W. P. Carey Inc. provided a business update on April 1, 2025, affirming its full-year 2025 AFFO guidance in the range of $4.82 to $4.92 per diluted share. The company completed approximately $275 million in investments during the first quarter of 2025, primarily consisting of sale-leasebacks of industrial properties. Total investment volume for the full year 2025 is still expected to be between $1.0 billion and $1.5 billion.
During the first quarter of 2025, W. P. Carey completed dispositions with gross proceeds totaling approximately $130 million. The company continues to expect full-year disposition proceeds of $500 million to $1.0 billion, primarily from accretive non-core asset sales, particularly self-storage operating properties. Management also provided updates on tenant credit, anticipating rent loss from credit events to total between $15 million and $20 million for the full year 2025, with specific mentions of Hellweg, True Value (now Do it Best), and Hearthside.
In a significant financing move, W. P. Carey refinanced its existing €500 million term loan on March 31, 2025, extending its maturity by three years to 2029. This action, combined with the repayment of $450 million senior unsecured notes that matured on February 1, 2025, addresses approximately half of the company's debt maturing through the end of 2026, enhancing its balance sheet flexibility.
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