Core Viewpoint - The Federal Reserve's interest rate hikes have led to a reset in REIT valuations, creating investment opportunities in companies like W. P. Carey (WPC) despite recent challenges such as an office asset divestiture and dividend cut [1] Company Overview - WPC is a diversified REIT with an annual base rent (ABR) of $1.29 billion, with 64% from North America, 35% from Europe, and 1% from other regions [1] - The portfolio consists of 64% industrial/warehouse properties, 21% retail, and 15% in other areas, with 23.1% of tenants being investment-grade [1] Recent Financial Performance - For Q2, WPC reported an AFFO per share of $1.17, with a contractual same-store rent growth of 2.9% year-over-year [1] - Comprehensive same-store rent growth was negative 40 basis points year-over-year, primarily due to lease restructuring [1] - Rent collections were over 99% for Q2 and the first half of the year, with a re-leasing activity generating a rent recapture of 116% [1] Investment Strategy - WPC is investing in properties with cash cap rates in the 7% to 8% range, targeting unlevered IRRs above 9% [1] - The company has invested $641 million year-to-date at a weighted average cash cap rate of 7.7% [2] - WPC's current acquisition pipeline is around $200 million, with expectations for increased activity as interest rates stabilize [1] Debt and Liquidity Position - WPC completed a $650 million Eurobond issuance and a $400 million U.S. dollar bond issuance, maintaining a strong liquidity position of $3.2 billion [2] - The company has repaid $1 billion in maturing bonds and has no further debt maturities in 2024, with only $61 million in mortgage debt due in H2 [2] Market Outlook - The stock has been under pressure due to management decisions, but the potential for rate cuts could create a favorable environment for real estate stocks like WPC [2] - WPC lowered its full-year investment volume expectation to $1.25 billion to $1.75 billion and adjusted its AFFO guidance to between $4.63 and $4.73 per share [2] - At a recent price of $56.88, WPC trades at 12.15 times the midpoint of 2024 AFFO, with a dividend yield of 6.4% [2]

Gift strengthens ongoing partnership with the Foundation and brings lifetime commitment to ASU to more than $100 million TEMPE, Ariz., Aug. 5, 2024 /PRNewswire/ -- The W. P. Carey Foundation (the "Foundation") and Arizona State University's W. P. Carey School of Business are partnering to expand the scope, strength and reach of the school's real estate programs. The Foundation recently committed an additional $25 million to ASU, bringing the W. P. Carey Foundation's lifetime commitment to more than $100 mil ...

NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of W.P. Carey Inc. ("W.P. Carey" or "the Company") (NYSE: WPC). Investors who purchased W.P. Carey securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/WPC. Investigation Details On July 30, 2024, W.P. Carey issued a press release announcing its financial results for the second ...

Core Viewpoint - W.P. Carey is transitioning away from the office market, which is expected to lead to a growing passive income stream as the company focuses on more stable property sectors and rebuilds its portfolio [1][6][9] Group 1: Transition and Strategy - The company made a strategic decision to exit the office market due to ongoing challenges, including higher vacancy rates and necessary capital expenditures [6] - W.P. Carey completed its office sales process in the second quarter, allowing it to focus on growth in the second half of the year [2][9] - The REIT has sold significant assets, including $152.2 million in the second quarter and $889.2 million in the first quarter, to reposition its portfolio [4][5] Group 2: Financial Performance - Adjusted funds from operations (FFO) fell 14% in the second quarter to $1.17 per share, impacted by various factors including property sales and lease restructurings [3] - Despite the sales, the retained portfolio showed solid performance with a 2.9% same-store rent growth, driven by inflation-linked leases [5] Group 3: Future Outlook - W.P. Carey expects to invest between $1.25 billion and $1.75 billion this year, with a strong liquidity position to capitalize on new opportunities [8] - The company anticipates higher AFFO in the second half of the year as it benefits from rent growth and new property additions, which should support dividend rebuilding [9]

W. P. C A R E Y W. P. Carey Inc. Investor Presentation 2Q24 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 June 30, 2024. Amounts ma ...

Financial Performance - W P Carey reported quarterly FFO of $1 17 per share, beating the Zacks Consensus Estimate of $1 16 per share [8] - The company posted revenues of $389 67 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2 47% [2] - Over the last four quarters, the company has surpassed consensus FFO estimates just once [9] Market Performance - W P Carey shares have lost about 6% since the beginning of the year versus the S&P 500's gain of 14 5% [3] - The current status of estimate revisions translates into a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [12] Industry Context - The REIT and Equity Trust - Other industry is currently in the bottom 41% of the 250 plus Zacks industries [13] - Host Hotels, another company in the same industry, is expected to report revenues of $1 47 billion, up 5 2% from the year-ago quarter [7] Future Outlook - The current consensus FFO estimate for W P Carey is $1 18 on $409 68 million in revenues for the coming quarter and $4 69 on $1 62 billion in revenues for the current fiscal year [5] - The sustainability of the stock's immediate price movement will depend on management's commentary on the earnings call [10]

Exhibit 99.2 W. P. Carey Inc. Supplemental Information Second Quarter 2024 Terms and Definitions Important Note Regarding Non-GAAP Financial Measures This supplemental package includes certain "non-GAAP" supplemental measures that are not defined by generally accepted accounting principles ("GAAP"), including funds from operations ("FFO"); adjusted funds from operations ("AFFO"); earnings before interest, taxes, depreciation and amortization ("EBITDA"); adjusted EBITDA; pro rata cash net operating income (" ...

Core Viewpoint - W. P. Carey Inc. reported its financial results for the second quarter of 2024, highlighting a decrease in revenues and adjusted funds from operations (AFFO), while maintaining a strong liquidity position and ongoing strategic initiatives to exit office assets [1][2][3]. Financial Performance - Revenues for the second quarter totaled $389.7 million, down 13.9% from $452.6 million in the same quarter of 2023 [2]. - Net income attributable to W. P. Carey was $142.9 million, a decrease of 1.2% from $144.6 million in the prior year [8]. - AFFO for the quarter was $257.1 million, or $1.17 per diluted share, down 14.0% from $1.36 per diluted share in the previous year [9][37]. Strategic Initiatives - The company has completed a strategic plan to exit office assets, including the spin-off of 59 office properties and dispositions under the Office Sale Program totaling approximately $550 million [26]. - Active capital investments and commitments of $38.0 million are scheduled for completion in 2024 [11]. - The company expects higher AFFO in the second half of the year as it redeploys capital into new investments [2]. Capital Structure and Liquidity - The company repaid $500 million of 4.6% Senior Unsecured Notes due April 2024 and issued $400 million of 5.375% Senior Unsecured Notes due 2034 [16][29]. - As of June 30, 2024, total liquidity was $3.2 billion, including approximately $2.0 billion of available capacity under its Senior Unsecured Credit Facility and $1.1 billion in cash and cash equivalents [28]. Market Position - As of June 30, 2024, W. P. Carey’s net lease portfolio consisted of 1,291 properties, covering approximately 170 million square feet, with a weighted-average lease term of 12.0 years and an occupancy rate of 98.8% [15]. - The company has a diversified portfolio that includes 89 self-storage operating properties, four hotel operating properties, and two student housing operating properties [45].

Father Time has proven to be one of the few insurmountable forces in life. Companies change as they age, evolve, or progress through the corporate life cycle. Most change for the better, while some change for the worse. Some companies evolve and reshape themselves through innovation, keeping up with the times and profiting as a result. On the other hand, some companies age less gracefully, becoming a victim of their former success. This past week, we wrote an article covering Realty Income Corporation (O), ...

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 ...