W. P. Carey Inc Announces First Quarter 2020 Financial Results.


NEW YORK: W. P. Carey Inc. (NYSE: WPC) (W. P. Carey or the Company), a net lease real estate investment trust, today reported its financial results for the first quarter ended March 31, 2020.

Total Company

Net income attributable to W. P. Carey of $66.1 million, or $0.38 per diluted share

AFFO of $216.5 million, or $1.25 per diluted share

Quarterly cash dividend raised to $1.04 per share, equivalent to an annualized dividend rate of $4.16 per share

2020 AFFO guidance withdrawn due to uncertainties related to COVID-19

Business Segments

Real Estate

Segment net income attributable to W. P. Carey of $100.9 million

Segment AFFO of $210.0 million, or $1.21 per diluted share

Investment volume of $255.8 million

Active capital investment projects of $192.7 million expected to be completed in 2020, of which $142.9 million remains to be funded

Gross disposition proceeds of $116.3 million

Portfolio occupancy of 98.8%

Weighted-average lease term of 10.7 years

Investment Management

Segment net loss attributable to W. P. Carey of $34.8 million

Segment AFFO of $6.5 million, or $0.04 per diluted share

CWI 1 and CWI 2 merger closed in April 2020

Balance Sheet and Capitalization

Amended and restated existing unsecured credit facility, increasing capacity to $2.1 billion

COVID-19 Update - Summary

Overall collection rate of 95% for April rent due

Well-diversified portfolio with underweight exposure to retail (17% of ABR) and minimal exposure to fitness, movie theaters and restaurants (2% of ABR) at quarter end

Tenant base almost entirely comprises tenants that generated over $100 million in annual revenue or were government entities at quarter end

Over $1.7 billion of capacity available on the Company's Senior Unsecured Credit Facility, limited near-term mortgage maturities through the end of 2021 and no unsecured debt maturities until 2023, at quarter end

The Company was well within its key financial covenants at quarter end

Note: Additional details regarding the Company's update on COVID-19 can be found in the COVID-19 Update section of this press release as well as in a COVID-19 Update presentation furnished as Exhibit 99.3 of the Current Report on Form 8-K filed on May 1, 2020.


"While our first quarter results were largely unaffected by COVID-19 and our April rent collections were strong, we are cautious about the pandemic's impact on the global economy," said Jason Fox, Chief Executive Officer of W. P. Carey. "Where necessary, we're proactively working with tenants to minimize rent disruptions, targeting...

To continue reading