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W. P. Carey

NYSE:WPC
Snowflake Description

6 star dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WPC
NYSE
$14B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $21 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,204 net lease properties covering approximately 138 million square feet. The last earnings update was 88 days ago. More info.


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WPC Share Price and Events
7 Day Returns
-0.6%
NYSE:WPC
-0.1%
US REITs
-2.7%
US Market
1 Year Returns
14%
NYSE:WPC
15.7%
US REITs
21.2%
US Market
WPC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
W. P. Carey (WPC) -0.6% 5.3% -9.1% 14% 35.2% 17.4%
US REITs -0.1% 3% 0.6% 15.7% 20% 17.7%
US Market -2.7% 0.1% 6.9% 21.2% 38.6% 53.4%
1 Year Return vs Industry and Market
  • WPC underperformed the REITs industry which returned 15.7% over the past year.
  • WPC underperformed the Market in United States of America which returned 21.2% over the past year.
Price Volatility
WPC
Industry
5yr Volatility vs Market

WPC Value

 Is W. P. Carey undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of W. P. Carey to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for W. P. Carey.

NYSE:WPC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:WPC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.465 (1 + (1- 21%) (42.9%))
0.747
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.8 * 5.44%)
6.09%

Discounted Cash Flow Calculation for NYSE:WPC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

NYSE:WPC Discount to Share Price
Calculation Result
Value per share (USD) From above. $131.18
Current discount Discount to share price of $83.77
= -1 x ($83.77 - $131.18) / $131.18
36.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price W. P. Carey is available for.
Intrinsic value
36%
Share price is $83.77 vs Future cash flow value of $131.18
Current Discount Checks
For W. P. Carey to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • W. P. Carey's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • W. P. Carey's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for W. P. Carey's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are W. P. Carey's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:WPC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $2.25
NYSE:WPC Share Price ** NYSE (2020-01-28) in USD $83.77
United States of America REITs Industry PE Ratio Median Figure of 146 Publicly-Listed REITs Companies 37.51x
United States of America Market PE Ratio Median Figure of 2,920 Publicly-Listed Companies 18.34x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of W. P. Carey.

NYSE:WPC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:WPC Share Price ÷ EPS (both in USD)

= 83.77 ÷ 2.25

37.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • W. P. Carey is good value based on earnings compared to the US REITs industry average.
  • W. P. Carey is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does W. P. Carey's expected growth come at a high price?
Raw Data
NYSE:WPC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 37.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
31.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 134 Publicly-Listed REITs Companies 2.24x
United States of America Market PEG Ratio Median Figure of 2,029 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:WPC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 37.26x ÷ 31.4%

1.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • W. P. Carey is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on W. P. Carey's assets?
Raw Data
NYSE:WPC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $40.39
NYSE:WPC Share Price * NYSE (2020-01-28) in USD $83.77
United States of America REITs Industry PB Ratio Median Figure of 184 Publicly-Listed REITs Companies 2.04x
United States of America Market PB Ratio Median Figure of 5,101 Publicly-Listed Companies 1.82x
NYSE:WPC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:WPC Share Price ÷ Book Value per Share (both in USD)

= 83.77 ÷ 40.39

2.07x

* Primary Listing of W. P. Carey.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • W. P. Carey is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess W. P. Carey's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. W. P. Carey has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

WPC Future Performance

 How is W. P. Carey expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
31.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is W. P. Carey expected to grow at an attractive rate?
  • W. P. Carey's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • W. P. Carey's earnings growth is expected to exceed the United States of America market average.
  • W. P. Carey's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:WPC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:WPC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 31.4%
NYSE:WPC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 7.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.6%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:WPC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:WPC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,354 556 3
2020-12-31 1,288 469 4
2020-01-28
2019-12-31 1,246 259 4
NYSE:WPC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 1,185 717 369
2019-06-30 1,100 608 405
2019-03-31 1,009 549 415
2018-12-31 923 509 411
2018-09-30 850 504 293
2018-06-30 849 502 296
2018-03-31 863 512 284
2017-12-31 861 521 277
2017-09-30 877 549 249
2017-06-30 884 544 280
2017-03-31 884 532 267
2016-12-31 909 547 267

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • W. P. Carey's earnings are expected to grow significantly at over 20% yearly.
  • W. P. Carey's revenue is expected to grow by 4.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:WPC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from W. P. Carey Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WPC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.13 2.13 2.13 1.00
2020-12-31 1.94 2.05 1.82 2.00
2020-01-28
2019-12-31 1.52 1.56 1.47 2.00
NYSE:WPC Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 2.25
2019-06-30 2.73
2019-03-31 3.13
2018-12-31 3.50
2018-09-30 2.71
2018-06-30 2.74
2018-03-31 2.63
2017-12-31 2.56
2017-09-30 2.31
2017-06-30 2.60
2017-03-31 2.49
2016-12-31 2.50

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • W. P. Carey is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess W. P. Carey's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
W. P. Carey has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

WPC Past Performance

  How has W. P. Carey performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare W. P. Carey's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • W. P. Carey has delivered over 20% year on year earnings growth in the past 5 years.
  • W. P. Carey's 1-year earnings growth exceeds its 5-year average (25.9% vs 20.1%)
  • W. P. Carey's earnings growth has exceeded the US REITs industry average in the past year (25.9% vs 8.2%).
Earnings and Revenue History
W. P. Carey's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from W. P. Carey Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:WPC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1,184.56 369.03 100.36
2019-06-30 1,100.14 404.95 98.11
2019-03-31 1,009.16 414.51 93.79
2018-12-31 923.34 411.23 94.97
2018-09-30 849.88 293.05 96.27
2018-06-30 849.48 295.86 101.88
2018-03-31 862.88 284.41 104.19
2017-12-31 860.58 276.51 103.41
2017-09-30 877.46 249.06 110.35
2017-06-30 884.48 279.55 108.20
2017-03-31 884.11 266.89 110.72
2016-12-31 908.73 266.86 114.01
2016-09-30 921.85 270.16 114.79
2016-06-30 908.64 181.29 118.42
2016-03-31 929.27 192.94 127.20
2015-12-31 915.61 171.68 135.30
2015-09-30 902.51 152.62 142.87
2015-06-30 880.85 157.98 142.94
2015-03-31 845.81 132.92 136.87
2014-12-31 809.56 205.50 127.16
2014-09-30 712.72 160.42 120.26
2014-06-30 644.90 151.37 116.09
2014-03-31 571.77 151.78 110.51
2013-12-31 493.62 59.95 107.66
2013-09-30 487.28 99.10 110.76
2013-06-30 424.57 90.08 115.23
2013-03-31 366.58 85.20 115.13

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • W. P. Carey has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • W. P. Carey used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • W. P. Carey's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess W. P. Carey's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
W. P. Carey has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

WPC Health

 How is W. P. Carey's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up W. P. Carey's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • W. P. Carey is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • W. P. Carey's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of W. P. Carey's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from W. P. Carey Company Filings, last reported 3 months ago.

NYSE:WPC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 6,964.42 6,102.92 331.71
2019-06-30 6,990.79 6,182.75 202.32
2019-03-31 7,017.73 6,128.35 244.06
2018-12-31 6,830.06 6,382.42 219.14
2018-09-30 3,273.01 4,663.95 178.12
2018-06-30 3,312.97 4,401.36 123.82
2018-03-31 3,370.47 4,389.67 172.48
2017-12-31 3,412.35 4,266.38 162.87
2017-09-30 3,450.91 4,316.66 170.04
2017-06-30 3,457.20 4,266.86 171.85
2017-03-31 3,457.62 4,175.78 153.23
2016-12-31 3,426.11 4,443.81 155.73
2016-09-30 3,513.05 4,397.72 209.51
2016-06-30 3,463.97 4,649.35 173.31
2016-03-31 3,532.46 4,571.92 267.06
2015-12-31 3,576.37 4,487.58 157.24
2015-09-30 3,634.94 4,610.23 191.32
2015-06-30 3,748.48 4,554.30 233.93
2015-03-31 3,724.63 4,348.12 207.39
2014-12-31 3,896.81 4,101.70 198.97
2014-09-30 4,014.27 3,833.51 531.27
2014-06-30 3,837.98 3,815.00 215.79
2014-03-31 3,859.87 3,843.06 200.46
2013-12-31 2,210.17 2,082.14 119.14
2013-09-30 2,197.64 2,191.65 94.73
2013-06-30 2,220.12 2,087.54 63.92
2013-03-31 2,220.78 2,012.94 111.58
  • W. P. Carey's level of debt (87.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (95.6% vs 87.6% today).
  • Debt is not well covered by operating cash flow (11.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess W. P. Carey's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. W. P. Carey has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

WPC Dividends

 What is W. P. Carey's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.96%
Current annual income from W. P. Carey dividends. Estimated to be 5.04% next year.
If you bought $2,000 of W. P. Carey shares you are expected to receive $99 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • W. P. Carey's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • W. P. Carey's dividend is above the markets top 25% of dividend payers in United States of America (3.74%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:WPC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 178 Stocks 3.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1962 Stocks 2.3%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:WPC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.24 5.00
2020-12-31 4.20 8.00
2020-01-28
2019-12-31 4.14 8.00
NYSE:WPC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-12-18 4.152 5.118
2019-09-18 4.144 4.779
2019-06-13 4.136 4.804
2019-03-14 4.128 5.185
2018-12-06 4.120 5.773
2018-09-19 4.100 6.253
2018-06-14 4.080 6.191
2018-03-15 4.060 6.357
2017-12-06 4.040 6.261
2017-09-20 4.020 5.771
2017-08-04 4.000 5.872
2017-03-16 3.980 6.139
2016-12-07 3.960 6.464
2016-09-22 3.940 6.505
2016-06-16 3.920 5.742
2016-03-21 3.897 6.183
2015-12-10 3.858 6.656
2015-09-17 3.820 6.262
2015-06-18 3.816 6.394
2015-03-19 3.810 5.870
2014-12-10 3.800 5.396
2014-09-18 3.760 5.676
2014-06-20 3.600 5.391
2014-03-20 3.580 5.793
2013-12-12 3.480 5.632
2013-09-19 3.440 5.302
2013-06-20 3.360 5.009
2013-03-14 3.280 4.739
2012-12-13 2.640 4.760
2012-11-08 2.600 5.418
2012-06-22 2.268 4.741
2012-03-19 2.260 4.941
2011-12-08 2.252 5.142
2011-09-16 2.240 5.731
2011-06-16 2.200 5.642
2011-03-21 2.048 5.660
2010-12-09 2.040 6.391
2010-09-17 2.032 6.749
2010-06-10 2.024 7.064
2010-03-18 2.016 6.905
2009-12-10 2.008 7.398
2009-09-17 2.000 7.200
2009-06-11 1.992 7.500
2009-02-26 1.984 8.742

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of W. P. Carey's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (205.8x coverage).
X
Income/ dividend checks
We assess W. P. Carey's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can W. P. Carey afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. W. P. Carey has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

WPC Management

 What is the CEO of W. P. Carey's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jason Fox
COMPENSATION $4,651,442
AGE 46
TENURE AS CEO 2 years
CEO Bio

Mr. Jason E. Fox has been Chief Executive Officer, President and Director of Corporate Property Associates 18 - Global Incorporated since January 1, 2018. Mr. Fox serves as the Chief Executive Officer of W. P. Carey Inc. (WPC) since January 2018 and as a member of its Board of Directors since 2018. He served as Chief Executive Officer, President and Director of Corporate Property Associates 17 – Global Incorporated since January 2018. He served as the President at W. P. Carey Inc. since June 2015 and served as its Head of Global Investments from April 2015 to December 2016. Previously, Mr. Fox served as Co-Head of W. P. Carey Inc. from 2011 to 2015 and also served as a Managing Director, Co-Head of Domestic Investments, Second Vice President and Director. He manages firm's investment and asset management activity and oversees the sourcing, negotiating and structuring of acquisitions on behalf of W. P. Carey and its CPA series of non-traded REITs. During his tenure, Mr. Fox has been responsible for more than $10 billion of acquisitions. Transactions he has closed since joining W. P. Carey include the $225-million acquisition of The New York Times headquarters in Manhattan and the $312-million acquisition of 78 retail self-storage and truck rental facilities operated under the U-Haul brand name. Prior to 2002, Mr. Fox worked at the Spectrem Group. Prior to this, he spent two years teaching mathematics and physics at The Hotchkiss School in Connecticut. Mr. Fox also sits on the boards of the CPA REITs, Carey Watermark Investors Incorporated ("CWI 1"). Mr. Fox has been Chairman and a Member of the Board of Directors of Carey Watermark Investors Inc. since January 2018. He serves as Chairman and a Member of the Board at Carey Watermark Investors 2 Incorporated ("CWI 2") January 2018. He also serves as a Trustee of the W. P. Carey Foundation. Mr. Fox is a member of the U.S. Soccer Foundation New York Leadership Council. Mr. Fox received an M.B.A. from Harvard Business School and a magna cum laude graduate with a B.S. in Civil Engineering and Environmental Science, magna cum laude from the University of Notre Dame.

CEO Compensation
  • Jason's compensation has increased by more than 20% in the past year whilst earnings fell less than 20%.
  • Jason's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the W. P. Carey management team in years:

3.1
Average Tenure
46
Average Age
  • The tenure for the W. P. Carey management team is about average.
Management Team

Jason Fox

TITLE
CEO & Director
COMPENSATION
$5M
AGE
46
TENURE
2 yrs

John Park

TITLE
President
COMPENSATION
$3M
AGE
55
TENURE
2 yrs

Toni Sanzone

TITLE
MD & CFO
COMPENSATION
$2M
AGE
42
TENURE
3.3 yrs

Gino Sabatini

TITLE
MD & Head of Investments
COMPENSATION
$3M
AGE
50
TENURE
3.1 yrs

Brooks Gordon

TITLE
MD & Head of Asset Management
COMPENSATION
$1M
AGE
35
TENURE
2.8 yrs

John Miller

TITLE
Chief Investment Officer & MD
COMPENSATION
$1M
AGE
74
TENURE
16 yrs

Arjun Mahalingam

TITLE
Chief Accounting Officer
AGE
35
TENURE
3.3 yrs

Susan Hyde

TITLE
MD, Chief Administrative Officer
AGE
50
TENURE
2.3 yrs

Peter Sands

TITLE
Director of Institutional Investor Relations

Edward LaPuma

TITLE
MD & Head of International Investments
COMPENSATION
$2M
AGE
45
TENURE
17.8 yrs
Board of Directors Tenure

Average tenure and age of the W. P. Carey board of directors in years:

3.5
Average Tenure
64
Average Age
  • The tenure for the W. P. Carey board of directors is about average.
Board of Directors

Chris Niehaus

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$242K
AGE
60
TENURE
1 yrs

Jason Fox

TITLE
CEO & Director
COMPENSATION
$5M
AGE
46
TENURE
2 yrs

Peter Farrell

TITLE
Independent Director
COMPENSATION
$210K
AGE
58
TENURE
3.6 yrs

Mark Alexander

TITLE
Independent Director
COMPENSATION
$215K
AGE
60
TENURE
3.3 yrs

Margaret Lewis

TITLE
Independent Director
COMPENSATION
$195K
AGE
65
TENURE
2.3 yrs

Ben Griswold

TITLE
Independent Director
COMPENSATION
$270K
AGE
78
TENURE
14 yrs

Nick van Ommen

TITLE
Independent Director
COMPENSATION
$195K
AGE
73
TENURE
8.6 yrs

Axel Hansing

TITLE
Independent Director
COMPENSATION
$195K
AGE
76
TENURE
8.6 yrs

Jean Hoysradt

TITLE
Independent Director
COMPENSATION
$195K
AGE
68
TENURE
5.8 yrs

Bob Flanagan

TITLE
Independent Director
AGE
63
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by W. P. Carey individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
13. Dec 19 Buy Mark Alexander Individual 11. Dec 19 11. Dec 19 2,300 $80.50 $185,150
22. Nov 19 Sell Arjun Mahalingam Individual 21. Nov 19 21. Nov 19 -118 $84.95 $-10,024
X
Management checks
We assess W. P. Carey's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. W. P. Carey has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

WPC News

Simply Wall St News

How Many W. P. Carey Inc. (NYSE:WPC) Shares Do Institutions Own?

Taking a look at our data on the ownership groups (below), it's seems that institutions are noticeable on the share registry. … Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. … Next Steps: It's always worth thinking about the different groups who own shares in a companyP

Simply Wall St -

These Fundamentals Make W. P. Carey Inc. (NYSE:WPC) Truly Worth Looking At

6 star dividend payer with proven track record Over the past year, WPC has grown its earnings by 37%, with its most recent figure exceeding its annual average over the past five years. … NYSE:WPC Past and Future Earnings, August 12th 2019 Income investors would also be happy to know that WPC is one of the highest dividend payers in the market, with current dividend yield standing at 4.7%. … NYSE:WPC Historical Dividend Yield, August 12th 2019 Next Steps: For W.

Simply Wall St -

You May Have Been Looking At W. P. Carey Inc. (NYSE:WPC) All Wrong

This tells us how long it will take WPC to pay off its debt using its income from its main business activities, and gives us an insight into WPC’s ability to service its borrowings. … The ratio is typically calculated using EBIT, but for a REIT stock, it's better to use FFO divided by net interest. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.

Simply Wall St -

Does W. P. Carey Inc. (NYSE:WPC) Create Value For Shareholders?

One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.061 in profit. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for WP … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Should You Take Comfort From Insider Transactions At W. P. Carey Inc. (NYSE:WPC)?

So we'll take a look at whether insiders have been buying or selling shares in W. … Carey Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider purchase was by Non-Executive Chairman of the Board Christopher Niehaus for US$254k worth of shares, at about US$66.08 per share. … Carey insiders were buying shares, but not selling.

Simply Wall St -

Is W. P. Carey Inc.'s (NYSE:WPC) Stock Available For A Good Price After Accounting For Growth?

(NYSE:WPC) is considered a high-growth stock, but its last closing price of $85.5 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … The consensus forecast from 3 analysts is extremely bullish with earnings per share estimated to surge from current levels of $3.133 to $4.319 over the next three years. … Carey is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratioP

Simply Wall St -

I Built A List Of Growing Companies And W. P. Carey (NYSE:WPC) Made The Cut

Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth? … Carey shareholders can gain quiet confidence from the fact that insiders shelled out US$403k to buy stock, over the last year. … Carey is not the only growth stock with insider buying.

Simply Wall St -

How Does W. P. Carey Inc. (NYSE:WPC) Fare As A Dividend Stock?

Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 85% of W. P. Carey's profits were paid out as dividends in the last 12 months. It's paying out most of its earnings, which limits the amount that can be reinvested in the business. This may indicate limited need for further capital within the business, or highlight a commitment to paying a dividend. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. The company paid out 80% of its free cash flow as dividends last year, which is adequate, but reduces the wriggle room in the event of a downturn. W. P. Carey is a REIT, which is an investment structure that often has different payout rules compared to other companies. It is not uncommon for REITs to pay out 100% of their earnings each year. Is W. P. Carey's Balance Sheet Risky? As W. P. Carey has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Dividend Growth Potential Dividend payments have been consistent over the past few years, but we should always check if earnings per share (EPS) are growing, as this will help maintain the purchasing power of the dividend. … Carey's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Looking At W. P. Carey Inc. (NYSE:WPC) From All Angles

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Upon building up an investment case for a stock, we should look at various aspectsP

Simply Wall St -

Did W. P. Carey's (NYSE:WPC) Share Price Deserve to Gain 26%?

Better yet, you'd like to see the share price move up more than the market average. … (NYSE:WPC) share price is up 26% in the last five years, that's less than the market return. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movementP

Simply Wall St -

WPC Company Info

Description

W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $21 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,204 net lease properties covering approximately 138 million square feet. For over four decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.

Details
Name: W. P. Carey Inc.
WPC
Exchange: NYSE
Founded: 1973
$14,431,594,195
172,276,402
Website: http://www.wpcarey.com
Address: W. P. Carey Inc.
50 Rockefeller Plaza,
New York,
New York, 10020,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE WPC Common Stock New York Stock Exchange US USD 21. Jan 1998
DB WPY Common Stock Deutsche Boerse AG DE EUR 21. Jan 1998
LSE 0LS8 Common Stock London Stock Exchange GB USD 21. Jan 1998
Number of employees
Current staff
Staff numbers
206
W. P. Carey employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/01/28 23:50
End of day share price update: 2020/01/28 00:00
Last estimates confirmation: 2020/01/24
Last earnings filing: 2019/11/01
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.