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Mar 31, 2022
WP Carey Q1 2022 Earnings Report
W. P. Carey reported strong first-quarter results, driven by sustained investment activity and inflation-driven rent growth. The merger with CPA:18 remains on track, expected to close in the third quarter.
Key Takeaways
W. P. Carey Inc. announced its financial results for the first quarter ended March 31, 2022, reporting a net income attributable to W. P. Carey of $157.0 million and AFFO per diluted share of $1.35. The company completed investments totaling $307.7 million during the quarter and is maintaining its full-year AFFO guidance.
AFFO for the 2022 first quarter was $1.35 per diluted share, up 10.7% from $1.22 per diluted share for the 2021 first quarter.
Investment volume of $415.4 million completed year to date, including $307.7 million during the first quarter and $107.7 million subsequent to quarter end.
Overall collection rate of over 99.7% for first quarter rent due.
Portfolio occupancy of 98.5% with a weighted-average lease term of 10.8 years.
Revenue by Segment
Forward Guidance
W. P. Carey is maintaining its expectation that it will report total AFFO of between $5.18 and $5.30 per diluted share, including Real Estate AFFO of between $5.03 and $5.15 per diluted share.
Positive Outlook
- Investments for the Company's Real Estate portfolio of between $1.5 billion and $2.0 billion, which is unchanged
- Dispositions from the Company's Real Estate portfolio of between $250 million and $350 million, which is unchanged
- Total general and administrative expenses of between $86 million and $89 million, which is unchanged
- Excludes the impact of the Company’s proposed merger with CPA:18
- Company expects the proposed merger to close in early August 2022
Challenges Ahead
- The Company does not provide guidance on net income.
- The Company only provides guidance on total AFFO (and Real Estate AFFO) and does not provide a reconciliation of this forward-looking non-GAAP guidance to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential significance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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