W. P. Carey Inc. reported a total revenue of $1.58 billion for the fiscal year ending December 31, 2024, a decrease of approximately 9.1% from $1.74 billion in 2023. The decline in revenue was primarily attributed to lower lease revenues resulting from the company's strategic Spin-Off of 59 office properties into a separate publicly traded entity, Net Lease Office Properties (NLOP), and the subsequent Office Sale Program. Net income attributable to W. P. Carey also fell to $460.8 million, down from $708.3 million in the previous year, reflecting a significant reduction in gains from real estate sales and unrealized losses on investments.
In terms of operational changes, W. P. Carey completed the Spin-Off on November 1, 2023, which involved transferring 59 office properties to NLOP. This strategic move aimed to streamline the company's focus on its core business of net-leased commercial real estate. Additionally, the company disposed of 176 properties during 2024, generating net proceeds of $1.2 billion, which included significant sales from its U-Haul and office property portfolios. The company also acquired 29 new investments totaling $1.4 billion, further diversifying its portfolio.
As of December 31, 2024, W. P. Carey owned 1,555 properties, net-leased to 355 tenants across 26 countries, with a weighted-average lease term of 12.3 years and an occupancy rate of 98.6%. The company reported that 61% of its annualized base rent (ABR) was generated from properties in the United States, while 39% came from international locations, primarily in Europe. The company’s tenant base included 16% investment-grade tenants, contributing to a stable cash flow despite the challenges posed by market conditions.
Looking ahead, W. P. Carey expressed cautious optimism regarding its financial outlook, emphasizing its commitment to maintaining its status as a Real Estate Investment Trust (REIT) and managing its investments to ensure liquidity and growth. The company plans to continue focusing on high-quality, mission-critical assets with long-term net leases, which are expected to provide stable cash flows. However, management acknowledged potential risks, including inflationary pressures and interest rate fluctuations, which could impact tenant performance and overall financial results.
About W. P. Carey Inc.
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