W.P. Carey owns over 1,200 net-leased properties focused on industrial (24% of rent), office (23%), warehouse (22%), retail (17%), and self-storage (5%) markets.
Only 2% of the company's rent is from retail markets that are most impacted by COVID-19 lockdowns: fitness facilities, theaters, and restaurants. Almost none of that rent was paid.
About two-thirds of W.P. Carey's retail rent comes either from do-it-yourself retailers or from grocery, convenience, and wholesale stores. These businesses are well-positioned to perform in the current environment.
Outside of pockets of retail, the portfolio is performing well. The April rent collection (see below) for warehouses was 93% and even stronger for industrial and offices. Similarly, self-storage collected 100% of its rent.
Source: W.P. Carey Earnings Supplements
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