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Stock impact report

Should You Buy W.P. Carey While It's Below $65? [Yahoo! Finance]

W. P. Carey Inc. REIT (WPC) 
Last w. p. carey inc. reit earnings: 5/1 07:30 am Check Earnings Report
US:NYSE Investor Relations: wpcarey.com/investor-relations
Company Research Source: Yahoo! Finance
That's exactly how W.P. Carey (NYSE: WPC) began 2024, with a 20% dividend cut. But there's an interesting thing about that 20% number and what came after it. Here's why you might want to buy this dividend-cutter while its shares are below $65 and the dividend yield is above 5.5%. The bad news was announced in 2023 by W.P. Carey In late 2023 W.P. Carey, a real estate investment trust (REIT), said that it would exit the office sector in one swift move. It was basically ripping the Band Aid off after years of letting its exposure to office assets shrink as a percentage of the overall portfolio. But offices still made up about 16% of rents when it made the decision. That's too much rental income to jettison at once without cutting the dividend. On top of that, the REIT's largest tenant had decided to exercise its right to buy the properties it was leasing. Before that sale, U-Haul made up 2.6% of W.P. Carey's rents. Add 2.6% to 16% and you get around 18.6%, which is just about the 2 Show less Read more
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