2024-05-07 11:29:59 ET
Summary
- We had initially rated WPC a Hold due to a moderately unattractive valuation. Since that report, the shares are down ~8%.
- WPC's active disposition program, including its office exit, has resulted in a significant net shrinkage of the portfolio, making this quarter difficult to compare with prior quarters.
- Looking through the noise, we see some positive developments in the core industrial, warehouse, and retail portfolios, with leasing spreads of +100%.
- We have revised our NAV estimate up ~7% and upgrade to Buy on the now attractive margin of safety.
Summary
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For further details see:
W.P. Carey: Who's Gonna Carey The Boats?