W.P. Carey declares quarterly dividend of 86c per share

W. P. Carey reported that its Board of Directors declared a quarterly cash dividend of 86c per share, equivalent to an annualized dividend rate of $3.44 per share, reflecting both the company’s strategic plan to exit the office assets within its portfolio and a lower payout ratio. The dividend is payable on January 16, 2024 to stockholders of record as of December 29, 2023. Jason Fox, CEO, W. P. Carey said: “The dividend announced today takes into account the impacts of our recently announced strategic plan to exit our office assets and sets a new baseline from which to grow going forward. It also reflects a lower payout ratio, enabling us to retain higher cash flow that can be redeployed into new investments. We believe this approach will enhance our cost of capital, supporting AFFO growth and a rising dividend over time, in addition to providing a steady source of income to our shareholders.”