WPC updates 2023 AFFO guidance to $5.18-$5.26; reaffirms Nov 1 spin-off of office into NLOP

W. P. Carey Inc.

Corrected 2023 AFFO guidance range to $5.18-$5.26 per share for both Total Company and Real Estate AFFO.
Spin-off of 59 office properties into NLOP expected to close on/about Nov 1, 2023; no shareholder vote required.
Post-transaction portfolio to consist of industrial/warehouse, essential retail, and self-storage; office exposure to be eliminated.
Dividend reset targeting pro forma AFFO payout ratio of 70%-75%; ~$350M from NLOP transfer to repay debt.
Office Sale Program expected to generate ~$800M in proceeds, mostly complete by end of 2023.

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