W. P. Carey Inc. REIT (WPC) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Second quarter, 2025 earnings conference call. My name is Diego and I will be your operator today. All lines have been placed on mute to prevent any background noise. Please note that today's event is being recorded. After today's prepared remarks, we will be taking questions via the phone line. Instructions on how to do so will be given at the appropriate time. I will now turn today's program over to Peter Sands. Head of Investor Relations. Mr. Sands, please go ahead. Good morning, everyone, and thank you for joining us for our 2025 Second Quarter Earnings Call. Before we begin, I'd like to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements. Factors that could cause actual results to differ materially from WP Carey's expectations are provided in our SEC filings. An online replay of this conference call will be made available in the investor relations section of our website at wpcary.com, where it'll be archived for approximately one year and where you can also find copies of our investor presentation and other related material. And with that, I'll pass the call over to Jason Fox, Chief Executive Officer. Thank you, Peter, and good morning, everyone. Our second quarter results highlight a very strong first half of the year. tracking ahead of our initial expectations on a variety of fronts. As a result, we're raising our outlook for full-year AFFO growth to 4.5% at the midpoint of our revised guidance range. To date, we've closed over $1 billion of new investments at initial cap rates averaging in the mid-7s, primarily with fixed rent escalations approaching 3%. We've made excellent progress with asset sales, including the first batch of self-storage operating properties. executed at attrac...