4Q24 W. P. Carey Inc. Investor Presentation 50+ Years of Investing for the Long Run® Table of Contents | Overview | 3 | | --- | --- | | Real Estate Portfolio | 7 | | Balance Sheet | 19 | | Corporate Responsibility | 23 | Unless otherwise noted, all data in this presentation is as of December 31, 2024. Amounts may not sum to totals due to rounding. Overview 3 W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the U.S. and Northern a ...

Core Viewpoint - W.P. Carey is attempting to rebuild its reputation among investors after a dividend cut in late 2023, which has raised questions about its future as a reliable investment option [1][2]. Company Overview - W.P. Carey is a well-established real estate investment trust (REIT) that has faced challenges due to the pandemic, particularly with its office properties, which constituted about 16% of its annual base rate in mid-2023 [3]. - The company has a strong occupancy rate, maintaining above 97% since 2010, indicating that its business fundamentals remain solid despite the recent strategic changes [4]. Dividend Strategy - The recent dividend cut was a strategic decision aimed at aligning the company's financials and improving its long-term viability, rather than a sign of financial distress [4]. - W.P. Carey offers a current dividend yield of 6.2%, with a payout ratio of 74% based on projected 2024 funds from operations of approximately $4.70 per share [6]. Investment Returns - Since 1998, W.P. Carey's stock price has appreciated by 158%, but when including dividends, the total investment return reaches 1,500%, significantly outperforming the S&P 500 index [5]. - The company's annualized base rate grows at a low-single-digit pace, making it primarily attractive for immediate yield rather than growth [7]. Market Position - W.P. Carey is currently trading near the low end of its 52-week range, which may be influenced by the stigma of the dividend cut and competitive Treasury yields [9]. - The stock's historical dividend yield is considered average, suggesting it remains a viable option for income-focused investors [10].

分组1 - W.P. Carey (WPC) reported quarterly funds from operations (FFO) of $1.21 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and showing an increase from $1.19 per share a year ago, resulting in an FFO surprise of 1.68% [1] - The company posted revenues of $406.17 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.73%, although this is a decrease from year-ago revenues of $412.44 million [2] - W.P. Carey shares have increased by approximately 2.3% since the beginning of the year, while the S&P 500 has gained 3.1% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $1.18 on revenues of $408.15 million, and for the current fiscal year, it is $4.84 on revenues of $1.68 billion [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 30% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]

W.P. Carey posted mixed results in its latest earnings report largely due to notable revenue and net income declines.Global real estate investment trust (REIT) specialist W.P. Carey (WPC 0.74%) reported mixed fourth-quarter earnings on Tuesday, Feb. 11. Earnings per share of $0.21 came in well below analysts' consensus expectations of $0.59. However, adjusted funds from operations (AFFO) per share improved 1.7% year over year to $1.21 and revenue of $403.7 million surpassed analyst projections of $391 milli ...

Financial Performance - The company reported a total revenue of $X million for Q4 2024, reflecting a Y% increase compared to the previous quarter[6] - Funds from operations (FFO) for the quarter were reported at $A million, with an adjusted funds from operations (AFFO) of $B million, indicating a C% increase from the last quarter[3] - Net income attributable to W. P. Carey for Q4 2024 was $47.023 million, down 67.1% from $144.294 million in Q4 2023[26] - Basic earnings per share for Q4 2024 were $0.21, compared to $0.66 in Q4 2023, reflecting a decline of 68.2%[26] - Adjusted funds from operations (AFFO) attributable to W. P. Carey for Q4 2024 were $267.606 million, an increase of 2.4% from $261.350 million in Q4 2023[26] - Lease revenues for Q4 2024 were $351.394 million, up 4.5% from $336.757 million in Q4 2023[20] - The company reported a total of 899 leases expiring by 2038, with an aggregate ABR of $1,337,172[124] - The company’s total operating expenses for the quarter were reported at $221,877,000[133] Revenue and Growth - Contractual minimum annualized base rent (ABR) increased to $Z million, representing a W% growth year-over-year[6] - The company plans to focus on market expansion and diversification strategies in 2025, targeting a D% increase in investment volume[6] - New product developments are expected to contribute an additional $E million in revenue by the end of 2025[6] - The company has identified key growth sectors, including logistics and self-storage, which are projected to drive future earnings growth[6] - W. P. Carey Inc. anticipates a rental income increase of F% in the upcoming fiscal year due to new lease agreements[6] Debt and Financial Stability - The company’s debt maturity profile remains strong, with no significant maturities until 2026, ensuring financial stability[6] - Total consolidated debt amounted to $8,039,002, representing 41.6% of gross assets valued at $19,337,491[7] - Pro rata net debt to enterprise value stood at 38.7%, with a cash interest expense coverage ratio of 5.1x[7] - The weighted-average interest rate for the three months ended December 31, 2024, was 3.3%[7] - The issuer ratings from Moody's and S&P were Baa1 (stable) and BBB+ (stable), respectively[7] - The total debt, net, was reported at $8,039,002 thousand, a slight decrease from $8,144,182 thousand in the previous year[44] - The company has approximately $1.9 billion available under its unsecured revolving credit facility as of December 31, 2024[53] Investments and Acquisitions - The company completed investments totaling $278,480 million in Q1 2024, with a total square footage of 3,039,768[66] - In Q2 2024, the company made investments totaling $290,313 million, covering 3,534,791 square feet[66] - The company acquired a controlling interest in a joint venture for $10.5 million, consolidating nine self-storage properties[71] - The acquisition of Dollar General Corporation involved 106 properties with a total investment of $201,160,000[75] - The company is expected to complete capital investments totaling $292,360,000 by 2026, with a weighted-average lease term of 19 years[75] Portfolio and Occupancy - The overall portfolio occupancy rate stands at G%, reflecting effective management and tenant retention strategies[6] - The total square footage of the net-lease portfolio is 176,420,000, with 64.6% located in the U.S.[94] - The total property portfolio increased to $1,147,416 as of December 31, 2024, representing a $29,375 increase or 2.6% from $1,118,041 in 2023[111] - The self-storage operating properties portfolio comprised 78 properties with a total square footage of 5,702,000 square feet and an occupancy rate of 89.6%[128] Dividends and Shareholder Returns - Dividends declared per share for the current quarter were $0.880, annualized to $3.520, resulting in a dividend yield of 6.5%[7] - The company declared a dividend of $0.880 per share for Q4 2024, an increase from $0.860 per share in Q4 2023[26] Market and Economic Conditions - The company emphasizes that AFFO is a useful measure for assessing the sustainability of operating performance, despite its limitations[146] - The cash interest expense coverage ratio is calculated as Adjusted EBITDA to cash interest expense, providing insight into the ability to meet fixed interest obligations[152]

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the fourth quarter and full year ended December 31, 2024.Financial Highlights 2024 Fourth Quarter Full Year Net income attributable to W. P. Carey (millions) $47.0 $460.8 Diluted earnings per share $0.21 $2.09 AFFO (millions) $267.6 $1,035.9 AFFO per diluted share $1.21 $4.70 2025 AFFO ...

Core Viewpoint - W.P. Carey offers a high dividend yield of 6.3%, significantly above the S&P 500's 1.2% and the average REIT's 3.8%, raising questions about the underlying risks associated with this investment opportunity [1] Dividend History - A dividend cut occurred at the start of 2024, which may deter conservative investors, but the dividend was subsequently increased in the following quarter and has continued to rise every quarter since [2][3] Portfolio Strategy - The decision to exit the office sector, which represented 16% of rents, was made to enhance the long-term outlook of the REIT amidst a downturn in that sector [3] - The exit from the office sector has provided W.P. Carey with cash to invest in new opportunities, with a record dollar volume of deals in Q4 2024 setting the stage for growth in 2025 [6] Financial Position - Rising interest rates present a challenge for W.P. Carey, increasing its cost of capital and complicating growth efforts, as REITs typically need to issue debt and equity for acquisitions [4] - Despite these challenges, the REIT's diversified portfolio across industrial (35%), warehouse (28%), and retail (12%) sectors, along with its geographical exposure (64% North America, 36% Europe), positions it favorably [7] Investment Consideration - The dividend reset may exclude W.P. Carey from some investors' portfolios, but the overall strategic decisions have potentially improved its standing as a net lease REIT [8][9] - The combination of diversification, a return to dividend growth, and anticipated financial performance improvements in 2025 may make W.P. Carey an attractive investment while shares are priced below $60 [9]

NEW YORK, Jan. 31, 2025 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC) announced the income tax treatment of dividends reported on Form 1099-DIV for 2024. Stockholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of W. P. Carey dividends.CUSIP 92936U109 FORM 1099-DIV Box 1a Box 2a Box 3 Box 1b Box 2b Box 2f Box 5 Record Date PaymentDate DistributionPer Share OrdinaryDividends Capital Gain Distributions Nondividend Distributions ...

Core Points - W. P. Carey Inc. will release its financial results for Q4 and the full year ended December 31, 2024, after market close on February 11, 2025 [1] - A conference call and live audio webcast to discuss these results is scheduled for February 12, 2025, at 11:00 a.m. Eastern Time [2] Company Overview - W. P. Carey ranks among the largest net lease REITs with a diversified portfolio of high-quality commercial real estate, including 1,430 net lease properties covering approximately 172 million square feet and 78 self-storage operating properties as of September 30, 2024 [3] - 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 [3]

The primary goal of the Cash Flow Kingdom Income Portfolio is to produce an overall yield in the 7% - 10% range. We accomplish this by combining several different income streams to form an attractive, steady portfolio payout. The portfolio's price can fluctuate, but the income stream remains consistent. Start your free two-week trial today!W. P. Carey Inc. (NYSE: WPC ) is a real estate investment trust with a solid and low-risk business model. Portfolio restructuring has resulted in lower profits in 2024, b ...