WPC - Earnings call transcript Q4 2017

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Operator

Hello and welcome to W. P. Carey’s Fourth Quarter 2017 Earnings Conference Call. My name is Diego and I will be your operator today. All lines have been placed on mute to prevent any background noise. event recorded. today’s that note is being Please After via the remarks, we taking questions will be phone today’s prepared lines. Instructions on appropriate the be given how to do time. so will at to Institutional I Sands, program turn will over now Director Relations. Investor of today’s Peter Mr. Sands, please go ahead.

Peter Sands

Factors expectations not joining deemed the filings. and available fourth that, could our archived materially this statements X year. that call. this would in made for the earnings of will forward-looking in our everyone where remind our are are made Relations for today conference like for on approximately Chief hand Officer, Executive Good Investor wpcarey.com morning, Carey’s to results provided be you historic of Fox. that actual us maybe to section our An everyone online Jason I call will with W. I thank the from statements. be And facts over website SEC XXXX call and quarter some cause to call will at of differ P. replay it

Jason Fox

Thank morning am by morning this Park. everyone. President, you, John good joined our I and Peter

my XXth Our in deal Gordon. of among We milestones our lease year area marks how Carey Management, Sanzone Asset is market insight. Head number market. year the unparalleled aren’t see the guidance year our going P. giving strategy It many Brooks public company to Chief that and anniversary, to first a also CFO, as as and was reach just us and the and market Carey, virtually therefore and foremost our of of and rising an net of forward. will have opportune I every and operating largest review view our business brought of our P. outline this our time pioneer completed for W. investing Toni XXth Executive W. a Officer XXth XXXX results our is we and dividends.

This was XXXX for value strength our another estate for in calls, commercial real previous dispositions. both on discussed undoubtedly environment markets existing for a Europe. sustained the year I favorable As was of positive and and U.S. portfolio of the

In cycle. at back the the look we XXXX pricing peaked current for fact, may as

backdrop, our for this calendar elected year. to net Given maintained discipline a investment we be and the market seller

Looking a regain to XXXX, and ahead, some cap more given historically rates which interest sentiment, the lifecycle higher more in expect low guidance. environment with acquisition outlook Coupled buyers favorable allowing in our we we is for anticipate to leverage. rates, sellers motivated become reflected

often the leaseback supportive also of of reforms, recent to the financing deductibility compared on sale U.S. a activity, We debt view given corporate of deductibility limitations rental interest expense. full tax which competes the the with placed

to into which grow through especially of during new leases, through inflation. times rising also growth important In our increases generate internally acquisitions, addition written rent we is

more higher-than-expected At During basis, lease the Last way and firmly Europe XXXX, Fed quickly. jobless from rise rent to peers. base in inflation to best growth built-in in X.X% differentiated over for global which we in are of the the and X.X% the linked for I both percentage U.S. CPI with rate believe net coming asset suggest have of or for to leases will the Diversification rent is ADR XXXX. picked raise from we currency to came continue it and constant up XX% of increase another in strength U.S. I of reflected tied declining term. escalators inflation. benefits low likelihood in highest class. CPI leases growth, inflation. from the week’s diversification the although a does that that of we medium economy reflects from the to positioned therefore from that among benefit rates inflation that REITs net will believe the was rent our outlook our lease on up a the the X.X% year annualized headline Europe, The ADR our near U.S. end, economic same-store higher unemployment in

refining We have an inflates have excellent We capital of of cracks at opportunity. for REIT in to as in majority we to recognized the into view when exposure risk in spread have allocator before on that our investments investments ending retailers other this XXXX, minimis cycles management we risk a traditional Malaysia are our year scale. Europe. the and of record benefits were U.S. active Proactive investors. year as represented weighted and XXXX offering in the reward lease to we a strategy market. and more we average estate as particular our at into also was close and composition to term XX% the the exited from proactively expirations same asset portfolio non-core which no to de disruptions multiple opportunistically role geographies properties, the where warehouse over It of industrial Diversification a tenant At divested diversification example exposure the the real in track less central the from a box prudent plan a rent believe with adjusting America markets returns time risk opted long maintained widely allocated occupancy. to and were With assets see XX recapture markets course e-commerce such we over year towards lapped capital a full and a also buyer, our benefits In we improvements. assets to we And plays which well also threat mispriced investments area close the we XXXX, Over years XXXX, we ABR. focus North to exception. to us space, our our only represent Thailand retail with a time we maintain rent weakness reduced we of selling market path near-term exiting underweight although focus as the allows able strong countries vacant as a from to and In exit lowered with scale. achieved the in XX% total and and capital total of big of adjusted also when of became of near-term portfolio to opportunities, ABR. disruption. be provided which by XXXX of best buying attractive being minimal high allocate and end strength during balance

we excellent proactive assets us which provides into of significant pool size follow-on a which lease investing announced with The Given capital by Astellas the yesterday of and also deals typically discretionary the and through asset criticality term, this. our opportunities and example composition offer likelihood meaningful assets. quality can portfolio, market was Such increasing create yields we extending management above enhance by modernizing transaction the existing of an also of our portfolio of renewal. overall increases value

took our the was to The that step addition a In most investment exit management asset strategic XXXX investment there in company. ways to and retail we decision important activities are valuable ultimately building we fundraising business during more are management our altogether. other

our with through earnings business further quality well at to like P. In markets and towards cost streams. capital, simpler for faster that pace the recent markets believe accretive briefly this XXXX closing, positioned Carey believe capital equity REIT time grow current very I a would us We higher of the to over a environment. is income weighed is predictable more volatility us enhance comment investments. allowing W. Moving on on Despite beyond. in we and which will stocks,

We balance facility. have sheet of over limited conservatively have on billion our availability currently managed with near-term and our maturities credit $X

years disposition sourcing new had in the investments our Cap yielding of our investments, off-market us record provides flexibilities the an investments that for structured pipeline of because a without need of make sizable to averaged over with rates primarily issue nature our transactions. high also X%, diversification our track and We immediate recent equity. to

at able of accretive with a result, are issued As we equity range make multiples. to a investments

a lease in trajectory have Fed’s Lastly, of spheres response ABR the key inflation to XX% coming net rates a CPI, against net built factor we leases underappreciated in is With will to driver interest rising lease for for REITs. believe by over from Carey over has hand the of hedge call among inflation, REITs investors. Toni. W. recent linked to I underperformance the that been close a differentiating that P. to with And

Toni Sanzone

for you, morning and year a morning everyone. share per over fourth announced Thank $X.XX the of representing quarter X.X% AFFO the quarter. good ago This increase diluted we Jason

per AFFO $X.XX year, share over XXXX. full increase diluted per for the $X.XX X.X% a representing was share For

and portfolio we as to improving results of stream. long-term while for our year quality our revenue composition value Our commitment both maximizing the increased earnings of our the demonstrate shareholder the

be of the as conditions X a fees. our Our seller as net market away short-term the competitive revenues to shift reflect during our impact over structuring from continued one-time last highly decision well years

the structure. cost benefits has of However, outweighed that impact overall ongoing of and an lower improved debt positive a been cost by

with shareholders $X.XX rising for payout dividends, our for performance, a significantly we U.S. combination the price earned our of XXXX, conservative the totaling while declared XX.X% the stock year index. outperforming In distributions year REIT During completing MSCI’s of total share per maintaining return a year. ratio XXth XX% calendar of

tenants was covering million comprised square of the average activity a net Turning at of properties to to totaled years. weighted own portfolio, $XX million in lease average XXX years. XX feet $XX term XX our leases $XXX a with all totaled of place for at average weighted of the completed the ABR portfolio lease rate million, term of year year the lease year X.X end, of roughly XXX including projects X.X% capital at and for a end weighted cap Investment million.

$XXX which we million investment new to year a for projects during funded XXXX. of of assets related was to capital existing As fund total X end, million, both build-to-suit of and have transactions committed $XX

our $XXX these complete guidance. which during in of included projects expect XXXX, We to million is

are provided have to disclosure of generate the These the our increased quality ABR, report and We to add supplemental on XX. Page criticality, projects investments expected terms overall enhance additional additional in assets. on lease these

have the of investment part our enables As and of tenant conjunction internally, our meaningful relationships strong more source overall which Jason to portfolio with us composition a become in significant mentioned, of size activity. a investments pool our

for and asset X XXXX During Through $XXX XX made we lease of leasing the bringing costs to dispositions our to with activities million. total million our for meaningful close average also addressing expirations. minimal management in lease we weighted near-term have maintained disposed a fourth years we XXXX, term quarter, $XX properties progress

Revenues by of investment costs is now business management space and segment, approximately vacant stream. from our and bringing reflected the XXX,XXX eliminating costs management, on simplification square in financial to we briefly our occupancy quality XXXX. XX.X%. excluding improvement being and reimbursable investment for lowered feet also in revenue million see Touching vacant to of We stability $XXX statements our continue carrying totaled the our

while Asset two-thirds management about of were million the for fees $XX million total, comprised revenues $XX one-time structuring year. the or

Looking XX% about XX% ahead funds, managed fees revenue limited with capital make to structuring and further up in investment to recycling expect decline net one-time those within revenue. now the we to management of

we of the elimination over on our with made sustainable structure meaningful fundraising in X retail expenses, the Moving to have well reflecting significant operational non-traded cost costs as last other efficiencies. associated and as changes years

G&A of prior to year the in XX% year reflected be totaled million the XXXX. $XX expense For $XX down impact full from XXXX, million, reductions or these with

both sheet, our sheet executed which balance a on savings also commitment maintain and interest strong to strong have in balance metrics. grade flexible and is reflected We investment

XX% expense to replacing interest by XXXX, mortgage we with the prior or year continued $XX as borrowings. compared unsecured million During declined debt

declined average year the of for X.X%. weighted cost to Our debt

weighted almost assets interest During the repaid average reducing a down to debt gross XX% our a ago. of X.X% XX.X%, consolidated year, we from debt year rate secured with mortgage to

and liquidity credit capacity We have our ample available on through facility. cash

million maturity debt interest and is to debt volatility. in of in $XXX limits pro XXXX limited near-term with floating exposure and maturities near-term debt million a $XX Our XXXX due our rate Furthermore, very on our rata basis. rate use manageable moderate

expect P. and but diluted million. to we expected million view of current is and not guidance, by dispositions stress generate W. share conditions achievable in Estate We to of reflects $XXX about current the now this our pipeline. and targets, AFFO. also that we based into want of of our our morning’s are business. range for billion This $X.XX Owned XX% between Real balance and $XXX It Turning these for represent million with which to AFFO $X levels on asset release, plans, can management and core as $X.XX between impact earnings XXXX, visibility significantly market sheet Carey’s per our timing $XXX between assumes outlined generated acquisitions

million over seller for last benefits the To to our the wrap and we to XXXX market an provided grow million which leading a lowering conditions average one-time for X $XX business up, have in decline to expect remain structuring G&A $XX between fall both despite expenses, place simplifying and million years, costs XXXX since us of in to We that borrowing on $XX our and assumption year. nearly revenues in net us AFFO of we will a expenses, and were X%, able our reduce beyond. by allowing be

to And the well existing ahead, within value take portfolio I same-store Looking and we that, the through the by positioned to driven accretive to are investments, our with opportunities shareholder we hand questions. long-term generation operator drive will largely over growth inflation. believe call of

Operator

we comes time [Operator with state your Fargo. Stender will questions. Wells Todd At this first Thank from take Instructions] question. question Our Please you.

Todd Stender

thanks. Hi,

guidance, $XXX acquisition is all the of billion? $X million on correct balance this sheet, to With that is

Toni Sanzone

balance That’s That is correct. all sheet. on

Todd Stender

about Okay. million $XXX And – included that number? there how of the projects, is in that capital is

Toni Sanzone

That’s Yes, total investment of year. it part for our the is.

Todd Stender

change would looking think stabilized, think science, a Thanks. Astellas for be, rate would the credit that’s at you Institute potentially, cap it’s are with be? rate cap are project still Okay. guess office what you building looking once office, that do well, of do if the an but yours, I at then fully upgrade to you is change so property the the medicine, what you the the what existing just then converting, expect you if And in regenerative life

BrooksGordon

the office This Brooks. the that’s but remaining They was can Astellas of the deal, the I a area. outside the recognized color we of had years, Sure. on strength is the life And Boston underutilizing give – X foot Boston. an utilizing tenant tenant term lease was XXX,XXX It little excellent under market transaction. square sciences a in property. existing about

are we lease we So with XX-year to that million And state-of-the-art we We that have share going exact convert to a to – double rough in the the cap there. more but investing executed terms facility. rent rate, $XX is fully life sciences than Astellas. approximately have can’t

got portfolio and building So very proactively of very we it’s term it’s think a It’s on of think example excellent use we can really invest return great attractive a in how lease I And outcome. good attractive the change credit. a and the capital. of have

Todd Stender

space lab Will in or there headquarters building remaining really office? just a it’s it’s the be so

Jason Fox

No, it’s life sciences lab and R&D.

Todd Stender

Okay.

with So, change? you HVAC are plumbing your to going and got to outfit it that’s

Jason Fox

of portion a investment. That’s Correct. the

Todd Stender

Okay.

have how I Just lease last that invest funds lease net you hold still capital anything would in is invested left guess needs assets there net to be XXXX? CPA question assets, to in that the much in

Toni Sanzone

to mentioned is structuring off of fall all Initial all the I as capital that expected always remarks, has invested recycling, capital be funds, significantly. from there I expect to think but been level some of the do revenue in across we but my fairly

it even a more from than expectation. think down level, reasonable I this year’s XX% is coming So,

Todd Stender

you. thank Great

Operator

Thank you.

comes your with One question next state question. Capital Chris Lucas Please Our Securities. from

Chris Lucas

Good dispositions guidance just the first you the the as guess point. attractive identified since little I on of a a all but at those questions topics? of morning, I to bit side, you control more little than all, on some this those assumptions. the are help that’s the of are of thinking there how geographies on a about acquisitions, point maybe guess on this couple And cadence or particular both are something acquisition it dispositions that relates are at more everybody. of

Jason Fox

talk I sure. will Brooks let one disposition. take first and let about me Right, Chris, the

at, we would are I the looking across of our and to generally for it’s the spread even asset markets terms at it’s board, say towards Europe perhaps types near-term Europe matter. weighted that and more between U.S. pipeline a bit that least In little

end in we of terms increases. putting some build-to-suits, a for a continue over together add asset asset to putting term We deals right on structure be that going classes, are rest it’s be classes that’s the sale lease or would optimal us, able the opportunities lot and are of value front now. spread whether to place by leaseback are seeing majority better of where into rent there structure, the this lease to say In of these I

So, I that. will think see you continue to

more our We dispositions? to sale deals to than you source are Brooks, and suits market. through secondary why the able leasebacks don’t about build on talk

Brooks Gordon

Sure.

So, million $XXX $XXX about expected. guidance, first on the it’s some to again color disposition million

it’s managing roughly North about call we between about evenly are a XX% probably being about opportunistic early industrial, between what it’s other types, types, exit residual and balance non-core XX% are would third geographies, regions terms it’s XX% and with the year this In and the in point. two-thirds it’s of that estimates each. split retail we America, Europe risk. Transaction Property seeking the at these

in of kind the year. half that expect So terms of timing back mid of we to

Chris Lucas

have And Okay. tenant there on part this understand that just or any right calls to of the offers on guess assets that I they dispositions are are pool?

Brooks Gordon

There material and is aren’t U-Haul in have we portfolio year. then in coming be which XXXX past purchase we options The of Times exercised and in the XXXX. is the small two material December which the options this that in which will have New discussed York only building are purchase

Chris Lucas

to it you give willing amount sense are a of that to of levels your to what’s EBITDA Okay. steps And net indicates that terms at then just in what leverage X.Xx is can to the comfort level on to get as leverage are point, is? that us the you you terms this at – the are sheet willing balance in you debt take, of

Jason Fox

morning, Chris. Good

leverage be between believe comfortable high anywhere we mid with the to are Xs. could We We metrics. that the current

Chris Lucas

acquisitions the last mentioned is you that as on loaded, cadence me dispositions there then also just backend any on of is disposition acquisition question well? for And – is the the true side more and Okay.

Toni Sanzone

our on is that No, the year. Jason really highlighted guidance on the pipeline spread the think acquisition side, I evenly throughout based more

Chris Lucas

Perfect, Appreciate time morning. thank you. the this

Operator

Thank you.

McGrath Our comes next from question. question state Please with your Evercore. Sheila

Sheila McGrath

calls, on if fees wind am announced XXXX burn change just I be touched this will sorry expectations? asset management wondering am the the multiple original but management of you Yes. I first since asset how off in on any you already the your impact material down, there is versus to

Toni Sanzone

relatively stable, management our yes. are Sheila, fees managing continue Sure, the while we existing asset funds.

I There possible it run at QX but to material. changes, movements now think wouldn’t rate. are look fair as certainly So the it’s those be

Sheila McGrath

then CPA about And we Okay. timing. should think how potential in XX of terms

think was Board could their give just it that strategic alternatives, I discussing prospectus in us update on were with you so mentioned an they if that? already their

Jason Fox

Sure. Really in portfolio but on past comment are no than natural with and our the can’t activity, are have potential of assets. buyer different to the what we those conveyed regards thoughts M&A we a

do but same decision it’s shareholders the event to there the to We underwrite is the independent a directors. lies we for actively also with any really it, those time and we liquidity are manage other until assets positioned well deal. those ultimately at are And continuing like comfortable

So when we have provide more concrete updates with those. we you will

Sheila McGrath

last And – Okay. one ahead. go sorry

Jason Fox

John?

John Park

issuing transactions. current any very would M&A the at cautious Sheila, about be amount pricing equity of significant that significant or I add would we or

Sheila McGrath

rates, of of you your about are even also do you just still price to that, rate guidance more the deal stocks Okay, your where plan though interest that’s get ask and and rising your actually helpful. really share then could terms low, have was in I flow terms if gotten net change sharp in certainly wondered is? penalized business just talk rates historically lease interest this with I interest on going

Jason Fox

position But sheet, facility yes, mean loan – in equity managed credit deal REITs that’s we are think about really a obvious. conservatively. markets. the it’s our with year. most in last being I term effective better and We REITs talked Sure. we balance pullback we this Yes. And are that’s and our redid

$X of over now availability. So we are billion with equipped

mentioned pipeline. disposition a mentioned I Brooks sizable the we also that in We prepared and as remarks had

I of So we But at we investment strategy. how, really issuing new we in have look terms flexibility diversified the have mean without have near-term. investments this to in make historically, this equity

capital couple X%. geographies So years yields. where the allocate can we cap last into over investments We choose really over classes to either or of have know averaged our seeing we higher rates asset on are

it are trading So need multiples don’t high we about very to and necessarily cautious down equity new opportunities on regards at anything equity to we the is what cognitive where are. certainly with to will comes But issue really accretion, to generate our market now issuing we be but equity.

we inflation. that percentage high it’s we I important earlier this I our our And how think have to business. are also of note run to leases a that highlighted indexed very

a capital apart Brooks to can portfolio, of that’s to generate buy deal quality truly And And But of work, opportunities. especially our of increases. we especially the the to of to the outperform trade more market, lot think a one at They portfolio given internally about us and we that distribution we proprietary improve than rates. to expansion that also seek example helps acquire we growth talked rate able really actively we Astellas, yield our we that’s buy from higher of relative just proactively a leasebacks themselves on manage put the deals. going rises. And can the that the growth well how fact much in as sale the types then it inflation lend we assets also when are be So and same-store interest think are these peers big tends it to excess do land we really of where drivers and inflation based I flow. it’s we a manufacturing good too.

we to are higher rates cap lead lag, is there course think going rates, positioned. do think well they a are some interest we we of to ultimately So but

Sheila McGrath

Thank you. Okay.

Jason Fox

welcome. You’re

Operator

you. Thank

with state question Company. Milligan Baird comes Robert Please from next RJ W. & your question. Our

Will Harman

acquisitions back of wanted Hi, provide been just good have cap expecting and dispositions, to ranges could you morning, rate bit guys. you year, my but a that? asked, go transact questions This to for this Most is on color are to just around of little what Will already RJ. Harman

Jason Fox

end U.S., targeting well last deals widely, on Yes, where of say couple sure. country we the been have and into vary mid the be range, but really of specifics, I those are low again In would high accomplish the that you years. and lease to talk are can depending Xs pretty they want of are we to to and downwards etcetera. the a length borrowing spreads Brooks, the the deal Europe on attractive in to depends trending that’s costs still basis be XX might over Europe Xs on about the able term, on given But able we points lower, accretive make little dispositions? and investments.

Brooks Gordon

certainly execution. be largely way pipeline, going deal Sure. Timing it in cap exit say than about is inline think somewhat or but our mix to rates, right specific early going tighter think it’s it’s the and factor but again, a on to be I to key to acquisition

Will Harman

primarily the reducing the And of of mentioned for and or then a U.S. is in is you mix that retail, your just U.S. some exposure, retail Europe? that

Jason Fox

U.S. really much on is primarily This in We retail Europe. don’t actually the know

Will Harman

guys. Got it. That’s it for us. Thanks,

Jason Fox

thanks. Right,

Brooks Gordon

Thank you.

Operator

Our next with Please your Nick state Citigroup. comes question. from question Joseph

Nick Joseph

Thanks.

it your the like XXXX, back it’s XX%? what guidance, in percent Just in just from XXXX it quarter, fourth AFFOs XX%, I management, above looks investment your to is know going was about

Toni Sanzone

I are as which of QX the think have fees, fee left, years. is we again asset at you the be XX%, management revenues, dropping have two It that XXXX would mentioned end we fairly the your for sort still can structuring from which streams as and run-rate roughly prior significantly the of key at look I high it

Nick Joseph

structuring XXXX so revenues? for And guidance what’s

Toni Sanzone

recycling because be the range XX% vary, capital in on of my I say given the We investing the did what funds could haven’t there, streams to but of about I really component for XX% revenue that, or XXXX. that think were behalf remarks would the a prepared

Jason Fox

streams. That management component of revenue the investment

Toni Sanzone

investment Right, of stream. management the

Nick Joseph

bumps the Thanks. December your And then that rate Times rent purchase over the the years? what’s York on X assumed cap the option given XXXX, I building next guess for New in

Jason Fox

Sure.

again bumps our buy year the have discussed would is rent is purchase when been done, very us, price in intent always in XX% expectation back in option. lease, call XX% of which low on that’s IRR of over ABR XX investment December they risk XX-year So, $XXX at of for all well as profile. million that on There about that kind and a it property so the we performing And that will about attractive that’s fixed and fixed yield will that also hold a prior so with said lease, be be that time. very it’s XXXX, been period

Nick Joseph

same cap on maybe the what option, just but question, Thanks. it’s out, And finally on just a but that? would U-Haul the purchase years few know I be rate

Jason Fox

determined That number. a market one is more of

So, rate to – are not it’s not we able predict the cap as of now.

Nick Joseph

Thanks.

Operator

Thank you.

Ladenburg with next your question. Thalmann. comes [indiscernible] state from question Our Please

Unidentified Analyst

Good morning.

Jason Fox

John. morning Good

Brooks Gordon

Good morning John.

Unidentified Analyst

Page on were that? X.X%, X been what rent spreads you supp, your renewals include or and been of at same-store NOI your growth extensions if would same-store So you leasing down look the growth had if had

Brooks Gordon

assets we we focused that you it’s in I metric have a is the know, can tackle disclosed. that one. That’s not unchanged have not number on so our really unfortunately same-store period, analysis And a handy. as

Unidentified Analyst

one retail lease what was? Okay, large on fine. of of refresh that, that was bulk It that that’s can kind was obviously my the you memory

Brooks Gordon

Sure.

in So, tenant proactive – it’s tranche in first a investment the Germany. we with did our of Hellweg actually a

do it’s So, a stores. portfolio yourself it of

new a of into lease, the extend we first that. So, chunk XX-year

in rest so the second The the January. chunk, closed portfolio actually of that

invested that and is portfolio. about outcome million lease tenant some for entire expansions we attractive $XX work very with that XX now years So, and as the renovation term for well, a so

Unidentified Analyst

of re-leasing similar kind subsequent to stuff spread? the And

Brooks Gordon

positive it’s leasing unfortunately but that’s show a ended, all quarter. No, particular positive a in it’s split this actually don’t But so up between number, we so quarters, again, spread.

Unidentified Analyst

comp of G&A stock more question, Understood. housekeeping guidance, a And include then kind of expense? does that maybe the

Toni Sanzone

does cash not, It based that’s G&A. a

Unidentified Analyst

Thank me. very you, guys for it much. that’s Okay,

Operator

Thank you. am time the not this hand to At [Operator further I now Sands. back call any will Mr. Instructions] showing questions. I

Peter Sands

for W. Carey. P. in your you Thank interest

on please call concludes further Investor today’s have you Relations If That XXX-XXX-XXXX. questions, call.

You disconnect. now may

Operator

disconnect. a may parties good All Thank Have day. you.

W. P. Carey (WPC) 23 Feb 182017 Q4 Earnings call transcript