W.P. Carey initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Connor Siversky initiated coverage of W.P. Carey with an Equal Weight rating and $66 price target. W.P. Carey has “a meaningful amount of debt maturities in 2024 and 2025” and refinancing in the current environment is likely to result in increased interest expense and a drag on core FFO and AFFO performance, the analyst tells investors in a research note starting the Net Lease REIT group.