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.
www.wpcarey.com
Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com
Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com
Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com
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SOURCE W. P. Carey Inc.