W. P. Carey Q2 Profit Down

(RTTNews) - W. P. Carey Inc. (WPC) Tuesday reported second-quarter net income of $142.9 million or $0.65 per share, down from $144.6 million or $0.67 per share.

Second-quarter profit dropped primarily due to the impact of the NLOP Spin-Off and dispositions under the Office Sale Program, and impairment charges recognized during the current year period, partly offset by higher gain on sale of real estate.

Funds from operations for the quarter was $259.0 million or $1.18 per share, compared to $288.4 million or $1.34 per share last year. AFFO for the period was $257.1 million or $1.17 per share, compared to $293.3 million or $1.36 per share last year.

Revenues, including reimbursable costs, for the second quarter totaled $389.7 million, down 13.9% from $452.6 million for the 2023 second quarter.

Looking forward, the company lowered its guidance range for the 2024 full year by two cents per share, primarily reflecting lower expectations for investment volume and self-storage operating portfolio NOI, and currently expects to report AFFO of between $4.63 and $4.73 per share.