W.P. Carey: Dividend Raise Gives Me Confidence, But Headwinds Keep Me Cautious

  • W.P. Carey has successfully transitioned away from office properties, reporting solid AFFO and revenue growth, and a modest 1.1% dividend increase. Despite attractive valuation and improving fundamentals, tenant headwinds and macroeconomic uncertainty are likely to limit near-term upside potential for the stock. Management remains confident in 2025 AFFO growth and continues to strengthen the portfolio, but increased leverage and tenant risks warrant caution.