.
W. P. Carey Inc. (NYSE: WPC) has completed four significant industrial investments in December 2020, totaling approximately $121 million and encompassing over 1.5 million square feet. The investments, which are triple-net leased to reputable tenants, conclude a total investment volume of around $826 million for 2020. The properties include manufacturing facilities, food production sites, and a distribution center, all with long lease terms and built-in rent escalations. The company is poised for continued growth in 2021, backed by a robust pipeline of new transactions.
W. P. Carey Inc. (NYSE: WPC) has announced an increase in its quarterly cash dividend to $1.046 per share, translating to an annualized rate of $4.18. This dividend will be payable on January 15, 2021, to stockholders of record by December 31, 2020. The company holds an enterprise value of approximately $18 billion with a diversified portfolio of 1,215 net lease properties covering around 142 million square feet. W. P. Carey focuses on investing in operationally-critical commercial real estate across the U.S. and Europe.
W. P. Carey Inc. (NYSE: WPC) announced that CEO Jason Fox will participate in a Q&A session at the Nareit’s REITworld: 2020 Virtual Annual Conference on November 18, 2020, from 1:45 p.m. to 2:15 p.m. Eastern Time. The session will be available via webcast at www.wpcarey.com/Nareit. The conference runs from November 17 to November 19, 2020, during which W. P. Carey will also hold virtual meetings with institutional investors and analysts.
W. P. Carey Inc. (NYSE: WPC) has announced a $102 million (€87 million) sale-leaseback of a 27-property supermarket portfolio in Northern Spain and the Balearic Islands. This transaction brings the total investment volume for 2020 to approximately $700 million. The portfolio spans 481,000 square feet and is leased under three 20-year agreements to Eroski, a major food retailer in Spain. The deal highlights Eroski's market dominance, the portfolio's strategic locations, and long-term leases with CPI-based rent escalations, contributing positively to WPC's investment growth.
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