Jun 19, 2015
We are over halfway through June, and dividends have been dropping nicely to my brokerage account this month. I found a few loose bucks there and decided to put them to work.
On June 17 I purchased 3 shares of W.P. Carey Inc.(WPC) @ 61.37 per share (Incl. fees).
Business summary From Yahoo! Finance:
"W. P. Carey Inc. is an independent equity real estate investment trust. The firm also provides long-term sale-leaseback and build-to-suit financing for companies. It invests in the real estate markets across the globe. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc. was founded in 1973 and is based in New York City with an additional office in Dallas, Texas."
I initiated position in WPC early June, and now I was able to average down my cost basis a tad. With yield hovering above 6 and P/FFO below 15 this REIT is hard to resist. Quite a few DG bloggers have been on the firm this month: Dividend Mantra, Financial Freedom, Average Dividend Yield, My Dividend Pipeline, Dividend Hawk and yet who else? So, I think that I'm not in a bad company here.
WPC seems to be a decent dividend machine. Just yesterday the company declared quarterly cash dividend of $0.9540 payable on July 15 to stockholders of record as of June 30. I assume ex-dividend date to be June 26. This marks 57th consecutive quarterly dividend increase. I mean, what!? 57th and quarterly! This goes already beyond my math skills, but is this some kind of record? Surely this last increase from $0.9525 is tiny, but think about that consistency and history.
With my staggering 9 WPC shares I should receive $8.59 cash deposit in July. Hence forward 12-month dividends show $34,34. Not too shabby for $555 investment. Anyways, now I just hope that the stock price does not skyrocket, so that I will be able to add to my position more shares in coming months.
My portfolio page has been updated to reflect this purchase.
Disclosure: Long WPC