W. P. Carey Inc. Reit · NYSE:WPC
W. P. Carey Inc. Reit — W. P. Carey — Corporate Update (May 2020)
9 slides from W. P. Carey Inc. Reit's corporate update, May 1, 2020
Slide 1: COVID-19 Update
Exhibit 99.3 COVID-19 Update May 1, 2020 Investing for the long run®
Slide 2: 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 3: 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% ≤$50MM
Slide 4: April Rent Payment Status Update
April Rent Payment Status Update WPC has collected 95% of April rent due Total April Rent Due Property Type % % of April rent of total ABR due and paid (1) 5% Industrial 24% 98% Warehouse 22% 93% Office 23% 96% Retail 17% 96% Fitness, Theater and Restaurants 2% 1% Self-storage (Net Lease) 5% 100% Ot
Slide 5: Limited Project Funding Requirements
Limited Project Funding Requirements Acquisitions and Dispositions ($ in 000s) Tenant Location Property Type Gross Amount Gross Square Feet Closing Date Investments DSG International U.K. Warehouse $111,546 726,216 Jan-20 Columbia Helicopters, Inc. U.S. Industrial 23,755 187,016 Jan-20 Leoni AG Germ
Slide 6: Liquidity and Debt Maturities
Liquidity and Debt Maturities (1) Estimated Liquidity ($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 7: Balance Sheet and Leverage
Balance Sheet and Leverage Capitalization and Leverage • Large, well-capitalized balance $17B+ sheet $11B (1) Enterprise value • Investment grade rated BBB by Equity Market Cap (2) S&P and Baa2 by Moody’s 27% 64% 5.6x 41% Debt / • ~$825MM of equity raised since Net Debt to EBITDA Q4 2018 has improve
Slide 8: 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 9: 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