W. P. Carey Inc. (WPC)

Executive Summary

W. P. Carey spun off and sold its office buildings in late 2023 and cut its dividend 19.7%. The stock is now back near $63, and counting the cash returned by the spun-off NLOP shares and the dividends, a holder from the day before the office announcement is up about 21%. AFFO per share bottomed at $4.70 in 2024 and is guided to $5.19 to $5.27 this year, and the dividend has been raised every quarter since the reset.

What’s Inside The Full Report

• Executive summary and key points
• Getting out of office
• Don’t forget the NLOP shares
• The sale program and the per-share hit
• Leases that went bad, and what happened to them
• Where W. P. Carey stands now
• What I think it’s worth
• Covered calls on WPC
• The risks
• What I’m watching
• TTCM rating and position disclosure