NEW YORK - W. P. Carey Inc. (NYSE:WPC), a leading net lease real estate investment trust (REIT), has announced an increase in its quarterly cash dividend. The Board of Directors has declared a dividend of $0.880 per share, which is scheduled for payment on January 15, 2025, to shareholders on record as of December 31, 2024. This adjustment brings the annualized dividend rate to $3.52 per share, maintaining the company's impressive 27-year streak of consecutive dividend payments. At current prices, the stock offers a 6.3% dividend yield.
The company, known for its diversified portfolio of high-quality commercial real estate, owns approximately 1,430 net lease properties covering around 172 million square feet. Additionally, W. P. Carey has a collection of 78 self-storage operating properties as of September 30, 2024. With an impressive 92.12% gross profit margin and a market capitalization of $12.22 billion, the company maintains a GOOD financial health score according to InvestingPro analysis. The company's investment strategy primarily targets single-tenant industrial, warehouse, and retail properties in the U.S. and parts of Northern and Western Europe. These properties are often subject to long-term net leases that include provisions for built-in rent escalations.
W. P. Carey, with offices situated in New York, London, Amsterdam, and Dallas, stands as one of the largest net lease REITs. The company's focus on operationally critical commercial real estate aims to provide stable and predictable income for its shareholders. Based on InvestingPro's Fair Value analysis, the stock currently appears slightly overvalued. Discover more insights and 6 additional ProTips with an InvestingPro subscription.
The information disclosed in this news article is based on a press release statement from W. P. Carey Inc.
In other recent news, W. P. Carey has successfully completed a public offering of €600 million in Senior Notes, with an interest rate of 3.700%, maturing in 2034. This move is intended to fund future investments and repay existing debts. Barclays (LON:BARC) Bank PLC, BNP PARIBAS, J.P. Morgan Securities plc, and Bank of Montreal, London Branch managed the offering. The company also reported its Q3 2024 earnings, with an AFFO of $1.18 per share and a narrowed full-year guidance of $4.65 to $4.71 per share. Despite the bankruptcy of True Value, one of its key tenants, W. P. Carey remains optimistic about its 2025 outlook. The company completed $167 million in new investments during the quarter, bringing the year-to-date deal volume to approximately $1 billion. These recent developments highlight W. P. Carey's steady growth and shift toward U.S. retail investments.
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