NEW YORK, April 1, 2024 /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 2023 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:
- Investment Activity and Focus: In 2023, W. P. Carey
closed $1.3 billion of new
investments at attractive spreads to its cost of capital. The
company remained focused on investing in industrial / warehouse
assets while also expanding into new subsectors of industrial and
U.S. retail.
- Inflation Continued to Provide a Boost: 56% of W.
P. Carey's rents came from leases tied to CPI, and in combination
with strong fixed rent escalations, the company generated record
year-over-year contractual same store rent growth, which at 4.1%
was among the best in the net lease sector.
- Exceptionally Strong Liquidity Position: W. P.
Carey entered 2024 with exceptionally strong liquidity, including
its $2 billion revolver and
significant cash, in addition to unique internal sources of capital
over both the near- and long-term.
- Out of Office: W. P. Carey successfully executed on its
plan to vastly accelerate its exit from office assets, thereby
clarifying its path forward and setting a new baseline from which
to grow AFFO.
Jason Fox, Chief Executive
Officer, W. P. Carey, said: "As I look forward to
2024 and beyond, I am energized by our company's strong positioning
and the dedicated team around me. Our exceptional liquidity and
best-in-class rent growth coupled with our proven investment
approach give me full confidence in our ability to produce
meaningful growth and continue delivering long-term value to our
shareholders."
W. P. Carey Inc.
W. P. Carey ranks among the largest net lease REITs with a
well-diversified portfolio of high-quality, operationally critical
commercial real estate, which includes 1,424 net lease properties
covering approximately 173 million square feet and a portfolio of
89 self-storage operating properties as of December 31, 2023. 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.
Other unknown or unpredictable risks or uncertainties, like the
risks related to fluctuating interest rates, the impact of
inflation on our tenants and us, the effects of pandemics and
global outbreaks of contagious diseases, and domestic or
geopolitical crises, such as terrorism, military conflict, war or
the perception that hostilities may be imminent, political
instability or civil unrest, or other conflict, and those
additional risk factors discussed in reports that we have filed
with the Securities and Exchange Commission (SEC),
could also have material adverse effects on our future results,
performance or achievements. Discussions of some of these other
important factors and assumptions are contained in W. P. Carey's
filings with the SEC and are available at the SEC's website
at http://www.sec.gov, including Part I, Item
1A. Risk Factors in W. P. Carey's Annual Report on Form 10-K
for the fiscal year ended December
31, 2023.
Supplemental Information
For further information concerning 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 SEC on February 9, 2024, 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.