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W. P. Carey (WPC)

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
Subsidiaries
(CA) Ads, LLC • 24 HR TX (TX) Limited Partnership • 24 HR-TX GP (TX) QRS 12-66, Inc. • 1093154 B.C. LTD. • 308 Route 38 LLC • 500 Jefferson Manager (DE) LLC • 500 Jefferson Tower (TX) LLC • 601 Jefferson Manager (DE) LLC • 601 Jefferson Tower (TX) LLC • 6000 Nathan (MN) LLC ...
IRS number
133912578

WPC stock data

Analyst ratings and price targets

Last 3 months

Calendar

29 Apr 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 258.63M 258.63M 258.63M 258.63M 258.63M 258.63M
Cash burn (monthly) (no burn) 2.16M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 6.19M n/a n/a n/a n/a
Cash remaining n/a 252.44M n/a n/a n/a n/a
Runway (months of cash) n/a 117.1 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
1 Apr 22 Constantin H. Beier Common Stock Grant Acquire A No No 0 488 0 488
15 Feb 22 Brooks G. Gordon Common Stock Payment of exercise Dispose F No No 76.2 2,512 191.41K 98,347.262
15 Feb 22 Mahalingam Arjun Common Stock Payment of exercise Dispose F No No 76.2 1,150 87.63K 12,740
15 Feb 22 ToniAnn Sanzone Common Stock Payment of exercise Dispose F No No 76.2 4,393 334.75K 66,352
58.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 748 736 +1.6%
Opened positions 79 129 -38.8%
Closed positions 67 84 -20.2%
Increased positions 311 273 +13.9%
Reduced positions 201 192 +4.7%
13F shares Current Prev Q Change
Total value 9.12B 9.22B -1.1%
Total shares 112.87M 112.35M +0.5%
Total puts 472.9K 562.7K -16.0%
Total calls 947.8K 1.01M -6.0%
Total put/call ratio 0.5 0.6 -10.6%
Largest owners Shares Value Change
Vanguard 27.33M $2.21B +3.9%
BLK Blackrock 13.84M $1.12B -1.9%
STT State Street 9.57M $783.47M +17.1%
JPM JPMorgan Chase & Co. 4.93M $398.57M +1.0%
Geode Capital Management 3.16M $255.15M +3.8%
Dimensional Fund Advisors 2.55M $205.87M +0.7%
LGEN Legal & General 2.1M $169.48M +4.4%
Charles Schwab Investment Management 1.92M $154.87M +5.4%
UBS UBS Group AG - Registered Shares 1.6M $128.95M +9.7%
Massachusetts Financial Services 1.56M $126.33M +1.8%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -1.83M EXIT
STT State Street 9.57M +1.4M +17.1%
Vanguard 27.33M +1.02M +3.9%
BAM Brookfield Asset Management 0 -815.93K EXIT
Ranger Global Real Estate Advisors 0 -634.79K EXIT
Alyeska Investment 525.52K +525.52K NEW
Weiss Multi-Strategy Advisers 0 -405.82K EXIT
Balyasny Asset Management 0 -383.8K EXIT
GS Goldman Sachs 420.8K -342.09K -44.8%
National Pension Service 272.85K +272.82K +757822.2%

Financial report summary

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Risks
  • We face an increasingly competitive marketplace 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 control the management of our net-leased properties is limited, which limits our ability to manage property deterioration risks and could impact our ESG ratings and our ability to make ESG disclosures.
  • 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.
  • The anticipated replacement of the London Inter-bank Offered Rate (“LIBOR”) with an alternative reference rate may cause disruptions that will have an adverse effect on us.
  • 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.
  • 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.
  • 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 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 may continue to be adversely affected by COVID-19.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
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