W. P. Carey Inc. (NYSE:WPC) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET

Company Participants

Peter Sands - Head, Investor Relations

Jason Fox - Chief Executive Officer

Toni Sanzone - Chief Financial Officer

John Park - President

Brooks Gordon - Head, Asset Management

Conference Call Participants

Eric Wolfe - Citi

Greg McGinniss - Scotiabank

Jamie Feldman - Wells Fargo

John Kim - BMO Capital Markets

Brad Heffern - RBC Capital Markets

Jim Kammert - Evercore

Farrell Granath - Bank of America

Harsh Hemnani - Green Street

Operator

Hello. And welcome to W. P. Carey’s Third Quarter 2023 Earnings Conference Call. My name is John, and I’ll be your operator today. All lines have been placed on mute to prevent any background noise. Please note that today’s event is being recorded. After today’s prepared remarks, we will be taking questions via the phone line. Instructions on how to do so will be given at the appropriate time.

And I will now turn today’s program over to Peter Sands, Head of Investor Relations. Thank you, Mr. Sands. Please go ahead.

Peter Sands

Good morning, everyone. And thank you for joining us this morning for our 2023 third quarter earnings call.

Before we begin, I would like to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements. Factors that could cause actual results to differ materially, W. P. Carey’s expectations are provided in our SEC filings.

An online replay of this conference call will be made available in the Investor Relations section of our website at wpcarey.com, where it will be archived for approximately one year and where you can also find copies of our investor presentations and other related materials.

And with that, I’ll hand the call over to our Chief Executive Officer, Jason Fox.

Jason Fox

Thank you, Peter, and good morning, everyone. On this earnings call, in addition to discussing our third quarter results, we want to take the opportunity to provide an update on our recently announced strategic plan to exit office, including the progress we’ve made over the last six weeks and how we would be better positioned for growth going forward.

I’ll also discuss how the significant amount of liquidity coming back to us puts us in an exceptionally strong capital position and touch upon what we’re seeing in the transaction market and how we’re approaching new investment opportunities as a result.