PR Newswire
NEW YORK, Dec. 7, 2023
Reflects Company's Strategic Exit from Office
NEW YORK, Dec. 7, 2023 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC) reported today that its Board of Directors declared a quarterly cash dividend of $0.860 per share, equivalent to an annualized dividend rate of $3.44 per share, reflecting both the Company's strategic plan to exit the office assets within its portfolio (announced on September 21, 2023) and a lower payout ratio. The dividend is payable on January 16, 2024 to stockholders of record as of December 29, 2023.
Jason Fox, Chief Executive Officer, W. P. Carey said: "The dividend announced today takes into account the impacts of our recently announced strategic plan to exit our office assets and sets a new baseline from which to grow going forward. It also reflects a lower payout ratio, enabling us to retain higher cash flow that can be redeployed into new investments. We believe this approach will enhance our cost of capital, supporting AFFO growth and a rising dividend over time, in addition to providing a steady source of income to our shareholders."
W. P. Carey Inc.
Celebrating its 50th anniversary, 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 1,413 net lease properties covering approximately 171 million square feet and a portfolio of 86 self-storage operating properties, pro forma for the spin-off of Net Lease Office Properties, as of September 30, 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.
Institutional Investors:
Peter Sands
1 (212) 492-1110
[email protected]
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
[email protected]
Press Contact:
Anna McGrath
1 (212) 492-1166
[email protected]
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SOURCE W. P. Carey Inc.
