W.P. Carey Q4 Net Profit Increases; Initiates FY24 AFFO Outlook

(RTTNews) - Net lease real estate investment trust W.P. Carey Inc. (WPC) reported Friday that net income attributable to the company for the fourth quarter increased to $144.29 or $0.66 per share from $125.04 or $0.58 per share in the prior-year quarter.

Funds from operations or FFO attributable to the company were $213.15 or $0.97 per share, compared to $284.91 or $1.32 per share last year.

Adjusted FFO attributable to the company were $261.35 or $1.19 per share, compared to $284.39 or $1.32 per share in the year-ago quarter.

Total revenues for the quarter declined to $410.38 million from $448.26 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share on revenues of $422.12 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects adjusted FFO in a range of $4.65 to $4.75 per share. The Street is looking for earnings of $2.02 per share for the year.

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