W.P. Carey Inc.
06/17/2026 | Press release | Distributed by Public on 06/17/2026 05:03
Regulation FD Disclosure (Form 8-K)
Item 7.01 - Regulation FD Disclosure.
On June 16, 2026, W. P. Carey Inc.'s tenant, Hellweg Die Profi-Baumärkte GmbH & Co. KG ("Hellweg"), notified W. P. Carey that it had filed for insolvency under self-administration.
As of June 16, 2026, W. P. Carey net leased 16 properties to Hellweg, representing total annualized base rent ("ABR") of approximately $15.2 million1. Hellweg has paid rent through the end of May 2026. W. P. Carey has bank guarantees covering three months of rent, able to be drawn in the event of unpaid rent.
Of the 16 stores leased to Hellweg, W. P. Carey has executed binding agreements with other home improvement operators to lease eight stores, representing ABR of approximately $7.4 million1. Pursuant to the terms of these agreements, the leases will commence in the event of a lease termination with Hellweg at rents comparable to current rents, with estimated downtime and free rent periods totaling between three and nine months. W. P. Carey is in active negotiations for the re-lease or sale of a majority of the remaining eight stores.
W. P. Carey is maintaining its AFFO guidance range of $5.16 to $5.26 per diluted share for the full year ending December 31, 2026, reflecting estimated potential rent loss from tenant credit events of $8 million to $12 million inclusive of the estimated unpaid rents, downtime and free rent periods mentioned above.
1. Based on the EUR USD exchange rate as of June 16, 2026.
Item 8.01 - Other Events.
The information set forth in Item 7.01 is hereby incorporated into this section, except for the fourth paragraph.
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