The following is a summary of the WP Carey, Inc. (WPC) Q1 2024 Earnings Call Transcript:
Financial Performance:
WP Carey Inc. made investments totaling $375 million year-to-date, primarily in the industrial properties sector, at an average going-in cash cap rate of approximately 7.4%.
The investments provide an initial accretion and average yields around 9%, reflecting rent growth over the life of the leases.
The weighted average interest rate was 3.2% for the first quarter and is expected to average in the low to mid-3% range for the rest of 2024.
The company reported an adjusted funds from operations (AFFO) of $1.14 per share in the first quarter.
WP Carey Inc. completed $890 million in dispositions in the first quarter.
Business Progress:
WP Carey Inc. completed $280 million of investments in Q1 2024 and made an acquisition worth $94 million in April 2024.
70% of the investment volume was concentrated in Europe, and the company plans to close further investments totaling $300 million over the next few months.
A strong pipeline of over $500 million in investments is in place, along with plans to complete $66 million of capital investments and commitments in 2024.
The overall occupancy rate increased to 99.1% at the end of Q1 2024.
The company also made progress on its sustainability and environmental front, establishing an electricity usage reporting program for more than half of its portfolio to reduce the carbon footprint.
The company aims to reach $1.5 billion to $2 billion investment volume in 2024 and expects about $85 million to $90 million of operating Net Operating Income (NOI) from the total portfolio for 2024.
More details: W.P. Carey Inc IR
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