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W. P. Carey Inc. REIT (WPC+1.26%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $1.58 billion, a decrease from $1.74 billion in the previous year. This decrease is attributed to lower lease revenues and operating property revenues.
Net income attributable to W. P. Carey was $460.8 million, down from $708.3 million in the prior year. The decrease is primarily due to lower gains on the sale of real estate and non-cash unrealized losses on investments.
The company completed the Spin-Off of 59 office properties into a separate publicly-traded REIT, Net Lease Office Properties (NLOP), on November 1, 2023. This Spin-Off resulted in the derecognition of assets totaling $1.37 billion.
W. P. Carey acquired 29 investments totaling $1.4 billion and completed five construction projects at a cost of $87.0 million during 2024.
The company reported a portfolio occupancy rate of 98.6% as of December 31, 2024, with a weighted-average lease term of 12.3 years.
W. P. Carey declared cash dividends totaling $3.490 per share for 2024, compared to $4.067 per share in 2023.
The company completed several financing and capital markets transactions, including the issuance of €650.0 million and $400.0 million in Senior Notes.
W. P. Carey's portfolio is diversified across property types and geographies, with 61% of ABR generated from U.S. properties and 36% from industrial facilities.
The company identified certain risks related to its portfolio, including potential impacts from inflation, interest rates, and tenant bankruptcies.
W. P. Carey continues to focus on maintaining a diversified portfolio with long-term net leases to creditworthy tenants, aiming to generate stable cash flows and grow dividends.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the W. P. Carey Inc. REIT annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.