[144] Concentrix Corporation SEC Filing

Rhea-AI Filing Summary

W. P. Carey (WPC) Q2 2025 10-Q highlights:

• Revenue growth: Q2 total revenue rose 10.6 % YoY to $430.8 m; 1H revenue up 7.9 % to $840.6 m.
• Earnings pressure: Q2 net income attributable to WPC fell 64 % YoY to $51.2 m (EPS $0.23 vs $0.65) as $148.8 m of “Other losses” and higher interest expense offset topline gains. 1H EPS declined to $0.80 (-41 %).
• Portfolio expansion: 81 property acquisitions closed YTD for $542.7 m; portfolio now 1,600 net-lease assets (178 m sq ft) plus 72 operating properties. Occupancy 98.2 % with 12.1-year WA lease term.
• Dispositions & gains: Sold 17 net-lease assets and 10 self-storage assets; realized $52.8 m Q2 gain on sale ($96.6 m YTD).
• Balance sheet: Real estate investments up to $15.34 bn (+5.2 % YTD). Debt increased to $8.64 bn (net revolver balance $660.9 m) while cash fell to $244.8 m (-62 % YTD). Net debt/total assets ≈48 %.
• Capital activity: Drew $1.47 bn on revolver, repaid $865 m; repaid $450 m senior notes; issued no new notes. Declared quarterly dividend of $0.90/sh (annualized $3.60, 7.4 % yield*).
• Cash flow: Operating cash flow $677.2 m vs $1.26 bn prior-year period; decline driven by lower realized gains and higher working-capital uses.
• Equity: Book value slipped 2.5 % to $8.21 bn; AOCI loss deepened to $-264.8 m on derivative marks & FX.

*Yield based on 7/25/25 close.

Positive

• Revenue up 10.6 % YoY driven by CPI-linked rent escalations and acquisitions.
• Portfolio occupancy 98.2 % with 12.1-year WA lease term provides long-term cash-flow visibility.
• $52.8 m Q2 gain on asset sales demonstrates ability to recycle capital above book value.
• Continued dividend growth—declared $0.90/sh, up from $0.87 last year.

Negative

• EPS declined 64 % YoY due to $149 m of other losses and higher interest expense.
• Cash balance fell 62 % YTD while debt increased $597 m, weakening liquidity.
• Interest expense up 10 % YoY as variable-rate borrowings grow.
• Impairment charges and hedge losses contributed to $14.1 m YTD OCI loss, signalling valuation pressure.

Insights

REIT Equity Analyst

TL;DR: Solid rent growth and high occupancy, but earnings compressed by mark-to-market losses and rising leverage.

Core leasing metrics remain strong: 98 % occupancy, CPI-linked rents, and 12-year WA lease term underpin predictable cash flows. Net-lease revenue climbed ≈11 % on acquisitions and contractual bumps. However, $149 m of "Other losses" (likely unrealized hedge/FX marks) plus $72 m interest expense cut EPS to $0.23. Cash balance dropped $396 m YTD as $543 m acquisitions and $391 m dividends outpaced sale proceeds and credit-facility draws, pushing net debt higher and revolver usage to $661 m. Leverage sits near mid-5× net-debt/EBITDA—a manageable level but rising rate exposure bears monitoring. Management continues recycling: $309 m asset sales at attractive cap rates generated $53 m gains. Dividend coverage (payout ≈112 % of FFO proxy) looks tight; sustaining hikes will require stabilizing non-cash losses and restoring FFO growth.

Portfolio Risk Manager

TL;DR: Higher debt, shrinking liquidity, and volatility in non-cash items temper otherwise stable real-estate fundamentals.

Debt rose $597 m YTD while cash tumbled, taking quick-ratio below 0.1×. Variable-rate borrowings (revolver + term loans) now exceed $1.9 bn, exposing WPC to SOFR/EURIBOR moves despite hedges—note $32 m OCI hedge losses this quarter. Interest coverage slid to ~3×. Impairments and OCI swings signal valuation sensitivity, though underlying property NOI is intact. The 7 %+ dividend yield remains attractive but hinges on capital-market access; management’s ability to term out revolver balances and trim non-core assets will be critical in H2.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	500	28955.00	63025120	07/30/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	06/01/2021	Restricted Stock	ISSUER			500	06/01/2021	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
CORMAC TWOMEY 39899 Balentine Drive Suite 235 Newark CA 94560	Common	06/30/2025	500	26280.00
CORMAC TWOMEY 39899 Balentine Drive Suite 235 Newark CA 94560	Common	05/30/2025	500	28530.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How much did WPC's Q2 2025 revenue grow year over year?

Total revenue increased 10.6 % to $430.8 million from $389.7 million.

What was W. P. Carey's Q2 2025 EPS?

Diluted EPS was $0.23, down from $0.65 in Q2 2024.

What dividend did WPC declare for Q2 2025?

The board declared a quarterly cash dividend of $0.90 per share, payable July 2025.

What is WPC's portfolio occupancy and lease term?

Occupancy stands at 98.2 % with a weighted-average remaining lease term of 12.1 years.

How much debt does WPC currently have?

Total debt is $8.64 billion, up from $8.04 billion at December 31 2024.

What were the key acquisitions in the first half of 2025?

WPC acquired 81 properties for $543 million, including large industrial portfolios in the US and Europe.