This High-Yield Dividend Stock Is Exiting a Troubled Space (Which Could Lift a Weight From Its Stock)
W. P. Carey (NYSE: WPC) recently revealed plans to strategically exit the office sector. The move will enable the diversified real estate investment trust (REIT) to focus on real estate sectors with better long-term demand dynamics. That should enhance the quality of its portfolio and rental income.
Here's a look at the diversified REIT's strategy to exit the office sector and how that will impact its 7.1%-yielding dividend.
W. P. Carey unveiled a two-part strategy to exit the office sector by early next year. It plans to spin off 59 office properties into Net Lease Office Properties (NLOP), a separate publicly traded office REIT. The company plans to sell the remaining 87 office properties it retains. It expects to complete the spinoff by early November and close the sales of its remaining office properties by January.
Source Fool.com
