W. P. Carey Q3 AFFO Declines On Per Share Basis; Lowers 2023 AFFO Guidance Range

(RTTNews) - W. P. Carey Inc. (WPC) reported that its third quarter net income attributable to company was $125.0 million, up 19.2% from last year. Earnings per share was $0.58 compared to $0.51. FFO attributable to W. P. Carey was $284.91 million compared to $238.75 million. FFO per share was $1.32 compared to $1.17. AFFO attributable to W. P. Carey increased to $284.39 million from $277.72 million. AFFO was $1.32 per share, down 2.9% from $1.36, driven by the Real Estate segment, which generated AFFO of $1.32 per share, down 1.5% from $1.34.

Third quarter total company revenues, including reimbursable costs, was $448.6 million, up 16.9% from $383.6 million, prior year. Real Estate revenues, including reimbursable costs, were $448.3 million, up 17.3% from $382.1 million.

For the 2023 full year, the company has lowered and narrowed its guidance range for total AFFO to between $5.17 and $5.23 per share, primarily reflecting execution of the strategic plan to exit office.

For the 2024 full year, the company preliminarily expects to report total AFFO of between $4.60 and $4.80 per share.

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