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WP Carey: Slight Miss But Overall A Stable Story​

REAL ESTATE

WP Carey (WPC: Baa1/BBB+): 1Q24 Results


A small miss for WP Carey with Revenue $387m -1.5% below estimates. EBITDA $327m.

  • Occupancy 99.1%
  • Weighted average interest rate: 3.2%
  • Top 10 Tenant concentration: 19.8% of rent

WP Carey continues to enjoy a well-diversified asset and tenant base with a long weighted-average lease term of 12.2 years. The overall estate is smaller by 11% Properties and 15.6% tenants in the past year.

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