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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) announced the completion of two significant investments in October 2020, totaling approximately $85 million and encompassing over 1.2 million square feet. These include a $51 million sale-leaseback of three manufacturing facilities and a $34 million sale-leaseback of a refrigerated food processing facility. With these transactions, the company's year-to-date investment volume reaches approximately $600 million. The new properties are triple-net leased to leading tenants with a weighted average lease term of 20 years, indicating a stable revenue outlook.
W. P. Carey Inc. (NYSE: WPC) reported third-quarter 2020 financial results, revealing a net income of $149.4 million or $0.85 per diluted share, marking a significant increase from $41.3 million in Q3 2019. Adjusted Funds from Operations (AFFO) were $1.15 per diluted share, down 11.5% year-over-year. The company reinstated its AFFO guidance for 2020, projecting between $4.65 and $4.75 per diluted share. A cash dividend of $1.044 per share was declared. The rent collection rate stood at 98% for the quarter, showcasing robust portfolio resilience amid the pandemic.
W. P. Carey Inc. (NYSE: WPC) will release its third-quarter financial results on October 30, 2020, before market opening. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time. As of June 30, 2020, the company boasts an enterprise value of approximately $18 billion and a diversified portfolio of 1,216 net lease properties covering about 142 million square feet. W. P. Carey has focused on high-quality single-tenant properties under long-term net leases, primarily located in the U.S. and Europe.
W. P. Carey Inc. (NYSE: WPC) has priced a public offering of $500 million of 2.400% Senior Notes due 2031. The Notes are offered at 99.099% of the principal amount, with interest paid semi-annually starting February 1, 2021. Expected settlement date is October 14, 2020. Proceeds will be used to repay debt, fund future acquisitions, and for general corporate purposes. This offering is led by Wells Fargo Securities, J.P. Morgan, and U.S. Bancorp.
Investors should read the prospectus supplement for comprehensive details.
W. P. Carey (NYSE: WPC) has announced a $40 million sale-leaseback deal for a 622,000-square-foot light manufacturing facility near Chicago's O'Hare Airport, leased to Weber-Stephen Products LLC for 15 years. Weber-Stephen, a leading global manufacturer of grills, has invested over $28 million in the facility since 2014, emphasizing its strategic importance. The lease includes built-in annual rent escalations, supporting W. P. Carey's financial stability and growth strategy. The company, valued at about $18 billion, boasts a diversified portfolio of over 1,200 properties.
W. P. Carey Inc. (NYSE: WPC) announced a $44 million sale-leaseback of two food manufacturing facilities in the Midwest, totaling over 350,000 square feet. The long-term lease, spanning 25 years, is with a leading food manufacturer and includes built-in rent escalations. The company, operational for over 40 years, serves over 130 customers, including major U.S. grocers, and has a diversified product line. This transaction highlights W. P. Carey's role as a reliable partner in providing capital solutions amidst challenging economic conditions.
On September 18, 2020, W. P. Carey (NYSE: WPC) announced the appointment of Tonit M. Calaway to its Board of Directors. Calaway, currently the Executive Vice President and Chief Legal Officer at BorgWarner, brings extensive experience from the automotive and industrial sectors. Her prior roles include Chief Human Resources Officer at BorgWarner and leadership positions at Harley-Davidson. This strategic addition is expected to enhance W. P. Carey's growth and ESG initiatives, with Calaway expressing admiration for the company's commitment to shareholders and communities.
W. P. Carey Inc. (NYSE: WPC) announced a **quarterly cash dividend increase** to **$1.044 per share**, with an annualized rate of **$4.18 per share**. The dividend is payable on **October 15, 2020**, to stockholders of record as of **September 30, 2020**. As one of the largest net lease REITs, W. P. Carey operates a diversified portfolio of **1,216 properties** across **142 million square feet**, focusing on **industrial, warehouse, office, retail,** and **self-storage properties**. The company has maintained its strong position in the market for over four decades.
W. P. Carey Inc. (NYSE: WPC) reported Q2 2020 financial results, posting a net income of $105.3 million ($0.61 per diluted share) and an AFFO of $197.9 million ($1.14 per diluted share). The quarterly cash dividend was raised to $1.042 per share, with an annual rate of $4.168. Rent collections were strong, at 96% for Q2 and 98% for July. However, AFFO guidance for 2020 remains withdrawn. The company completed $148.2 million in investments during the quarter, with a portfolio occupancy rate of 98.9% and a weighted average lease term of 10.7 years.
W. P. Carey Inc. (NYSE: WPC) announced the release of its second-quarter financial results for the period ended June 30, 2020, scheduled for July 31, 2020, before market opens. The company is a leading net lease real estate investment trust with an enterprise value of approximately $16 billion. As of March 31, 2020, it owns 1,215 properties covering around 141 million square feet. A conference call will follow at 10:00 a.m. ET the same day to discuss the results.
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