W. P. Carey Releases 2021 CEO Letter

Rhea-AI Summary

W. P. Carey Inc. (WPC) announced its 2021 CEO Letter to shareholders, highlighting a record investment activity of $1.72 billion and successful capital raising of $2.4 billion. The letter emphasizes WPC's unique positioning with 59% of annual base rent linked to inflation (CPI), bolstering its resilience against rising costs. Additionally, the company has advanced its sustainability initiatives, including a green bond issuance and over 10% of 2021 investments in green-certified properties. CEO Jason Fox expressed confidence in continuing to drive shareholder value through sustained investment and rent growth.

Positive

• Record investment volume of $1.72 billion in 2021.
• Successful capital raising of $2.4 billion, enhancing investment capacity.
• Strong positioning against inflation with 59% of ABR tied to CPI.
• Advancement in sustainability with inaugural green bond and green-certified property investments.

Negative

• None.

NEW YORK, April 5, 2022 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced the release of its 2021 CEO Letter to shareholders. The letter can be viewed and downloaded from W. P. Carey's website here: www.wpcarey.com/CEO-Letter.

The letter focuses on:

• An increased pace of investment activity: For W. P. Carey, 2021 was characterized by its ability to significantly accelerate its investment activity—completing record deal volume totaling $1.72 billion.
• Access to capital: Increased investment volume and other key objectives were supported by the company's established access to attractively priced long-term and permanent capital—raising a record $2.4 billion during 2021.
• Unique positioning for higher inflation: With 59% of ABR coming from leases tied to CPI, W. P. Carey believes it is the best positioned net lease REIT for higher inflation, with the potential for additional upside if inflation increases further or is prolonged.
• The advancement of W. P. Carey's sustainability efforts: 2021 included the company's inaugural green bond issuance—the first U.S. dollar green bond issued by a net lease REIT. Furthermore, over 10% of its 2021 investment volume went into green-certified buildings.

Jason Fox, Chief Executive Officer, W. P. Carey, said: "Thanks to the hard work and dedication of our employees, 2021 marked several achievements for W. P. Carey—most notably our ability to significantly increase our investment volume, supported by raising a record amount of attractively priced capital. Strong execution across our company enhanced our AFFO per share growth, in addition to providing an attractive dividend yield to our shareholders.

"We look forward to building on the positive trajectory of our business and to continuing our commitment to creating long-term value for our shareholders—driven primarily by sustained higher investment activity and rent growth, something our Founder Wm. Polk Carey etched into our lease structure nearly 50 years ago."

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $22 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,304 net lease properties covering approximately 156 million square feet as of December 31, 2021. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.
www.wpcarey.com

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comment of Mr. Fox is an example of a forward-looking statement. A number of factors could cause W. P. Carey's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate, including the continuing impact of the COVID-19 pandemic; the supply of and demand for commercial properties; interest rate levels; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact W. P. Carey, reference is made to its filings with the U.S. Securities and Exchange Commission.

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com 

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/w-p-carey-releases-2021-ceo-letter-301517129.html

SOURCE W. P. Carey Inc.

FAQ

What were the key highlights from WPC's 2021 CEO Letter?

The letter revealed record investment activity of $1.72 billion and capital raising of $2.4 billion, positioning WPC strongly against inflation.

How does WPC's investment strategy relate to inflation?

WPC has 59% of its annual base rent linked to CPI, making it well-suited to benefit from rising inflation.

What sustainability initiatives did WPC announce?

WPC announced its first green bond issuance and invested over 10% of its capital into green-certified buildings in 2021.

What is WPC's total enterprise value as of 2021?

WPC's enterprise value is approximately $22 billion.

How many properties does WPC own?

WPC owns 1,304 net lease properties covering approximately 156 million square feet.