公司业务模式 - W P Carey 采用净租赁模式 拥有单租户物业 租户承担大部分物业运营成本 这种模式在足够大的投资组合下风险较低 [2] - 公司是净租赁领域的第二大参与者 拥有超过1400处物业 [2] - 零售物业是最常见的净租赁物业 易于买卖和重新租赁 而办公物业则是最难处理的类型之一 占公司2023年第三季度投资组合的16% [3] 公司战略调整 - 由于新冠疫情后办公物业面临的问题 包括重新开发新租户的高成本和销售周期长 公司决定快速退出办公物业领域 [4] - 这一过程从2023年第四季度持续到2024年上半年 由于办公物业在公司投资组合中的规模 公司不得不削减股息以匹配出售办公物业后的投资组合规模 [5] - 公司将其描述为重置而非削减 因为自重置以来 股息每个季度都在增加 与之前的增长节奏相同 [6][7] 公司财务状况 - 2024年公司购买了16亿美元的新资产 其中约一半发生在第四季度 [8] - 公司退出办公物业的决策使其业务得到加强 并获得了现金用于购买更理想的物业 [8] - 第四季度购买的大量资产要到2025年才能真正为公司带来收益 这意味着新的一年将迎来增长 [9] 投资机会 - 目前是关注W P Carey的好时机 投资者对该股票仍持悲观态度 其6 5%的股息收益率高于REIT平均3 8%的收益率 [10] - 公司的股息和业务都在增长 对于以十年而非天为投资周期的投资者来说 这种转型的风险回报比看起来非常低 [10] - 公司被认为是REIT领域最值得购买的转型股票 在等待华尔街认识到真实情况的同时 获得高收益率是锦上添花 [12] 行业影响 - 公司快速退出办公物业的决定对投资者来说有些震惊 将其推入了转型类别 但这更多是感知而非现实 因为业务仍然强劲 管理层已经在重建投资组合 [11] - 这次业务重置是从强势地位做出的 而非弱势 公司通过剥离办公资产加强了业务 并获得了现金用于更理想的投资 [8][11]

公司表现 - W P Carey的股价从2019年的高点下跌了约40% 目前其房地产投资信托(REIT)为投资者提供6 6%的收益率 [1] - 2024年第三季度 W P Carey的调整后运营资金(FFO)达到每股1 18美元 较去年同期下降12% [8] - 2023年 W P Carey将股息支付下调19 7%至每股0 86美元 但投资者同时获得了新分拆的Net Lease Office Properties的股份 这些新股份也支付股息 [9] - 2024年 W P Carey四次提高股息至每股0 88美元 并预计未来将继续稳步提高股息 [9] - 2024年 W P Carey投资16亿美元主要用于单租户仓库和工业地产 预计2024年调整后FFO将在每股4 65至4 71美元之间 足以支持目前年化3 52美元的股息支付 [10] 行业环境 - 由于市场预期经济增长强劲和通胀上升 自去年9月中旬以来 10年期国债收益率上涨27 9% 这使得可靠的股息股票吸引力下降 [6] - 作为REIT W P Carey必须将几乎所有利润通过股息分配给投资者 这使得REIT在股息削减后往往难以恢复 投资者通常会多年回避 [4] 投资前景 - W P Carey目前的收益足以支持股息支付的增长 预计2025年及以后收益将显著增加 去年对单租户仓库和工业地产等创收资产的投资将进一步推动FFO增长 [11] - 尽管2023年进行了股息削减 但W P Carey基础稳固 第三季度末拥有足够的流动性 可以在不发行新股的情况下继续扩大投资组合 [11] - W P Carey庞大的投资组合意味着它不会是最快增长的股息股票 但在当前价格下 其超高收益率不需要快速增长就能提供大量被动收入 对于寻求收入的投资者来说 现在将其加入多元化投资组合是一个明智的选择 [12]

Shares of W.P. Carey (WPC -1.64%) declined 15.9% in 2024, according to data from S&P Global Market Intelligence. That significantly underperformed the S&P 500, which gained 23.3% on the year. Here's a look at what weighed on the diversified REIT last year and whether it can bounce back in 2025.Tearing down to build back betterW.P. Carey made a major strategy shift in late 2023. The REIT decided to exit the challenging office sector by spinning off and selling its office portfolio. As a result of that move a ...

Last year was a transitional period for W.P. Carey (WPC -1.64%). The diversified real estate investment trust (REIT) spent the latter part of 2023 and the first few months of last year tearing out parts of its portfolio as it exited the office sector and sold off other non-core properties. It used those proceeds to rebuild its portfolio throughout the year, investing a total of $1.6 billion into new properties. Those deals enabled the REIT to slowly rebuild its dividend (it raised its payout four times last ...

Includes Record Fourth-Quarter Investment Volume of $845 Million NEW YORK, Jan. 8, 2025 /PRNewswire/ -- W. P. Carey Inc. (W. P. Carey, NYSE: WPC), a leading net lease REIT specializing in corporate sale-leasebacks, build-to-suits and the acquisition of single-tenant net lease properties, today announced investment volume for the 2024 full year of approximately $1.6 billion at a weighted-average initial cap rate of approximately 7.5% and an average yield of approximately 9% (which reflects contractual rent e ...

公司信息 - W P Carey公司是一家知名的REIT公司 在2023年底将股息从1 07美元提高到0 86美元 这一举动激怒了许多投资者 [2] 分析师信息 - 分析师持有O公司的长期头寸 包括股票所有权 期权或其他衍生品 分析师独立撰写文章 表达个人观点 未获得除Seeking Alpha以外的任何报酬 与文章中提到的任何公司均无业务关系 [4]

Founded in 1973, W. P. Carey (NYSE: WPC ) is one of the largest net lease REITs that focuses on investing for the long run , as stated on the front page of its own website. The companyI'm Luuk Wierenga, an economics teacher from the Netherlands with a strong focus on income investing. My investment journey began during COVID-19, and since then, I've specialized in identifying high-yield Real Estate Investment Trusts (REITS) that provide stable passive income. As an educator, I apply fundamental economic ins ...

Shares of W. P. Carey (NYSE: WPC ) have not had a great year in 2024: with the year coming to a close and only about two weeks left to go, an investment in W. P. Carey lost 12% in valueI look for high-risk, high-reward situations, mainly in the technology markets. I am an early buyer of Bitcoin and my portfolio mainly focused on companies with asymmetric long-term upside. My top holdings include: Bitcoin, Tesla, Google, Amazon and Nvidia.Analyst’s Disclosure: I/we have a beneficial long position in the shar ...

W. P. Carey (WPC 2.10%) has an interesting dividend track record. The real estate investment trust (REIT) had delivered a quarter-century of steady dividend growth until last year. However, that streak abruptly ended when the REIT made the difficult decision to exit the troubled office sector and reset its payment in the process. The company has spent the past year rebuilding its portfolio and shareholder payout. It has gotten back on a growth trajectory, having increased its dividend every quarter in 2024 ...

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the ...