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W. P. Carey: Weak Hands Sell, But This Former Skeptic Is Buying ... - Seeking Alpha

W. P. Carey (NYSE:WPC) has plunged since announcing plans to spin off its office assets. That has led to a flurry of downgrades from my peers, but in light of the proposed transaction - as well as the valuation reset - I am taking the opposing view. I expect this transaction to be viewed favorably when viewed in hindsight in several years' time and for WPC stock to eventually earn the re-rating sought from the transaction. Even excluding the office assets, the stock is trading at cheap valuations on both an FFO and dividend yield basis. There is a saying that controversy can create buying opportunities - this case is no different.

seekingalpha.com     Oct 05, 2023