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Wp Carey

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business2 years ago•1 min saved

W.P. Carey's Office Exit: Navigating the 'Work-From-Home' Trend

Real estate investor W.P. Carey is exiting the office real estate market due to the decline in demand caused by the "work-from-home" trend during the pandemic. The company plans to spin off some of its office properties into a separate publicly-traded real estate investment trust (REIT) and sell the remaining assets. CEO Jason Fox believes this move will lower the firm's cost of capital and create long-term value for shareholders. The announcement led to an 8% drop in W.P. Carey's shares, reaching their lowest level in over three years.

via Investopedia|

#business #commercial-office-space #office-real-estate

business2 years ago•1 min saved

W.P. Carey surpasses expectations with Q2 earnings and revenue growth

W.P. Carey, a net lease REIT, reported better-than-expected Q2 earnings and revenue, driven by high rent growth and nearly $1 billion in investments completed year-to-date. The company narrowed its 2023 adjusted FFO guidance and expects full-year investment volume of $1.75 billion to $2.25 billion. Q2 adjusted FFO per share exceeded analyst estimates, while revenue climbed from the previous quarter and the same period last year. W.P. Carey's net lease portfolio showed consistent rent growth, and its portfolio occupancy remained high. The company also completed significant real estate portfolio investments during Q2.

via Seeking Alpha|

#business #investments #q2-earnings