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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