Summary

• W.P. Carey invests in best-in-class properties across a variety of economic sectors and industries.
• WPC’s tenant portfolio is well diversified, with assets spanning office space, the industrial industry, warehousing, retail, and self storage.
• When comparing this premium to those currently placed on its peers, WPC is attractive on a relative basis.
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This article was co-produced with Nicholas Ward.

If you’ve ever bought or sold real estate, whether we’re talking about commercial or residential properties, then you’re probably well aware of the cliché phrase “location, location, location.”

While these three words can sound hackneyed after awhile, their relevance in the real estate market hasn’t diminished. If you’re looking to generate strong, reliable rent, see the value of your holdings increase, and be isolated from macro economic trends due to the micro supply and demand metrics associated with your properties, location is everything.

Location also can serve as a means of diversification, spreading risk around various communities and population demographics. With all of this in mind, we continue to be bullish on W.P. Carey (WPC), which is one of, if not the most diversified, triple net REIT in the entire market.

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Company Overview

W.P. Carey is probably not as well known as some of its peers by retail investors and we believe that needs to change. The company has been investing in physical real estate markets since 1973 and this company’s impressive property portfolio has been pieced together, over time, by a management team that has experience in producing results throughout a myriad of macro economic environments.

Over the years, the company’s reliable and conservative management team has grown WPC into one of the world’s largest REITs with a market cap of $14.3 billion (only Realty Income (NYSE:O) is currently larger, with a market capitalization of $24.9 billion).

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