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WPC W. P. Carey

W. P. Carey is one of the largest diversified net lease REITs, specializing in the acquisition of operationally critical, single-tenant properties in North America and Europe.

Company profile

Ticker
WPC
Exchange
Website
CEO
Jason Fox
Employees
Incorporated
Location
Fiscal year end
Former names
CAREY DIVERSIFIED LLC, CAREY DIVERSIFIED PROPERTIES LLC, CAREY W P & CO LLC, W P CAREY & CO LLC
SEC CIK
IRS number
133912578

WPC stock data

(
)

Calendar

30 Apr 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from W. P. Carey earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 284.5M 284.5M 284.5M 284.5M 284.5M 284.5M
Cash burn (monthly) 9.09M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 22.33M n/a n/a n/a n/a n/a
Cash remaining 262.16M n/a n/a n/a n/a n/a
Runway (months of cash) 28.8 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Feb 21 Brooks G. Gordon Common Stock Payment of exercise Dispose F No No 70.39 1,985 139.72K 82,668.399
15 Feb 21 ToniAnn Sanzone Common Stock Payment of exercise Dispose F No No 70.39 2,423 170.55K 52,869
15 Feb 21 Mahalingam Arjun Common Stock Payment of exercise Dispose F No No 70.39 870 61.24K 10,085
9 Feb 21 Fox Jason E. Common Stock Grant Aquire A No No 0 33,800 0 541,463
9 Feb 21 Brooks G. Gordon Common Stock Payment of exercise Dispose F No No 68.68 3,168 217.58K 84,653.399
9 Feb 21 Brooks G. Gordon Common Stock Grant Aquire A No No 0 8,111 0 87,821.399

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

55.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 623 620 +0.5%
Opened positions 74 106 -30.2%
Closed positions 71 69 +2.9%
Increased positions 259 217 +19.4%
Reduced positions 174 185 -5.9%
13F shares
Current Prev Q Change
Total value 6.98B 7.6B -8.2%
Total shares 98.48M 107.57M -8.4%
Total puts 1.07M 642.2K +66.5%
Total calls 1.53M 983.6K +55.3%
Total put/call ratio 0.7 0.7 +7.2%
Largest owners
Shares Value Change
Vanguard 24.79M $1.75B +2.3%
BLK Blackrock 13.75M $973.31M +0.3%
STT State Street 6.94M $498.62M -2.5%
JPM JPMorgan Chase & Co. 3.94M $278.71M -31.7%
Geode Capital Management 2.85M $201.09M +12.3%
Dimensional Fund Advisors 2.47M $174.9M -0.5%
LGEN Legal & General 1.94M $137.16M +0.2%
NTRS Northern Trust 1.85M $130.95M +0.4%
UBS UBS Group AG - Registered Shares 1.69M $119.79M -0.4%
Massachusetts Financial Services 1.55M $109.68M -39.6%
Largest transactions
Shares Bought/sold Change
CNS Cohen & Steers 0 -4.64M EXIT
DSECF Daiwa Securities 60.3K -2.36M -97.5%
JPM JPMorgan Chase & Co. 3.94M -1.82M -31.7%
Norges Bank 0 -1.74M EXIT
APG Asset Management US 1.41M +1.41M NEW
Massachusetts Financial Services 1.55M -1.01M -39.6%
Citadel Advisors 55.12K -971.45K -94.6%
BAM Brookfield Asset Management 597.58K +597.58K NEW
Vanguard 24.79M +560.06K +2.3%
DAVENPORT & Co 154.69K -523.31K -77.2%

Financial report summary

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Risks
  • We face active competition for investments.
  • We are not required to meet any diversification standards; therefore, our investments may become subject to concentration risks.
  • We may incur substantial impairment charges.
  • Because we invest in properties located outside the United States, we are exposed to additional risks.
  • A significant amount of our leases will expire within the next five years and we may have difficulty re-leasing or selling our properties if tenants do not renew their leases.
  • Certain of our leases permit tenants to purchase a property at a predetermined price, which could limit our realization of any appreciation or result in a loss.
  • Our ability to fully control the management of our net-leased properties may be limited.
  • The value of our real estate is subject to fluctuation.
  • Because most of our properties are occupied by a single tenant, our success is materially dependent upon the tenant’s financial stability.
  • The bankruptcy or insolvency of tenants may cause a reduction in our revenue and an increase in our expenses.
  • Because we are subject to possible liabilities relating to environmental matters, we could incur unexpected costs and our ability to sell or otherwise dispose of a property may be negatively impacted.
  • Our level of indebtedness could have significant adverse consequences and our cash flow may be insufficient to meet our debt service obligations.
  • Restrictive covenants in our credit agreement and indentures may limit our ability to expand or fully pursue our business strategies.
  • A downgrade in our credit ratings could materially adversely affect our business and financial condition as well as the market price of our Senior Unsecured Notes.
  • Some of our properties are encumbered by mortgage debt, which could adversely affect our cash flow.
  • We are subject to the volatility of the capital markets, which may impact our ability to deploy capital.
  • Future issuances of debt and equity securities may negatively affect the market price of our common stock.
  • There can be no assurance that we will be able to maintain cash dividends.
  • Our charter and Maryland law contain provisions that may delay or prevent a change of control transaction.
  • Our Board may modify our authorized shares of stock of any class or series and may create and issue a class or series of common stock or preferred stock without stockholder approval.
  • Certain provisions of Maryland law could inhibit changes in control.
  • While we believe that we are properly organized as a REIT in accordance with applicable law, we cannot guarantee that the Internal Revenue Service will find that we have qualified as a REIT.
  • If we fail to remain qualified as a REIT, we would be subject to federal income tax at corporate income tax rates and would not be able to deduct distributions to stockholders when computing our taxable income.
  • If we fail to make required distributions, we may be subject to federal corporate income tax.
  • Because certain covenants in our debt instruments may limit our ability to make required REIT distributions, we could be subject to taxation.
  • Because we are required to satisfy numerous requirements imposed upon REITs, we may be required to borrow funds, sell assets, or raise equity on terms that are not favorable to us.
  • Because the REIT rules require us to satisfy certain rules on an ongoing basis, our flexibility or ability to pursue otherwise attractive opportunities may be limited.
  • Because the REIT provisions of the Internal Revenue Code limit our ability to hedge effectively, the cost of our hedging may increase and we may incur tax liabilities.
  • We use TRSs, which may cause us to fail to qualify as a REIT.
  • Because the REIT rules limit our ability to receive distributions from TRSs, our ability to fund distribution payments using cash generated through our TRSs may be limited.
  • Transactions with our TRSs could cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on an arm’s-length basis.
  • Because distributions payable by REITs generally do not qualify for reduced tax rates, the value of our common stock could be adversely affected.
  • Even if we continue to qualify as a REIT, certain of our business activities will be subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities.
  • Because dividends received by foreign stockholders are generally taxable, we may be required to withhold a portion of our distributions to such persons.
  • The ability of our Board to revoke our REIT election, without stockholder approval, may cause adverse consequences for our stockholders.
  • Federal and state income tax laws governing REITs and related interpretations may change at any time, and any such legislative or other actions affecting REITs could have a negative effect on us and our stockholders.
  • Our accounting policies and methods are fundamental to how we record and report our financial position and results of operations, and they require management to make estimates, judgments, and assumptions about matters that are inherently uncertain.
  • Our future success depends on the successful recruitment and retention of personnel, including our executives.
  • The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • Our business will continue to be adversely affected by the COVID-19 pandemic.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Good
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