W. P. Carey: Mark DeCesaris To Retire As CEO; Jason Fox To Succeed

(RTTNews) - W. P. Carey Inc. (WPC) announced that Mark DeCesaris will retire as CEO and a member of the Board, effective December 31, 2017. Jason Fox, current President of W. P. Carey, will succeed DeCesaris as CEO. John Park, Director of Strategy and Capital Markets, will succeed Fox as President.

AFFO for the 2017 third quarter was $1.37 per share, up 2.2% from $1.34 per share for the 2016 third quarter, due primarily to lower interest expense and higher distributions of available cash from the company's interests in the Managed REITs, which were partly offset by lower net revenues from Investment Management and lower lease revenues.

The company has raised and narrowed its AFFO guidance range for the 2017 full year to between $5.25 and $5.35 per share. Previously, the company projected 2017 AFFO guidance range of $5.10 to $5.30 per share.