W. P. Carey Q2 AFFO Rises; Narrows 2023 AFFO Guidance Range

(RTTNews) - W. P. Carey Inc. (WPC) reported second quarter FFO attributable to W. P. Carey of $288.36 million compared to $220.03 million, last year. AFFO to W. P. Carey increased to $293.31 million from $254.37 million. AFFO per share was $1.36, up 3.8% from $1.31.

The company's Real Estate segment generated AFFO of $1.36 per share, up 7.1% from $1.27 per share, prior year, primarily reflecting the impact of net investment activity, rent escalations and the accretive impact of the CPA:18 Merger, partly offset by higher interest expense.

Net income attributable to company was $144.6 million, up 13.2% from $127.7 million, prior year. Earnings per share was $0.67 compared to $0.66.

Total revenues, including reimbursable costs, was $452.6 million, up 31.4% from $344.4 million, previous year. Real Estate revenues, including reimbursable costs, was $452.2 million, up 33.1% from $339.8 million.

For 2023, the company has narrowed its guidance range for total AFFO to between $5.32 and $5.38 per share.

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