W. P. Carey Releases 2022 CEO Letter

Rhea-AI Summary

W. P. Carey (NYSE: WPC) celebrates its 50th anniversary and released its 2022 CEO Letter to shareholders on April 3, 2023. The letter highlights a 6.3% year-over-year growth in Real Estate AFFO per share, supported by robust contractual same-store rent growth and strategic investments, including the CPA®:18 merger. The company emphasizes the strength of its diversified portfolio, particularly in warehouse and industrial properties, and reports successful capital raising efforts. Looking ahead, the firm anticipates increased investment activity in 2023, fueled by improved market fundamentals and a strong balance sheet.

Positive

• 6.3% year-over-year growth in Real Estate AFFO per share.
• Successful capital raising amid unsettled markets.
• Positive outlook for increased investment activity in 2023.

Negative

• None.

Celebrates 50 years of Investing for the Long Run^®

NEW YORK, April 3, 2023 /PRNewswire/ -- W. P. Carey (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 2022 CEO Letter to shareholders. The letter can be viewed and downloaded from W. P. Carey's website at www.wpcarey.com/CEO-Letter.

Highlights from the letter include:­

• Dual Engines of Growth:­ 6.3% year-over-year growth in Real Estate AFFO per share, driven by record contractual same-store rent growth and accretive investments, including the CPA®:18 merger.
• The Benefits of Diversification:­ W. P. Carey's diversified strategy continued to provide a wide funnel of opportunities across property type—with a primary focus on warehouse and industrial—tenant industry and geography, in addition to offering downside protection.
• Opportune Capital Raising Amid Unsettled Markets: W. P. Carey selectively raised well-priced capital aided both by the strength of its stock price and access to various forms of capital.
• Positive Outlook for 2023:­ Improved transaction market fundamentals, coupled with W. P. Carey's strong competitive position and well-equipped balance sheet, sets the company up for increased investment activity at higher cap rates in 2023.

Jason Fox, Chief Executive Officer, W. P. Carey, said: "As we celebrate 50 years in operation, our future has never looked brighter. Following our official exit from the non-traded REIT space in 2022, we move forward as a pure-play net lease REIT benefiting from a simplified strategy, enhanced earnings quality and increased scale. Our unique combination of internal and external growth, coupled with our time-tested downside protection, position us well to continue delivering on our commitment to creating long-term value for our shareholders for many years to come."

W. P. Carey Inc. 

Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $24 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,449 net lease properties covering approximately 176 million square feet and a portfolio of 84 self-storage operating properties, as of December 31, 2022. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com 

This press release may contain forward-looking statements within the meaning of U.S. Federal securities laws. The comments of Mr. Fox are examples of forward-looking statements. 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 COVID-19; 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, please reference its filings with the U.S. Securities and Exchange Commission.

Supplemental Information

For further information concerning Real Estate AFFO, which is a non-GAAP supplemental performance metric, including descriptions of non-GAAP financial measures and reconciliations to GAAP measures, please see our Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on February 10, 2023, and made available on the Company's website at ir.wpcarey.com/investor-relations.

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

 

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SOURCE W. P. Carey Inc.

FAQ

What are the key highlights from W. P. Carey's 2022 CEO Letter?

The key highlights include a 6.3% year-over-year growth in Real Estate AFFO per share, successful capital raising, and a positive outlook for increased investment activity in 2023.

How did W. P. Carey perform in 2022?

W. P. Carey achieved a 6.3% year-over-year growth in Real Estate AFFO per share, driven by strong same-store rent growth and strategic investments.

What is W. P. Carey's strategy for growth?

W. P. Carey's strategy focuses on diversification across property types, particularly in warehouse and industrial sectors, as well as opportunistic capital raising.

What is the outlook for W. P. Carey in 2023?

W. P. Carey has a positive outlook for 2023, expecting improved market conditions and increased investment activity at higher cap rates.