W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — W. P. Carey — Corporate Update (July 2020)
11 slides from W. P. Carey Inc. Reit's corporate update, Jul 2, 2020
Slide 1: COVID-19 Update
Exhibit 99.1 COVID-19 Update July 2, 2020 Investing for the long run®
Slide 2: April Rent Payment Status Update
April Rent Payment Status Update WPC has collected 97% of April rent due Total April Rent Due Property Type 1% % % of April rent 2% of total ABR due and paid (1) Industrial 24% 99% Warehouse 22% 98% Office 23% 99% Retail 17% 97% Fitness, Theater and Restaurants 2% 10% Self-storage (Net Lease) 5% 100
Slide 3: May Rent Payment Status Update
May Rent Payment Status Update WPC has collected 96% of May rent due Total May Rent Due Property Type % % of May rent 2% 2% of total ABR due and paid (1) Industrial 24% 97% Warehouse 22% 91% Office 23% 99% Retail 17% 97% Fitness, Theater and Restaurants 2% 55% Self-storage (Net Lease) 5% 100% Other
Slide 4: June Rent Payment Status Update
June Rent Payment Status Update WPC has collected 98% of June rent due Total June Rent Due Property Type 1% 1% % % of June rent of total ABR due and paid (1) Industrial 24% 99% Warehouse 22% 99% Office 23% 99% Retail 17% 99% Fitness, Theater and Restaurants 2% 54% Self-storage (Net Lease) 5% 100% Ot
Slide 5: Diversified Property Types
Diversified Property Types WPC has limited exposure to retail and net lease lodging real estate W. P. Carey All Property Types Net Lease Retail and Lodging – Concepts (1) 1% 5% 5% 2% 3% 4% 2% 24% 6% 31% 6% 17% 9% 22% 16% 23% 24% 21% Retail, Lodging and Leisure % % of net lease retail % of total ABR
Slide 6: Tenant Diversification
Tenant Diversification WPC has a diverse tenant base consisting primarily of large, publicly traded tenants Ownership Profile Tenant Size by Revenue (2) 1% 2% 3% 3% 12% 19% 21% 9% 55% 23% 53% 97% of ABR from tenants with revenue >$100MM and Government % % of total ABR of total ABR Public 55% ≤$50MM
Slide 7: Limited Project Funding Requirements
Limited Project Funding Requirements (1) Acquisitions and Dispositions ($ in 000s) Tenant Location Property Type Gross Amount Gross Square Feet Closing Date Investments DSG International U.K. Warehouse $111,546 726,216 Jan-20 Columbia Helicopters, Inc. U.S. Industrial 23,755 187,016 Jan-20 Leoni AG
Slide 8: Liquidity and Debt Maturities
Liquidity and Debt Maturities (1) Estimated Liquidity ($MM) • Upsized revolver in Q1 2020 to $1.8B and added $300MM in term loans Revolver $1,800 $1.9B of • $1.7B of availability under the credit Liquidity facility and $221MM of cash and equivalents Drawn $75 • $111MM of secured debt maturing in Ava
Slide 9: Balance Sheet and Leverage
Balance Sheet and Leverage Capitalization and Leverage • Large, well-capitalized balance $18B sheet $12B (1) Enterprise value • Investment grade rated BBB by Equity Market Cap (2) S&P and Baa2 by Moody’s 26% 5.6x • Approximately $1.2B of equity 65% Net Debt to EBITDA 41% Debt / 9% raised since Q4 20
Slide 10: Cautionary Statement Concerning Forward-Looking Statements
Cautionary Statement Concerning Forward-Looking Statements Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 19
Slide 11: Disclosures (cont'd)
Disclosures (cont’d) The following non-GAAP financial measures are used in this presentation (cont’d) EBITDA and Adjusted EBITDA We believe that EBITDA is a useful supplemental measure to investors and analysts for assessing the performance of our business segments because (i) it removes the impact