W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — W. P. Carey — Q2 2020 Earnings Presentation
8 slides from W. P. Carey Inc. Reit's earnings presentation, Jul 31, 2020
Slide 1: COVID-19 Update 2Q20
Exhibit 99.3 COVID-19 Update 2Q20 Investing for the long run®
Slide 2: July Rent Payment Status
July Rent Payment Status WPC has collected 98% of July rent due Total July Rent Due Property Type 0.1% % % of July rent 2% of total ABR due and paid (1) Industrial 24% 99% Warehouse 22% 98% Office 23% 99% Retail 17% 100% Fitness, Theater and Restaurants 2% 47% Self Storage (net lease) 5% 100% Other
Slide 3: 2Q20 Rent Payment Status
2Q20 Rent Payment Status WPC collected 96% of rent due in the second quarter Total Rent Due 2Q20 Property Type 2% 2% % % of 2Q20 rent of total ABR due and paid (2) Industrial 24% 98% Warehouse 22% 94% Office 23% 99% Retail 17% 98% Fitness, Theater and Restaurants 2% 37% Self Storage (net lease) 5% 1
Slide 4: Diversified Portfolio
Diversified Portfolio WPC has a diversified portfolio, limited retail exposure and primarily large tenants W. P. Carey by Property Type Tenant Size by Revenue (1) 1% 2% 5% 5% 2% 3% 2% 12% 24% 21% 9% 17% 22% 23% 53% 97% of ABR from 21% tenants with revenue Retail, Lodging and Leisure >$100MM and % Go
Slide 5: Liquidity and Debt Maturities
Liquidity and Debt Maturities (1) • Upsized revolver in 2020 to $1.8B and added Estimated Liquidity ($MM) ~$300MM in term loans $2.2B of • ~$1.8B of availability under credit facility Revolver $1,800 • $137MM of cash and cash equivalents on hand Liquidity Drawn ($22) • $269MM (~4.0MM shares) availab
Slide 6: 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% 6.0x • Approximately $1.2B of equity 65% Net Debt to EBITDA 41% Debt / 9% raised since Q4 20
Slide 7: 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 8: Disclosures (cont'd)
Disclosures (cont’d) The following non-GAAP financial measures are used in this presentation 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 of our ca