W. P. Carey Inc. Files 2023 Annual Report on Form 10-K

Ticker: WPC · Form: 10-K · Filed: 2024-02-09T00:00:00.000Z

Sentiment: neutral

Topics: WPC, 10-K, REIT, Annual Report, Real Estate

TL;DR

<b>W. P. Carey Inc. has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

W. P. Carey Inc. (WPC) filed a Annual Report (10-K) with the SEC on February 9, 2024. W. P. Carey Inc. filed its 2023 Form 10-K on February 9, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is One Manhattan West, 395 9th Avenue, 58th Floor, New York, NY 10001. W. P. Carey Inc. is classified under Real Estate Investment Trusts (SIC code 6798). The company was incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking W. P. Carey Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of W. P. Carey Inc.'s financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. Understanding the details within this filing allows stakeholders to evaluate the company's real estate investment trust (REIT) business, including its owned real estate and investment management segments, and compare its performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: medium — W. P. Carey Inc. shows moderate risk based on this filing. The company operates as a Real Estate Investment Trust, a sector sensitive to interest rate fluctuations and economic downturns, which could impact property values and rental income.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand W. P. Carey Inc.'s exposure to real estate market dynamics and interest rate sensitivity.

Key Numbers

Key Players & Entities

FAQ

When did W. P. Carey Inc. file this 10-K?

W. P. Carey Inc. filed this Annual Report (10-K) with the SEC on February 9, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by W. P. Carey Inc. (WPC).

Where can I read the original 10-K filing from W. P. Carey Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by W. P. Carey Inc..

What are the key takeaways from W. P. Carey Inc.'s 10-K?

W. P. Carey Inc. filed this 10-K on February 9, 2024. Key takeaways: W. P. Carey Inc. filed its 2023 Form 10-K on February 9, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is One Manhattan West, 395 9th Avenue, 58th Floor, New York, NY 10001..

Is W. P. Carey Inc. a risky investment based on this filing?

Based on this 10-K, W. P. Carey Inc. presents a moderate-risk profile. The company operates as a Real Estate Investment Trust, a sector sensitive to interest rate fluctuations and economic downturns, which could impact property values and rental income.

What should investors do after reading W. P. Carey Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand W. P. Carey Inc.'s exposure to real estate market dynamics and interest rate sensitivity. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,503 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-02-09 16:56:21

Key Financial Figures

Filing Documents

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

Reserved

Item 6. Reserved 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 52

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 140

Controls and Procedures

Item 9A. Controls and Procedures 140

Other Information

Item 9B. Other Information 141

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 141 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 142

Executive Compensation

Item 11. Executive Compensation 142

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 142

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 142

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 142 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 143

Form 10-K Summary

Item 16. Form 10-K Summary 149

SIGNATURES

SIGNATURES W. P. Carey 2023 10-K – 1

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (the "Report"), including Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of Part II of this Report, contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements include, but are not limited to statements regarding: the NLOP Spin-Off (as defined herein); our expectations surrounding the impact of the broader macroeconomic environment and the ability of tenants to pay rent; our financial condition, liquidity, results of operations, and prospects; our future capital expenditure and leverage levels, debt service obligations, and plans to fund our liquidity needs; prospective statements regarding our access to the capital markets, including our "at-the-market" program ("ATM Program"); statements that we make regarding our ability to remain qualified for taxation as a real estate investment trust ("REIT"); and the impact of recently issued accounting pronouncements and other regulatory activity. These statements are based on the current expectations of our management. It is important to note that our actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Other unknown or unpredictable risks or uncertainties, like the risks related to fluctuating interest rates, the impact of inflation on our tenants and us, the effects of pandemics and global outbreaks of contagious diseases, and domestic or geopolitical crises, such as terrorism, military conflict, war or the

Business

Item 1. Business. General Development of Business W. P. Carey Inc. ("W. P. Carey") is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Northern and Western Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, retail, and self-storage facilities that are critical to our tenants' operations. Our portfolio is comprised of 1,424 properties, net-leased to 336 tenants in 26 countries. As of December 31, 2023, approximately 58% of our contractual minimum annualized base rent ("ABR") was generated by properties located in the United States and approximately 37% was generated by properties located in Europe. As of that same date, our portfolio included 96 operating properties, comprised of 89 self-storage properties, five hotels, and two student housing properties. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties, a Maryland real estate investment trust ("NLOP"), so that it became a separate publicly-traded REIT (the "Spin-Off"), and (ii) implementing an asset sale program to dispose of 87 office properties retained by us (the "Office Sale Program"), which is targeted to be completed in the first half of 2024. Seventy-nine of the 87 office properties have been sold as of the date of this Report, for gross proceeds of approximately $608.1 million ( Note 1 9 ). On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP ( Note 3 ). Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the "NLOP Advisory Agreements").

Risk Factors

Item 1A. Risk Factors. Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties, including those enumerated below, which could cause such results to differ materially from those in any forward-looking statements. You should not consider this list exhaustive. New risk factors emerge periodically and we cannot assure you that the factors described below list all risks that may become material to us at a

View on Read The Filing