W. P. Carey Inc. ( (WPC) ) has realeased its Q3 earnings. Here is a breakdown of the information W. P. Carey Inc. presented to its investors.
W. P. Carey Inc. is a prominent net lease real estate investment trust (REIT) with a diversified portfolio primarily comprising single-tenant, industrial, warehouse, and retail properties across the U.S. and Europe. The company focuses on long-term net leases with built-in rent escalations.
In the third quarter of 2024, W. P. Carey reported a net income of $111.7 million and diluted earnings per share of $0.51. The adjusted funds from operations (AFFO) stood at $259.3 million or $1.18 per diluted share, with a quarterly dividend declared at $0.875 per share.
Key financial metrics indicate that W. P. Carey’s third-quarter revenues were $397.4 million, reflecting a decrease from the same period last year due to strategic divestments. The company has completed nearly $1 billion in investments year-to-date and expects to meet its investment volume guidance for 2024. Notably, they have converted several self-storage properties to net leases, enhancing long-term rental income.
The company’s strategic exit from office assets and the conversion of properties to net leases are aimed at improving portfolio performance. Despite a decline in AFFO per share compared to the previous year, the company maintains a strong liquidity position with $2.6 billion available.
Looking ahead, W. P. Carey anticipates continued AFFO growth supported by a constructive investment backdrop and strategic capital allocation, while managing tenant-related risks and focusing on sustainable operations.
