Disciplined Capital Allocator cowssystems:www.comments.com/stars/spares/spartn Source: February 9th, 2024 News Announcement, Seeking Alpha. | --- | --- | |------------|------------------------------| | | | | | Table 5: Cap Rate Minus WACC | | Cap Rate | 7.53% | | WACC | 6.74% | | Difference | 0.79% | There are important risks and limitations that should be considered. For this framework, small changes in the inputs have a material impact on the results. This is why we would feel more comfortable if the inve ...

Lineage Logistics, a real estate investment trust (REIT) focused on cold storage facilities, is preparing to go public. It's seeking to raise up to $3.9 billion -- a $19.2 billion valuation -- making it the biggest initial public offering (IPO) of 2024 by a wide margin. It would be more than double the $1.5 billion raised by cruise operator Viking Holdings earlier this year at a $10.4 billion valuation. Lineage Logistics is the largest company focused on operating cold storage facilities. It has 482 of thes ...

Core Viewpoint - W. P. Carey Inc. is set to release its financial results for the second quarter of 2024 on July 30, 2024, after market close, followed by a conference call on July 31, 2024, to discuss these results [1][4]. Company Overview - W. P. Carey Inc. is one of the largest net lease REITs, with a diversified portfolio that includes 1,282 net lease properties covering approximately 168 million square feet and 89 self-storage operating properties as of March 31, 2024 [5]. - The company focuses 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 [5]. Conference Call Details - A conference call and live audio webcast to discuss the financial results will take place on July 31, 2024, at 11:00 a.m. Eastern Time [4]. - Participants are encouraged to dial in at least 10 minutes prior to the start time, with specific call-in numbers provided for U.S. and international callers [5].

START and and and and and and and and and and and and and and and and and and the world of the first I p I can't help but respect W. P. Carey's (NYSE:WPC) strong business metrics (high occupancy rate, solid WALT, reasonable tenant diversification) and the quality of its portfolio leaning towards industrial properties. These factors made me invest in the business in the first place. Nevertheless, there are some factors that cannot go unnoticed that made me stop adding since the announcement of the office pro ...

Core Insights - Agree Realty has significantly expanded its portfolio from 130 properties in 2013 to over 2,100 by Q1 2024, rewarding investors well over the past decade [1] - W.P. Carey is undergoing a portfolio overhaul, which will provide approximately $2.8 billion in investment capacity, allowing for renewed growth [3] - W.P. Carey offers a higher dividend yield of 6.3% compared to Agree Realty's 4.8%, making it potentially more attractive for dividend-focused investors [4][11] Group 1: Company Performance - Over the past 10 years, Agree Realty's dividend has grown at a compound annual rate of roughly 6%, which is considered fast for a net lease REIT [5] - W.P. Carey is in the process of reshaping its portfolio to facilitate faster growth, while Agree's growth may slow down as it is no longer as small as it once was [6] - W.P. Carey's portfolio is diversified across industrial, warehouse, retail, and other categories, unlike Agree's focus on U.S. retail properties [7][16] Group 2: Dividend and Yield Comparison - Agree Realty's dividend yield of 4.8% is attractive but lower than competitors like Realty Income at 5.9% and W.P. Carey at 6.3% [11] - W.P. Carey has started to raise its dividend again after a cut due to its portfolio overhaul, indicating a potential for future growth [12][13] - The worst-case scenario for W.P. Carey post-overhaul is still a higher yield, with expectations of accelerated dividend growth once the overhaul is complete, likely by 2025 [13] Group 3: Market Position and Strategy - Realty Income, the largest net lease REIT, has only increased its dividend by about 3.5% annually, while Agree is expected to continue growing [14] - W.P. Carey generates around 45% of its rents from outside the U.S., providing more avenues for growth compared to Agree's U.S.-focused strategy [16] - W.P. Carey's management plans indicate that the turnaround is progressing as intended, suggesting a faster-growing business in the future [17]

Mr. Fox said, "John has been an integral member of the W. P. Carey team for nearly 37 years. His contributions to our success have been numerous and I have personally valued his insights, creativity, and importantly, his friendship over the years. On behalf of the entire company, I want to thank John for the critical role he played in shaping W. P. Carey." www.wpcarey.com NEW YORK, July 10, 2024 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT, today announced that John Park will step ...

Core Insights - W. P. Carey has been recognized as a Great Place to Work for the third consecutive year in the U.S. and for the first time in the Netherlands, along with being named one of Fortune's Best Workplaces in New York [2] - The company has a strong commitment to creating a positive employee experience, as evidenced by high employee satisfaction ratings in their global survey [2] Employee Experience - 98% of employees feel they work in an inclusive environment that welcomes differences [2] - 98% believe that management is honest and ethical in its business practices [2] - 97% are proud to tell others they work at W. P. Carey [2] - 97% feel welcomed when they join the company [2] - 99% believe that employees are willing to give extra effort to get the job done [2] Company Overview - W. P. Carey ranks among the largest net lease REITs with a diversified portfolio of 1,282 net lease properties covering approximately 168 million square feet and 89 self-storage operating properties as of March 31, 2024 [3] - The company focuses on investing 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 [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to __________ Commission File Number: 001-13779 W. P. Carey Inc. (Exact name of registrant as specified in its charter) Maryland 45-4549771 (State of incorpora ...

W. P. C A R E Y W. P. Carey Inc. Investor Presentation 1Q24 50+ Years of Investing for the Long Run® | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table of Contents | | | | | | Overview | 3 | | | | | Real Estate Portfolio | 7 | | | | | Balance Sheet | 19 | | | | | ESG | 23 | | | | Unless otherwise noted, all data in this presentation is as of March 31, 2024. Amounts may not sum t ...

Financial Data and Key Metrics Changes - AFFO for Q1 2024 totaled $1.14 per share, reflecting a decline from prior periods primarily due to the office exit strategy and a 3-month rent abatement under the Hellweg lease restructuring, impacting AFFO by about $0.03 per share [24][25] - The company ended Q1 with liquidity totaling approximately $2.8 billion, including $1.7 billion of availability under the revolver and close to $800 million in cash [32][34] - The weighted average interest rate remained at 3.2% for Q1 and is expected to average in the low to mid-3% range for the rest of 2024 [33] Business Line Data and Key Metrics Changes - Year-to-date investments totaled $375 million, with $280 million closed in Q1 and a $94 million acquisition completed in early April [5][10] - Sale leasebacks comprised the largest portion of investments year-to-date, with 99.6% of ABR generated by leases with built-in rent growth, currently just over 3% on a contractual same-store basis [7][8] - The company completed 72 property dispositions under the Office Sale Program for gross proceeds totaling $411 million, leaving just 7 office assets remaining [25][26] Market Data and Key Metrics Changes - Approximately 70% of the investment volume year-to-date has been in Europe, where bid-ask spreads have narrowed significantly, creating more opportunities compared to the previous year [6][10] - The company expects to target initial cap rates averaging in the mid-7s and average yields over the life of the leases in the 9s for the full year [10][61] Company Strategy and Development Direction - The company is nearing the completion of its strategy to exit office assets, which is expected to set a new baseline AFFO for future growth without the headwinds from deteriorating office fundamentals [15][22] - The company aims to generate full-year AFFO in line with the midpoint of its guidance range, with a robust pipeline of over $500 million in investments [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the rent growth built into the portfolio, positioning the company for long-term growth [22][38] - The company anticipates a significant uptick in year-over-year growth in 2025, driven by the deployment of capital and the strength of rent escalations [23][37] Other Important Information - The company has enrolled more than half of its portfolio in an electricity usage reporting program as part of its sustainability efforts [35][36] - The company continues to monitor its top tenants closely, with 85% of ABR coming from tenants generating over $500 million in annual revenue or government entities [18][19] Q&A Session All Questions and Answers Question: Capital market strategy and refinancing plans - Management indicated that they are considering refinancing upcoming maturities and have seen positive movement in rates in Europe, which presents interesting opportunities [39] Question: Competitive landscape for capital in deals - Management noted that the private bid remains thinned out, with cash buyers being valued more highly, giving the company a competitive advantage [40][41] Question: Clarification on Hearthside's status - Hearthside is on the watch list due to potential restructuring, but management expects no disruption in rents as they are current on payments [43][44] Question: Comprehensive revenue growth expectations - Management expects comprehensive same-store growth to be relatively flat for the year, with no major credit disruptions anticipated beyond 2024 [49][50] Question: Insights on tenant financials and credit quality - Management confirmed that overall credit quality remains consistent, with about 5% of ABR on the watch list, primarily due to the addition of Hearthside [72][73] Question: Lease renewal process and timing - The company takes a proactive approach to lease renewals, typically starting discussions around three years in advance of lease expiration [66][67]