2024-01-27 05:45:13 ET
Summary
- W. P. Carey has largely completed its office divestiture program, spinning off Net Lease Office Properties and selling its Spanish office portfolio for approximately $359 million.
- The company has struggled to deliver strong cash flow per share growth due to its reliance on equity issuances to fund growth amid tightening investment spreads and rising interest costs.
- We prefer Realty Income in the blue-chip NNN REIT space but need valuations to come down before we move to a buy rating.
Summary
Since its founding in 1973 by William Polk Carey, W. P. Carey ( WPC ) has grown into one of the largest net lease ("NNN") REITs in the world. The company initially made a name for itself by pioneering the concept of pooled net leased commercial real estate assets for individual investors....
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W. P. Carey: Keep Calm And Carey On