W. P. Carey Q3 FFO Rises; Lifts Annual Outlook - Quick Facts

(RTTNews) - W. P. Carey Inc. (WPC) Tuesday reported third-quarter Funds From Operations, or FFO, which increased amid additional revenues from the merger with Corporate Property Associates 16 - Global Inc. In addition, the company raised its annual guidance for adjusted FFO.

FFO rose to $87.19 million or $0.86 per share, from $48.28 million or $0.70 per share a year earlier.

The company's AFFO totaled $114.4 million or $1.13 per share, compared with $71.14 million or $1.03 per share a year ago.

On average, two analysts polled by Thomson-Reuters estimated FFO to be $0.39. Analysts' estimates typically exclude one-time items.

Net earnings increased to $27.34 million, from $18.51 million last year. Per-share earnings were flat at $0.27, due to a higher share count.

Revenues, excluding reimbursable costs, were $175 million, up from $105.7 million a year earlier. Analysts expected revenues of $160.65 million.

Looking ahead, the company raised its AFFO outlook to $4.70 - $4.86 per share, from its prior guidance range of $4.62 - $4.82 per share.